0:00:02 > 0:00:05This is a 1962 Andy Warhol.
0:00:05 > 0:00:07called Two Dollar Bills (Fronts).
0:00:07 > 0:00:10In a way, he predicts the art market that we're in today.
0:00:10 > 0:00:14And now it's just a question of converting interest into...
0:00:14 > 0:00:15- Dollars.- ..dollars.
0:00:15 > 0:00:16THEY LAUGH
0:00:18 > 0:00:19With billions of dollars of sales
0:00:19 > 0:00:21going under this man's gavel last year,
0:00:21 > 0:00:25Christie's is the world's largest auction house.
0:00:30 > 0:00:33At the crossroads of art, taste and money,
0:00:33 > 0:00:36it brings together great works of art...
0:00:36 > 0:00:39So, you get, in a way, a lot of Monet for your money.
0:00:39 > 0:00:41..fervent collectors...
0:00:41 > 0:00:45Is it addiction? Passion? Compulsion? Obsession?
0:00:45 > 0:00:47Or have you just got to have it?
0:00:47 > 0:00:48..world-beating prices...
0:00:48 > 0:00:51- 50 million.- Whoa!
0:00:51 > 0:00:53..and the fine art of the sell.
0:00:53 > 0:00:57Price range is between 25-35 million,
0:00:57 > 0:00:59and it's a good way to start.
0:00:59 > 0:01:05This year, this great British brand celebrates its 250th anniversary.
0:01:05 > 0:01:08To mark it, Christie's have taken the unprecedented step
0:01:08 > 0:01:12of allowing our cameras into the back rooms,
0:01:12 > 0:01:14boardrooms and private parties.
0:01:14 > 0:01:17Over the course of a year, we have access to a company
0:01:17 > 0:01:21which is at the epicentre of a secretive and private world.
0:01:21 > 0:01:24There are only, I think, three people in Christie's
0:01:24 > 0:01:26who know who bought that painting.
0:01:26 > 0:01:29We watch them use every weapon in their arsenal
0:01:29 > 0:01:31to entice the rich around the world.
0:01:31 > 0:01:33- You've been looking for a Monir for some time.- Yes.
0:01:33 > 0:01:36And, actually, one that would go well with your collection.
0:01:36 > 0:01:39But auctioneering is a precarious business.
0:01:39 > 0:01:42In its time, Christie's has weathered slumps.
0:01:42 > 0:01:46And, in 2016, there are signs of a downturn in the art market.
0:01:46 > 0:01:49We have turmoil in financial markets.
0:01:49 > 0:01:52It's difficult to predict how the art market will perform.
0:01:52 > 0:01:54You don't have to buy a picture.
0:01:54 > 0:01:57Unsold at 1,350.
0:01:57 > 0:02:01And to stay at the top of their £5 billion-a-year game
0:02:01 > 0:02:04Christie's need to succeed here in Asia.
0:02:04 > 0:02:06Last chance.
0:02:07 > 0:02:09SHE SPEAKS IN OWN LANGUAGE
0:02:09 > 0:02:11China will be a force for the future.
0:02:11 > 0:02:14We'll be here in 250 years' time, without question.
0:02:14 > 0:02:16Thank you very much, ladies and gentlemen.
0:02:16 > 0:02:19A world record for a handbag tonight, here in Hong Kong.
0:02:19 > 0:02:20GAVEL BANGS
0:02:28 > 0:02:332016 has already been a turbulent year for the company.
0:02:33 > 0:02:35We want our country back!
0:02:35 > 0:02:40Christie's are worried that politics will spook the art world.
0:02:40 > 0:02:43Tonight's major Impressionist and Modern sale
0:02:43 > 0:02:45is being overshadowed by the European referendum tomorrow.
0:02:56 > 0:02:58Global president, and tonight's auctioneer,
0:02:58 > 0:03:01Jussi Pylkkanen discovers at the very last minute
0:03:01 > 0:03:04that some important sellers, worried at the uncertainty,
0:03:04 > 0:03:07are withdrawing their paintings.
0:03:07 > 0:03:10Can I just check - are the two Picassos in or out?
0:03:10 > 0:03:13- Out.- What lots are they? - 13 and 14.
0:03:13 > 0:03:15I would have said that the art market
0:03:15 > 0:03:18is quite terrified at the notion of Leave.
0:03:18 > 0:03:20There's a lot of uncertainty in the air.
0:03:20 > 0:03:22So a lot of people have actually held off selling.
0:03:22 > 0:03:24They are going to wait and see.
0:03:24 > 0:03:27The market is quite ruthless and something that, for example,
0:03:27 > 0:03:30people have seen before, or it's not a prime example,
0:03:30 > 0:03:33or it's overpriced, the market won't take them.
0:03:33 > 0:03:371,750,000. I can take 1.8.
0:03:37 > 0:03:40Against you. At 1,750,000...
0:03:40 > 0:03:42Ronnie, all done?
0:03:42 > 0:03:45Last chance, both of you. All done?
0:03:45 > 0:03:47Well, things are unsold.
0:03:47 > 0:03:50You go for pass, straightaway, No worries, pass.
0:03:50 > 0:03:52It's a pass at £1.75 million.
0:03:54 > 0:03:55There's an element of disappointment,
0:03:55 > 0:03:58but it's clear that the market doesn't believe
0:03:58 > 0:03:59that the work is worth that.
0:03:59 > 0:04:03Fair warning, then. At 2,600,000.
0:04:04 > 0:04:06It's a pass at £2.6 million.
0:04:06 > 0:04:08There may be some objects
0:04:08 > 0:04:09that don't sell for any particular reason,
0:04:09 > 0:04:13because then the market adjusts to that.
0:04:13 > 0:04:14Unsold at £1.35 million.
0:04:15 > 0:04:17The failure of a work of art
0:04:17 > 0:04:18not to sell at a certain price
0:04:18 > 0:04:21allows us to reset.
0:04:21 > 0:04:24There's no shame in pass. None at all.
0:04:24 > 0:04:26Last chance, Olivier.
0:04:27 > 0:04:28It's a pass at 3.9.
0:04:31 > 0:04:32Well, it wasn't brilliant.
0:04:32 > 0:04:34I mean, we can't beat around the bush.
0:04:34 > 0:04:36They didn't do terribly well.
0:04:36 > 0:04:39People weren't putting the attractive lots in
0:04:39 > 0:04:41because of the referendum,
0:04:41 > 0:04:44because everyone is nervous about what is going to happen.
0:04:44 > 0:04:45That's life, you know?
0:04:45 > 0:04:49Certain things don't reach their minimum price and you move on.
0:04:50 > 0:04:52- Wow, what a scale.- Isn't it?
0:04:52 > 0:04:54Long before Brexit,
0:04:54 > 0:04:58Jussi decided the centrepiece of Christie's anniversary year
0:04:58 > 0:05:00would be a very special sale
0:05:00 > 0:05:03that reflected their importance in the art world,
0:05:03 > 0:05:07calling it, ambitiously, "Defining British Art."
0:05:09 > 0:05:12I think when I threw down the gauntlet to them
0:05:12 > 0:05:14and said this was something I wanted us to do,
0:05:14 > 0:05:16many of them were slightly taken aback.
0:05:16 > 0:05:18They were concerned they might not be able to find
0:05:18 > 0:05:22the quality of works of art that we aspired to find,
0:05:22 > 0:05:24in our dreams, if you like.
0:05:24 > 0:05:26But I said that it should be no more than 30 lots
0:05:26 > 0:05:30and it should be tight, well curated and the very, very best in class.
0:05:30 > 0:05:34We've proactively gone to clients owning British works of art.
0:05:34 > 0:05:35This is a very British sale.
0:05:35 > 0:05:37So the ask was a big one.
0:05:38 > 0:05:42These are the ones they've persuaded collectors to consign so far.
0:05:42 > 0:05:44- I think we are looking at the main salerooms.- Yeah.
0:05:44 > 0:05:47But with only a week to go before the catalogue goes to press,
0:05:47 > 0:05:50they're still missing some fundamental British names.
0:05:50 > 0:05:53We don't have a Hockney, we don't have a Nicholson,
0:05:53 > 0:05:56we don't have a Henry Moore drawing yet.
0:05:56 > 0:05:59- Hirst.- Hirst.- Doig.- Doig.
0:05:59 > 0:06:01It is quite a lot in your area, Francis.
0:06:01 > 0:06:04- Yes.- I don't want to put the spotlight on you here.
0:06:04 > 0:06:06There are a lot of plates in the air
0:06:06 > 0:06:08and they're spinning and we're hoping to get them.
0:06:08 > 0:06:11- Yeah.- But we are working on three or four Hockneys,
0:06:11 > 0:06:13three or four Hirsts.
0:06:13 > 0:06:15We did look at Turner.
0:06:15 > 0:06:16Four or five Turners.
0:06:16 > 0:06:18And what about Gainsborough?
0:06:18 > 0:06:20We've got an oil that we're gunning for,
0:06:20 > 0:06:22which isn't in the grouping on the floor.
0:06:22 > 0:06:24A male portrait.
0:06:24 > 0:06:27See, I think a great male portrait, in amongst all these fabulous muses,
0:06:27 > 0:06:29is interesting and adds a different contrast.
0:06:29 > 0:06:31I would like to find a Gainsborough.
0:06:31 > 0:06:33I really feel that Turner's
0:06:33 > 0:06:35the thing that I'm most worried about.
0:06:35 > 0:06:36It really worries me that...
0:06:36 > 0:06:37I think so. I think...
0:06:37 > 0:06:40As head of their most profitable area,
0:06:40 > 0:06:41Post-War and Contemporary,
0:06:41 > 0:06:45Francis Outred has, over the years, managed to hook Christie's
0:06:45 > 0:06:47some of their biggest names.
0:06:47 > 0:06:50'If you don't have the artworks to sell,
0:06:50 > 0:06:52'the buyers won't come to you.'
0:06:52 > 0:06:53Take the glass off, no?
0:06:53 > 0:06:57Cos you can't really get close to the surface of the painting.
0:06:57 > 0:07:00I almost personally prefer the hunt,
0:07:00 > 0:07:02trying to find the objects,
0:07:02 > 0:07:05trying to track them down and then trying to convince the clients
0:07:05 > 0:07:09to put them into my possession and see what we can do with them.
0:07:13 > 0:07:16James Christie used to throw private parties
0:07:16 > 0:07:20that were THE place to be in London 250 years ago.
