This painting came from the United States

The France had lost much of its importance in the global art market. The opening of the French market to houses such as Sotheby's since 2001 was aimed at bring sales in France. Where is it

I distinguish three categories of objects on the art market. Objects very expensive, with a value greater than 10 million dollars or euros, which, by tradition, since thirty years, are transferred to London or New York, those greater than 5 million and the other. When you look at the figures, there is very little a little and it is troubling of objects offered in Paris whose awarded value is greater than EUR 1 million. The French market is fully competitive on the objects to a lower value. The beginning of the reconquest must be on the intermediate part: less than 5 million objects.

How can you convince to sell to Paris rather than London or New York an object with a value of EUR 5 million

In Paris, there will be an exhibition, a much higher rate than promotion in New York or London. When eighteen months ago we sold a picture of Francis Bacon for 13 million euros This is the record for a work of contemporary art in France if we had assigned it to London or New York, it would not have been the flagship work. This painting came from the United States. It was purchased by an Englishman. Similarly, in a different domain, last year we sold a carpet for EUR 2 million. The strategy of Sotheby's in Paris, which certainly explains our results on the rise, is focus us on objects of an average value greater than that of our competitors. The 155 million euros of turnover in 2008 was obtained with 3,000 objects. The average value of these objects is 52,000 euros. It is a better promotion and best selling, experts can devote more time. This strategy of Sotheby's was decided at the global level, but it applies perfectly to Paris. And it is perfectly adapted to a period of crisis.

What are you doing lower-value objects that are available

They leave our competitors or may be offered a list of friendly societies. At Drouot, for example, we work in trust, among others, with the company Desbenoit and Fierfort. But this is not an exclusive relationship.

The France have specialties recognized on the art market

In some areas such as furniture, art objects, the arts of Africa, Oceania, Art Deco, Paris is seen as a world capital by tradition. However, in recent years, modern and contemporary art goes to New York and London. This is, among other things, the financial strength of these cities. However, as I have explained, some contemporary tables may win to be presented in Paris. We sold in Paris in recent months several works above 1 million euros including a picture of Joan Mitchell, another Bacon than I spoke you previously and a Rauschenberg. Paris does not have to feed complex.

Are you going to pursue this policy in times of crisis and uncertainty on the values in contemporary art

Yes, because we believe that this strategy is winning. Buyers are now mobile. Last year in Paris, they were for a third French, a third European non-French and for the third last extra-européens.

How you adapt to the crisis

We recently saw with prestigious examples that they are objects of high quality, or even exceptional, which resist the difficulties the better. Buyers prefer quality, rarity, provenance, and more particularly in times of crisis. We sold a drawing by Georges Seurat in the heart of the crisis, in December 2008. A symbolic drawing of his talent which had not appeared on the market for sixty years. More than 20 bidders fought for this work. She was swept away by an American against a German for EUR 5 million.

How can the French art market withstand the crisis

In the field of the art market, some disciplines are more resistant to the crisis. It is, as I said earlier, of disciplines which are strong places in France. This is the case of furniture, ancient paintings, ancient drawings, silversmithing, books and manuscripts which should save a less important settlement. But the France can also progress to improve the art market. In 2001, the opening to competition was incomplete. A minimum price guaranteed to the vendor is not something here. Similarly, to find a buyer for a work off auction public is not allow us today that this practice has grown significantly at the global level. But the fact of the directive "service", the France

will have to evolve on these lands there by a few months. And there is a consensus of the players for this upgrade. Some cases even escape Paris for this reason.

Can you give us a concrete example

Recently, on the occasion of the sale of a collection of photos, our client asked us a price guarantee. The sale could take place in Paris, but this request we were obliged to organize the sale in New York. In practice, the guarantees in Paris are too complicated to implement.

What lessons are you getting the sale Bergé / Saint Laurent at your competitor Christie's success

I am proud of attention in Paris at this time. This proves that the exceptional objects of good provenance are their buyers here. But this is not the beginning of great restart of the art market. It was an exceptional event. Of course, I am sad that he did not place at Sotheby's.

Observe a greater degree of discretion on the part of buyers these last time

We sold recently a "blank long neck", a drawing of a preparatory Parmesan painting found in the Offices of Florence Museum, to the collector and Swiss banker Jean Bonna for 780,000 euros. And it is himself who announced it. The setbacks suffered by the financial markets are not without relationship with some of our sales. The Exchange on the art market, it is also the passion. Collectors often know that they will not able to postpone their purchase. A unique opportunity to find e.g. This Parmesan or the Seurat in the market.

How have the behaviour of buyers changed

What is striking in sales, is that the people involved are still there. They have are not taken. The market has simply changed paradigm. Still a few months ago it was dominated by the vendors. The crisis being passed by here, buyers are more demanding. The market has become a buyers market.

Talk about the evolution of the profile of buyers...

The art market has developed very rapidly between 2004 and 2008 and significantly more in the segment of modern and contemporary art. We saw the entry of new collectors. In 2008, the largest 100 buyers, one-third were Americans, a third European from the European Union and the Switzerland and a third extra-européens, including Indians, Russians and Chinese. They have much purchased modern and contemporary art.

The anglo-saxon world of finance not played also a major role in the rise of the contemporary art prices

Proportionally, the arrival of these new buyers Russian, Chinese and Indians, played a more important role. They were driven by a genuine desire to collection. Today, it is clear that they suffer from the crisis and that the market retracts.

It is said that Russian buyers have completely disappeared these time last of the art market

I do not think so. Similarly, I noted that recent sales in Hong Kong had a good holding in the field of Asian contemporary art, traditional objects or wine. We sold for 100 million lots. Buyers are not unraveled. We are finally back to a level of reasonable prices for the years 2004-2005.

The crisis may also put some customers in the obligation to sell.

Our market is able to quickly provide liquidity. Moreover, we hear that art is a safe haven... Each must arbitrate.

What comments do you do on the general decline in prices in the art market, with the exception of the works of very high-quality

The art market is actually composed of several markets. Overall, we are drawn into the much more realistic estimates.

That means a realistic estimate

We adjust the estimates on what we know buyers today.

Specifically, there is a decrease in the price estimate

There are adjustments on at varying levels. Generally, it said it returned to prices in 2005. And between 2005 and 2008 prices increased on average by 30. We are in a policy of gradual reconstruction.

And how the company Sotheby's, New York-listed company adjusts conditions

In 2007, our net income was $ 213 million to 917 million of income (i.e. taken commissions on transactions) at the global level. In 2008, net income was $ 28 million to 691 million of revenue. In 2009, the savings for Sotheby's plan must be $ 100 million in total. The French scale we dropped our spending by the shortcomings of the fixed-term contracts and braking of the current operating expenses.