From The Denver Post: Colorado Resort Real Estate Rebounds

Colorado resorts' housing market rebounds

Posted:   02/17/2013 12:01:00 AM MST

By Jason Blevins
The Denver Post

A huge December pushed 2012 high-country real-estate sales to their highest levels since 2008.

Three years after the resort real-estate market cratered in 2009, sales in six Colorado resort counties have rebounded.

Realtors say the rebound was supercharged in the last few months of the year, with December sales ranking as one of the strongest since the boom times of 2007.

In Pitkin County, where average prices in tony Aspen were $4.2 million in 2012 and most high-end deals are done in cash, December sales reached $270 million, up 116 percent over December 2011.

Aspen broker Tim Estin said uncertainty over tax changes planned for 2013, primarily estate and capital-gains taxes, "likely fueled a number of these transactions before the end of the year and trumped the uncertainty caused by the 'fiscal cliff' debate."

In Eagle County, where December sales climbed 90 percent, buyers whittled away at a dwindling supply of properties.

"It was a combination of people searching for a good investment and watching a market near the bottom," said Vail broker Gil Fancher, who posted his best month ever in December with a mix of high-end, midmarket and fractional sales. "People are realizing I can park money in this area and come and use it or I can rent it and I can even gain a little back on my investment when the market returns."

That return has been slow, especially to the levels seen in 2007. Back then, real-estate sales in Eagle, Grand, Pitkin, Routt, San Miguel and Summit counties topped a record $10 billion. Two years later, the economy reeled, resort-area foreclosures reached rec-ord levels and prices plummeted. Total sales in those counties in 2009 barely hit $3.6 billion. Last year, sales in the six counties reached $4.9 billion, still less than half of 2007 but 22 percent ahead of 2011 and 37 percent ahead of the 2009 low point.

"The new normal is realistic expectations. Slow and steady," said Mike Periolet, a 20-year broker and 10-year town councilman in Winter Park, anchor of the Grand County market that saw a 26 percent annual increase in dollar volume in 2012.

Periolet said he thinks the market eventually will return to the volume seen in 2007, when Grand County posted a record $640 million in sales. But it will take time and development of new homes to replace the Fraser Valley's ample supply of 30-year-old condos.

"There are always buyers for new product, so as the demand creeps back in, the developers will follow," Periolet said. "We'll start building again, and it will all cycle. Until the next crash. And I'll be retired by then."

Steamboat Springs' Routt County has seen a slower rebound than other resort areas, climbing 7 percent in 2012.

The county's real-estate market fell hard from 2007 to 2009, losing more than $1 billion in sales volume.

Routt's climb back has been slow, with prices remaining low. And as in other resort communities, December was exceptionally busy in Routt County, with $73 million in sales, a 56 percent increase over the previous December. Still, average prices in Routt did not climb in 2012.

"We have some tremendous values, and right now, it's the time to buy," said Stan Urban of Land Title Guarantee Co.

Telluride also saw a momentous December, with $76 million in sales, the highest since July 2007. San Miguel County enjoyed a 47 percent surge in sales volume over 2011, the largest increase of all six resort counties and its best year since 2007. (Still, 2012 sales in San Miguel County were less than half of 2007.)

Investor mentality is shifting from a concentration on financial returns toward lifestyle returns, said longtime Telluride broker T.D. Smith.

Many see the Telluride and Mountain Village market as "bottomed out," Smith said.

"There is definitely a recognition by people that they can buy in this market and they are not going to get hurt," he said. "People are tired of being tired. They are ready to move on and teach their children and grandchildren how to ski and fly-fish and be a part of the mountain environment."

For more information on Telluride area real estate, please contact Telluride Real Estate Corp. at 970-728-3111, info@telluriderealestatecorp.com or visit www.telluriderealestatecorp.com.