0:07:20 > 0:07:24It was a way of softening up potential clients
0:07:24 > 0:07:28and it's a tradition that continues, mixing business with pleasure.
0:07:31 > 0:07:33It's the big night, when we celebrate the art world
0:07:33 > 0:07:38and we bring curators, museum people, galleries, dealers.
0:07:38 > 0:07:41Hopefully, through that, we can build some new relationships,
0:07:41 > 0:07:43find some new collectors.
0:07:43 > 0:07:46What qualities do you need to be able to persuade people
0:07:46 > 0:07:48to sell through you?
0:07:48 > 0:07:50I think you need, clearly,
0:07:50 > 0:07:52an understanding of the artwork you're working with.
0:07:52 > 0:07:57You need to have a very good, what I call, bedside manner.
0:07:57 > 0:07:59You know, doctors have it.
0:07:59 > 0:08:03'I think it's very important to be able to nurse a client.'
0:08:03 > 0:08:06And, obviously, I think you also need a certain aspect of deal-making.
0:08:06 > 0:08:09It's important to be able to understand
0:08:09 > 0:08:11where the works are, go after them,
0:08:11 > 0:08:14what is good to buy and what is not.
0:08:14 > 0:08:15You can have rich people,
0:08:15 > 0:08:18but rich people don't turn into art collectors.
0:08:18 > 0:08:20You have to actually encourage that.
0:08:20 > 0:08:22And it's socially acceptable
0:08:22 > 0:08:23to be an art collector.
0:08:23 > 0:08:25Maybe it's not socially acceptable to be a rich person,
0:08:25 > 0:08:27but it's certainly acceptable
0:08:27 > 0:08:29to be a rich person with an art collection.
0:08:36 > 0:08:38One person they've invited tonight
0:08:38 > 0:08:41owns a work of art by one of the great British artists
0:08:41 > 0:08:45that Christie's really want for their Defining British Art sale.
0:08:47 > 0:08:50That's actually me and Lucian Freud.
0:08:50 > 0:08:52Me on my morning run.
0:08:52 > 0:08:56I used to call in and see Lucian quite often.
0:08:57 > 0:09:00This friend of Lucian Freud is Ivor Braka,
0:09:00 > 0:09:04a Chelsea collector and dealer for over 40 years.
0:09:04 > 0:09:09In this room, we've got a wall of Damien Hirsts.
0:09:09 > 0:09:12I think they are really fabulous, the way they're so different.
0:09:12 > 0:09:13And, because of the colour,
0:09:13 > 0:09:16I've decided to hang Lucian Freud etchings
0:09:16 > 0:09:18to just take the room down a bit,
0:09:18 > 0:09:20otherwise it would be too eclatant.
0:09:21 > 0:09:24It's sometimes sad that you've got to sell things,
0:09:24 > 0:09:26in order to buy other things.
0:09:26 > 0:09:28But, by and large, of course,
0:09:28 > 0:09:31it's incredibly stimulating and wonderful to do it.
0:09:31 > 0:09:34But, yeah, it does have a flipside.
0:09:34 > 0:09:36Christie's has persuaded Ivor
0:09:36 > 0:09:40to consign the Lucian Freud drawing that he acquired from the artist
0:09:40 > 0:09:44and that been hanging ever since on the walls of his eccentric home.
0:09:46 > 0:09:52The Freud was deliberately in this very self-contained area here.
0:09:52 > 0:09:55And it was in this position.
0:09:55 > 0:09:59I obviously have got clients that I could have placed that with.
0:09:59 > 0:10:04But I, rightly or wrongly, thought it was better,
0:10:04 > 0:10:07in this instance, to sell at auction.
0:10:07 > 0:10:09With the Freud drawing confirmed,
0:10:09 > 0:10:12the million-dollar question Jussi, Francis and the team
0:10:12 > 0:10:16are grappling with is in what order to sell the works.
0:10:16 > 0:10:20I feel the rhythm of the sale, if you do it chronologically,
0:10:20 > 0:10:22yes, everyone will be here for the whole thing,
0:10:22 > 0:10:25but I think you have different energies in different markets.
0:10:25 > 0:10:27- I think it's... - You'd like to split them all up?
0:10:27 > 0:10:30- Well, I'm intrigued by that. - How are we doing price-wise, here?
0:10:30 > 0:10:31At the beginning? Are these...?
0:10:31 > 0:10:33- It's quite heavy. - Is it commercial sales...?
0:10:33 > 0:10:352-3 million. 200-300.
0:10:35 > 0:10:36200-300. 3-5 million.
0:10:36 > 0:10:3810-15 million.
0:10:38 > 0:10:40- Yeah.- 300-500. 700,000-1 million.
0:10:40 > 0:10:413-5 million.
0:10:41 > 0:10:43Part of the discussion, when we are doing a layout,
0:10:43 > 0:10:46is to work out where are the things that we think are going to sell
0:10:46 > 0:10:47extremely well against estimate
0:10:47 > 0:10:50and create this kind of extra drive in the room,
0:10:50 > 0:10:51to drive the following things.
0:10:51 > 0:10:55Now, for example, we have a Bacon at £20-30 million,
0:10:55 > 0:10:58which I think can actually make a lot more on the price.
0:10:58 > 0:11:00So, if that sells for 30 million, for example,
0:11:00 > 0:11:02that sets the whole sale up.
0:11:02 > 0:11:04- Which of the two Freuds should lead, do you think?- That one.- Yep.
0:11:04 > 0:11:07I think you can even wait a bit for that.
0:11:07 > 0:11:08I think you wait a bit for that.
0:11:08 > 0:11:11Where you've got, you know, works by the same artists,
0:11:11 > 0:11:13you've got to make sure that the significant work sells first,
0:11:13 > 0:11:16cos it will establish a new benchmark for the artist,
0:11:16 > 0:11:18which allows you then to sell the second picture
0:11:18 > 0:11:20for considerably more than most people might expect.
0:11:20 > 0:11:23So, for example, the Leighton here is absolutely sublime.
0:11:23 > 0:11:25Not that they're not both fantastic pictures.
0:11:25 > 0:11:27But the likelihood is that that will challenge
0:11:27 > 0:11:30the world record for the artist and this will then follow,
0:11:30 > 0:11:32in terms of it will benefit from that.
0:11:34 > 0:11:37Suddenly, an important painting has arrived in the building for the sale
0:11:37 > 0:11:41and Jussi eagerly takes the Christie's team to appraise it.
0:11:41 > 0:11:46It's by one of THE great British artists - Constable.
0:11:47 > 0:11:49Looks completely different.
0:11:52 > 0:11:55- That is... - That is some serious scumbling.
0:11:55 > 0:11:57- Yes, it is. - LAUGHTER
0:11:57 > 0:11:59It's an amazing painting, isn't it?
0:12:08 > 0:12:13For a moment, Christie's experts put commerce to one side.
0:12:13 > 0:12:16If you stand from a distance, you look at that head,
0:12:16 > 0:12:18you can see the full expression of the head.
0:12:18 > 0:12:19You get close, it's just a brushstroke.
0:12:19 > 0:12:21- It's gone, it's gone. - It's amazing.
0:12:23 > 0:12:27These figures are defined with some pushes of the brushstroke.
0:12:27 > 0:12:30Here, he's just used his thumb to push some paint flat,
0:12:30 > 0:12:33to enunciate the, sort, of shoulder of this young man, who...
0:12:33 > 0:12:35Look at the weight of this figure,
0:12:35 > 0:12:39as he is pushing along the river bank with a pole.
0:12:39 > 0:12:40It's fantastic.
0:12:46 > 0:12:50Then, this light effect. He's taken, I don't know,
0:12:50 > 0:12:51five strokes of white paint here
0:12:51 > 0:12:54to create the sense of all of this sky
0:12:54 > 0:12:56producing the sunlight on that water.
0:12:56 > 0:12:58It's quick. Quick painting.
0:13:03 > 0:13:04He was an artist before his time.
0:13:04 > 0:13:06He should have been born 100 years later.
0:13:06 > 0:13:11When this painting first passed through Christie's hands,
0:13:11 > 0:13:16140 years ago, they sold it for the princely sum of 54 guineas.
0:13:16 > 0:13:20What might it go for on sale night in six weeks' time?
0:13:20 > 0:13:23We'll probably either put "estimate on request" in the catalogue,
0:13:23 > 0:13:24or 12 to 16.
0:13:24 > 0:13:26We are going to have to debate that.
0:13:26 > 0:13:28The record price, currently, for a Constable
0:13:28 > 0:13:32was set by us here at Christie's, called The Lock,
0:13:32 > 0:13:35which made, I think, £22 million, with premium.
0:13:35 > 0:13:38In comparison, this is unlikely to make that,
0:13:38 > 0:13:40because it's less iconic.
0:13:40 > 0:13:42Where do you pluck the figures from?
0:13:43 > 0:13:45It's not that you're plucking figures.
0:13:45 > 0:13:47You're trying to put estimates on objects
0:13:47 > 0:13:49which are based upon what other objects
0:13:49 > 0:13:51by the artists have made before.
0:13:51 > 0:13:53Nothing beats standing in front of the painting.
0:13:53 > 0:13:57So, we have to carry in our heads, as experts,
0:13:57 > 0:14:00as many works that we've seen around the world
0:14:00 > 0:14:01and have them banked and stored,
0:14:01 > 0:14:03so we can remember how good they were.
0:14:03 > 0:14:06I have to try and remember this experience right now
0:14:06 > 0:14:07to then price the next one.
0:14:07 > 0:14:11Whilst The Lock was very polished, this is a spontaneous painting.
0:14:11 > 0:14:13And that's the magic of this picture.
0:14:13 > 0:14:16You can put almost any collector in the world in front of this
0:14:16 > 0:14:19and they will appreciate its qualities immediately.
0:14:19 > 0:14:22What they then will pay for it...is up to them.
0:14:22 > 0:14:25And that's what we've been doing for 250 years.
0:14:32 > 0:14:35Christie's love to find new money to sell to.
0:14:35 > 0:14:38In the 19th century, it was American millionaires.
0:14:38 > 0:14:42Now, it's the billionaires of the East.
0:14:42 > 0:14:4430 years ago, Christie's opened in Hong Kong
0:14:44 > 0:14:47and now do a whopping third of their business in Asia.
0:14:47 > 0:14:51But with the economic downturn affecting even China,
0:14:51 > 0:14:54Christie's management spare no expense
0:14:54 > 0:14:55to boost this week of sales.
