Christie's International has announced worldwide sales for 2010 of USD5 billion, up by 53% on the previous year.

Christie’s, which has offices in 32 countries and 10 salerooms around the world, said a “year of blockbuster sales and record-breaking
results” at fine art auctions had resulted in the highest sales in its 245-year history. On May 4th in New York, Christie’s sold Pablo Picasso’s 1932 Nude, Green Leaves and Bust for $106.5 million establishing, a new world record for any work of art sold at auction.

Commenting on the results, Steven P. Murphy, the chief executive of Christie’s International, said: “2010 was a record-breaking year and early signs of 2011 indicate that the art market remains buoyant at all levels.”

It is interesting to cast back to September 15 2008, the day finacial giant Lehman Brothers declared itself insolvent, triggering the credit crisis that left the global economy teetering on the brink of calamity and sent the art market (and most other markets) into freefall was also the day that contemporary art maverick Damien Hirst abandoned the traditional method of selling art, going straight to Sothebys instead where his auction smashed top estimates to reach a record total of USD125m.

It would appaear that the world art market has transitioned from bust to boom in a sluggish global economy.

With information from www.starkwhite.blogspot.com, www.irishtimes.com & Reuters.