Elementary My Dear Bidders! Christie's New CEO Targets Millennials With Online Art!

The Curious Case of the Changing Guard

The game my dear Watson is afoot! Or rather *a auction*. As I peruse the latest dispatch from CNBC regarding Christie's new strategy I find myself intrigued by their shift in focus. Bonnie Brennan the incoming CEO seems to be setting her sights on a younger clientele – those pesky millennials and Gen Z youngsters. One might say they are attempting to lure them in with the promise of digital art and online auctions. 'Data! Data! Data!' I can't make bricks without clay and it seems Christie's has noticed the winds of fortune are blowing in a new direction. The old guard is fading and a new generation of spendthrifts is rising.

Online Shenanigans and Digital Delights

Eighty one percent of all bids at Christie's in 2024 came from online channels! Imagine Watson the thrill of the chase from the comfort of one's own dressing gown. Brennan believes the surge in younger buyers has shifted growth to online sales with 81% of all bids at Christie's in 2024 coming from online channels. Even I with my Luddite tendencies can appreciate the efficiency of it all. The art world it seems is embracing the digital age with the enthusiasm of a poodle chasing a particularly shiny ball.

NFTs and the Crypto Conundrum

Ah NFTs – the digital baubles that once captivated the masses only to collapse under their own weight. As Brennan herself admits they had a 'crypto winter'. Yet like a phoenix rising from the ashes (or perhaps a particularly stubborn weed) they anticipate a comeback. The market for NFTs is stabilizing and they still believe that there is a long runway there. I remain skeptical but perhaps these digital curiosities will indeed find a place in the hearts (and wallets) of the younger generation.

Celebrity Cache and Auction Action

Elton John's belongings sold for over $20 million! It appears that celebrity is the siren song that lures in the young and impressionable. The sale of a collection of items once owned by Elton John including his car piano and a silver platform boots that sold for $94,500 totaled more than $20 million in all. "In America celebrity sells," Brennan said. The shift in wealth from older to younger generation is remaking wealth management luxury goods and especially the auction and collectible markets. It seems these youngsters are not immune to the allure of fame and fortune. The wisdom of the masses? More like the folly of the fashionable.

The American Enigma

The United States remains a crucial market for Christie's accounting for 42% of the company's auction sales last year. Despite the turbulence in other corners of the globe it seems the American thirst for art remains unquenched. Brennan's appointment as CEO after serving as president of the Americas for four years is seen as validation of the importance of the U.S. in the global auction market especially as China's economy struggles. The Americans with their peculiar blend of pragmatism and extravagance continue to be a fascinating subject of study.

AI: A Tool Not a Replacement

Artificial intelligence eh? It seems even the art world cannot escape the clutches of technology. It's a helpful tool; it's not a replacement for people," she said. I must admit the thought of machines valuing and authenticating art fills me with a certain unease. While AI may be a useful tool it cannot replace the intuition and expertise of a seasoned art connoisseur. As I always say 'It is a capital mistake to theorize before one has data. Insensibly one begins to twist facts to suit theories instead of theories to suit facts.'