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Christie's Prestigious £670M Art Auctions Disrupted by Cyber Attack

Tuesday 14 May 2024 - 15:10

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In a startling turn of events, Christie's, the renowned auction house, has found itself grappling with the consequences of a cyber attack, hampering its efforts to sell an impressive collection of art and high-value items worth an estimated $840 million (£670 million). The incident has cast a shadow over Christie's eagerly anticipated spring auctions, which feature a diverse array of coveted lots, ranging from a Vincent van Gogh painting valued at a staggering $35 million to rare vintages of wine.

The cyber attack has forced Christie's to take its website offline, denying would-be buyers the opportunity to view the prized items virtually. However, the auction house has swiftly implemented contingency measures, allowing bids to be placed over the phone and in person, as per established protocols.

Among the auctions impacted is the sale of a remarkable collection of rare watches, including timepieces once owned by the legendary Formula 1 driver, Michael Schumacher. The sale of this exceptional collection has been temporarily delayed due to the cybersecurity incident.

In a statement to the BBC, Christie's acknowledged the "technology security incident" but reassured clients and the public that well-established protocols and practices, regularly tested, are in place to manage such situations. The auction house has also set up an alternative website where basic information about the items due to be sold can be accessed.

Despite the disruption, Christie's demonstrated its resilience by successfully hosting a charity auction for watches in Geneva on Friday, which had been postponed from its original 2023 date. The "Only Watch" auction raised an impressive 28 million Swiss Francs (£26.4 million) to accelerate research into Duchenne muscular dystrophy, underscoring Christie's commitment to philanthropic causes.

As the prestigious New York auctions commence on Tuesday, featuring the sale of works owned by esteemed art collector Rosa de la Cruz, followed by art collections spanning the 20th and 21st centuries, Christie's remains steadfast in its determination to overcome the challenges posed by the cyber attack. While the website outage may pose inconveniences, the auction house's Christie's Live service will enable online bidding, ensuring that collectors and enthusiasts can participate in these highly anticipated events.

As the art world watches with bated breath, Christie's response to this unprecedented cybersecurity incident will undoubtedly be a testament to its resilience and ability to adapt to unforeseen circumstances, all while upholding its reputation as a premier institution in the realm of fine art and collectibles.