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Secondary Market

Sourcing Strategies and Building Trade Relationships

by Kimberly Brown

Primary Market

Gallery works directly on behalf of the artist Gallery and artist split sales 50/50 (usually) Gallery helps manage and shape an artist’s

career

Secondary Market

Gallery does not involve the artist (usually) Gallery does not have to split proceeds with

artist (with exceptions) The work becomes more of a commodity,

something that is actively bought and soldbetween dealers

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When Primary and SecondaryMeet

Damien Hirst /Sotheby’s

Held the day afterLehman Brotherscollapsed in Sept 2008

Sale totaled £111m Golden calf £10.3m

Highest Prices AchievedNumber 10

Francis BaconTryptich 1976

Sotheby’s New YorkMay 2008

$86.3m

Number 9

Gustav KlimtAdele Bloch-Bauer II,1912

Christie’s New YorkNovember 2006

$87.9m

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Number 8

TitianDiana and Actaeon,1556-1559

Private sale, February2009

$91m

Number 7

Pablo PicassoDora Maar au chat,1941

Sotheby’s New YorkMay 2006

$95.2m

Number 6

Andy WarholEight Elvises, 1963

Private sale 2008 $100m

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Number 5

Pablo PicassoGarçon a la Pipe,1904

Sotheby’s New YorkMay 2004

$104.1m

Number 4

Pablo PicassoNude, Green Leavesand Bust, 1932

Christie’s New YorkMay 2010

$106.5m

Number 3

Gustav KlimtAdele Bloch-Bauer I,1907

Private sale viaChristies, 2006

$135m

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Number 2

Willem de KooningWoman III, 1952-53

Private sale 2006 $137.5m

Number 1

Jackson PollockNumber 5, 19481948

Private sale, 2006 $140m

Top 10 Contemporary Houses

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London Contemporary Art Sales

Private secondary sales

Many works not soldpublicly

Galleries involved inboth primary andsecondary

Sourcing Secondary

Building the rightrelationships

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Top 50 Selling Artists at Auctionin 2010

Number 1: Jean-MichelBasquiat

€30.9m over 70 lots Interestingly,

Chinese artists take40% of the list