Telluride Ski Resort Announces New "Prospect Snow Cam"

Introducing Telluride's new Prospect Snow Cam! The Prospect Snow Cam shows how much

fresh, untracked powder you will ski on in the Prospect Bowl. The shelf is cleared of snow

when the lifts stop at 4pm each day, so check back in the morning to see how much

freshies fell overnight! Click Here: http://tellurideskiresort.com/prospectsnowcam

8" since the lifts closed yesterday, and 11" in the past 24 hours!

Update Schedule: Every 5 minutes

Altitude: 10,940 feet

Orientation: South West

For more information on this or Telluride area luxury real estate, please contact Telluride Real Estate Corp. / Christie's International Real Estate at 970.728.6655, info@telluriderealestatecorp.com or visit www.telluriderealestatecorp.com. 

From The Telluride Daily Planet: Allegiant's 2-For-1 Telluride Flight Deal Extended into February

Allegiant two-for-one deal extended into February

Deal intended to bring more visitors to region

By Collin McRann
Staff reporter

Published: Thursday, February 7, 2013 6:06 AM CST

A deal to buy two Allegiant Air tickets for the price of one will now be available through February.

The two-for-one deal was originally supposed to last through the month of January, but in an effort to boost visitation it has been extended until Feb. 28. Travelers who purchase tickets through the promotion must use them by April 3. Allegiant is the region’s newest airline, and it offers flights to and from the Montrose Regional Airport and Phoenix, Ariz. or Oakland, Calif.

“We just released the program, and we’re hoping to drive some more load onto those planes,” said President and CEO of the Telluride Tourism Board Michael Martelon. “We are really looking to create a long-term relationship with Allegiant, so we are trying to put our best foot forward.”

Allegiant flights arrive and depart from Montrose on Wednesdays and Saturdays, and one-way trips on the airline have a base cost of $49.99.

Martelon said the promotion was financed by the Telluride and Crested Butte ski resorts and is intended to entice skiers and boarders to come check out what the region has to offer. He said one of the main reasons the ski resorts signed on to support Allegiant was because they wanted to promote inexpensive ticket deals.

Martelon said the deal was the result of increased cooperation between the region’s many entities. Different organizations like the ski resorts, the Tourism Board and others have been increasing their mutual efforts to promote the region and bring in more guests.

Though official numbers haven’t been released for the number of bookings in January, when the two-for-one deal first began, Martelon said they went up.

“I think year over year, yes we will be up and Allegiant will have a hand in that,” Martelon said.

During January, the Tourism Board focused on promoting the region to international visitors, in part because they tend to stay longer and the domestic market is cooler in January. However, Martelon said the domestic market is the organization’s top priority.

A key organization that has been working to bring in more flights and air services to the region is the Telluride Montrose Regional Air Organization. Late last year the Tourism Board and the TMRAO announced they would be entering into a partnership to better address the region’s transportation and promotional efforts.

“With the Tourism Board’s involvement with the TMRAO, things happen in a much more efficient and streamlined manner,” Martelon said. “These are very complex things and we’re trying to make it very simple.”

Allegiant started landing planes in Montrose in December. While the airline’s contract is up in April, the Tourism Board and the TMRAO have said they want to try and get it extended into the summer months. TMRAO works with airlines to bring flights to the region to boost tourism. It uses tax money to guarantee consistent revenue for airlines that participate in its programs.

Allegiant is based in Nevada and it offers low-cost flights to many vacation destinations all over the U.S.

For more information and an up-to-date flight schedule, visit www.allegiantair.com or call 866-237-5341.

For information on Telluride area real estate, please contact Telluride Real Estate Corp. at 970-728-3111, info@telluriderealestatecorp.com or visit www.telluriderealestatecorp.com.

