Christie's: The 240 Year-old Auction House's Competitive Strategies
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Code : COM0059
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Region : UK
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A Brief History about the Auction Industry The history of auctioning dates back to 500 BC, when the first auction took place in Babylon. The foundation for the modern auctioningwas laid down in 193 AD during the reign of the Roman Empire in Greece. Modern auctioning started the practice of commercial bidding. The Romans were the first to conduct the auctioning of goods... Christie's: The 240 Year-old Auction House Christie's, one of the renowned auction houses in the world, was established in London by James Christie in 1766. His acquaintance with brilliant artists and wealthy people helped Christie's to quickly become a world famous auction-house. During the 18th and the 19th centuries, Christie's conducted memorable auctions that included items given by the British royal family and some famous and rich people of Britain... Competitive Strategies of Christie's For over two hundred years the auctioning market had been ruled by two auction houses- Christie's and Sotheby's. Analysts had described themas vigorous competitors, who tried to dominate the auction world in a virtual duopoly. Sotheby's started 22 years earlier than Christie's with the auctioning of book collections. Until 1917, Sotheby's stuck to book auctioning. To compete with its rival Christie's, Sotheby's started auctioning of art works... |
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