25th Anniversary - Voices of Experience, Art and Auction

François Curiel Chairman, Christie’s Europe
What has changed in the past 25 years; mega deals depending as much on expertise as on the financial muscle of the auction house; an increased buyer’s premium; a lower vendor’s commission; a heavier legal and regulatory environment; no more handshake agreements; the end of the French auction house monopoly (in 2000); more private buyers; dealers selling at auction; increased telephone bidding; sales without reserves; and Hong Kong becoming a major sales centre.

And what has not changed; competition is as tough as always, with two players continuing to dominate the market despite unsuccessful attempts from smaller auction houses to break the duopoly; specialists’ knowledge; auctioneers still direct the sales; and Art & Auction remains the leading international art market publication.

When I was living in New York in the late 1970s, the art world was a place where everybody knew everybody else, and as a result, there was a family atmosphere. I even helped Daniel Zilkha distribute the first issues of Art & Auction magazine. We put them into envelopes at his kitchen table and took them to the post office ourselves.

Francois Curiel, left, and Art & Auction founder Daniel Zilkha, 1983

Even back then, business could be very tough. It never was not competitive. But around 1982 or ’83, prices began to rise. There were more guarantees and special deals were made for commissions. The two large houses were often played against each other, and it became even tougher and bigger business. Suddenly $1 million for a top lot at the Impressionist sales was common. Before, when a lot sold for a million, we would open a bottle of champagne. Also, Christies introduced the buyer’s premium in 1977. Our competitors were unhappy, and were quoted saying that it would be as popular as the Stamp Act. But a few months later, all the auction houses in New York adopted it.

Since 2001, I’ve been in Paris. Sales here are growing at a rate of 7% annually, and we are attracting more private collections, which we keep in France rather than shipping to New York or London. We feel that this is in the interest of the vendors. I do have a concern, however, that we might not be able to develop major contemporary, Impressionist and modern art sales, which are the backbone of our business, because of droit de suite and VAT on imports.

I don’t miss the past. I do miss New York because I love it there. But I don’t miss the 80s in terms of doing business. I feel no nostalgia whatsoever. Everything is more professional today. There is a much bigger world out there. Frankly, I think I would be bored if I had to go back to the 80s.

Dakis Joannou Contemporary art collector, Athens

It was more fun to collect 25 years ago, because it was a lot cheaper! The market has become stronger – you have to really think about a purchase now. The radical becomes mainstream quickly, so you always have to looking for something new. My collection has gone through evolutionary changes since the mid-80s. I have changed, society has changed, and so have the artists. The process of building my collection has been gradual and organic rather than a series of dramatic moments. It was natural, without the agony of having to do something. It all flowed effortlessly with the help of one or two others, like Jeffrey Deitsch, and my relationships with artists. But the mistakes were sometimes more interesting than when I got it right. You remember the moment you connect with a piece, and you never regret that. Only once did I buy for investment rather than follow my feelings and it was the worst investment I ever made.