17/09/2001

Sotheby's opened their new low middle range auction site at Olympia, west London on the 3rd September after nine weeks of frantic conversion work. The first sale takes place on the 18th of September with an auction of 19th century paintings with an expected sale result of $ 700,000 (€ 773,930). With Sotheby’s profit share tumbling due to costly US court fines from collusion allegations, their dot.com venture foundering and Christie’s forging ahead in the auction stakes, this new venture is a head-on challenge to smaller rivals Bonhams, now that Christie’s have chosen to close their South Kensington saleroom and consolidate their operations in one auction “mecca” at Somerset House, near the City of London, the capital’s financial district. Paul Sumner, managing director of Sotheby’s Olympia said, “the image we want, is to be approachable but still very much Sotheby's, still doing things in a stylish way…we want people to feel that if they bring something in that is worth $ 1,170 (€ 1,290) they will be treated in exactly the same way as if it were worth $ 117,100 (€ 130,000).” Despite these touching comments, Sotheby’s face opposition from dealers who use the first floor of Olympia for trade fairs three times a year. The next fair takes place from the 12th to the 18th November at Olympia. (Andrew Moore)