Auction houses and new business
Art Market | The art business generated 43 billion euros of sales in 2012, the majority of which were closed in auction houses, and in 2017, the online sale of pieces could total 8 billion euros - report by C. Mc Andrews.
The strategic positions adopted by the auction houses are also significant as they branch out into other continents and other « luxury » sectors : art, furniture, design, wine, fashion and so on. Each segment has its own policy on innovation.
The stretching strategy can be seen in the multi-faceted development of Christie’s or in Sotheby’s digital policy. A parallel initiative - admittedly on another scale - is to follow : the creation by Nicolas Orlowski, President of Artcurial, of Collector Square, an online site selling designer fashion pieces and accessories that are evaluated by the Artcurial experts and can be « touched » in a rue Bonaparte showroom. A price index, « Luxpriceindex » , accompanies the site : the luxury & fashion version of an artprice. This initiative is intended as a market-test for a more ambitious venture where a second luxury market, akin to the art market, would be developed.
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