0:14:55 > 0:15:00Over 200 Christie's employees have gathered here,
0:15:00 > 0:15:04many flying in from London, New York, Geneva, Paris, Dubai,
0:15:04 > 0:15:07and ten other Asian countries.
0:15:07 > 0:15:10We started with one office, Hong Kong.
0:15:10 > 0:15:12Founded with two people, one telephone.
0:15:12 > 0:15:17And today, we are now carrying 11 markets in Asia.
0:15:17 > 0:15:20This is the management consultant Christie's hired
0:15:20 > 0:15:23to build their business here.
0:15:23 > 0:15:27Rebecca Wei has the grand title President Asia,
0:15:27 > 0:15:30and she really believes in firing up the troops.
0:15:30 > 0:15:33Now, business, you are all here for the sell.
0:15:33 > 0:15:36So I think I'd like each department to tell you
0:15:36 > 0:15:40what's selling and what's new, what's special.
0:15:40 > 0:15:44We have the world's largest vivid green diamond.
0:15:44 > 0:15:46This dragon jar actually comes from a Swiss collection.
0:15:46 > 0:15:50And it's going to make, hopefully, it's going to make a record.
0:15:50 > 0:15:54That piece will break the world record that we set last year.
0:15:54 > 0:15:58It's the most important, most valuable bag in the world.
0:15:58 > 0:16:0184 of the finest wine growers from around the world,
0:16:01 > 0:16:02we have them.
0:16:02 > 0:16:05Not only do you get wines when you are a successful bidder,
0:16:05 > 0:16:09you get a lunch, you get a visit, you may even get a foot massage.
0:16:09 > 0:16:11So, the show starts.
0:16:17 > 0:16:20The Asian market is now such a money-spinner for Christie's
0:16:20 > 0:16:23that they need a place big enough to reflect that.
0:16:23 > 0:16:27So, this year, they've taken over an entire exhibition centre.
0:16:35 > 0:16:38Rebecca, like any good market analyst,
0:16:38 > 0:16:40knows her target customers
0:16:40 > 0:16:42and they are the new, young rich.
0:16:45 > 0:16:47In London, at an auction for Christie's,
0:16:47 > 0:16:50you see more grey hairs than you will see in Hong Kong.
0:16:50 > 0:16:55The average age of our collectors here in Asia is younger -
0:16:55 > 0:16:58I think, on average, five to eight years younger
0:16:58 > 0:17:00than our European, American collectors.
0:17:00 > 0:17:05Their average spending per Asian buyer is higher.
0:17:05 > 0:17:08Their pocket is deeper. And, also, you see more new buyers.
0:17:08 > 0:17:10You know, people who have no knowledge of arts,
0:17:10 > 0:17:14but have loads of cash coming in and want to buy arts.
0:17:14 > 0:17:15They are very curious
0:17:15 > 0:17:18and they are learning very, very fast.
0:17:19 > 0:17:24Lots of cash and an appetite to be told what to buy -
0:17:24 > 0:17:27the perfect clients for Rebecca's team to work with.
0:17:27 > 0:17:30I bought a Vietnam painting.
0:17:30 > 0:17:32How much did it cost you?
0:17:32 > 0:17:34Half a million, Hong Kong.
0:17:34 > 0:17:36How much is that in US dollars?
0:17:36 > 0:17:3760,000.
0:17:37 > 0:17:41It's about 50% above estimate.
0:17:41 > 0:17:44- Really?- Yes.- Why did you go so high?
0:17:44 > 0:17:46Vietnamese paintings are very undervalued,
0:17:46 > 0:17:48compared with the Chinese paintings.
0:17:48 > 0:17:51- Because Vietnamese is really... - PHONE RINGS
0:17:51 > 0:17:53Oh, my God. I have a bid coming in, you know?
0:17:53 > 0:17:56- A bid coming in? - Yes. I need to pick up this phone.
0:17:56 > 0:17:58- I'm sorry.- No, take it, do.
0:17:59 > 0:18:00Hi, hi, hi.
0:18:03 > 0:18:06SHE SPEAKS OWN LANGUAGE
0:18:06 > 0:18:08Mm-hm. Bye-bye.
0:18:08 > 0:18:10- OK, I need to... - Is that to do with the auction?
0:18:10 > 0:18:12Yes. Cos the next one is ours.
0:18:13 > 0:18:16Christie's have put services, you know,
0:18:16 > 0:18:19that actually, they follow you, they understand your interests.
0:18:19 > 0:18:21And they do have a specialist and tell you,
0:18:21 > 0:18:24"Oh, this one is good on the silk.
0:18:24 > 0:18:28"Better than the paper, better than the canvas."
0:18:28 > 0:18:31It helps me, because I'm an outsider.
0:18:31 > 0:18:33I am not a professional collector.
0:18:33 > 0:18:36I really appreciate that somebody tells me this kind of thing
0:18:36 > 0:18:39and I don't buy the wrong thing.
0:18:39 > 0:18:43260... 280,000.
0:18:43 > 0:18:45I just bought a painting.
0:18:45 > 0:18:4740,000, US.
0:18:47 > 0:18:49It's a very long piece. It's a wide piece.
0:18:49 > 0:18:52And just right above my bed.
0:18:52 > 0:18:57Home-grown Asian art is what Christie's are focusing on
0:18:57 > 0:18:59and political change in China over the last 40 years
0:18:59 > 0:19:03has transformed both the aesthetic and the price.
0:19:05 > 0:19:09It also means opening up to the lure of desire, of all sorts.
0:19:09 > 0:19:13Desire of the flesh, desire of material goods,
0:19:13 > 0:19:16and desire for changing to a new life.
0:19:16 > 0:19:20This picture is really a caricature of important political figures
0:19:20 > 0:19:22and also a caricature of the self,
0:19:22 > 0:19:25of people in general in China at the time.
0:19:25 > 0:19:28He exaggerates the faces. He exaggerates everything.
0:19:28 > 0:19:32It's like the exaggeration of the market of desire
0:19:32 > 0:19:34that was coming into China.
0:19:34 > 0:19:3513 million.
0:19:35 > 0:19:39For Hong Kong week, Christie's have persuaded Johnson Chang
0:19:39 > 0:19:41that now is the time to cash in
0:19:41 > 0:19:44on the surge in demand for Chinese art.
0:19:44 > 0:19:46Sold, 14 million, thank you.
0:19:46 > 0:19:48That's over 100 times
0:19:48 > 0:19:51what Johnson Chang paid for it 30 years ago.
0:19:51 > 0:19:54So, Asian art is selling well.
0:19:54 > 0:19:55But Christie's now have a strategy
0:19:55 > 0:19:58to bring in prime pieces of Western art, too.
0:19:59 > 0:20:03They hope to attract the interest of major clients, like Pierre Chen,
0:20:03 > 0:20:06here with his daughter, Jasmine.
0:20:06 > 0:20:08He's an electronics billionaire from Taiwan
0:20:08 > 0:20:12and one of the top collectors in the world.
0:20:12 > 0:20:15Lucian Freud is always our focus.
0:20:15 > 0:20:17One of our focused artists.
0:20:17 > 0:20:20That's great, that painting.
0:20:20 > 0:20:23We did try to bid for another Lucian Freud last year,
0:20:23 > 0:20:25but, unfortunately, we didn't get it.
0:20:25 > 0:20:27- We under-bid.- Oh, really?
0:20:27 > 0:20:30It went up to, I think, 55 million.
0:20:30 > 0:20:33Like the super-rich of the West,
0:20:33 > 0:20:37Mr Chen has a fondness for the big names of the art world.
0:20:37 > 0:20:40Francis Bacon is always my favourite artist.
0:20:40 > 0:20:42We have a triptych of his self portrait,
0:20:42 > 0:20:44that's the smaller version.
0:20:44 > 0:20:46A few of the Pope series.
0:20:46 > 0:20:49Yeah, I think, right now, we're just looking at other artists,
0:20:49 > 0:20:53because we do have enough Bacons.
0:20:53 > 0:20:56Christie's hope this exceptional Rubens
0:20:56 > 0:20:59will be one of the stars of their anniversary year.
0:20:59 > 0:21:01It is here as part of a global tour
0:21:01 > 0:21:05ahead of its sale in London in the late summer.
0:21:05 > 0:21:07It's already been to New York
0:21:07 > 0:21:11and now Christie's want to woo the Asian market.
0:21:11 > 0:21:13SHE SPEAKS IN OWN LANGUAGE
0:21:13 > 0:21:15Mm, Rubens.
0:21:15 > 0:21:16The cheaper one.
0:21:16 > 0:21:19I imagine it'd be a little bit difficult to wake up
0:21:19 > 0:21:21and walk by this every day.
0:21:21 > 0:21:24If it's the first thing you see when you get out of bed,
0:21:24 > 0:21:26it's a little dark and serious.
0:21:26 > 0:21:28My father likes to, ideally,
0:21:28 > 0:21:32have all of his artworks exhibited in the house.
0:21:33 > 0:21:36When you are as rich as Jasmine's dad,
0:21:36 > 0:21:39Christie's management are only too happy to come to you.
0:21:41 > 0:21:43Ah, so this is the de Kooning?
0:21:43 > 0:21:46Having sold paintings to him before, Brett Gorvy,
0:21:46 > 0:21:48the chairman of Post-war and Contemporary Art
0:21:48 > 0:21:49at Christie's New York,
0:21:49 > 0:21:54always visits Mr Chen's apartment when he's in Hong Kong.
0:21:54 > 0:21:56I remember when you bought this. You bought this very well.
0:21:56 > 0:21:58This painting came up for sale at the exact same time
0:21:58 > 0:22:00as another painting from the same period.
0:22:00 > 0:22:03One at Sotheby's and one at Christie's.
0:22:03 > 0:22:05Because this was on the first night,
0:22:05 > 0:22:09Pierre was able to buy it for 5-7 million lower
0:22:09 > 0:22:10than the other painting.
0:22:10 > 0:22:13So, he, frankly, stole the painting.
0:22:13 > 0:22:16So, this is an extraordinary painting.
0:22:16 > 0:22:18It was my consignment. We put it in the catalogue.
0:22:18 > 0:22:21Unfortunately, it was put upside down in the catalogue.
0:22:21 > 0:22:23Now, that might seem very strange.
0:22:23 > 0:22:25As a firm, we should actually know that.
