September 2008 triggered by the financial crisis to the world’s major industries to cast a devastating shell
Le 3 juillet 2016, 09:27 dans Humeurs • 0
September 2008 triggered by the financial crisis to the world’s major industries to cast a devastating shell, and Lehman brothers as a close relative of the art market suffered the impact is not imagined. But it seems that this tragedy will really be staged in 2009. Christie’s on the verge of sell-off rumors announced in 2009 the Department “restructuring plan”, Sotheby’s to pay cuts and layoffs to employees in a bleak New Year’s gift.
The auction giant difficult day, the domestic auction house major reshuffle of the schedule also appears to have been near, the small auction house also had to face to withdraw from the market to survive the crisis.
The international auction giant layoffs to greet the new year
On the arrival of the new year, New York, the London art auction houses the headquarters has been shrouded in the haze of layoffs and wage. The sharp decline in market demand, experts predict the economic crisis will still shake the 2009 Art world. Christie’s announced restructuring plan “will be implemented in January 2009, the auction house has cut the London wine and books auction and closed the shotgun auction sector. Christie’s plan in 2009 to reduce the number of at least 10% items.
Before the introduction of Christie’s and rival Sotheby’s has announced they will be in 2009 to take down the staff salaries and other expenses. Although Su Fubi company spokesman Philip Danner declined to disclose the number of employees, imitation Van Cleef & Arpels jewelry but this decision has been licensed by the members of the Su Fubi committee. The committee also passed a resolution this year to reduce staff salaries and other related expenses, the cost of this cut will reach $7 million.
According to foreign media reports, Pino spring thunder are group president and chief executive officer flanx – Pinault (Francois Pinault) is considering Christie’s sale. Christie’s for this reason has adopted a “restructuring plan” that moves. Pinault’s holding company SA Artemis in May 1998 to $1 billion 200 million to buy Christie Auction Co. Artemis company spokesman did not express any views on this report.
At Sotheby’s and Christie’s two big international auction giant have layoffs, reduced department at the same time, the two predators decided to stop providing margin to the seller. Sotheby’s in recent months of margin loss has reached $53 million, as a listed company Sotheby’s last year the company’s stock has dropped by 77%, at present the company’s share price only $8.82. From Sotheby’s lessons, Christie’s will stop providing security to the seller.
The valuation of the yuan to adjust to no reserve price
Almost all auction buyers face substantially reduced, Liupai the rising Van Cleef & Arpels jewelry imitations rate of the problem. Due to some of the buyers of the funds, the auction rate has begun to slow down after the auction, the auction size has contracted. For example, the 2008 autumn auction, the auction number and Hanhai spring auction compared to reduce 20% year-on-year, Beijing Huachen reduced by 30%. The continued decline in the market will also make some small auction houses in trouble, the auction industry is facing reshuffle.
“Auction the survival of the fittest in the shuffling process always on, but with the economic depression, many small auction house collecting things, on the other hand also can not find buyers, in some extent economic great depression accelerate and advance the auction house big reshuffle process.” Analysis of Xilingyinshe auction director Hu Xilin, at present small and medium-sized auction almost ceased in the state. An unnamed auction companies executives said, Van Cleef and Arpels jewelry replicas estimated to be in the second half of this year, there will be the phenomenon of small and medium auction.
Spring up last year after a number of unknown small auction companies, financial weekly newspaper reporter learned that many of the small auction house in the spring of 2009 to shoot the plan, these small auction house did not even move the spring. One because of the spring shoot soon, even the original set of thousands of yuan in the valuation of all adjusted to no reserve price.
Domestic auction house cleaning”
In the financial tsunami, the art auction market is more polarized. Small auction house hunger at the same time, guardian, poly and Xiling Seal agency large auction company also stepped up the pace to snatch the market. Known as the art market in 2008 the ending the war of Xilingyinshe 2008 autumn art auction will be the evening of 3 end in Hangzhou, with a total turnover of $1.72 billion yuan, total turnover rate of 80%, even higher than knockoff Van Cleef Arpels jewelry the 2008 Spring Auction of 78% of the turnover rate.
Reporter from the China Guardian auction company was informed that, in 2008, Jiade auction of Chinese painting and calligraphy, porcelain crafts, China oil painting and sculpture, rare books, stamps coins bronze and jade jewelry in a total of six categories of transactions, the total transaction volume exceeded 18 billion yuan RMB, the establishment of 15 years to maximum annual turnover, ranking China mainland auction enterprises total transaction amount first.
“After the financial crisis, many small auction will leave, auction auction will atrophy is about 1 / 3,” the Chinese Ministry of culture art assessment committee calligraphy Identification Committee Xuan Jiaxin predicts, “the art market will present the development curve of L-shaped, the downturn will be sustained for several years.”