Increased auction sales point to art market recovery - 13/05/2010

Christie's held its Geneva Spring sale, which included watches, wine and jewels, from May 10th to May 12th.

Overall the auction house raised about £39 million over the course of the sale, which saw objects exceeding pre-sale estimates and an unprecedented number of buyers attended. Total sales were 65 per cent higher than during the same May auction in 2009.

One of the bestsellers in the watch sale on May 10th was a one of the kind, historically important gold perpetual calendar chronograph wristwatch (1943) which fetched £3.8 million.

Francois Curiel, president of Christie's Switzerland, which hosted the auction, said: "The vigour seen in the US and Asia was equalled here in Europe, with strong prices achieved for fine jewellery, watches and wine. Demand for stellar examples rivalled that seen at the height of the market, which very much seems to have returned 'en force'."

Another high-priced item bought in the spring sale was a 40.21 carat diamond, rectangular-cut, which achieved £3.42 million.

Sotheby's also revealed a growth in profits of 87 per cent in the first quarter of 2010 on May 6th which it attributed to an increase in auction commission rates and popularity of higher value items.

Posted by Ophelia Weston.