0:22:25 > 0:22:27But this painting, actually, can be seen both ways.
0:22:27 > 0:22:29It's a reflection painting.
0:22:29 > 0:22:33Pierre, I mean, you are showing it the right way round, at least.
0:22:33 > 0:22:38I think maybe this is a kind of marketing strategy.
0:22:38 > 0:22:39THEY LAUGH
0:22:39 > 0:22:42I was first aware of Pierre in the mid-'90s,
0:22:42 > 0:22:44because he was such a powerful force.
0:22:44 > 0:22:47Pierre, before every sale, would look at the catalogues
0:22:47 > 0:22:50and come forward with quite a range of artists.
0:22:50 > 0:22:53He wasn't located to one particular period, or one particular area.
0:22:53 > 0:22:56Whether it's your Mao painting, which is the best of the best.
0:22:56 > 0:22:59Tansey is also top, top quality.
0:22:59 > 0:23:01Your Gerhard Richters, your Doigs.
0:23:01 > 0:23:03I mean, they are really of a very high quality.
0:23:03 > 0:23:05This is Chairman Mao.
0:23:05 > 0:23:07Quite an iconic person.
0:23:07 > 0:23:10- INTERVIEWER:- Forgive my crudeness, but can you just tell me
0:23:10 > 0:23:11how much you paid for this one?
0:23:11 > 0:23:14- Do you remember?- We paid 48 million.
0:23:14 > 0:23:16- US?- US, yes.
0:23:16 > 0:23:20And if one apartment gets too full with art,
0:23:20 > 0:23:23Mr Chen can always use one of his many other residences.
0:23:23 > 0:23:26For examples, his Hong Kong beach-side apartment,
0:23:26 > 0:23:30where, again, East meets West.
0:23:30 > 0:23:33So, this is where I sit and I look at the ocean
0:23:33 > 0:23:35and then there are these, yeah.
0:23:35 > 0:23:39So, I have breakfast with Warhols and Lichtensteins every day.
0:23:39 > 0:23:40This is the walk-in closet.
0:23:40 > 0:23:45And he's tastefully placed a Warhol at the end.
0:23:45 > 0:23:48So, this is one of six colours he made.
0:23:48 > 0:23:51He's just recently acquired the green version as a pair.
0:23:51 > 0:23:55He likes having pairs of artworks.
0:23:55 > 0:23:56Well, cos I'm a twin sister
0:23:56 > 0:24:00and he likes to say that it's one for each of us.
0:24:00 > 0:24:02But I don't know. I think they should go together.
0:24:02 > 0:24:06There's nothing in my room. All right.
0:24:06 > 0:24:07Do you have any art?
0:24:07 > 0:24:09It's very minimal.
0:24:09 > 0:24:13These are drawings by Picasso.
0:24:13 > 0:24:15A collection needs to have a focus.
0:24:15 > 0:24:17And I think that's what my dad does very well.
0:24:17 > 0:24:20He sets a number in his head and then he gives a bid
0:24:20 > 0:24:22to whoever he works with at the auction house.
0:24:22 > 0:24:25And then he actually goes to bed. He doesn't even stay on the phone.
0:24:25 > 0:24:28- Really?- Yes. And then he wakes up with the answer,
0:24:28 > 0:24:29whether he gets it or not.
0:24:29 > 0:24:33I think that's his way of trying to control.
0:24:33 > 0:24:37Cos, yeah, otherwise, so many people just go crazy.
0:24:37 > 0:24:39And then the next day, they have buyer's remorse.
0:24:39 > 0:24:41And it's like, "Oh, my God, I overspent".
0:24:43 > 0:24:46Overspending is precisely what Christie's would like
0:24:46 > 0:24:49for the top lot they are selling here.
0:24:49 > 0:24:51More than anything in this year's sale,
0:24:51 > 0:24:52it's been drawing the crowds.
0:24:54 > 0:24:57The dragon jar has an amazing history.
0:24:57 > 0:25:00Not just because it's survived for 500 years,
0:25:00 > 0:25:02but for the way Christie's discovered its value.
0:25:08 > 0:25:11Marco Almeida is their Chinese ceramics expert
0:25:11 > 0:25:12based in London.
0:25:12 > 0:25:15So he was the one who Christie's Swiss office contacted
0:25:15 > 0:25:19in what turned out to be a classic fantasy story.
0:25:19 > 0:25:22And I had a very inconspicuous-looking envelope
0:25:22 > 0:25:26from our Geneva office, with a note saying,
0:25:26 > 0:25:27"Some images from a client."
0:25:27 > 0:25:30And when I opened it and I saw the photographs,
0:25:30 > 0:25:33I just couldn't believe it. I thought...
0:25:33 > 0:25:37My immediate reaction was, "This is too good to be true."
0:25:37 > 0:25:39And then we contacted the owner.
0:25:39 > 0:25:41And she basically said that she inherited
0:25:41 > 0:25:45a house from her uncle in 1997
0:25:45 > 0:25:48and the jar formed part of the contents of the house.
0:25:48 > 0:25:50And she thought, "No, this is just something
0:25:50 > 0:25:55"we've had around the house and it's a utilitarian piece.
0:25:55 > 0:25:57- "We use it." - What was it used for?
0:25:57 > 0:25:58She kept her umbrellas in it.
0:25:58 > 0:26:00So, this was right by the entrance hall.
0:26:00 > 0:26:03It had a metal liner inside
0:26:03 > 0:26:06and she just kept her umbrellas in it.
0:26:06 > 0:26:09The dragon is very typical of the Xuande period.
0:26:09 > 0:26:12It has these incredibly powerful bulging eyes.
0:26:12 > 0:26:14Very, kind of, muscular body.
0:26:14 > 0:26:19Five claws, which are very symbolic of the Emperor, the Emperor himself.
0:26:19 > 0:26:22So we told her that, yes,
0:26:22 > 0:26:26this is a very important 15th-century
0:26:26 > 0:26:29blue and white Ming vase.
0:26:29 > 0:26:31Porcelain is an incredibly
0:26:31 > 0:26:34resilient material, so it will not get affected
0:26:34 > 0:26:35by the sweat in your hands.
0:26:35 > 0:26:38And all you need to do is not drop it.
0:26:38 > 0:26:42This is likely to go to mainland China.
0:26:42 > 0:26:49They feel a great sense of pride in buying something that is Chinese
0:26:49 > 0:26:53and left China a long time ago and they are bringing that back.
0:26:54 > 0:26:56And, with just hours to go,
0:26:56 > 0:26:58the dragon jar is removed for a private viewing
0:26:58 > 0:27:02with someone more than rich enough to buy it back for China.
0:27:04 > 0:27:07Rebecca Wei has invited Mr Liu, a former taxi owner,
0:27:07 > 0:27:11who last year paid Christie's 170 million US
0:27:11 > 0:27:14for a Modigliani painting, to have a look.
0:27:14 > 0:27:17Mr Liu, can I ask you why you are interested in this?
0:27:17 > 0:27:19INTERPRETER REPEATS QUESTION
0:27:19 > 0:27:22HE SPEAKS IN OWN LANGUAGE
0:27:24 > 0:27:26There's no particular reason why, but it just...
0:27:26 > 0:27:28It catches the eye. And...
0:27:28 > 0:27:30HE SPEAKS IN OWN LANGUAGE
0:27:30 > 0:27:32It is beautiful.
0:27:32 > 0:27:34Beautiful.
0:27:34 > 0:27:37He's feeling it, as if it's a woman. Is that a silly thing to say?
0:27:37 > 0:27:39HE SPEAKS IN OWN LANGUAGE
0:27:43 > 0:27:46It's like a man, like you, that is very strong.
0:27:53 > 0:27:58Rebecca is still not sure if Mr Liu's interest is serious
0:27:58 > 0:28:00and sale time is close.
0:28:14 > 0:28:16In London, perhaps, it's a little bit more discreet.
0:28:16 > 0:28:18People are a little bit more retiring.
0:28:18 > 0:28:19350,000...
0:28:19 > 0:28:22'In Hong Kong, once the starter gun goes,
0:28:22 > 0:28:24'then it becomes really, incredibly competitive.
0:28:24 > 0:28:26'The Asian clients love to compete one with the other.
0:28:26 > 0:28:29'And the majority of the bidding actually happens in the sale room.'
0:28:29 > 0:28:31550, the gentleman's bid there.
0:28:31 > 0:28:33I saw you further back. Come back to me.
0:28:33 > 0:28:34600,000 is here.
0:28:34 > 0:28:36650,000 on the telephone.
0:28:36 > 0:28:38700,000 upfront.
0:28:38 > 0:28:41750, I have. Thank you, sir. 750.
0:28:41 > 0:28:42800,000 already.
0:28:42 > 0:28:45So they like to be in the room, monitoring who's bidding
0:28:45 > 0:28:46and bidding against each other.
0:28:46 > 0:28:53Selling it, then, the Birkin bag, at 1,900,000.
0:28:53 > 0:28:55Sold. Thank you very much, ladies and gentlemen.
0:28:55 > 0:28:58A world record for a handbag tonight here in Hong Kong.
0:28:58 > 0:29:03That's 280,000 US just for one handbag.
0:29:04 > 0:29:06Despite breaking world records,
0:29:06 > 0:29:09this night was perhaps always about one lot -
0:29:09 > 0:29:12the jar that was an umbrella stand.
0:29:12 > 0:29:16It has an estimate of 60 to 80 million Hong Kong dollars,
0:29:16 > 0:29:19which is 8-10 million US.
0:29:19 > 0:29:21Hi, hi, how are you?
0:29:21 > 0:29:25Marco has been with the Swiss owner every step of the way.
0:29:25 > 0:29:28She and her family have remained in Switzerland,
0:29:28 > 0:29:30so he now talks her through the exciting process
0:29:30 > 0:29:34that might just transform the family fortunes tonight.
0:29:34 > 0:29:36Well, it's a good... It's a good occasion.
0:29:36 > 0:29:41So, basically, we have a lot of collectors and buyers
0:29:41 > 0:29:43from different categories here tonight.
0:29:43 > 0:29:46At 49 and selling.
0:29:46 > 0:29:48- GAVEL BANGS - Sold at 49.
0:29:48 > 0:29:50OK, we are about to start.
0:29:50 > 0:29:52Huge expectation. Here it is.
0:29:52 > 0:29:54This exceptional, very rare, large blue and white dragon jar.
0:29:54 > 0:29:57- Did you hear what he said?- Xuande. - He said "huge expectation".
