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Cultivating the Middle Market Art Patron A Study of Sotheby's and Christie's Strategic Approach to Value-Creation and Profit-Generation from Auction Middle Market Works

机译:培养中端市场艺术赞助人-苏富比和佳士得拍卖中端市场作品创造价值和创造利润的战略方法研究

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摘要

The art auction market achieved remarkable feats in 2017. At Christie's November Post-War and Contemporary Evening sale, the company sold Leonardo da Vinci's Salvator Mundi for an astounding $450.3 million, becoming the most expensive work of art ever purchased at auction. Similarly, at Sotheby's May Contemporary Art Evening sale, Jean-Michel Basquiat's Untitled, 1982, attained a new artist record of $110.5 million. In the face of these masterpiece sales, it is nonetheless important to consider that from a business perspective, the risk for auction houses to do business at the highest end of the art market remains high, and can often outweigh the rewards.;In a competitive effort to secure top lots, auction houses have resorted to providing financial incentives such as guarantees and extensive marketing campaigns, which have significantly reduced profit margins. To begin with, access to the ultra-high net worth group is costly. Take for instance the $85 million paid by Sotheby's to acquire Art Agency Partners. In the same year, the auction house reported a $12 million loss over the guaranteed Alfred Taubman estate sale. In an effort to recuperate loss, Christie's and Sotheby's are channeling their efforts towards growing the middle market, an area where works are more modestly priced between $25,000 and $1,000,000. While these works do not always come with headline-grabbing prices, they produce higher profit margins, incur lower marketing costs, and are relatively easier to source than most top-tier property.;This thesis aims to investigate and evaluate the profitability of the art middle market, analyze what Sotheby's and Christie's are doing to capitalize on these works, and recommend further practices for both auction houses to cultivate the middle market art patron.
机译:2017年,艺术品拍卖市场取得了非凡的成就。在佳士得十一月的战后及当代艺术晚间拍卖会上,该公司以惊人的4.503亿美元的价格出售了达芬奇的救世主萨尔瓦托·蒙迪,成为有史以来拍卖会上最昂贵的艺术品。同样,在苏富比5月当代艺术晚间拍卖中,让·米歇尔·巴斯奎特(Jean-Michel Basquiat)的《无题》(1982年)创下了1.105亿美元的新纪录。面对这些杰作的销售,重要的是要从商业角度考虑,拍卖行在艺术品市场的最高端开展业务的风险仍然很高,并且往往会超过回报。为了确保头把货,拍卖行已经采取了诸如提供担保和广泛营销活动之类的财务激励措施,这大大降低了利润率。首先,进入超高净值人群的成本很高。例如,苏富比以8500万美元收购了Art Agency Partners。同年,拍卖行报告说,有保证的阿尔弗雷德·陶布曼(Alfred Taubman)房地产出售造成了1200万美元的损失。为了弥补损失,佳士得和苏富比正致力于发展中端市场,该地区的作品价格较为适中,在25,000美元至1,000,000美元之间。尽管这些作品并不总是带有抢眼的价格,但它们产生的利润率更高,营销成本更低,而且与大多数顶级物业相比,相对而言更容易获得。;本论文旨在研究和评估艺术品的盈利能力中间市场,分析苏富比和佳士得为利用这些作品所做的工作,并为两家拍卖行推荐进一步的实践以培养中间市场的艺术赞助人。

著录项

  • 作者

    Yap, Katrina Sofia.;

  • 作者单位

    Sotheby's Institute of Art - New York.;

  • 授予单位 Sotheby's Institute of Art - New York.;
  • 学科 Art history.;Arts management.
  • 学位 M.A.
  • 年度 2017
  • 页码 56 p.
  • 总页数 56
  • 原文格式 PDF
  • 正文语种 eng
  • 中图分类
  • 关键词

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