Christie's 250th Anniversary Auction: Defining British Art Soars as Market Slumps

Christie's celebrated its 250th anniversary on June 30, 2016, with the Defining British Art auction in London, achieving a total of £99.5 million. The sale featured a curated selection of quintessentially British works from the past four centuries, many previously sold by Christie's. A record £24.7 million was paid for Henry Moore's Reclining Figure: Festival (1951), while strong prices were also realized for Lynn Chadwick, Barbara Hepworth, Bridget Riley, Francis Bacon, and Lucien Freud. The 19th-century works by John Constable, Frederic Leighton, and Joshua Reynolds also attracted collector interest. This success contrasts sharply with the broader auction market downturn. Comparing Evening Sales post-Brexit, Christie's, Sotheby's, and Phillips saw dramatic declines from 2015 to 2016. Sotheby's June 28, 2016 sale offered 46 lots totaling £52.2 million, down from 58 lots at £130.3 million in 2015. Christie's June 29, 2016 sale offered 39 lots totaling £39.5 million, down from 66 lots at £95.6 million in 2015. Phillips June 27, 2016 sale totaled £11.8 million, down from £18.1 million in 2015. While sell-through rates remained high, the total value halved due to a lack of significant works. The rise of Asian buyers, whose tastes are volatile, does not offset European collectors' anxiety. As seen at Art Basel, European collectors are cautious, buying hyper-historicized, high-quality art as a safe haven.