Issue #55  4/3/2003
Christie's Reports Similar Auction Sales to Sotheby's For 2002

Christie's International reported worldwide sales totaling $1.9 billion for 2002. This figure represents auction sales of $1.8 billion and private sales of $120 million. While it is unclear whether Sotheby's matching auction figures of the same $1.8 billion in auction sales include any private sales or not, it looks like both houses were in a virtual tie during the 2002 FY.

Various news reports also indicate similar problems at Christie's, although perhaps not as severe, due to the company's quicker cooperation with authorities in the price-fixing scandal. Christie's is privately held and has only reported sales not profits, which many observers consider to be non-existent at the moment.