0:29:57 > 0:30:00Magnificent object. Here it is to my left.
0:30:00 > 0:30:03An honour to sell it. 85 million is here.
0:30:03 > 0:30:06- 85 million.- At 85 million with Reuben on the telephone.
0:30:06 > 0:30:07- 90 million is bid.- 90 million.
0:30:07 > 0:30:11At 90 million, it's here. 95 million is bid.
0:30:11 > 0:30:13- 95 million. - 100 million, ladies and gentlemen.
0:30:13 > 0:30:15- 100 million. - 100 million is bid here.
0:30:15 > 0:30:17- APPLAUSE - Centre-right. Thank you.
0:30:17 > 0:30:19100 million. At 100 million!
0:30:19 > 0:30:23100 million, which is just over 11 million euros.
0:30:23 > 0:30:25It's yours at the moment, madam. 110 million is here.
0:30:25 > 0:30:27- 110 million. - 110 million on the left.
0:30:27 > 0:30:30- 120 in a new place. - 120 million.
0:30:30 > 0:30:32At 120 in the new place in the fifth row.
0:30:32 > 0:30:34130 million is bid.
0:30:34 > 0:30:37- 130 million. - At 130 million for the dragon jar.
0:30:37 > 0:30:39Xifan, new place.
0:30:39 > 0:30:42Oh, we are just taking it a little bit easier now.
0:30:42 > 0:30:45He's just absorbing the atmosphere in the room
0:30:45 > 0:30:47and just kind of seeing...
0:30:47 > 0:30:48He's taking his time.
0:30:48 > 0:30:50I think when they sell it...
0:30:50 > 0:30:52- Let's see. - Are you sure you're out, sir?
0:30:52 > 0:30:54Fair warning. Selling here.
0:30:54 > 0:30:56The dragon jar, ladies and gentlemen,
0:30:56 > 0:31:01at 140 million.
0:31:01 > 0:31:02Sold.
0:31:02 > 0:31:04- APPLAUSE - OK, congratulations.
0:31:04 > 0:31:08It's sold for 140 million, which is just over 16 million euros.
0:31:10 > 0:31:14Thank you. I'm so happy for you. Thank you.
0:31:14 > 0:31:16And we'll speak again tomorrow with more time,
0:31:16 > 0:31:18when this is all over.
0:31:18 > 0:31:21Thank you so much. Thank you.
0:31:21 > 0:31:23Bye-bye. Bye.
0:31:23 > 0:31:26At 5.2 million for the...
0:31:26 > 0:31:28At 5,200,000.
0:31:28 > 0:31:30- She was so happy.- What did she say?
0:31:30 > 0:31:32She was just... She was crying.
0:31:32 > 0:31:36- She was crying?- Yes. Yeah, she was in tears.
0:31:38 > 0:31:40200 years ago, Christie's made money
0:31:40 > 0:31:42selling Chinese porcelain to the West.
0:31:42 > 0:31:46Now they make money selling it back to them.
0:31:48 > 0:31:51A month later, the global beauty parade
0:31:51 > 0:31:54has finally brought the great Rubens to London.
0:31:54 > 0:31:59Christie's now know of interest from at least one potential Asian buyer.
0:31:59 > 0:32:02It has an "estimate on request" price tag.
0:32:02 > 0:32:06So, how many other serious collectors might be seduced
0:32:06 > 0:32:09by Lot and his daughters?
0:32:09 > 0:32:12When I request the estimate, what am I told?
0:32:12 > 0:32:14You will be told that we're expecting it
0:32:14 > 0:32:16to make in excess of £20 million.
0:32:16 > 0:32:20Most people understand that the reserves are around
0:32:20 > 0:32:21the low end of the estimate.
0:32:21 > 0:32:23If someone was prepared,
0:32:23 > 0:32:26or wanting to pay £18 million for it, they would be...
0:32:26 > 0:32:28We'd very much encourage them to bid.
0:32:28 > 0:32:30You know, we're not going to stop them bidding,
0:32:30 > 0:32:31cos they'd have a very good chance of getting it.
0:32:31 > 0:32:35These things are full of horrible financial secrets,
0:32:35 > 0:32:37which I don't really approve of. You know...
0:32:37 > 0:32:40Why is the art world so secretive?
0:32:40 > 0:32:42Because there's a huge amount of money.
0:32:42 > 0:32:46You know, you can't buy Pride and Prejudice.
0:32:46 > 0:32:48You can't buy a play by Shakespeare.
0:32:48 > 0:32:51You can't buy Beethoven's 5th Symphony.
0:32:51 > 0:32:55But you can buy its equivalent in a unique work of art.
0:32:56 > 0:32:58I was just passing on my way to the ICA
0:32:58 > 0:33:00from the Royal Academy, via my bank.
0:33:00 > 0:33:01And I'd suddenly thought -
0:33:01 > 0:33:04I knew this painting was coming up - I thought I'll check it out.
0:33:04 > 0:33:05I'm so thrilled to have seen it.
0:33:05 > 0:33:08I think it's one of the most amazing paintings
0:33:08 > 0:33:10I've ever seen in an auction room.
0:33:10 > 0:33:13I think it is spectacular, transformative.
0:33:13 > 0:33:16And, you know, that's why you buy a painting
0:33:16 > 0:33:19is in order to transform your collection.
0:33:19 > 0:33:21I mean...
0:33:21 > 0:33:22You're dropping precious things...
0:33:22 > 0:33:25- I mean, most people... - That will have trade secrets.
0:33:25 > 0:33:27No, it doesn't. It's just a little cheque that I got...
0:33:27 > 0:33:30A tiny cheque for doing a talk in New York.
0:33:30 > 0:33:32Right. It was a big cheque.
0:33:32 > 0:33:35No, no, it wasn't. That wouldn't be enough to buy this, I'm afraid.
0:33:35 > 0:33:37No, no. We understand that.
0:33:37 > 0:33:40- It reads so well from here. - The condition looks good from here.
0:33:40 > 0:33:42It's astonishing.
0:33:42 > 0:33:45And it's partly because, as it were,
0:33:45 > 0:33:47there's been benign neglect.
0:33:47 > 0:33:48Nobody's interfered with it.
0:33:48 > 0:33:50I mean, tampering does...
0:33:50 > 0:33:53- Love does more damage to great pictures.- It has done.
0:33:53 > 0:33:55Where has it been in the last hundred years, or...?
0:33:55 > 0:33:58Well, it was bought by a family who, sensibly, hung onto it.
0:33:58 > 0:34:00What, in England?
0:34:00 > 0:34:03A...civilised European family, who I don't know.
0:34:03 > 0:34:08- An English family?- A family with English interests, but, I mean...
0:34:08 > 0:34:12Oh, stop it! Leaving the country, is all I would say.
0:34:12 > 0:34:14We are all for saving things which can be saved
0:34:14 > 0:34:16and Christie's has quite a good record for that.
0:34:16 > 0:34:19I can't believe how beautiful it is. It's so wonderful!
0:34:19 > 0:34:22Well, it's quite noisy.
0:34:22 > 0:34:24It really is a noisy thing.
0:34:42 > 0:34:45This is, really, the last chance to get what is, I think,
0:34:45 > 0:34:47you can happily say,
0:34:47 > 0:34:49the greatest Rubens left in private hands
0:34:49 > 0:34:53that could ever, really, be likely to come up for auction.
0:35:00 > 0:35:02Rubens was a prolific painter,
0:35:02 > 0:35:05but you are not going to get better than this, basically.
0:35:05 > 0:35:06And I think people know that
0:35:06 > 0:35:08and they sense the real rarity of it
0:35:08 > 0:35:11and, sort of, the exceptionality of it.
0:35:11 > 0:35:13This superb Rubens.
0:35:13 > 0:35:15A gift to the first Duke of Marlborough
0:35:15 > 0:35:17from the Holy Roman Emperor Joseph I.
0:35:17 > 0:35:19I had a meeting with the head of department
0:35:19 > 0:35:20in the afternoon of the sale
0:35:20 > 0:35:22to understand where he thought it was going to go.
0:35:22 > 0:35:27And, based on that, I advised my client to be a bit more...
0:35:28 > 0:35:31..aggressive.
0:35:31 > 0:35:33But he didn't tell me how aggressive until we got to the night.
0:35:33 > 0:35:3523, sir.
0:35:35 > 0:35:3823 million is bid, with Francis, sir.
0:35:38 > 0:35:40It really came down to three people.
0:35:40 > 0:35:44It was me, Rebecca Wei, representing our Asian clients...
0:35:44 > 0:35:4725,500,000.
0:35:47 > 0:35:49..and a dealer in the audience.
0:35:49 > 0:35:54- 26, sir. - 26 million with Francis Outred.
0:35:54 > 0:35:56When I noticed that it actually,
0:35:56 > 0:36:00it had active interest from the different phone lines, I thought,
0:36:00 > 0:36:02"It's going to take more to buy this picture."
0:36:02 > 0:36:04I got on the phone with one of my friends
0:36:04 > 0:36:07and I asked, "Are you with me?" And he was.
0:36:07 > 0:36:09He said, you know, "We had enough interest
0:36:09 > 0:36:10"in the past few months.
0:36:10 > 0:36:13"I think we can place this after we clean it. Let's try it."
0:36:13 > 0:36:1530 million.
0:36:15 > 0:36:19At £30 million, the gentleman's bid on the aisle at 30 million.
0:36:19 > 0:36:23It was fascinating, because it was a three-way fight.
0:36:23 > 0:36:25There are still three of you in the game.
0:36:25 > 0:36:27At 30,500,000.
0:36:27 > 0:36:2930,750,000.
0:36:29 > 0:36:30Give me 31, sir.
0:36:30 > 0:36:3231 million is bid.
0:36:32 > 0:36:33Give me 31.5.
0:36:33 > 0:36:36- Bidding.- 31,500,000.
0:36:36 > 0:36:38I was making it up as it came along. I...
0:36:38 > 0:36:40You know, I didn't know where I would end up.
0:36:40 > 0:36:43Certainly hadn't expected it to go this far.
0:36:43 > 0:36:46Reluctantly, yes.
0:36:46 > 0:36:47"Reluctantly, yes"? 32 million.
0:36:50 > 0:36:51They were really all very committed.
0:36:51 > 0:36:54And I think, in a way, the commitment of each bidder
0:36:54 > 0:36:56created a confidence
0:36:56 > 0:36:59and pushed the price to where it went to.
