Artcurial Strategic Analysis

Mathilde Drye © MA Art Business, Sotheby’s Institute of Art, 2017

STRATEGIC ANALYSIS

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Executive Summary – Strategic Analysis
Purpose of the Report

Christie’s is not the only auction house owned by a French billionaire. The Dassault family is
also the main shareholder (55%) of Artcurial which is a private limited liability auction house
based in Paris. Historically, when Nicolas Orlowski acquired Artcurial in 2002 for the Dassault
Group to diversify their company, it was not an auction house yet (Robert, M. 2016). Founded
in 1975 by François Dalle, it was an art gallery and publishing house which aimed at making
more accessible arts to L’Oréal’s employees. Using the deregulation of the French art market
and the opening up to the competition of the long-protected monopoly of commissaires-priseurs
in France in 2000, Orlowski turned Artcurial into an auction house (Travert, 2016, p.20;
Rochebouet and Sasportas, 2012). Fifteen years after its creation and because Nicolas Orlowski
said that the auction house ways of working are radically going to change in the following years
(Mathieu, 2016), it seems the right time to analyse Artcurial’s strategies.

Objectives and Process

This report, will, thus, present striking information regarding the organisational strategy and
aims (pp.6-19), the organisational structure (pp.19-21), the marketing strategy (pp.22-26) and
the cultural strategy of the company (pp.27-31). Risks and opportunities will, then, be appraised
in order to advise Artcurial about what strategies they should consider maintaining their
position or even compete more equally the duopoly worldwide. (pp.31-33)
As Artcurial is both a young and private company, newspaper articles and annual reports have
been the main sources of information. Reports about the art market and publications about

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marketing, management and organisational strategy have also been used in parallel to support
the purpose.
Conclusions and Recommendations
This report raised that Artcurial is constrained by the strict legal regulations in effect in
France as well as the unattractive VAT rate applied to works of arts sold at auction.
However, the French auction market is counterbalancing those drawbacks thanks to an
advantageous consumer protection and its appealing cultural tradition. Going further,
Artcurial, despite the high competitiveness of the industry, is remaining the third biggest
auction house. Its French origins, its passion and expertise, its capacity to innovate as well
as the large range of prices and the inimitable experience offered seems to be the reasons
why Artcurial is doing so well.

However, Artcurial is increasingly facing issues regarding its departments’ annual results
disequilibrium caused by the leading position of Artcurial Motorcars and the
underwhelming results for modern and contemporary. It also seems that the company
growth rate is slowing down and that the Hôtel Marcel Dassault is becoming too small
regarding the recognition of the company and the size of the collections it could sell.
However, as this prestigious location is at the heart of the auction house’s identity, it
seems unimaginable to change of location.

It would be, thereby, recommended to Artcurial to pursue the creation of its online-only
sales as well as its expansion in Asia, Africa and even in Latin America. Finally, the auction
house should also increase its lobbying position by surrounding itself of political and art
world elites and continue to discover new or unexplored markets (e.g. video art, …).

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Table of Contents

Executive Summary – Strategic Analysis ...............................................................................2
Purpose of the Report .............................................................................................................2
Objectives and Process...........................................................................................................2
Conclusions and Recommendations .......................................................................................3
Table of Contents......................................................................................................................4
Organisational Strategy and Aims ..........................................................................................5
Mission, Vision and Core Values............................................................................................5
Analysis of the External and Competitive Environment .........................................................7
Analysis of the Internal Resources, Competencies and Capabilities....................................13
Key Stakeholders, Key Suppliers, Key Buyers......................................................................15
Target market and Consumer Needs.....................................................................................17
Organisational Structure........................................................................................................18
Leadership, Top Management Team.....................................................................................18
Employee Base and Characteristics .....................................................................................20
Management of Creativity.....................................................................................................20
Marketing Strategy.................................................................................................................21
Advertising, Promotion, Publicity and Product placement ..................................................21
Elements of Differentiation...................................................................................................23
Sales and Pricing Strategy....................................................................................................25
Cultural Strategy ....................................................................................................................26
Impact on the Art World .......................................................................................................26
Aesthetic Vision of the Organisation ....................................................................................27
Artistic Innovation ................................................................................................................28
Recommendations, Risks and Opportunities ......................................................................30
Risks......................................................................................................................................31
Opportunities ........................................................................................................................31
Recommendations .................................................................................................................32
Bibliography and Webography .............................................................................................33
Books.....................................................................................................................................33
Websites, reports and online articles....................................................................................34
Appendices...............................................................................................................................38
Appendix 1 ............................................................................................................................38
Appendix 2 ............................................................................................................................42

