page_title: Christie's
section_title: 1979–1990s
hierarchical_section_title: Christie's / History / 1979–1990s
caption_attribution_description: Auction Room, Christie's
context_page_description: Christie's is a British auction house. It was founded in 1766 by James Christie. Its main premises are on King Street, St James's, in London, and in the Rockefeller Center in New York City. It is owned by Groupe Artémis, the holding company of François-Henri Pinault. Sales in 2015 totalled £4.8 billion. In 2017, the Salvator Mundi was sold for $450.3 million at Christie's in New York, at the time the highest price ever paid for a single painting at an auction.
context_section_description: Christie's was a public company, listed on the London Stock Exchange, from 1973 to 1999. In 1974, Jo Floyd was appointed chairman of Christie's. He served as chairman of Christie's International plc from 1976 to 1988, until handing over to Lord Carrington, and later was a non-executive director until 1992. Christie's International Inc. held its first sale in the United States in 1977. Christie's growth was slow but steady since 1989, when it had 42% of the auction market.
  In 1990, the company reversed a long-standing policy and guaranteed a minimum price for a collection of artworks in its May auctions. In 1996, sales exceeded those of Sotheby's for the first time since 1954. However, profits did not grow at the same pace; from 1993 through 1997, Christie's annual pretax profits were about $60 million, whereas Sotheby's annual pretax profits were about $265 million for those years.
  In 1993, Christie's paid $12.7 million for the London gallery Spink & Son, which specialised in Oriental art and British paintings; the gallery was run as a separate entity. The company bought Leger Gallery for $3.3 million in 1996, and merged it with Spink to become Spink-Leger. Spink-Leger closed in 2002. To make itself competitive with Sotheby's in the property market, Christie's bought Great Estates in 1995, then the largest network of independent estate agents in North America, changing its name to Christie's Great Estates Inc.
caption: The Microcosm of London (1808), an engraving of Christie's auction room
exif: {"Image Orientation": "Horizontal (normal)", "Image XResolution": "300", "Image YResolution": "300", "Image ResolutionUnit": "Pixels/Inch", "Image Software": "Adobe Photoshop CS4 Windows", "Image DateTime": "2011:07:14 12:35:58", "Image ExifOffset": "164", "Thumbnail Compression": "JPEG (old-style)", "Thumbnail XResolution": "72", "Thumbnail YResolution": "72", "Thumbnail ResolutionUnit": "Pixels/Inch", "Thumbnail JPEGInterchangeFormat": "302", "Thumbnail JPEGInterchangeFormatLength": "8940", "EXIF ColorSpace": "sRGB", "EXIF ExifImageWidth": "1776", "EXIF ExifImageLength": "1334"}