We confirm that Christie’s Appraisals Inc. was asked and has entered into an agreement to appraise a portion of the City owned collection at the Detroit Institute of Art. In addition we will also assist and advise on how to realize value for the City while leaving the art in the City’s ownership.
Appraisal of organizations and individual collections is a regular part of our normal business and Christie’s was asked to assist due to our expertise in this area across all fine art categories and eras. We understand that a valuation of all the City's assets (extending well beyond the art) is one of many steps that will be necessary for the legal system to reach a conclusion about the best long term solution for the citizens of Detroit.
At Christie's, we are passionate about art and understand the importance of the contribution that institutions such as the Detroit Institute of Arts offer to the community and the world at large. We are proud of our long history of support to museums, including the DIA. We want to continue to focus our efforts on being a positive force in both the interests of the City of Detroit and its arts community, including working with our fellow arts professionals at the DIA and with the City to find alternatives to selling that would still provide the City with needed revenue.
Christie’s, the world's leading art business, had global auction and private sales in 2013 that totaled £4.5 billion/ $7.1 billion, making it the highest annual total in Christie’s history. Christie’s is a name and place that speaks of extraordinary art, unparalleled service and expertise, as well as international glamour. Founded in 1766 by James Christie, Christie's has since conducted the greatest and most celebrated auctions through the centuries providing a popular showcase for the unique and the beautiful. Christie’s offers around 450 auctions annually in over 80 categories, including all areas of fine and decorative arts, jewellery, photographs, collectibles, wine, and more. Prices range from $200 to over $100 million. Christie's also has a long and successful history conducting private sales for its clients in all categories, with emphasis on Post-War & Contemporary, Impressionist & Modern, Old Masters and Jewellery. Private sales totaled £760.5 million ($1.19 billion) in 2013, an increase of 20% on the previous year.
Christie’s has a global presence with 53 offices in 32 countries and 12 salerooms around the world including in London, New York, Paris, Geneva, Milan, Amsterdam, Dubai, Zürich, Hong Kong, Shanghai, and Mumbai. More recently, Christie’s has led the market with expanded initiatives in growth markets such as Russia, China, India and the United Arab Emirates, with successful sales and exhibitions in Beijing, Mumbai and Dubai.
*Estimates do not include buyer’s premium. Sales totals are hammer price plus buyer’s premium and do not reflect costs, financing fees or application of buyer’s or seller’s credits.
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