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A client browses for artwork at a Christie's Hong Kong exhibition. Hong Kong and other areas in Greater China were key to the auction house's record sales last year. Photo: David Wong

New | Christie’s brushes off political turmoil in China to notch highest-ever art sales in 2014

Occupy protests and Xi’s graft crackdown barely made a dent, auction house chief says as China drives record-breaking revenue

Christie’s once again saw a record year of sales – led by aggressive art buyers from Asia, especially out of Hong Kong and mainland China – despite a more challenging market environment in the world’s largest economy.

On Tuesday, London-headquartered Christie’s, the world’s largest auction house by sales, announced record results for last year with £5.1 billion (HK$45.8 billion) in art sales, up 12 per cent from a year ago.

This is the highest sales figure for Christie’s, which first opened its doors in London in 1766, and any company in the history of the art market.

Patricia Barbizet, Christie’s first woman chief executive, who was appointed last month, said clients from the Greater China region, including Hong Kong, Macau, Taiwan and mainland China, spent 22 per cent more last year than the previous year.

Patricia Barbizet, chief executive and chairwoman of Christie's, says Asian buyers have helped drive growth. Photo: Bloomberg
They accounted for 24 per cent of total sales of Christie’s globally, despite Beijing’s nationwide anti-corruption drive, which some industry watchers warned might hurt art sales.

Asked by the in an exclusive interview if she was concerned about any impact on Chinese art buyers’ interest amid Beijing’s efforts to crack down on bribery and corruption, Barbizet replied: “The Chinese art market has experienced phenomenal growth in recent years and we believe this growth can continue into the future.

“There are more new clients from Asia, especially China, than any other regions. We are also seeing new activity in broader categories [of artworks] from this client group,” said Barbizet, who is also chairwoman of Christie’s.

The firm is owned by French tycoon Francois Pinault, who acquired the legendary auction house in 1998 and kept it private.

Last year, Christie’s opened three new exhibition centres in Beijing, Shanghai and Hong Kong, surprising the industry at a time when doubts were growing that art businesses in the Communist nation could be under pressure as super-rich Chinese, especially businessmen, tightened their pockets amid the anti-corruption campaign driven by President Xi Jinping.

The campaign has been sweeping and unsparing, attempting to net even top-level corrupt officials, known as “Big Tigers”.

Indeed, Xi’s anti-corruption campaign might stop some people from spending money on art, but China’s fast-growing middle class and newly wealthy families have gradually become new forces in driving strong art sales.

The trend was confirmed by Christie’s online sales, an initiative led by its former chief Stephen Murphy especially targeting first-time buyers. Murphy stepped down as CEO in December last year and was succeeded by Barbizet.

Last year, online sales at Christie’s jumped 54 per cent to £21.4 million. Most interestingly, first-time registrants to online auctions were up 57 per cent, with clearly a large number of first-time buyers from China, Barbizet said.

Many online buyers are believed to be the middle class and private collectors who consider art their new hobby after feeling more secure in their personal wealth.

China and India are now considered the two most important markets for Christie’s online art business, Barbizet said. “Digital will continue to play a strategic role in Christie’s development plans,” she said.

Also as a key part of its continuously growing “China story”, Hong Kong has served as one of the most important engines for Christie’s global sales for the past few decades.

Despite political struggles and pro-democracy protests in Hong Kong last year, demanding long-awaited universal suffrage by 2017, Christie’s top boss says her commitment to the city is as high as ever.

“Under the effective political and economic systems, Hong Kong has retained its economic vitality, its attractiveness in terms of hotels, restaurants and facilities, and the advantages of its free port,” said Barbizet, when asked if she might be concerned about any negative impact caused by the Occupy Central movement.

“Hong Kong continues to remain Asia’s art central, given its leadership role as an international meeting point for collectors,” said Barbizet. “Shanghai and Beijing are developing fast, but this will only contribute to attract new collectors, thereby indirectly benefiting Hong Kong as well.”

Christie’s first opened its office in Hong Kong in 1984. Since then, Hong Kong has become a regional hub for the auction house.

In more recent years, the Hong Kong government has been more aggressive in strengthening the territory’s position as a regional art and cultural business centre, in addition to its status as a global financial hub.

Follow the reporter on twitter: @george_chen.

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