What's Happening?
Christie's recently conducted its 'Crafted and Collected: The Jonathan Burden Sale,' marking its first-ever online auction where works were kept in situ. The auction featured a 19th-century Incarnat Turquin marble dining table, which sold for $80,000, four times its estimate, and fetched $101,600 with fees. The sale achieved a total of $1.07 million, with 97% of lots sold, surpassing the presale low estimate of $487,500. The auction format allowed over 250 visitors to view the collection inside Burden's Long Island City studio, combining online bidding with an immersive viewing experience.
Why It's Important?
The success of Christie's new auction model highlights a shift in the art market towards more innovative and accessible formats. By keeping works in situ, Christie's provided a unique experience that attracted new buyers, with over one-third being first-time participants. This approach could influence future auctions, encouraging other institutions to adopt similar strategies to engage audiences and increase sales. The model also reflects a broader trend of integrating digital platforms with traditional art viewing experiences, potentially reshaping the auction industry.
What's Next?
Christie's may continue to explore and refine this hybrid auction model, potentially organizing more sales in this format. The positive reception suggests that other auction houses might consider similar approaches to enhance buyer engagement and expand their reach. As the art market evolves, institutions will likely seek innovative ways to balance digital convenience with the tactile experience of viewing art in person.