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Organisational Strategy and Aims
Mission, Vision and Core Values

Artcurial has been imagined as an innovative and multidisciplinary auction house aiming at:
§ Offering ‘collectors … an array of specialist subjects (works of art, collectibles) in a
wide range of prices’ (Artcurial, 2016b, p.7)
§ Offering ‘a service which suits the needs of [their] clients in France and abroad’
(François Tajan cited in Artcurial, 2015, p.5)
The auction house is looking for moving the boundaries and competing with the duopoly
Sotheby’s-Christie’s on the French territory but also worldwide (Fabien Naudan interviewed in
Epinay, 2015).
As it is one of the Dassault Group subsidiaries, Artcurial is driven by the same values than those
of its main shareholder which are passion, innovation, excellence and commitment (Fig.1).

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Figure 1. Core values of the Dassault Group (Source: Groupe Dassault, n.d.)

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Analysis of the External and Competitive Environment

The French auction industry is much more impacted by economic, legal as well as socio-cultural
and technological issues rather than by environmental and political ones (Fig.2). Indeed, France
is part of the civil law legal system which means that the industry is driven by strong
governmental regulations and legal requirements regarding import and export of cultural goods,
droit de suite, ...French collectors only represent 2% of collectors around the world (Larry’s
List, 2014, p.16). The auction houses, thus, need to target foreign collectors. The problem is
that France do not benefit from an attractive taxation policy as its VAT rate (20%) is higher
than any other main art trading hubs (Gauberti, 2015).
Nevertheless, France is the fourth biggest auction marketplace in the world in 2016 (Fig.3-5)
and its 2016 annual auction sales revenue remained stable compared to 2015 whereas it was
decreasing elsewhere (Fig.5) This success is probably coming from its long-run cultural
tradition which is quite unique. France is also offering an attractive consumer protection for
buyers who can be reimbursed by the auction house in case of forged or war looted artworks.
Finally, a new range of young collectors, called the millennials, seems to emerge
simultaneously to the technological innovations flourishment (Martinez, n.d.). Artcurial
consequently, require adapting its business model to those mutations.

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Figure 3. Breakdown of Top 12 Countries Auction Market Share by Value in 2016 (Source:
Pownall, 201, p.327)
Figure 2. PESTEL Analysis - External Environment Analysis of the Auction Industry
40%
29%
17%
5%
4%
Breakdown of Top 12 Countries Auction Market Share by Value (2016)
China
United States
United Kingdom
France
Switzerland
Germany
Japan
Austria
Italy
South Korea
Sweden
Canada

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Figure 4. World Auction Sales Top 12 Countries in 2016 (Source: Pownall, 2017, p.32)
Figure 5. Evolution of the Annual Auction Sales Revenues in the United States, China, the United
Kingdom and in France between 2012 and 2016 (Source: Pownall, 2017, pp.99, 118, 166 and 184)
0 2 4 6
China
United States
United Kingdom
France
Switzerland
Germany
Japan
Austria
Italy
South Korea
Sweden
Canada
$ Billion
Top 12 Countries Annual Auction Sales Results (2016)
0
1
2
3
4
5
6
7
8
2012 2013 2014 2015 2016
$Billion
Annual Auction Sales Revenues (2012-2016)
France The United States The United Kingdom China

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As mentioned by Poulain (cited in Robert, 2016), the auction industry is ‘supply driven’.
Without consignments, an auction house cannot make profits and last, which can explain the
important bargaining power of suppliers (Fig.6). On the other hand, they are far less affected
by new entries or substitutes as it is complicated to launch successfully an auction house or
offered similar services. Finally, the competitive rivalry is extremely high industry and Thomas
Seydoux even qualified auctions as ‘a superaggressive, supercompetitive business’ (cited in
Baker and Kazakina, 2015).
Figure 6. PORTER Five Forces’ Analysis of the Auction Industry

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Artcurial has, thus, to contend with a large set of French and international direct competitors
which are the other auction houses (Table 1; Fig.7-8) but also with more indirect competitors
such as art galleries or art fairs as their sales have been increasing recently (Fig.9).

