ON ITS ONE YEAR ANNIVERSARY, CHRISTIE’S LIVE™ CONTINUES ITS RAPID EXPANSION Christie’s LIVE™, the innovative real-time, multi-media auction feature from the world’s leading art business, celebrates one year of operations today.
News-Antique.com - Jul 12,2007 - New York/London/Hong Kong – Christie’s LIVE™, the innovative real-time, multi-media auction feature from the world’s leading art business, celebrates one year of operations today. During the first year, US$25.1 million has been sold online in 377 sales, with over 28,600 online bids accepted. The combined value of winning bids and direct underbidding online stands at US$78.1 million.
In the sales that have offered Christie’s LIVE™, 11% of clients have utilized the feature to register and bid, and in the New York House Sales category, LIVE™ has encouraged a 75% increase in bidder registration during its first full year. All major Christie’s sale sites are now online, and this Autumn the final auction rooms to join will include Los Angeles, Dubai, Madrid and Milan.
Andy Foster, Christie’s International Director of Operations and Christie’s Americas Chief Operating Officer, says: “Christie’s LIVE™ has been a phenomenal success. With a seamless technology that has delighted both our clients and colleagues across the globe, we have been hugely encouraged by the positive feedback we have received from all quarters.
“The Christie’s LIVE™ experience has driven highly favorable return rates for new and existing clients. Not only do clients repeatedly register with Christie’s LIVE™, but they go on to successfully buy online in large numbers – and where LIVE™ has been operational for the full twelve month period, bidder registration has substantially increased.
“With LIVE™ users regularly willing to bid at levels in excess of US$100,000, it allows our clients to participate across all price points, and with such wide acceptance, we look forward to completing the full integration of LIVE™ across our entire sales network by the end of 2007.”
Christie’s LIVE™: A One-Year Report
A Great Place To Buy and Sell:
· On July 12 2006, Christie’s LIVE™ was launched at a Christie’s New York House Sale. On June 20/21 2007, Christie’s LIVE™ was utilized in its eleventh New York House Sale. A comparison of LIVE™ activity illustrates its deepening client penetration:
July 12, 2006 June 20/21, 2007
% registrants utilizing LIVE 1.5 23.7
LIVE bids accepted 61 1048
% lots with LIVE bids 2.2 34.1
Total LIVE sales (US$) 18,360 256,470
% sold or directly underbid online 2.4 31.7
Lots Sold to LIVE bidders 11 152
· During the first twelve months of regular LIVE™ use in New York House Sales, held monthly, bidder registration for the category has grown 75%, illustrating the potential of the feature to markedly increase market exposure across all sale categories.
· A favorably high proportion of registered clients buy online - over 52% of LIVE™ registrants place online bids and 28% are successful buyers.
· High return rates for both new and existing clients - 65% of LIVE™ clients return to take part in more than one sale online. Further, 15% of LIVE™ clients are brand new to Christie’s.
· European usage - After the U.S. (57%) and U.K. (17%), the Italians come in a remarkable third (3.5%), followed by the Dutch (2.8%).