Christie's London Evening Auctions of the Impressionist and Modern Art Realise $213.4M

Christie's London Evening Auctions of the Impressionist and Modern Art Realise $213.4M

New and Established Buyers from 19 Countries Result in

The Most Valuable February Evening Sale of the Category at Christie’s London

5 Artist Records - Led by Berthe Morisot’s Portrait which set a

New Record Price for a Female Artist at Auction

London – The Impressionist and Modern Art Evening Sale and the auction of The Art of the Surreal took place on the evening of 6 February at Christie’s London, realising £136,462,100/ $213,426,725/ €157,340,801 and selling 89% by lot and 94% by value. The auctions had a combined pre-sale estimate of £89.8 million to £132.8 million. The top price was paid for Jeanne Hébuterne (au chapeau), 1919, by Amedeo Modigliani (1884-1920) which sold for £26,921,250/ $42,104,835/ €31,040,201 (estimate: £16-22 million,pictured right). In total, 32 works of art sold for over £1 million / 42 for over $1 million, and five artist records were set: led by Berthe Morisot’s portrait which set a new record price for a female artist at auction; a record for a sculpture by René Magritte; and records for a work by Alberto Magnelli, Kay Sage and Óscar Domínguez.

Jay Vincze, International Director and Head of The Impressionist and Modern Art Evening Sale, Christie’s London: “We were very pleased with the strength and depth of bidding tonight which drove this evening’s auction to achieve both the highest total for a February evening sale at Christie’s London, and our highest sell through rate for an evening sale in this category in London. The global teamwork of our Impressionist and Modern team, coupled with the international nature of buyers participating in tonight’s sale, ensured that the auction drew interest and bidding from around the world. We were very pleased to achieve five new record prices at auction including for Berthe Morisot, whose portrait set an auction record for a work of art by a female artist sold at auction.”

Olivier Camu, Deputy Chairman, Impressionist and Modern Art, Christie’s:“Having held the inaugural standalone Dada and Surrealism sale in 1989 and established the first annual Art of the Surreal Sale in 2001, we are very proud that this pioneering movement of 20^th century art now commands truly international attention, with our February sales eagerly awaited by collectors around the globe and across other collecting fields from Old Masters through to Contemporary art. This sale was the largest and strongest offering of Surrealist art ever offered at auction and the volume of bids reflected the enthusiasm for this sale format which is encouraging for the market and greatly rewarding for Christie’s. All 9 of the works by Magritte sold, with a new record set for a sculpture by the artist, beating the previous record set at Christie’s in 2009; the price for this work and Miró’s sculpture, which almost equalled the current record, highlights the strength of demand for sculptures in the field of Impressionist and Modern Art." 

The top price at the auction was paid for Jeanne Hébuterne (au chapeau), 1919, byAmedeo Modigliani (1884-1920) which sold for £26,921,250/ $42,104,835/ €31,040,201 (estimate: £16-22 million). One of the acclaimed elegant and lyrical portraits that the artist created of his muse and lover, this work has exceptional provenance having passed through the hands of several important dealers and collectors, beginning with Léopold Zborowski; it subsequently hung in the bedroom in dealer Paul Guillaume's apartment and was included in a 1929 exhibition of his collection. It was later acquired by the Belgian collector Henri Belien, who owned a number of works by Modigliani and other artists of the time. It is a tribute to the quality of this painting that it was included in the small posthumous retrospective of Modigliani’s works held at the XIII Biennale in Venice in 1922, the first such show to take place in his home country. Modigliani created relatively few paintings during his short life – during which he was increasingly accepted as a pioneer in the world of modern art - and, in comparison with those of his counterparts, his works rarely come to the market.

