Luxury investment market: Sotheby's Christie's in control of pricing

Luxury investment market: Sotheby's Christie's in control of pricing

High art and luxury goods in the global auction market, Sotheby's and Christie's auction house has two major share of about 90% to form a duopoly pattern, and thus access to the global high-level works of art and luxury goods pricing. An important bargaining chip behind the pricing, one the two auction houses "and the richest man in the world to establish a link can not be established by others" - Sotheby's CFO William Sheli Dan (William Sheridan) talked about the company's core assets; the other is an open bid auction mechanism is conducive to filter out the most valuable market, investment goods, it is also the luxury goods manufacturer improve the brand value of influence and a better investment channels. So far, Cartier, Tiffany and Van Cleef & Arpels jewelry brands such as transaction records almost all of the top two auction houses are realized.

China's art market, the two auction giants is firmly in the hands of the pricing, and in 2007 of Chinese art, especially contemporary art fueled investment boom will push the number of Chinese contemporary art overseas. This can not help but think of the year 2000, the number of low quality Chinese companies overseas IPO, the value found in the back overseas to complete the process of the domestic market. Perhaps this is "Chinese assets" a fate. Overseas experience shows that the operation of auction houses, Chinese art and even the rise of domestic luxury brands, with pricing power needs the support of the local auction house.

Although the industry has been quite controversial, but no doubt is a luxury auction (including works of art) is an important distribution channel for the entire luxury industry, an integral part of the chain.

In 2007, Citigroup luxury ingredients adjusted stock price index (Plutonomy Index) will be Sotheby's (Sotheby's) name and the Four Seasons Hotel, Tiffany, Ralph Lauren and Coach luxury goods companies such as 23 came in together. In addition, in mid-2007, the global luxury fashion authority, "Robb Report" (Robb Report) launched a global luxury goods index, and Merrill Lynch earlier Living Index (ML LifeStyle Index) are the SU Sotheby incorporated. Hedging transactions first art fund (Art Trading Fund) the same as a hedge against the risk of Sotheby's major companies. Sotheby's name often appears in a number of luxury investment funds, index component indexes of the columns, which can not but be regarded as the property of their industry, a positive luxury.

Art auction prices in the global track record of the site in 2006, Global 9200 senior art auction market, the Christie's (Christie's) and Sotheby's held the 842 field. Although the screening of the auction only to 9.15%, but the two senior art auction and the auction revenue is 76% of the world total. Two works, the average auction price up to $ 91,805, while the average of all the other auction is only $ 7,156, they are almost high art auction transactions "hegemony." In 2006 Sotheby's and Christie's auction house in the turnover of the two more than 75 million, easily beating the last century, the total amount of the last ten trading scheme. On-site auction, Christie's and Sotheby's almost control the world's high art and luxury auction market share of 90%.

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