The BRIC sale is based on the popular acronym conceived in 2001. It describes the four rapidly growing economies of the world. The BRIC sale was an excellent opportunity for comparing the resilience of these powerful markets. There are specialized auction events for Russian, Indian, Chinese and Latin American art, this was the first time ever that the BRIC nations were exclusively lined up together, in a single sale of art. Tracking the event, a news report in the Telegraph UK noted:
“Following the art boom that ended in the autumn of 2008, prices in some of these markets crashed by up to 50 per cent. But recently, the Chinese market has started to bounce back, as has the market for modern Indian art of the Fifties and Sixties. At the BRIC auction, the higher-valued lots were selected for an evening sale. The next day only half of the lower-valued lots got sold. Here the sale was arranged in sections. China notched up £2.9 million of sales, ahead of Russia (£2.3 million), and Brazil (£1.1 million), leaving India trailing in fourth place with just £800,000.”The auction was part of a brand-building policy for the 200-year-old auction business to position itself as the purveyor of the new & fashionable mode of art under the Simon de Pury’s chairmanship. In addition to contemporary art, jewelry and design, de Pury has started a program of themed sales as a means of dressing up contemporary art, to generate more income, and also to get noticed. A certain way of getting the latest sale noticed was to host it at the new Saatchi Gallery premises. It was watched by 2,500 visitors a day.
At the BRIC sale historic works were recognized with record prices, and China managed to dominate other nations.