0:36:59 > 0:37:0137, sir?
0:37:01 > 0:37:03Yes. 37 million.
0:37:03 > 0:37:06- INTERVIEWER:- And where, in your head, was your maximum?
0:37:06 > 0:37:0725!
0:37:07 > 0:37:09- 38 million.- 38 million.
0:37:09 > 0:37:12Who'd like 39? 38 against you both.
0:37:12 > 0:37:14Yep? 500,000.
0:37:14 > 0:37:16- 39.- 39 million.
0:37:19 > 0:37:21- 39, I have.- 39.5.
0:37:21 > 0:37:23- 39...- 40 million.- 40 million.
0:37:28 > 0:37:30Would anybody else like to come in?
0:37:30 > 0:37:33LAUGHTER
0:37:33 > 0:37:36And you're out? Oh, I'm sorry, sir.
0:37:37 > 0:37:39INTERVIEWER: What's it like to be a man
0:37:39 > 0:37:41who just has not spent £39 million?
0:37:41 > 0:37:42I feel very rich.
0:37:42 > 0:37:44And, in that respect, relieved.
0:37:44 > 0:37:46But I also feel a little bit empty-handed
0:37:46 > 0:37:48when I get on the Eurostar tomorrow morning to go back to Europe.
0:37:48 > 0:37:51All done?
0:37:51 > 0:37:52Sold at 40 million.
0:37:52 > 0:37:53APPLAUSE
0:37:53 > 0:37:56This is the biggest single purchase that person has ever made.
0:37:56 > 0:37:58When they bought it,
0:37:58 > 0:38:01it was an extraordinary outburst of emotion.
0:38:01 > 0:38:02A sort of "Yes, we've done it!"
0:38:02 > 0:38:05Obviously, I've never bought a painting for myself at that price,
0:38:05 > 0:38:07but I feel it.
0:38:07 > 0:38:10You are taking possession of art history.
0:38:10 > 0:38:12- INTERVIEWER:- Tell me about the individual. What nationality?
0:38:12 > 0:38:15- I can't say anything, I'm afraid. - Nothing at all?- Nothing at all.
0:38:15 > 0:38:17- Why is that?- Erm...
0:38:17 > 0:38:19Because it is extremely confidential.
0:38:19 > 0:38:21We can play this game, if you'd like.
0:38:21 > 0:38:23But I can't say anything at all.
0:38:23 > 0:38:24No, but I'm asking a wider question -
0:38:24 > 0:38:26why is this such a secretive business?
0:38:26 > 0:38:28Discretion is an extremely important part
0:38:28 > 0:38:30of the mechanics of the art business.
0:38:30 > 0:38:33There are only, I think, three people in Christie's
0:38:33 > 0:38:35who know who bought that painting.
0:38:35 > 0:38:37That's how confidential it had to be kept.
0:38:37 > 0:38:39It was bought under an anonymous account,
0:38:39 > 0:38:42so nobody knows who bought that painting.
0:38:42 > 0:38:44Yes, yes.
0:38:44 > 0:38:47This kind of secrecy might be the norm of the auction business,
0:38:47 > 0:38:51but just occasionally, a rich buyer emerges from the shadows.
0:38:51 > 0:38:53This was painted in 1977.
0:38:53 > 0:38:55- '77?- Yeah.
0:38:55 > 0:38:57- And '77 was... - When I was two years old.
0:38:57 > 0:39:00- You were only two years old? - Yeah, yeah.- You're a very young man.
0:39:00 > 0:39:04This casually dressed Japanese man being shown a de Kooning painting,
0:39:04 > 0:39:09estimated at 50 million, has bought from Christie's before.
0:39:09 > 0:39:11What makes the painting so special...
0:39:11 > 0:39:13- 50 million!- Whoo!
0:39:13 > 0:39:15- 51.- 51 million.
0:39:16 > 0:39:19You have it at 51 million. Congratulations.
0:39:19 > 0:39:21..earlier in the year in New York,
0:39:21 > 0:39:24this online fashion business billionaire
0:39:24 > 0:39:26was the mystery buyer who paid a world record price
0:39:26 > 0:39:28for this Basquiat.
0:39:28 > 0:39:31- Hello. Jussi.- Nice to meet you. - Nice to meet you.
0:39:31 > 0:39:33Congratulations on the purchase of the Basquiat.
0:39:33 > 0:39:34Thank you very much.
0:39:34 > 0:39:37We are honoured that you bought the piece.
0:39:37 > 0:39:40- Are you the auctioneer at that time? - I was the auctioneer at that time.
0:39:40 > 0:39:44Oh! I know you! I know you! I know you!
0:39:44 > 0:39:46- You suffered me.- Yeah.
0:39:46 > 0:39:49- THEY LAUGH - I made you work.
0:39:49 > 0:39:51It was exciting. And he was on the other side.
0:39:51 > 0:39:53- I was on the other telephone. - Yeah, yeah.
0:39:53 > 0:39:55You have the chief protagonist.
0:39:55 > 0:39:57Your team against his team.
0:39:57 > 0:39:59Well done. It was exciting, wasn't it?
0:39:59 > 0:40:02- Thank you very much. - Yeah. Amazing, amazing.
0:40:02 > 0:40:05We'll see each other later on. Enjoy seeing the picture.
0:40:05 > 0:40:08- I'll leave you...- You will be the next auctioneer at New York?
0:40:08 > 0:40:10I will, unfortunately, again.
0:40:10 > 0:40:13- So, it will be the same story. - Oh, wow!- So, if you...- For this?
0:40:13 > 0:40:15THEY LAUGH
0:40:15 > 0:40:17Yeah. Come to the sale.
0:40:17 > 0:40:19Come to the sale room. Be in the sale room yourself.
0:40:19 > 0:40:21- Hopefully, hopefully. - And I'll take your bids - good.
0:40:21 > 0:40:23- Hopefully.- Really good to meet you. - Thank you.
0:40:23 > 0:40:25- All the best, see you again. - Thank you.
0:40:26 > 0:40:28Wow.
0:40:31 > 0:40:35The value of the global art market has nearly doubled in a decade.
0:40:35 > 0:40:38So are the people who buy the most expensive works
0:40:38 > 0:40:41in it for the art or the investment?
0:40:41 > 0:40:43Christie's client Christian Levitt
0:40:43 > 0:40:45was a City commodities trader,
0:40:45 > 0:40:49but now devotes much of his time to collecting art.
0:40:49 > 0:40:51In the kitchen here, we have a number of pieces.
0:40:51 > 0:40:54We have a Grayson Perry Map of Days.
0:40:54 > 0:40:56One street of which is called Bullshit Detector,
0:40:56 > 0:40:58which I find pretty funny.
0:40:58 > 0:41:01- INTERVIEWER:- Are you a good bullshit detector?
0:41:01 > 0:41:05Yes, I am. Having traded the markets for 25 years,
0:41:05 > 0:41:08and having 50 phone calls a day,
0:41:08 > 0:41:11with people trying to sell me rubbish at times,
0:41:11 > 0:41:13yeah, I'm really got it.
0:41:13 > 0:41:15I'm really good at it in the art world as well.
0:41:15 > 0:41:19Do you think of art as an investment or a passion?
0:41:19 > 0:41:20Well, number one, it is a passion.
0:41:20 > 0:41:24I started collecting art for passion reasons,
0:41:24 > 0:41:27because I have interests in history and I'm interested in art.
0:41:27 > 0:41:29But then, when you get into the realms
0:41:29 > 0:41:34of buying hundreds of things, and even in the thousands now,
0:41:34 > 0:41:36over the last 20 years or so,
0:41:36 > 0:41:38there's just no point in buying things
0:41:38 > 0:41:40of all different periods and just stacking them up in storage.
0:41:40 > 0:41:42And I need to keep feeding
0:41:42 > 0:41:45this addiction that I have to buying artworks.
0:41:45 > 0:41:49I think to myself, if you're paying £10,000 or more for something,
0:41:49 > 0:41:54then you're starting to compete with the cost of a car, for example.
0:41:54 > 0:41:56And my working-class background
0:41:56 > 0:41:58still brings me back to those numbers.
0:41:58 > 0:42:02So, when I'm paying £10,000 or more for something,
0:42:02 > 0:42:05I like to think that it's going to hold its value.
0:42:05 > 0:42:07Who knows what it will end up going for at auction?
0:42:07 > 0:42:11The estimate on it right now is 1.2-1.8 million.
0:42:11 > 0:42:13So, Christie's New York sales in May
0:42:13 > 0:42:16are all about finding a serious investment for Christian.
0:42:16 > 0:42:20Yeah, I want to try and find blue-chip artworks,
0:42:20 > 0:42:23great provenance by blue-chip artists.
0:42:23 > 0:42:261.8 to 2.9.
0:42:26 > 0:42:28When you're spending that amount of money,
0:42:28 > 0:42:30you want to feel comfortable that you own an asset
0:42:30 > 0:42:33that's going up in value in the future.
0:42:33 > 0:42:36And he believes he's found that in Alexander Calder,
0:42:36 > 0:42:40the celebrated mid-20th century American artist.
0:42:40 > 0:42:42That one, I think, is just fantastic.
0:42:42 > 0:42:43Really beautiful, yeah.
0:42:43 > 0:42:45That really is one of the most wonderful displays of Calder
0:42:45 > 0:42:47- that you could see... - It's incredible.
0:42:47 > 0:42:51..anywhere in the world, even comparing it to museums.
0:42:51 > 0:42:52It's absolutely spectacular.
0:42:52 > 0:42:57There was two major Calders at auction in Christie's.
0:42:57 > 0:43:00'I bid on the second one and got that.
0:43:00 > 0:43:03'It was a little bit under 5 million.'
0:43:03 > 0:43:05Have you seen that little one before?
0:43:05 > 0:43:07I mean, if there is an artist that, one day, might be trading
0:43:07 > 0:43:1330, 40, 50 million for one of his most important pieces,
0:43:13 > 0:43:16then I would like to think that it's Alexander Calder.
0:43:16 > 0:43:18Back at Christie's HQ,
0:43:18 > 0:43:22it's the day before the Defining British Art sale.
0:43:22 > 0:43:24And there's some relief that Christie's specialists
0:43:24 > 0:43:28have finally managed to pull in plenty of blue-chip British artists.
0:43:28 > 0:43:32Stubbs, Constable, Lowry, Turner,
0:43:32 > 0:43:35Moore, Freud, Bacon and others.