Further leading highlights of the sale:

• Painted during the height of Impressionism, L'ombrelle, 1878, by Pierre-Auguste Renoir (1841-1919) realised £9,673,250/ $15,128,963/ €11,153,257 (estimate: £4-7million). Offered for the first time in almost 25 years, L'ombrelle has excellent provenance, having been owned by Erwin Davis, one of the earliest American collectors of Impressionism, who lived in New York and donated two of Edouard Manet’s pictures to the Metropolitan Museum of Art as early as 1889. It was subsequently owned by the Boston collector and philanthropist, Robert Treate Paine II, who bequeathed many significant works to the Boston Museum of Fine Arts.
• Nu accroupi, 1960, by Pablo Picasso (1881-1973) realised £7,321,250/ $11,450,435/ €8,441,401 (estimate: £3-5million). During the course of 1960, when Pablo Picasso was staying increasingly at Château de Vauvenargues, he painted a succession of pictures which explored the theme of the female nude. Painted on 14 February 1960 – Valentine’s Day – Picasso’s diagram-like rendering of the profile, shown with the pared-back, cubistic triangle of the nose and the curves of chin and lips facing the opposite direction, relates this picture to the portraits that Picasso painted of Jacqueline Roque, the woman whom he would marry the following year. It was offered from the property of a private American collection.
• Aprés le déjeuner, 1881 by Berthe Morisot (1841-1895) realised £6,985,250⁄ $10,924,931⁄ €8,053,993, becoming the most valuable work of art by a female artist sold at auction (estimate: £1.5-2.5million). Offered for the first time in 15 years, this is an historic painting by Morisot, considered by many of her contemporaries to be 'l'impressioniste par excellence.' 
• Murnau - Ansicht mit Burg, Kirche und Eisenbahn, 1909, by Wassily Kandinsky (1866-1944)realised £6,761,250/ $10,574,595/ €7,795,721 (estimate: £5-7 million). The landscapes that Kandinsky painted in Murnau between 1908 and 1909 reflect the first full flowering of his art and mark the beginning of the artist’s epic pioneering journey into abstraction. This work epitomises the way that he magnified and intensified colour to the point where it begins to float freely and operate as a dynamic, abstract and interactive pictorial entity on the painting’s surface. 
• Femme (Femme debout) by Joan Miró (1893-1983) realised £6,313,250/ $9,873,923/ €7,279,177 (estimate: £3-5million).  Miró’s sculptures were the crowning achievement of his late career. This monumental work is a powerful celebration of fecundity, primal instincts and the creation of life. Conceived in 1969, it has not been seen in public for over two decades, having been in a private New York Collection for over 30 years.
• Le plagiat (Plagiary), 1940, by René Magritte(1898-1967) realised £5,193,250/ $8,122,243/ €5,987,817 (estimate: £2-3 million). Never before offered at auction, this work had been in a private Belgian collection since it was painted. This is an incredibly rare work as while many of Magritte’s motifs were revisited in a string of pictures, he created only one other oil painting titled Le plagiat, in 1942 in a vertical format.
• Le peintre, 1967, by Pablo Picasso (1881-1973) realised £3,513,250/ $5,494,723/ €4,050,777, having been offered for the first time in four decades from the property of a private collector (estimate: £2.5-4.5 million). This work is an allegory of the artist, through which he looks at the continuing influence of Velázquez and Rembrandt who was obsessed with the depiction of self; Picasso picks up on this and makes the subject his own, resulting in a very powerful painting of a bearded and ruffed figure working at his easel.
• Arbres à la maison bleue, 1906, by Maurice de Vlaminck (1876-1958) realised £3,401,250/ $5,319,555/ €3,921,641 (estimate: £2-3 million). Vlaminck painted this work when the Fauvism which he had helped to pioneer was at its apogee. It was only the previous year that he had exhibited his bold, colouristic works at the Salon d'Automne, causing extreme reactions in viewers ranging from rage to fascination.
• Dating from near the beginning of the artist’s time in Nice, Jeune fille à la moresque, robe verte,1921, by Henri Matisse (1869-1954) realised £3,065,250/ $4,794,051/ €3,534,233 (estimate: £2.5-3.5 million). This picture occupies a seminal place within Matisse’s oeuvre, having featured in a number of important collections over the years, including those of Marcel Kapferer, Lillie P. Bliss and Ralph F.Colin among others.

