The modern day Christie’s has changed immensely in the past 250 years. Most notably it has become a catalogue business. Many bidders do not see the original artwork and rely on high quality reproductions, condition reports or even large digital images or transparencies supplied to them by the auction house. As a catalogue business, Christie’s has increased its realm of patrons well beyond its indigenous London audience in 1810. Because the auction house has morphed into a catalogue business, with frequently a higher percentage of telephone bidders than a live bidding audience, the pre-sale estimates that are attached to each 'Lot' bear significant weight in determining prices. It is likely that when Christie’s started out, there were no pre-sale estimates nor were they’re any specialists who had expertise about certain artists or art movements. This lack of specialization would have meant there was less legitimacy and authenticity in works Christie’s would have auctioned 250 years ago.
Christie’s has added and perfected other services other than live auctions. Christie’s also engages in private client-to-client sales between customers outside of the auction room. In addition to this Christie’s has branched into real estate as well.
The rise of the Internet helped auction houses thrive in terms of accessibility. Many people, perhaps from foreign countries are now able to participate in European and North American auctions. Christie’s development and growth had a significant impact in parts of Asian and has contributed to the establishment of a viable art market there. During the late 80’s with the growing trend towards globalization many wealthy Japanese people became very interested in Impressionist art, specifically the works of Van Gogh and Monet. This booming international market caused prices to skyrocket. For example, in 1987 the Insurance company “Yasuda Fire & Marine Insurance Company” in Tokyo now known as “Sompo Japan Insurance” purchased Van Gogh’s Sunflower painting for $39.9 million US dollars. This Van Gogh was the most costly painting ever sold at auction. The sale more than tripled the previous record, which was $11.1 million US dollars, paid in 1986 for an Edouard Manet. The transaction shocked the entire art world. This period has come to be known as the Japanese Buyer Boom.
Van Gogh's Sunflowers (1889) purchased by Japanese Insurance Company in 1987.
Just judging from the 'then and now images' of a Christie’s auction I would guess that the original Christie's auction setting would have been quite chaotic and not quite as gentile. In 1810 Christie’s buyers would most likely have been art dealers themselves, looking to buy wholesale with significant retail mark up for their clients. This has changed significantly in the evolution of Christie’s because the new buyer tends to be the private collectors themselves and tends to be new money rather than establishment.
During the early years of auction houses buyers tended to be like a small, central, private clique, whereas today’s buyers come all around the world thanks to Christie's expansion in a catalogue business and globalization.
I do believe that in genreal the sellers have mostly stayed the same. In Christopher Mason’s book The Art of the Steal he refers to the auction house vendor as being precipitated by the three “D’s”: Death, Divorce and Debt. I think this statement was true at the commencement of Christie’s and still rings true today. However, todays sellers can also include museums wanting to de-asses certain works to raise funds or even private collectors wanting to “refurbish” their collections.
Another major changed that has occurred is the social status of the auction. In 1810 Christie’s auction floor looks frantic as the pushy buyers mirror cattle being herded. Today auctions have morphed into entertaining events where people go to be seen. Also, in the early stages of the art market selling a painting was seen with stigma. It was likely assumed that the selling of a painting only resulted in a need for quick cash. Today, many sellers plan to donate the earnings of a sale to philanthropic efforts. One example of this is when David Rockefeller sold his Mark Rothko painting in 2007 $72 million US dollars at a Sotheby’s contemporary art auction. Mr. Rockefeller had owned the painting for 47 years and stated that he would put the paintings proceeds towards charity. Mr. Rockefeller also had a private box to watch the auction from which shows how entertaining an auction could be. The Christie’s live auction has truly evolved since it’s inception and has ultimately become quite an integral part of not only the art market but the global economy.
David Rockefellar's Mark Rothko painting White Center (1957)
Purchased by Rockefeller for $8,500 or $59,000 in today's dollars and sold for $72 million US dollars in 2007.