Christies 97 Sales Jump 20%

Britains Christies International Plc, the fine arts auctioneer which has withdrawn from bid talks aimed at taking it private, yesterday reported a sharp increase in 1997 sales and said it remains confident about prospects for the art market. We believe that the outlook for the world art market remains healthy, Christies said in its results statement. It said it did not expect problems in Asian markets to have a major impact on business, with Asian buyers accounting for only 10 per cent of its sales in 1997, adding that the region presents an opportunity of an increased flow of consignments for sale. Were having discussions at the moment with suppliers from that part of the world who are looking to realise cash, finance director Peter Blythe told Reuters in a telephone interview. Blythe said the art market was generally in good shape with most economies with the exception of some Asian countries enjoying a period of sustained growth.