For more information on this or Telluride area luxury real estate, please contact Telluride Real Estate Corp., Christie's exclusive affiliate in Telluride, Colorado, at 970-728-3111, info@telluriderealestatecorp.com or visit www.telluriderealestatecorp.com.

From the Telluride Daily Planet: Telluride to Host the Start of Next Summer's Ride The Rockies

Week-long bike tour kicks off June 9

By Heather Sackett
Associate Editor

Published: Tuesday, February 5, 2013 6:06 AM CST

The annual statewide bike ride, Ride the Rockies, will start in Telluride this year.

About 2,000 cyclists will descend on the box canyon in the days leading up to the June 9 departure for Cortez. This year’s 513-mile route will take riders on a tour of southwest Colorado to the host towns of Durango, Pagosa Springs, Alamosa, Salida and Cañon City before finishing in Colorado Springs on June 15.

The route will take riders over Lizard Head, Wolf Creek and Poncha passes, as well as the 956-feet-high Royal Gorge Bridge. This is the 28th year of the week-long event, which is sponsored by The Denver Post.

According to tour director Chandler Smith, although the ride has swung through Telluride before — most recently in 2008, 2003 and 1999 — this is the first time the event has started here.

“Telluride, in particular, is one of our favorite destinations,” Smith said. “We couldn’t imagine a more beautiful backdrop to start the ride. It does a great job showcasing what mountain communities of Colorado are all about.”

Smith said host communities usually see about $250,000 in revenue from lodging, restaurants and retail. And unlike last summer’s professional bike stage race, the USA Pro Challenge, Telluride does not have to put up any money for the event. The town spent about $92,000 hosting the Pro Challenge in 2012. The Denver Post Community Foundation awards a $5,000 grant to a non-profit organization in each Ride the Rockies host town.

The riders will be in town during a weekend that is not very busy, giving a boost to the early summer economy, said Telluride Mayor Stu Fraser.

“It was nice because they came to us on it,” Fraser said. “It’s in a weekend that is typically not very busy and [riders] will be spending money and probably two nights here.”

Telluride Tourism Board President and CEO Michael Martelon said it’s a major bonus to be the overall start for the event and it could push the summer occupancy rate above 50 percent, which is one of Martelon’s long-term goals.

“We ended up running about a 48.5 percent average occupancy rate (last summer),” Martelon said. “This could push us over the hump to get to 50 percent  occupancy for our core summer months. That’s exciting.”

Martelon said Telluride will probably see more than a quarter million dollars in revenue because ride registration is on Saturday. The ride begins on Sunday.

“That number is going to go up for us,” Martelon said. “People are going to be trickling in on Friday, before registration on Saturday.”

Martelon and Fraser attended the route announcement, which was a closely guarded secret, at Casselman’s Bar and Venue in Denver Saturday.

“People were just screaming, they were so excited about it,” Fraser said.

Cyclists can register for the event at ridetherockies.com. Applications for the lottery will be accepted Feb. 3-22, with 2,000 participants selected on March 1.

For more information on this or Telluride area luxury real estate, please contact Telluride Real Estate Corp. at 970.728.6655, info@telluriderealestatecorp.com or visit www.telluriderealestatecorp.com.

From The Telluride Daily Planet: Great Lakes adds Denver-Telluride flights

Great Lakes adds Denver-Telluride flights

Daily flights Thursday-Monday during February and March

By Heather Sackett
Associate Editor

Published: Tuesday, January 29, 2013 6:06 AM CST

For the months of February and March travelers will have more opportunities to get to and from Denver with the addition of flights through Great Lakes Airlines.

Telluride Montrose Regional Air Organization is subsidizing a daily Thursday-Monday flight. The flight will depart Denver at 3:45 p.m. and arrive in Telluride at 4:56 p.m. The crew will overnight in Telluride, with a morning flight departing back to Denver at 7:15 a.m., Friday through Monday. TMRAO will be covering the cost of de-icing the planes and lodging for the crew.