Table 1. Artcurial Direct Competitors in France and Worldwide
FRENCH COMPETITORS INTERNATIONAL COMPETITORS
Sotheby’s France Sotheby’s
Christie’s France Christie’s
Pierre Bergé et Associés Poly International Auction Co. Ltd
Millon et Associés Heritage Auction Galleries
Piasa China Guardian Auctions Co. Ltd
Claude Aguttes Bonham’s
Tajan Phillips de Pury & Company
Ader Beijing Council International Auction Co. Ltd
Bonhams France Xiling Yinshe Auction Co. Ltd
RM Auctions Seized Assets Auctioneers
Osenat Mecum Auction
Cornette de Saint Cyr Barett-Jackson Auction Company
Binoche et Giquello Gooding & Company
Damien Leclere Dorotheum
Société Thierry de Maigret Shanghai Jiahe auction Co. Ltd
Beaussant-Lefevre Lauritz Christensen Auctions
Gros et Delettrez Guangzhou Huayi International Auctions Co. Ltd
Others Others

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Figure 7. Top 12 Auction Houses’ Auction Sales Results in the World and Top 3 French Auction Houses’
Auction Sales Results in 2016 (Sources: Pownall, 2017; Ouest-France, 2016)
Figure 8. Breakdown of Auction Market Share by Value in France in 2016 (Source: CVV, 2017)
0 0,5 1 1,5 2
Christie's New York
Sotheby's New York
Christie's London
Sotheby's London
Poly International Auction Co., Ltd.
Sotheby's Hong Kong
Beijing Council International Auction Co., Ltd.
China Guardian Auctions Co., Ltd.
Christie's Hong Kong
Sotheby's Geneva
Poly Auction (Hong Kong)
Christie's Paris
Sotheby's Paris
Artcurial
$ Billion
Auction Houses Top Auction Sales Results in 2016
23%
21%
19%
37%
Breakdown of Auction Houses' Market Share in France (2016)
Christie's France
Sotheby's France
Artcurial
Other major parisian
auctioneers

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Figure 9. Breakdown of Global Market Sales Realised by Dealers and Auction Houses in Billions of
Dollars out of respectively $44 billion and $45 billion in 2015 and 2016 (Source: Pownall, 2017, p.11)
Analysis of the Internal Resources, Competencies and Capabilities
Artcurial’s internal resources are various and can be summarised as follow (Fig.10):
Figure 10. Artcurial Internal Tangible and Intangible Resources
23,25
27,9
21,08
16,9
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
2015
2016
Breakdown of Global Art Market Sales (2015-2016)
Dealer Auction

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Quality and provenance of the works, confidentiality and reputation are the founding principles
of the industry and of Artcurial. The great ability to market, advertise and promote itself as a
luxury brand is also part of its competencies. Briest (cited in Robert, 2014) even said that
Artcurial is the ‘Hermès of the auction houses’. However, Artcurial competitive advantages
(Table 2) are rather the special collector-to-collector relationship that Artcurial’s employees
have with clients, the experience provided within the auction house (living space, auction
show), its inimitable savoir-faire and expertise combining ‘French culture of ‘commissaire-
priseur’ and British culture of auctions’ (Wealth-X, 2015) and lastly, its capacity to innovate
and anticipate changes in trends.
Table2. VRIO Analysis and Sustained Competitive Advantages
IS IT
VALUABLE?
IS IT
RARE?
IS IT
HARD TO
IMITATE?
IS THE
AUCTION
HOUSE
ORGANISED
AROUND IT?
IS IT A
COMPETITIVE
ADVANTAGE?
High-quality
artworks and
collectibles
YES NO - - Competitive equally
Confidentiality YES NO - - Competitive equally
Trust/Reputation YES NO - - Competitive equally
Marketing/
advertising/
branding
YES YES NO -
Short-term
competitive advantage
Special
relationship
(collector to
collector)
YES YES YES YES Competitive advantage
Specific savoir-
faire/expertise
Precursor/
Innovation
Experience YES YES YES YES Competitive advantage

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Key Stakeholders, Key Suppliers, Key Buyers

As illustrated in Table 3, Artcurial key stakeholders are the French Government, the Ministère
de la Culture et de la Communication, the auction trade associations, the Dassault Group, to
which Artcurial is a subsidiary, and the Pastor Group, which is another shareholder. Artcurial’s
managers and employees are also part of the stakeholders as they are investing efforts and
participating actively in the company’s activities. Another indirect influence is coming from
the community and minority’s broad expectations. Finally, the most influential groups of
stakeholders are suppliers, who consign works, and customers, who buy them. Indeed, as Doyle
(2002, p.13) explains for the customers, ‘if their expectations are not met, they can switch to
alternative brands and so erode the company’s revenue base and ability to satisfy all other
stakeholder groups’.