0:43:35 > 0:43:38But now they are worrying whether they'll get the big buyers.
0:43:38 > 0:43:40I mean, the Hepworth... Obviously Hepworth is...
0:43:40 > 0:43:43The market's strong for Hepworth. A lot of international interest.
0:43:43 > 0:43:45- Especially from Asia, actually. - Yeah.
0:43:45 > 0:43:49- Been quite a lot of Asian...interest at this stage.- Yeah.
0:43:49 > 0:43:52Especially this sale is very well promoted
0:43:52 > 0:43:54in the Asian market and they like the fact
0:43:54 > 0:43:56that it's 300 years of British artists,
0:43:56 > 0:44:00which gives them a very good guide for the top.
0:44:00 > 0:44:03The Freud and the Henry Moore, you know, the big lots,
0:44:03 > 0:44:06as well as some of the horses lots, actually.
0:44:06 > 0:44:08Munnings and Stubbs. Definitely.
0:44:08 > 0:44:10They love horses.
0:44:10 > 0:44:11In terms of Russian interest, at the moment,
0:44:11 > 0:44:13we're not sure where we are with that.
0:44:13 > 0:44:17Erm... Xenia and Alina are working on it also.
0:44:17 > 0:44:18But it's quieter.
0:44:18 > 0:44:20I think the Constable, interestingly,
0:44:20 > 0:44:22has created huge excitement and reaction.
0:44:22 > 0:44:25Now, we've just got to make sure we get that converted into sales.
0:44:25 > 0:44:28Certainly, we're having interesting conversations
0:44:28 > 0:44:30with one major collector.
0:44:30 > 0:44:31And, also, with the museums.
0:44:31 > 0:44:34The drawing is fabulous.
0:44:34 > 0:44:36How are we doing there?
0:44:36 > 0:44:38The challenge is whether we're going to get competitive bidding...
0:44:38 > 0:44:41- Oh, we will.- We should do.
0:44:41 > 0:44:43There's some very serious interest in it.
0:44:43 > 0:44:46Oh, good, cos that's picked up since yesterday.
0:44:46 > 0:44:48Yeah, yeah, and...
0:44:48 > 0:44:50I mean, I'm hoping it might break a new world record price.
0:44:51 > 0:44:54That would certainly be what the owner of the drawing,
0:44:54 > 0:44:58Chelsea collector Ivor Braka, is hoping, too.
0:44:58 > 0:45:02It has to be one of Freud's masterworks on paper.
0:45:02 > 0:45:06I would expect this to make £3 million, possibly more.
0:45:06 > 0:45:08- INTERVIEWER:- What if it doesn't sell and you get it back?
0:45:08 > 0:45:10I won't.
0:45:10 > 0:45:11It's got a guarantee on it.
0:45:11 > 0:45:13Ah.
0:45:13 > 0:45:17So, whatever happens in the sale, Ivor is protected.
0:45:17 > 0:45:20A guarantee means that Christie's themselves will buy the work
0:45:20 > 0:45:23for an agreed sum, if it fails to get higher bids.
0:45:23 > 0:45:26It's one of the ways they entice owners to go through them,
0:45:26 > 0:45:29rather than dealers, and why auction house transactions
0:45:29 > 0:45:33now account for more than half of all art sales.
0:45:35 > 0:45:38In the days when dealers reigned and had far more sway
0:45:38 > 0:45:41than the auction houses,
0:45:41 > 0:45:45a dealer would buy at auction and, generally,
0:45:45 > 0:45:47double or even triple the price.
0:45:47 > 0:45:49But the prices would remain relatively static
0:45:49 > 0:45:52over a 10-year period, because an art dealer
0:45:52 > 0:45:54just wouldn't pay more than a certain amount at auction.
0:45:54 > 0:45:56He'd say, "That's ridiculous!"
0:45:56 > 0:46:00Whereas, once you get private clients bidding against each other -
0:46:00 > 0:46:03and often with very little knowledge of what they are buying -
0:46:03 > 0:46:06it leads to grotesque distortions of the market,
0:46:06 > 0:46:10in terms of price versus art historical importance.
0:46:10 > 0:46:11Sold.
0:46:11 > 0:46:14It is a direct competition and the auction houses are winning.
0:46:14 > 0:46:16And I can see why they're winning.
0:46:19 > 0:46:22Downstairs, the potential buyers arrive.
0:46:22 > 0:46:25Up in his office, Jussi, despite knowing that this is
0:46:25 > 0:46:30one of the most important nights of his career, appears calm.
0:46:30 > 0:46:33A lot of people come through my space here and look at things.
0:46:33 > 0:46:35Some of them are for sale. Others aren't.
0:46:35 > 0:46:40So, you've got my son's drawing against Picasso at the age of eight.
0:46:40 > 0:46:42Your son's picture stands up rather well.
0:46:42 > 0:46:44It had a lot of admirers. Over the years,
0:46:44 > 0:46:46a few people have mistaken that
0:46:46 > 0:46:48for a picture that is worth a lot of money.
0:46:48 > 0:46:50- What's it worth to you? - A lot.
0:46:52 > 0:46:55All of these things are. It's not about the money.
0:46:55 > 0:46:56It's about the artists.
0:46:58 > 0:47:00Good luck if you are bidding tonight.
0:47:00 > 0:47:01You may have a chance to own a work
0:47:01 > 0:47:04that has passed through our hands many times before.
0:47:04 > 0:47:06Given the prominence and importance of this,
0:47:06 > 0:47:09did you get a good night's sleep last night?
0:47:09 > 0:47:11Never get a good night's sleep before a sale.
0:47:11 > 0:47:13Neither do I have an easy time of it in the rostrum.
0:47:13 > 0:47:15It might look different. But it's serious business.
0:47:15 > 0:47:16There's a lot of money at stake.
0:47:16 > 0:47:21Where shall we open? 2 million. 2,200,000. 2,400,000.
0:47:21 > 0:47:23'You have to stay calm. It's very, very important.
0:47:23 > 0:47:26'You have to have a little bit of ice running in your blood.'
0:47:26 > 0:47:29The Viking blood in my system helps.
0:47:29 > 0:47:31Being Finnish, it probably helps me sometimes.
0:47:34 > 0:47:37It's fantastic, you know? It's what we are paid for.
0:47:37 > 0:47:39It's showtime. It's like a soccer team
0:47:39 > 0:47:42going to play in the European Championship final, you know?
0:47:42 > 0:47:46This is the moment, we've all been working towards this all season.
0:47:46 > 0:47:49This is a career-defining moment for me, certainly.
0:47:49 > 0:47:54The Bridget Riley, showing here on the screen at 3,800,000.
0:47:54 > 0:47:57- GAVEL BANGS - Well done. Wonderful painting.
0:47:57 > 0:47:59We're an art business.
0:47:59 > 0:48:03But, actually, I've been in this business long enough to know that,
0:48:03 > 0:48:05as soon as you put more emphasis on the business,
0:48:05 > 0:48:08the commercial success comes down.
0:48:08 > 0:48:11When you focus on the art, then the business goes up.
0:48:11 > 0:48:14So we move to Lucian Freud. Where shall we open this?
0:48:14 > 0:48:171,600,000. 1,700,000.
0:48:17 > 0:48:19At 1.7 now.
0:48:19 > 0:48:211,800,000 is here, with Francis.
0:48:21 > 0:48:24These things can be very tricky to sell.
0:48:24 > 0:48:27And there can be only one buyer, or maybe no buyers.
0:48:27 > 0:48:291.8 is here. 1,900,000.
0:48:29 > 0:48:33£2 million, still going on here with Francis.
0:48:33 > 0:48:38At 2 million. Here it is, with Francis, at £2 million.
0:48:38 > 0:48:40It could have easily been £4 million, rather than £2 million.
0:48:40 > 0:48:42It's just, you know, the way it is.
0:48:42 > 0:48:45I didn't think, "Oh, my God!" You know?
0:48:45 > 0:48:46I'd be a very spoilt person indeed,
0:48:46 > 0:48:48wouldn't I, if I was disappointed, really?
0:48:48 > 0:48:50- But... - INTERVIEWER:- Getting 2 million.
0:48:50 > 0:48:52Exactly. It was...
0:48:52 > 0:48:54Yes, better than a kick in the teeth, I suppose.
0:48:54 > 0:48:57And now for one of the stars of the show...
0:48:57 > 0:49:00The remarkable Constable showing here.
0:49:00 > 0:49:02Painted in the 1820s.
0:49:02 > 0:49:05First sold by Christie's on 12th June 1875
0:49:05 > 0:49:08for 54 guineas, ladies and gentlemen.
0:49:08 > 0:49:09I don't think there will ever be a time
0:49:09 > 0:49:12when people don't want to have art - that's for sure.
0:49:12 > 0:49:15Art will only grow as an asset class.
0:49:15 > 0:49:18The question is, in which particular fields and which particular regions.
0:49:18 > 0:49:20But I think people...
0:49:20 > 0:49:22The idea of owning objects is very important to people.
0:49:22 > 0:49:28Here it is at £12,500,000.
0:49:28 > 0:49:30GAVEL BANGS
0:49:30 > 0:49:32Jussi can breathe a sigh of relief.
0:49:32 > 0:49:3785% of lots sell for a total of £100 million.
0:49:37 > 0:49:41But, despite successes, the half-yearly figures are now in -
0:49:41 > 0:49:43and they don't make good reading.
0:49:43 > 0:49:46Recently published figures say you were down 27%
0:49:46 > 0:49:48in the first six months of this year.
0:49:48 > 0:49:49- Yep, absolutely.- Worrying?
0:49:49 > 0:49:51By volume, actually, even more than that.
0:49:51 > 0:49:54No, I think it's more a question of the supply of the market, you know?
0:49:54 > 0:49:57People sell works of art when they feel the time is right.
0:49:57 > 0:50:00And the oil price at the turn of last year,
0:50:00 > 0:50:03the financial markets in January were difficult.
0:50:03 > 0:50:06And, consequently, people making decisions for sales in May and June,
0:50:06 > 0:50:08which are critical periods, were choosing to wait.
0:50:08 > 0:50:12So, we know that our competitors are in a similar position, if not worse.
0:50:12 > 0:50:14That gives us a chance to have a look at our business
0:50:14 > 0:50:16and decide what our priorities are.
0:50:16 > 0:50:18And China, for us, is one of our major priorities.
