Cyberattack at Christie’s Casts Shadow Over Spring Auction Season
As the spring auction season kicks off with estimates soaring past the $20 million mark and canvases bearing the signatures of art world giants like Warhol, Basquiat, and Picasso, a shadow looms over the proceedings. A cyberattack at Christie’s brought down the company’s website, leaving questions unanswered about the fate of confidential data and casting uncertainty over the impact on buyers and sellers.
Despite the website being down, Christie’s has promised that the auctions will proceed, at least in person. A place-holder website has been set up to allow access to digital catalogs, but online bidding remains unavailable. With over 1,700 works of modern and contemporary art expected to be offered at the three major houses – Sotheby’s, Christie’s, and Phillips – with an estimated value of $1.2 billion to $1.8 billion, the stakes are high.
The art market has seen a decline from its peak in 2022, with bidding wars giving way to prearranged “guarantee” deals and a slowdown in Asian buying. Factors such as wars preoccupying collectors, high inflation rates in the US, and economic volatility in Asia have all contributed to the market dip.
Despite the challenges, art experts remain cautiously optimistic about the upcoming auctions. Artists like Basquiat, Warhol, Carrington, Gibson, Mitchell, and Mendieta are expected to test the market’s strength with their works. From Basquiat’s iconic canvas expected to fetch $40-$60 million to Mitchell’s paintings with a total estimate of $53 million, collectors will have a variety of pieces to choose from.
As the art world eagerly awaits the auction results, the spring season promises to be a thrilling and unpredictable ride, with high expectations and cautious optimism mingling in the air.