“We are blessed to have Great Lakes coming into Telluride,” said Telluride Tourism Board President and CEO Michael Martelon. “It’s a very important thing for us.”

Great Lakes approached TMRAO about adding the 19-seat flights. There are currently two daily roundtrip flights from Denver to Telluride, and the new agreement bumps that up to three, Martelon said.

 

“If it continues doing what it’s doing right now outside, it can do nothing but help,” he said, referring to Monday’s snowfall.

The addition of another airline to the Telluride Regional Airport was the result of collaboration between TMRAO, the TTB and Telluride Ski & Golf Company. Late last year, the TTB and TMRAO began working together on strategic planning and marketing. The TTB oversees TMRAO’s operations, including personnel supervision and administration, fundraising and marketing.

Telluride Ski Resort Director of Sales and Marketing Ken Stone said Denver is not an originating market for skiers — in other words not many people fly here from the Front Range to ski — but the flights will nevertheless add convenience. Any additional flights into Telluride are a good thing, he said.

“It’s a great advantage for business travelers,” Stone said. “Over-nighting here is good because you can get an early morning flight out.”

United Airlines is also set to come back to the region this summer, the TTB announced last week. There will be twice-weekly service, Mondays and Wednesdays, from Houston to Montrose from June 12-Sept. 25, 2013.

“Following last summer’s great results, we are very pleased that our partner United Airlines will be operating the 2013 service without a revenue guarantee,” TMRAO Chief Operating Officer Matt Skinner said in a prepared statement. “We will do all we can to help make the flight a success again this summer, looking toward daily sustained summer service in the future.”

According to the TTB, the organization is in talks for return summer service on American Airlines from Dallas/Fort Worth to Montrose.

 

For more information on this or Telluride area real estate, please contact Telluride Real Estate Corp. at 970-728-3111, info@telluriderealestatecorp.com, or visit www.telluriderealestatecorp.com.

Christie's Attracts New Collectors As Global Appeal For Art Continues to Grow In 2012

Annual sales total £3.92 billion / $6.27 billion – up 10% on 2011

19% of all registered bids at global auctions placed by new clients

Average number of registered bidders per auction up 53% on 10 years ago

Online initiatives drive greater accessibility – inaugural season of online-only auctions attracts 39% new buyers

London/New York/Hong Kong – The global appeal of art continues to encourage new collectors to acquire works of art. In 2012 the average number of registered bidders per auction was 53% higher than a decade ago, and Christie’s realised worldwide sales of £3.92 billion ($6.27 billion), up 10% on 2011 (figures include buyer’s premium).  This includes private sales of £631.3 million ($1 billion), an increase of 26% on the same period last year, and represents the highest annual total in both company and art market history. *Please click on the pdf link above for the full release including top lots from 2012.

Global auctions welcomed bidders from 136 countries highlighting the international appeal of art. 19% of all registered bidders were new clients.

Christie’s sold 686 works at auction for over $1 million and 49 for over $10 million. The market at more accessible price levels represents the majority of transactions and continues to perform strongly; Christie’s South Kensington saleroom, which offers works of art from under £1,000, recorded its highest ever total for the third consecutive year having welcomed a 10% growth in registered bidders and a 20% increase in total sales. Online-only auctions attracted 39% new buyers.

Steven P. Murphy, Chief Executive Officer, Christie’s:  “Our third straight year of record results is a sign that more people in more places in the world are captivated by art and are seeking to acquire it, and Christie’s has aligned itself with collectors and their needs. More importantly, this trend is apparent at every level of the art market, from under £1,000 to over £50 million, as technological advancements highlight the appeal and the ease of engaging with Christie’s and the works of art we handle. Accessibility to the market is key and we have continued to develop our online presence. In 2012 we saw a 11% increase in visitors to our website and our inaugural season of online-only auctions offering works of art, wine, fashion and memorabilia at accessible prices, attracted a huge number of new bidders and buyers. We have also continued to pioneer innovative exhibitions and sales, from supporting the tour of Andrew Wyeth paintings in China and exhibiting modern and contemporary sculpture at Waddesdon Manor, to the sale of holdings from the Andy Warhol Foundation which will be exhibited around the world and offered by both traditional and online-only auctions, as well as by private sale.”

