A History of Christie’s Auction House

James Christie

James Christie, born in 1730, was a pioneering entrepreneur who founded what would become one of the world’s leading auction houses. In 1766, he established his auction house in Pall Mall, a prestigious location that attracted London’s affluent clientele. Renowned for his charisma and persuasive style, Christie secured consignments and conducted auctions that were as engaging as they were competitive. His ability to captivate audiences and encourage bidding set his enterprise apart, drawing the interest of aristocrats, collectors, and connoisseurs.

Beyond his role as an auctioneer, Christie was deeply involved in London’s art scene, maintaining relationships with prominent artists such as Joshua Reynolds and Thomas Gainsborough. His auctions were more than commercial transactions; they became significant social and cultural events. By allowing the public to view artworks before they were sold, Christie’s showrooms anticipated the concept of modern museums, broadening access to fine art and attracting both established patrons and the city’s emerging middle class.

Early Auctions

By the late 18th and early 19th centuries, Christie’s had established itself as a leading auction house for high-value estates and significant collections. As the art market expanded during this period, the firm attracted influential clients from across Europe. Its role in handling prestigious collections contributed to the development of several major museum holdings. One of the most notable sales during Christie’s early years was the auction of the jewels belonging to Madame du Barry, the former mistress of King Louis XV. Following the fall of the French monarchy, her collection was auctioned, attracting interest from European buyers seeking pieces of French royal history.

Other significant sales included the collections of Sir William Hamilton and Sir Robert Walpole. Walpole’s collection, featuring works by European Old Masters, was acquired by Catherine the Great of Russia and became part of the foundation of the Hermitage Museum in St. Petersburg. These sales helped reinforce Christie’s reputation as a key participant in the international art trade.

By the time of Christie’s death in 1803, the auction house had become well known for the sale of fine art and luxury goods, and his son, James Christie II, continued to develop the business. Christie’s approach to auctions, which combined commerce with cultural engagement, played a role in shaping the auction industry.

Expansion Across Borders

Throughout the 19th and 20th centuries, Christie’s expanded beyond London, opening salerooms in major cities worldwide. The firm established a presence in Rome (1958), Geneva (1968), and Tokyo (1969), marking its transformation into a global brand. Further growth in New York, Paris, and Hong Kong cemented its role as a dominant force in the international art market.

Record-Breaking Auctions

Christie’s has consistently achieved auction records, setting new benchmarks in the art world. Some of its most historic sales include:

1. Van Gogh’s Portrait of Dr. Gachet: sold for $82.5 million in 1990, setting a record at the time.
2. Pablo Picasso’s Les Femmes d’Alger: achieved $179.4 million in 2015.
3. Leonardo da Vinci’s Salvator Mundi: became the most expensive artwork ever sold at auction, reaching $450.3 million in 2017.

In 2018, Christie’s orchestrated the record-breaking Rockefeller Collection sale, which amassed $832.6 million, making it the most valuable private collection auction in history.

Embracing Innovation

Christie’s has consistently adapted to new technologies and market trends. In 2006, it introduced “Christie’s LIVE”, an online bidding platform that allowed global participation. The auction house was also the first to hold an online-only sale in 2011, with Elizabeth Taylor’s collection generating $9.5 million.

In 2021, Christie’s made history by auctioning the first fully digital NFT artwork, Everydays: The First 5000 Days by Beeple, which sold for $69.3 million. This marked a major shift in the art market and demonstrated the institution’s willingness to embrace digital assets.

Christie’s has played a pivotal role in shaping the secondary art market by providing collectors, institutions, and investors with a trusted platform for reselling works by major artists. Christie’s plays a vital role in setting valuation standards for the industry. When an artwork achieves a record-breaking price at a Christie’s auction, it establishes a new market precedent, influencing future sales and investor expectations. For example, when Salvator Mundi sold for $450.3 million in 2017, it not only shattered previous records but also sparked a global conversation about the value of rediscovered masterpieces. Similarly, sales of works by artists like Picasso, Jean-Michel Basquiat, and Andy Warhol at Christie’s have consistently reset market expectations for contemporary and modern art.

Promoting Collecting Trends

One of the ways Christie’s directs market interest is through themed auctions. These sales are carefully curated to appeal to specific collector segments and often coincide with major art fairs, museum exhibitions, or anniversaries of influential artists. For example, Christie’s Impressionist and Modern Art sales have fueled ongoing demand for works by Claude Monet, Van Gogh, and Edgar Degas, reinforcing the market for these masters. Similarly, dedicated contemporary art auctions spotlight emerging and established artists, such as Banksy and Yayoi Kusama, helping to shape the landscape of 21st-century collecting. By strategically curating auctions and embracing new collecting categories, Christie’s strives to continue to engage modern audiences.

Christie’s has recognised the need for environmental responsibility and has taken steps to create a more sustainable art business. In 2021, Christie’s became the first major auction house to introduce a global sustainability strategy, setting ambitious targets to reduce its environmental impact. The firm has pledged to cut its carbon emissions by 50% by 2030, working towards a 90% reduction and net-zero emissions by 2050. These targets have been validated by the Science Based Targets Initiative (SBTi), ensuring that Christie's approach aligns with climate science.

To achieve these goals, Christie’s has integrated sustainability into five key operational areas: buildings, travel, IT, shipping, and publishing. Measures include transitioning to renewable energy sources, minimising waste by diverting 90% of it from landfills, and ensuring that all packaging and printed materials are 100% recyclable. The company is also re-evaluating its logistics, reducing unnecessary travel, and promoting environmentally friendly shipping solutions for artworks.

The Legacy of Christie’s

Christie’s has played a pivotal role in preserving and promoting cultural heritage. Its auctions have facilitated the redistribution of significant artworks and artifacts, ensuring that masterpieces find new homes in museums and prestigious private collections. Through philanthropic efforts and partnerships, Christie’s also supports cultural institutions and scholarship programs.