February 2012 Economic Snapshot: NYC’s Auction Houses
For our February 2012 Economic Snapshot, Steven Giachetti of NYCEDC’s Research & Analysis team looked at the headline-grabbing sales figures at local auction houses such as Christie’s, Sotheby’s, and Phillips De Pury. Did you know that in 2011, the top 10 art sales were comparable to the top 10 residential sales in New York City?
- Global sales at Christie’s and Sotheby’s, the largest of the auction houses, are estimated to have totaled over $11 billion in 2011, with New York City accounting for approximately 33% of the market, followed by London (25%) and Hong Kong (15%).
- Domestically, New York City accounts for more than 50% of all art sales in the nation, based on the most recent data from the 2007 U.S. Retail Census.
- Christie’s, Sotheby’s, and Phillips De Pury totaled over $1.1 billion in sales during just a two-week window of the recent Fall Contemporary and Impressionist art sales held in New York.
- The recent sale of Elizabeth Taylor’s estate at Christie’s in Rockefeller Center attracted more than 30,000 visitors.
To hear more about the impact of this sector on the City’s economy, tune in to the NYCEDC podcast above and read the full snapshot. For previous Economic Snapshots, visit our economic data archive on NYCEDC’s website.
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