Auction Houses and Galleries Under Pressure

Ever since Christie’s held its first contemporary sale in 1998, galleries and auction houses have been fighting over works, collections, and market share. But the art business now devours ever more capital—and is squeezing even the biggest players

The turning point came in 1998. That June, Christie’s in New York staged the first auction devoted solely to contemporary art and “sold every damn lot,” as the legendary reporter Walter Robinson noted at the time. With that, the auctioneers unilaterally tore up a tacit but clear agreement that had…