T.D. Smith: 37 Years of Telluride real estate experience

Highest Annual Sales Total in Market History Reflects Continued Demand for Art

Global Auction Sales Increase 53%

Private Sales Increase 39%

28% of Christie’s Sales Now Secured Online via Christie’s LIVE

New Clients Registering for Christie’s sales rise 22.7%

Christie’s Retains Leadership Position

London/New York/Hong Kong – Christie’s International, the world’s leading art business, today announced worldwide sales for 2010 of £3.3 billion/$5.0 billion, up 53% by £ on last year’s figure of £2.1 bil lion (Figures include buyer’s premium). The highest sales total in the 245 year history of the firm, the figure is also the highest annual sales total ever recorded in the industry in £. Sales totals include private sales of £369.3 million/$572.4 million, an increase of 39% by £ on 2009 figures.

In a year of blockbuster sales and record-breaking results, Christie’s maintained its market leader status and sold 66% of the works over $50 million against its main competitor. It was also honoured to be the auction house of choice for some of the most significant collections to come to market. Collections from Mrs. Sidney F. Brody, Walter and Phyllis Shorenstein, The Andrew Lloyd Webber Foundation, Michael Crichton, Max Palevsky and others. Pablo Picasso’sNude, Green Leaves, and Bust made art market history establishing a new world record for any work of art sold at auction when it sold for $106.5 million/£70.3 million.  Christie’s sold 3 of the top 5 works of art sold during the year and a total of 606 works of art at auction for more than $1 million.

High sell-through rates at all price levels continued to demonstrate the strength and stability of the art market.  In 2010, average auction sold rates (by lot) were 79.4%, on a par with 2009 (79.7%). Christie’s ability to secure successful results at the higher end of the market was demonstrated by sell-through rates by lot and value in excess of 90% for works priced between £500,000 and £10 million. Concurrently, the solid performance of our regional salerooms such as Christie’s South Kensington where sales totaled a record £104.1 million ($161.3 million) in 2010, demonstrates the continuing appetite for works of art offered at lower price levels.

“2010 was a record-breaking year and early signs of 2011 indicate that the art market remains buoyant at all levels,”said Steven P. Murphy, CEO of Christie’s International. “Christie’s worldwide team continues to reach and serve an increasingly global collecting audience as the market expands.  Among the many notable results, the pace of growth in auction, the strength of private sales and increase in online transactions in particular indicate a growing appetite for participation in all forms and formats of art sales.”

In 2010, the number of new clients who registered for a sale rose 22.7% on 2009 and the number who went on to buy in Christie’s sales increased by 13%.  The total spend by new clients in Christie’s sales rose 19% and now represents 11% of total sales.

Christie’s international growth strategy continues to deliver great results as the buying audience for art grows.  Whilst the established markets still account for the greater proportion of new and existing clients and sales volumes: new client registrations from the UK and the US increased  in excess of 40%, the Asian and BRIC economies are also contributing sales volumes and prices in 2011.  In 2010, Hong Kong and China accounted for 7% of total new client registrants and the total number of clients in both regions increased by 28%, demonstrating their growing position on the international art stage.

Christie’s private sales activity in 2010 continued to flourish in Old Masters, Jewellery, Impressionist and Modern Art and Post War and Contemporary Art as consignors and buyers alike embraced this increasingly important discreet route to market.  Private sales grew 39% to £369.3 million/$572.4 million, representing 11.4% of total sales.  We expect further growth and momentum in the coming years.

Mr. Murphy concluded, “This has been one of the greatest years ever for Christie’s and the art market.  The results of 2010 are the fruition of a decade of endeavor led by a strong and dedicated team. Christie’s remains dedicated to serving our clients, both new and established, being an innovator in the marketplace in terms of how and what we present in our sales and keeping art and expertise at the front and centre of our activities. We are well positioned to lead the ongoing expansion of the art marketplace as we look forward to a new decade.”

by Seth Cagin Watch Newspapers

11.12.10 – 09:55 am

TELLURIDE – The ownership group of The Peaks Resort and Spa has proposed to adding 90 rooms to the Telluride region’s largest hotel in conjunction with a doubling of immediately adjacent Telluride Conference Center.

The proposal envisions the construction of a new structure on the south side of the existing hotel building, extending across Mountain Village Boulevard to where it would attach to the existing conference center. The new structure would contain the new hotel rooms and conference facilities, an indoor passageway from the existing hotel to the existing conference center, and underground parking.

In addition, the existing tennis courts at The Peaks would be covered, creating not only a year-round indoor tennis facility, but a flexible 80,000-square-foot venue that could be used as an exhibition space, also in support of group business.

The concept presented by John Cullen, C.E.O. of Grand Heritage Hotels, which owns a st ake in and manages The Peaks, is to “take the lowest hanging fruit to bring additional demand to Mountain Village.”

