E-MAIL ADDRESS: Christie's Dubai: reasons for locating in Dubai and their chances for success in the regionChristies, the world famous auction house was founded (1) by James Christie on 5th of December, 1766 in London, England. It had very soon established itself and had gained the reputation of a leading auction house in the world. Christies also took the advantage of London gaining the status of a major centre of international art trade which had come up just after the French Revolution. Christie’s was listed publicly in the stock exchange of London from 1973 up to 1999 but then it was taken back and was privately owned by Francois Pinault who was a French national.
Thus Christies is now French owned. For several years as of now, Christies has been holding greater market shares against its rival of a long time, the Sotheby’s, and has now become the largest auction house in the world in the spheres of revenues and market shares. Thus it has overcome its greatest rival of the long run and has established itself as the best auction house of the world.
But this does not mean that it does not face competition from its rival. Christies has to its credit the auctioning off the personal possessions and art work of eminent historical figures and personalities like Pablo Picasso, Diana, the Princess of Wales, Rembrandt, Leonardo da Vinci, Napoleon Bonaparte, Vincent Van Gogh, Marilyn Monroe, and various other persons. In a lawsuit filed, the ownership of the famous Archimedes Palimpsest was disputed. After the completion of that lawsuit Christie’s sold it in 1998. Christie’s had become the first ever auction house in the international market to have exhibited the art works in China and Beijing, in 1995.The main sales room of the Christie’s is based in St.
James on King’s street since 1823. The auction house has yet another sales room in London which is in South Kensington opened since 1975. This sale room typically deals with collections such as teddy bears, cameras, toys, dolls, scientific instruments, and the middle market. This sale room of the Christie’s in South Kensington is said to be one of the busiest auction rooms of the world.
There are various locations where Christie’s has located its auction houses. It has its bases in Los Angeles, New York, Paris, Amsterdam, Geneva, Rome, Milan, Singapore, Hong Kong, and Bangkok. The auction house that it had in Australia also has been closed since April 2006.Christie’s has also inaugurated an art auction in the Middle East on 24th of May, 2006, in Dubai. Thereby it has also planted its roots in Dubai. A major scandal had come up in the year 2000, which brought to the limelight the evidence of price fixing between the two great auction houses, the Sotheby’s and the Christie’s.
In reality, it was found after investigations that it was a situation of commission fixing which had resulted in complicity. Moreover the particular executives of both the auction houses had admitted that they were guilty. It was even to the extent that a very long time reliable employee of the Christie’s whose name was Christopher Davidge, had admitted that he was guilty to the FBI of the United States. This had saved him from being prosecuted from the US authorities for the company.
Thereafter a number of senior management Personnel’s of Sotheby’s had been fired from their job in the late 1999.