Christie’s 1998 Contemporary Art Auction Marked Turning Point as Market Pressures Mount
In June 1998, Christie’s in New York held its first auction dedicated solely to contemporary art, and according to the legendary Artnet reporter Walter Robinson, every single lot was sold. That event marked a turning point: since then, galleries and auction houses have competed for works, collections, and market share. However, the art business now consumes ever more capital and is putting pressure on even the largest players. The article, published by Monopol, is available only to subscribers of Monopol Plus, which offers a free one-month trial and then costs 4.90 € per month, with cancellation possible at any time with a 7-day notice to the end of the contract month via the user’s profile area.
Key facts
- Christie’s held its first contemporary-art-only auction in New York in June 1998.
- Artnet reporter Walter Robinson noted that every lot was sold at that auction.
- Since 1998, galleries and auction houses have competed for works, collections, and market share.
- The art market now absorbs increasing amounts of capital.
- Even the largest market players are feeling pressure.
- The article appears in Monopol magazine.
- Access to the full article requires a Monopol Plus subscription.
- Monopol Plus costs 4.90 € per month after a free one-month trial, cancellable with 7 days’ notice.
Entities
Artists
Institutions
- Christie’s
- Artnet
- Monopol
Locations
- New York
- United States