The Telluride region, he explained, is evolving from a “trader business strategy to an operator business strategy,” with the economy supported less by the construction and sale of real estate, as it has been for the last several decades, and more by operating tourist-related businesses. As part of that emerging strategy, Cullen explained, an expanded Peaks Hotel attached to an enlarged conference center would allow Mountain Village to host significant group business. Having two separate ballrooms within the conference center would allow one group to meet in one ballroom while another is setting up or breaking down the other.

While the Peaks ownership group has the financial capacity and desire to move forward with the proposal as early as next summer, Cullen and his partner Todd Herrick said, it would first require a decision by the Town of Mountain Village to expand the conference center. Complicating any such decision by the town is the fact that the land identified as most suitable for the conference center expansion is partly owned by The Peaks and partly by the Telluride Ski and Golf Co. That land would have to be transferred to the town for the conference center to be built.

Both Telski C.E.O. Dave Riley and Mountain Village Mayor Bob Delves said on Thursday that no formal talks have begun to discuss a transfer of property. Both said that decisions about the immediate future of Mountain Village would be reached in the next few months in the context of the ongoing Mountain Village Comprehensive Planning process. But each of them also separately stated that he is intrigued by Cullen’s idea because it appears to address a significant number of the town’s goals. Those goals include an improved bedbase, economic vitality in the Mountain Village center, more recreational ameni ties, and an improved ability to host group business.

“I think it’s a great idea,” Delves said. “I am so happy to see the business community show some leadership on this. I applaud them for doing it.”

But, Delves cautioned, it is far too early in the process – with an idea merely having been presented, but not formally proposed – to predict whether it can gain enough support to be incorporated into the new master plan or what obstacles may lie ahead even if it is. For one thing, the town has not yet begun to evaluate the financial feasibility of expanding the conference center.

As for the ski company, “We’ve believed for a long time that to be a more economically sustainable resort a high-performing conference center is a part of the formula,” Riley said. “The existing conference center lacks certain facilities, including breakout rooms, separate ballrooms and a direct connection to a hotel. Mountain Village has been passed over by conference planners time and again. The plan John [Cullen] has presented addresses those problems. I’m excited about it.”

The current local economy would not likely support the construction of a new conference hotel from the ground up, Cullen said, whereas an addition to The Peaks is far more feasible because it would leverage off of existing infrastructure. While new hotel rooms would have to be constructed, other amenities, including the spa, public spaces, and food and beverage facilities, are already in place.

The challenge facing the region, Cullen said, is less a shortage of hotel rooms on the supply side than weakness for them on the demand side.

“I overwhelmingly believe that by adding 90 hotel rooms to the supply we will add a whole lot more than that in demand,” Cullen explained. Right now, The Peaks contains about 170 rooms with direct access to 8,000 square feet of meeting space in the hotel’s ballroom, he explained. The plan he has presented would give 260 hotel rooms direct access to two 20,000 square-foot meeting rooms, plus breakout rooms.

The proposal from The Peaks comes just as the Mountain Village’s comprehensive planning process nears the end of its first phase, with the presentation of a draft plan by a planning task force to the town council expected by the end of the year.

“The ski company view of [the Peaks’ proposal], as well as other parts of the plan, is that it all needs to be addressed in a holistic way,” Riley said. We want to see a comprehensive plan with a strong potential of working in the long run. I’m very hopeful it’s going to happen.”

For their part, both Cullen and Herrick, representing The Peaks, and Mayor Delves similarly expressed hopefulness that the three parties – The Peaks, the ski company and the town, through the planning process, can reach an agreement to move forward.

“If w e can’t pull this off,” Cullen said, “nobody can for at least another ten years.”

Copyright 2010 Watch Newspapers. All rights reserved.

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Date: October 27, 2010

CHRISTIE’S SALES SOAR IN DUBAI A RECORD YEAR FOR CHRISTIE’ DUBAI SALES OF CONTEMPORARY MIDDLE EASTERN ART IN 2010

TOTAL RESULT – $29 million 2009

TOTAL RESULT – $13 million REPRESENTS

117% INCREASE Christie’s, the world’s leading art business, announced that yesterday evening’s sale of International Modern and Contemporary Art in Dubai achieved $14,043,000 / AED 51,565,896, more than doubling the pre-sa le estimate of $6.7 million and confirming Christie’s market leadership in the region. The auction was 94% sold by value and 84% sold by lot. The buyer breakdown by lot was 60% from the Middle East, 28% from Europe, 10% from the Americas and 2% from Asia. The sale concludes a record year for Christie’s in contemporary Middle Eastern art, with an increase of 117 percent over 2009. See the Christie’s press release for more information: Christie’s Sales Soar in Dubai