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Table 3. Artcurial internal and External Stakeholders, Their Expectations and Involvement
Artcurial internal and external stakeholders, their expectations and their involvement
INTERNALSTAKEHOLDERS
Shareholders/Investors
Dassault Group / Pastor Group
Share of dividends
Increase of capital growth
Safe investment
Decision-making
High level of influence on
resources and annual results
expected
Managers
Artcurial SA Board Members,
Artcurial Executive Board, and
Artcurial Supervisory Board &
strategy
Ensure the continued existence
of the company
Compensation (salaries/bonuses)
Prestige / Power
Job satisfaction
Decision-making
High level of influence on
resources, processes and
outcomes
Base of Artcurial reputation
Employees
Specialists, administrators,
accountants, shipping managers,
human resources managers,
warehouses personnel, …
Employment security
of the company
Job satisfaction
Invest efforts
Participate in the auction
houses’ activities
Base of Artcurial reputation
Interns
Auctioneers’ students, art history
students, business students, law
students, accountability students,
…
of the company
Job satisfaction
Potential future job
Provide unpaid labour
Invest efforts
Participate in the auction
houses’ activities
EXTERNALSTAKEHOLDERS
Government
French Government
Ministère de la Culture et de la
Communication
Collection of taxes
High rate of employment
Recognition of the French art
market and cultural scene
Indirect influence because of
policy decisions and legislative
initiatives
Trade Associations
Conseil des Ventes Volontaires
SYMEV (National Union for
Auction Houses)
CNMA (National Council of the
Art Market)
Interest and capital repayments
Security
Indirect influence on the
Government policy decisions
and legislative initiatives
Community
French Community and more
specifically minority groups
Fair employment
No discriminations
Indirect influence on Artcurial
strategies
Suppliers/Sellers
Consignors
Regular payments
Continuity of business
Direct influence on Artcurial
strategies
Customers/Buyers
Collectors
Product quality
Service
Value
Direct influence on Artcurial
strategies

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Target market and Consumer Needs

Artcurial, as it is a ‘customer-led business’ (Doyle, 2002, p.36), is ‘[surviving] and [prospering]
through meeting the needs of [its] customers’ (Doyle, 2002, p.31). At contrary to other auction
houses solely focusing on collectors, Artcurial was the first to target both experienced collectors
and a young generation of collectors and art-lovers (Fabien Naudan interviewed in Epinay,
2015).
Figure 11. STP (Segmentation, Targeting and Positioning) Analysis

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As shown in Figure 11, experienced collectors are mostly men (71%) around 59 years old
(Larry’s List, 2014). They have a high disposable income allowing them to acquire artworks
and collectibles at high prices. On the other hand, the new generation collectors and the
enlightened amateurs are much younger (21-40 years old). According to Naudan (interviewed
in Epinay, 2015), Artcurial’s clientele would like to live surrounded by the furniture and
artworks they are buying. The amount of money they can spend is also less important which
explains their interest in affordable collectibles (design, prints, …). However, their income is
going to increase and they will also inherit in the following years (Martinez, n.d.). Lastly, they
are part of an internationally-moving generation, spotting on Instagram the works they would
buy and constantly demanding for online-only auctions (Ducros, 2016; Martinez, n.d.).
Organisational Structure 
Leadership, Top Management Team

According to Doyle (2002, p.39), ‘Profit, growth and stability all depend upon management’s
ability to orient the organisation to meeting the needs of the customers’. Thereby, an efficient
and effective top management team is primordial. As shown in Figure 5, Artcurial leadership
is formed by three different boards. While the board of Artcurial SA Group is the ‘policy-
maker’, the Executive board members are ‘in charge on the specific operational involvement’
(Varbanova, 2012, p.46). Finally, the Supervisory board is the policy-making and check that
the Directive board strategy is looking at the ‘organisational structure of the company’
(Varbanova, 2012, p.46) and its consistency regarding its objectives (Doyle, 2002, p.14).

