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Friday, 19 July 2013 15:37

Christie’s Sales Rose 9% Thanks to Record Contemporary Art Sale

Jackson Pollock's 'Number 19,' 1948 sold for $58.4 million at Christie's. Jackson Pollock's 'Number 19,' 1948 sold for $58.4 million at Christie's. Christie's Images Ltd. via Bloomberg

Christie’s first-half sales increased by 9% thanks in part to its record postwar and contemporary art sale, the most expensive auction ever held. The sale, which took place May 15th in New York, garnered $495 million and set 23 new salesroom highs for artists including Jackson Pollock and Jean-Michel Basquiat. Christie’s brought in over $1 billion in total contemporary art sales.

Interest in postwar and contemporary art has increased significantly in the past few years. This year alone Christie’s saw a 52% rise in new clients bidding on contemporary works less than $200,000. The auction house’s second most lucrative category was impressionist and modern art, which fetched over $625 million during the first-half.

Christie’s releases its sales total twice a year. The auction house’s total first-half sales reached $3.6 billion.

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