Christie's CEO Cerutti Says 'No Discounts' for Online Auctions

The video discusses the impact of the pandemic on the auction market, highlighting strong demand from collectors despite supply challenges. It explores the shift to online auctions and private sales, noting no discounts in online transactions. The video also covers market trends, forecasting a return to normalcy by next year, and emphasizes the resilience of the market for masterpieces. It concludes with a focus on the importance of accurate estimates in auctions.

What has been the impact of the pandemic on auction demand?

• Demand has decreased significantly.

• Demand has remained strong, especially online.

• There are large discounts available.

• Only live auctions are successful.

How are sellers being encouraged to participate in auctions?

• By focusing only on live auctions.

• By offering large discounts.

• By demonstrating strong market confidence.

• By limiting auction options.

What role do intermediaries play in the auction process?

• They connect buyers and sellers globally.

• They discourage direct sales.

• They focus on reducing auction fees.

• They only work with local clients.

What is the expected revenue shortfall for the auction market this year?

• 10%

• 40%

• 20%

• 30%

Which market segment remains resilient despite the pandemic?

• All market segments

• Masterpieces

• Middle-market items

• Low-value items

What is a key strategy for the middle market in auctions?

• Offering high starting prices

• Focusing on private sales

• Ensuring accurate estimates

• Reducing the number of auctions

When is the auction market expected to return to pre-COVID-19 revenue levels?

• By the end of this year

• Early next year

• Mid next year

• In two years