Post-War and Contemporary art led the categories with record auction sales of £986.5 million ($1.6 billion) – a 34% increase over 2011. The category saw increased demand at every level, with a 14% growth in the number of registered bidders for works of art under £100,000. The Post-War and Contemporary Art Evening Auction in New York on 14 November realised $412.3 million (£259.7 million) becoming the most valuable auction ever held in the category. The Post-War and Contemporary auction in London on 27 June realised £132.8 million ($207.3 million) becoming the most valuable auction ever held in the category in Europe. Notable increases were also seen for Impressionist and Modern Art which realised auctions sales of £623.6 million ($997.7 million) (+14%); and Old Masters & 19th Century Art which totaled £201.6 million ($322.6 million) (+26%). The highest auction price for the year at Christie’s was paid for Mark Rothko’s Orange, Red, Yellowwhich sold on 8 May in New York for $86,882,500 / ₤53,867,150, establishing a world record price for any contemporary work of art sold at auction. Private sales continue to represent a growing market realizing £631.3 million ($1 billion) in 2012, an increase of 26% on the previous year.

Christie’s innovative approach and investment in online initiatives continues to make the art market increasingly accessible. Having launched Christie’s first Online-Only auction with the Collection of Elizabeth Taylor in December 2011, there were six further online-only auctions in 2012, offering art, memorabilia, fashion and wine, and at which an average 39% of buyers were new to Christie’s. The website, www.christies.com, welcomed an 11% increase in visitors from the previous year. 27% of all bidders participated via the internet and Christie’s LIVE™ saw a 4% increase in registrations compared to the previous year. In November in New York, Edward Hopper’s October on Cape Cod sold for $9.6 million to an internet bidder, setting the highest price for a work of art sold online at an international auction. 

European and U.S. clients accounted for 75% of sale registrations. While sale totals for Asian Art and auction sales in Hong Kong decreased from the record levels of 2011, Asian clients represented 19% of registered bidders at global sales, a 1% increase on 2011. An increased participation of Asian collectors at global sale sites was evident at every level of the market, from Rembrandt’s A Man in a Gorget and Cap which sold at the Evening auction of Old Master and British Paintings on 3 July in London for £8.4 million ($13.2 million), to Christie’s South Kensington which saw a 10% increase in new registered bidders from the region.  

Steven P. Murphy continues: “As the desire for collecting continues to grow, we are pleased to have welcomed new clients into the market, and to have achieved industry-leading results across the globe from Paris to New York and London to Hong Kong. Our knowledge, judgment, presentation and global reach are at the forefront of all our activities and we will continue to align the business in a way which best serves both the collectors we know, those who are yet to enter the market and all those who are interested and appreciate art.” 

Looking Ahead: 

-          From 19 January in New York, Christie’s will host Americana Week 2013, a series of public viewings and sales devoted to fine and rare examples of American artistry and craftsmanship. The Americana series of sales will offer over 400 lots, including a number of rare survivals from the 18th and 19th century and many works never before offered at auction.

-          From 26 to 31 January, Christie’s New York will host Old Masters Week which will include the annual auctions of Old Master Paintings and Old Master Drawings as well as two exciting additional sales. The auctions begin on January 29 with Albrecht Dürer—Masterpieces from a Private Collection, featuring some of the artist’s most important prints to come to auction in recent history. This will be followed on January 30 by Renaissance, a sale celebrating the arts of that period, including masterworks by Fra Bartolommeo, Botticelli, Bronzino and Cranach, among others. Comprised of over 400 lots combined, the five sales in Old Masters Week will offer works of outstanding quality, rarity and provenance for collectors of all tastes and levels.