0:50:22 > 0:50:25What's in Jussi's mind isn't Hong Kong.
0:50:25 > 0:50:27It's mainland China.
0:50:27 > 0:50:31Shanghai. This is Christie's future.
0:50:31 > 0:50:33Thank you. Welcome to Christie's in China.
0:50:33 > 0:50:34This is the Ampire Building.
0:50:34 > 0:50:38This is our home in Shanghai.
0:50:38 > 0:50:40It's very Christie's, isn't it? I mean, look at it.
0:50:40 > 0:50:43It's a wonderful, wonderful piece of architecture.
0:50:43 > 0:50:45It's been here for a couple of hundred years.
0:50:45 > 0:50:48And here it is, it's been made into a Christie's space.
0:50:50 > 0:50:53But currently, it's not a space Jussi can dominate.
0:50:53 > 0:50:54China's rules prevent him
0:50:54 > 0:50:57from working his auctioneering magic here.
0:50:57 > 0:51:00His stand-in couldn't be more different.
0:51:01 > 0:51:04For 150,000... Last chance.
0:51:05 > 0:51:07SHE SPEAKS IN OWN LANGUAGE
0:51:07 > 0:51:10I always dress in red, because, you know,
0:51:10 > 0:51:13a red colour symbolises Chinese red
0:51:13 > 0:51:15and also Christie's red.
0:51:15 > 0:51:17- Yes.- But the hair has a red tinge as well.
0:51:17 > 0:51:19That's my favourite colour.
0:51:19 > 0:51:24We have to educate them about the art market.
0:51:24 > 0:51:26They don't really know all the information
0:51:26 > 0:51:29or the knowledge about the art piece.
0:51:29 > 0:51:31SHE SPEAKS IN OWN LANGUAGE
0:51:33 > 0:51:35Maybe sometimes, you know,
0:51:35 > 0:51:37just maybe one sentence, two sentences.
0:51:37 > 0:51:42This is very important - our pieces and very popular artists.
0:51:42 > 0:51:46You know, "Don't miss this chance". Yeah. "I can't persuade you?"
0:51:46 > 0:51:47Something like that.
0:51:47 > 0:51:50Maybe they are like, "OK, one more bid".
0:51:50 > 0:51:52SHE SPEAKS IN OWN LANGUAGE
0:51:54 > 0:51:55Last chance.
0:51:57 > 0:51:59So, if we are thinking about the history
0:51:59 > 0:52:02after the Cultural Revolution, they make the money.
0:52:02 > 0:52:04And, starting in the late '80s, early '90s,
0:52:04 > 0:52:08people can buy their apartments or houses.
0:52:08 > 0:52:12And now they are just starting to realise the walls are empty.
0:52:12 > 0:52:15So, they are accumulating their first collections
0:52:15 > 0:52:17of paintings for their apartments.
0:52:17 > 0:52:1975...
0:52:19 > 0:52:21The Chinese economic boom
0:52:21 > 0:52:24means that there are now over a million people in China
0:52:24 > 0:52:27with more than 1 million of disposable income.
0:52:27 > 0:52:30SHE SPEAKS IN OWN LANGUAGE
0:52:30 > 0:52:32Fancy anything here?
0:52:32 > 0:52:33Yeah, there's some stuff.
0:52:33 > 0:52:36You know, I...kind of like this.
0:52:36 > 0:52:39Kind of like this. It looks pretty good.
0:52:39 > 0:52:41David Chau is an art collector in Shanghai,
0:52:41 > 0:52:45who made his first million by trading coins on eBay
0:52:45 > 0:52:46when he was 21.
0:52:48 > 0:52:51I think Christie's should invest more in this market.
0:52:51 > 0:52:54There's so many people who have the potential
0:52:54 > 0:52:56to become passionate collectors,
0:52:56 > 0:52:58who can become really good
0:52:58 > 0:53:00and valuable customers to Christie's.
0:53:01 > 0:53:03The Chinese economy is booming and, of course,
0:53:03 > 0:53:05a lot of people make a lot of money
0:53:05 > 0:53:07and are used to buying a lot more luxurious products,
0:53:07 > 0:53:09like all the bags, or all the clothes,
0:53:09 > 0:53:10or all the housing and cars.
0:53:10 > 0:53:12And now they are getting into more stuff
0:53:12 > 0:53:14that they're more passionate about.
0:53:14 > 0:53:18And I think art is certainly one of the things
0:53:18 > 0:53:20that people can be really passionate about.
0:53:22 > 0:53:25Christie's have been watching another phenomenon grow
0:53:25 > 0:53:27in the Chinese art market.
0:53:27 > 0:53:30Major Chinese collectors are now opening private museums
0:53:30 > 0:53:33to display their art publicly.
0:53:33 > 0:53:39This is the Long Museum, one of over 500 such institutions in China.
0:53:39 > 0:53:44This one houses special exhibitions and the collections of Mr Liu,
0:53:44 > 0:53:47the man who famously paid Christie's 170 million US dollars
0:53:47 > 0:53:50for a Modigliani.
0:53:50 > 0:53:52And this is his wife, Wang Wei,
0:53:52 > 0:53:55the driving force behind this private collection
0:53:55 > 0:53:56for a public audience.
0:53:56 > 0:53:59Christie's chairwoman in China values a major client.
0:54:02 > 0:54:04They had an agreement.
0:54:04 > 0:54:07Her husband will decide on those that are classic collections.
0:54:07 > 0:54:13And all the contemporary work, including all the work on canvas,
0:54:13 > 0:54:16the Western artwork, she will decide.
0:54:16 > 0:54:18THEY LAUGH
0:54:18 > 0:54:21So, they have a very clear division.
0:54:21 > 0:54:24And there's no fight.
0:54:24 > 0:54:26SHE SPEAKS IN OWN LANGUAGE
0:54:26 > 0:54:30But sometimes, they get...into some arguments
0:54:30 > 0:54:32about how to allocate the art.
0:54:32 > 0:54:34Where is the Modigliani now?
0:54:34 > 0:54:38SHE SPEAKS IN OWN LANGUAGE
0:54:38 > 0:54:40It's still in the storage at Christie's.
0:54:40 > 0:54:42Oh, really?
0:54:43 > 0:54:45She really wanted to put it in her bedroom.
0:54:45 > 0:54:47THEY LAUGH
0:54:47 > 0:54:51SHE SPEAKS IN OWN LANGUAGE
0:54:51 > 0:54:52The government is very supportive
0:54:52 > 0:54:55and more and more of the public are very interested in art.
0:54:55 > 0:55:00They wanted to see more art in museums and everywhere.
0:55:00 > 0:55:01And so, her and her husband,
0:55:01 > 0:55:06they really think this is a great moment to create a museum,
0:55:06 > 0:55:10a space where they can share their private collection with the public.
0:55:10 > 0:55:14All these years - they have been collecting for 27 years already.
0:55:14 > 0:55:18You don't look old enough to have that experience.
0:55:18 > 0:55:20SHE SPEAKS IN OWN LANGUAGE
0:55:20 > 0:55:23Yeah, when you are loving art, you actually look young.
0:55:26 > 0:55:30These private museums, displaying art to the Chinese public,
0:55:30 > 0:55:32are reminiscent of the private philanthropy
0:55:32 > 0:55:35that emerged in Britain in the 19th century
0:55:35 > 0:55:39and the Gettys and Guggenheims in the United States in the 20th.
0:55:39 > 0:55:43And Christie's are right in there, meeting the demand.
0:55:43 > 0:55:48This is a hangar. It used to be an aircraft hangar.
0:55:48 > 0:55:52So, now we...we renovate.
0:55:52 > 0:55:57The museum, although it is non-profit orientated,
0:55:57 > 0:56:02it's helping a lot to so-called markets,
0:56:02 > 0:56:04art markets, like auction houses,
0:56:04 > 0:56:06like galleries, you know?
0:56:06 > 0:56:08It's a showcase for them.
0:56:08 > 0:56:12So, that's why they are also putting in a lot of effort to help us.
0:56:13 > 0:56:16How many private museums are there now in China?
0:56:16 > 0:56:19Plenty of them. I never calculate, but plenty of them.
0:56:19 > 0:56:22- Hundreds?- Thousands.
0:56:22 > 0:56:26I think, eventually, China will be the biggest art market in the world.
0:56:26 > 0:56:30If you want to see the future art scenes of Shanghai, Beijing,
0:56:30 > 0:56:32you just see New York and London.
0:56:32 > 0:56:34They will be the future.
0:56:34 > 0:56:37So Christie's is very wise to get in there soon?
0:56:37 > 0:56:41Well, they are always wise.
0:56:41 > 0:56:43They are always wise.
0:56:53 > 0:56:56SHE SPEAKS IN OWN LANGUAGE
0:56:56 > 0:56:59It's in the room now for 1 million. At 1 million.
0:56:59 > 0:57:01'I think, for the first year,
0:57:01 > 0:57:04'there are more Chinese billionaires than American.'
0:57:05 > 0:57:08The centre of gravity is shifting a bit.
0:57:08 > 0:57:11Sold, 1.8 million. Thank you.
0:57:11 > 0:57:16'We are today only in Shanghai and Beijing.'
0:57:16 > 0:57:21And if you are thinking of how vast China is, it has nearly 700 cities,
0:57:21 > 0:57:24with such a huge population.
0:57:24 > 0:57:29So, for us, it's a thriving business.
0:57:30 > 0:57:32And I start at 500,000.
0:57:32 > 0:57:34I think it's as Warren Buffett says -
0:57:34 > 0:57:37you know, 20th century is America.
0:57:37 > 0:57:40and 21st century is China.
0:57:40 > 0:57:42And, you know, 19th century is UK.
0:57:42 > 0:57:48So, we hope we represent the future of this art market.
0:57:48 > 0:57:51Thank you very much. Congratulations, everyone.
0:57:58 > 0:58:02It's all about getting involved in the new collecting community,
0:58:02 > 0:58:03which is properly global -
0:58:03 > 0:58:05whether it's Middle Eastern, Russian,
0:58:05 > 0:58:08or Asian or mainland Chinese collectors
0:58:08 > 0:58:12involved in those mortal combats at auction, it's all the same.
0:58:12 > 0:58:14It's very, very important that we can build
0:58:14 > 0:58:17as many cultural bridges as possible.
0:58:17 > 0:58:20And I'm sure that China will be a force for the future.
0:58:20 > 0:58:24We'll be here in 250 years' time. Without question.