Online shopping has changed somewhat during the pandemic. No longer reserved for the purchase of books, clothes, and groceries, it is now possible to virtually purchase a Lichtenstein or Picasso, should the inclination strike you.
Christie’s decision to move their physical auctions online is a bold one. Moving away from a more conventional auction house, buyers are immediately removed from the atmosphere which is so able to infatuate customers. Yet with the success of eBay model for items of slightly less prestige, it is only a matter of time before the auction house sees if their gamble pays off.
Their first test: “ONE: A Global Sale of the 20th Century,” a sale planned for 10 July, featuring sessions from salerooms in London, Paris, New York and Hong Kong.
One of the clear issues with this virtual transition – buyers are unable to inspect the physical quality of pieces, which according to The New York Times, means: “Buyers are rarely confident enough to bid above $1 million.”
In spite of this, auction houses such as Christie's are short on options. The auction style relay will begin in Hong Kong, moving to an afternoon sale in Europe followed by a morning sale in the US. Buyers will be able to purchase pieces by phone or online as they see fit.
According to Guillaume Cerutti, the chief executive of the auction house: “Buyers for great art are still there,” however, “consigners are asking many questions.” At present, works above the value of $5 million are being sold, by and large, by the private sales team.
An overall estimate for the sale is yet to be released.