-          From 6 to 14 February, Christie’s London will offer with two weeks of internationally anticipated exhibitions and sales of Impressionist and Modern and Post-War and Contemporary art. From 6 to 8 February, Impressionist Art is led by an elegant and lyrical portrait by Amedeo Modigliani of his muse and lover Jeanne Hébuterne (au chapeau), 1919 (estimate: £16 million to £22 million). The Post-War & Contemporary Art auctions on 13 and 14 February include Great Pyramid at Giza with Broken Head from Thebes, 1963, a unique, landmark painting, which stands as the only canvas to commemorate David Hockney’s first trip to Egypt at the age of 26 (estimate: £2.5-3.5 million).

-          In early 2013 Christie’s will offer the first online-only sale in its long-term partnership with The Andy Warhol Foundation for the Visual Arts. Over the course of 2013, Christie’s will launch a total of five online-only sales of original works by Warhol from the Foundation’s collection, marking the first time the auction house has ever offered online-only Post War and Contemporary art sales. The timed online format allows clients to browse, bid, receive instant updates by email or phone if another bid exceeds theirs, organize shipping, and pay from anywhere in the world.   Proceeds from these and all subsequent sales under the partnership benefit the Warhol Foundation’s endowment for grant-making programs that support contemporary arts organizations.

-          In May in New York, Christie’s will hold The Americas Society Visual Arts Endowment Benefit Auction. The auction will include a selection of works donated to the Americas Society that will be offered in conjunction with the Latin American sale with all proceeds to benefit the Society’s dynamic and expanding Visual Arts Department through the creation of an endowment for its programs. The Benefit Auction will include approximately 30 works in both the Evening and Day sales at Christie’s, and will feature such established Latin American artists as Carlos Cruz-Diez and Alejandro Obregón, as well as contemporary artists like Luis Fernando Roldán. 

*In order to account for exchange rate fluctuations during 2012, please note that all cumulative sales figures are reported in £ and US$, using a Sales Weighted Average (SWA) of 1:1.60 (for €: 1:1.23).

The prices of individual lots for 2012 are reported as when sold. All auction sales figures include premium and any post auction sales completed. They do not reflect costs, financing fees or application of buyer’s or seller’s credits. All market share totals are based on publicly available competitor information. 

About Christie’s Christie’s is a name and place that speaks of extraordinary art, unparalleled service and expertise, as well as international glamour. Founded in 1766 by James Christie, the company has since provided a celebrated showcase for the unique and the beautiful. Christie’s offers over 450 auctions annually in over 80 categories, including all areas of fine and decorative arts, jewellery, photographs, collectibles, wine, and more. Prices range from $200 to over $100 million. Christie's also has a long and successful history conducting private sales for its clients in all categories, with emphasis on Post-War and Contemporary, Impressionist and Modern, Old Masters and Jewellery. 

Christie’s has a global presence with 53 offices in 32 countries and 10 salerooms around the world including in London, New York, Paris, Geneva, Milan, Amsterdam, Dubai, Zürich, and Hong Kong. More recently, Christie’s has led the market with expanded initiatives in growth markets such as Russia, China, India and the United Arab Emirates, with successful sales and exhibitions in Beijing, Mumbai and Dubai.

*Estimates do not include buyer’s premium. Sales totals are hammer price plus buyer’s premium and do not reflect costs, financing fees or application of buyer’s or seller’s credits. 

For more information on this, Telluride Real Estate Corp's exclusive affiliation with Christie's International Real Estate, or Telluride area real estate, please contact Telluride Real Estate Corp. at 970.728.3111, info@telluriderealestatecorp.com, or visit www.telluriderealestatecorp.com.