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However, at contrary to other auction houses, most of the managers in Artcurial’s board (Fig.12;
Appendix 1) neither have art history background nor are ENA Alumni (Robert, 2014). For
instance, Orlowski, Naudan and Berard were businessmen and worked for luxury brands,
private institutions or even at the Ministère de la Culture et de la Communication. Only the
commissaires-priseurs have a general expertise on objects. Nevertheless, they are all experts in
their field and share their knowledge. They are also driven by passion and are even sometimes
collectors such as Fabien Naudan. Notwithstanding, the main advantage of Artcurial is
Orlowski’s inventiveness, entrepreneurial experience and a well-honed sense of strategy
(Robert, 2016).
Figure 12. Artcurial Top Management Team Organisational Chart (Artcurial, n.d.)

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Employee Base and Characteristics
What’s more, Artcurial’s 150-employees team is constituted by a wide range of professions
such as specialists and administrators but also accountants, human resources managers,
shipping managers, warehouses personnel, … (Appendix 2). A large set of interns is also
rotating twice a year. Comparing to the top management team, employees have also various
background and are hired based on their motivation, passion, relationship with clients, extra
skills and knowledge they could bring to the company and their capacity of ‘intrapreneurship’
(Varbanova, 2012, p.19).
Management of Creativity

Poulain and Laurent Dassault (cited in Robert, 2016) explained that Orlowski’s management
strategy is looking for concertation, gathering and even making grow its collaborators’ talents
and skills. The fact that the auction house is a young business still on a human scale is enabling
Artcurial to be flexible, energetic and react quickly regarding the changing trends of the market
(Wealth-X, 2015; Lacey, 2015). It is also more audacious and increasingly orienting itself
towards the art de vivre which seems a much more stable source of revenue than paintings
(Crochet, 2015). Artcurial through its innovation try to give birth to warmer auction sales than
its competitors (Fig.21-22).

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Marketing Strategy
Advertising, Promotion, Publicity and Product placement

As explained by Varbanova (2012, p.156), the marketing ’should bring mutual satisfaction for
both …: the customers … and the company’. Through its marketing strategy, contrasting with
Sotheby’s and Christie’s ones based on lobbying, Artcurial is promoting itself as a cultural actor
(Robert, 2014) and aims ‘to convince [the visitors] that waving a paddle can be … fun’ (Yaeger,
2012).
Figure 13. Marketing Mix and Strategy

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Artcurial is strongly emphasising its French identity as well as its historical and ‘stunning
location’ (Rochebouet and Sasportas, 2012) which has been remodelled by the architect
Wilmott to become a functional, pleasant and comfortable place where visitors would like to
spend time (Fig.14-16). Finally, its advertising methods are wide (Fig.13) ranging from cultural
events to both ‘online’ and ‘offline’ publicity (Varbanova, 2012, p.175). The top management
even gives of their very person, multiplying press, Television and radio interviews well as posts
on Instagram.
Figures 14, 15 and 16. Views of the Artcurial’s Headquarter which is Hôtel Marcel Dassault, the Café
Artcurial and the Artcurial’s bookshop

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Elements of Differentiation

Figure 17. Porter Generic Strategies and Ansoff Matrix (Sources: Varbanova, 2012, p.132; Doyle,
2002, p.19)

Artcurial is setting up a strategy of differentiation focus (Fig17). The auction house is doing
both a ‘concentric diversification’, launching Artcurial Culture, and a ‘conglomerate
diversification’ with a bookshop and a restaurant (Varbanova, 2012, p.134).
Its market penetration aims to increase the customer loyalty, its market share and potentially
increase the volume and frequency of their acquisitions as well as convince collectors to sell
their collection at Artcurial. Indeed, they ‘represent 40% of the sale volume and reflect
[Artcurial] close tie with collectors’.
However, Artcurial’s main advantage is ‘its ability to spot the potential of unconventional fields
that the older houses were slower to embrace’ (Lacey, 2015). Nowadays, those undeveloped
markets (design, comic strips, limited editions, cars, …) have become its specialities.

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Lastly, the enterprise has gradually expanded itself in France and abroad. Thus, Artcurial has
auction venues in Paris, Monaco, Marrakech, Tel Aviv and Hong Kong as well as representing
offices in Brussels, Wien, Munich and Milan and a consultant in Beijing. The auction house is
also launching cultural events in New York, Casablanca, Rabat, Geneva and Venice (Fig.18).
This expansion worldwide is probably explaining why 44% of Artcurial’s clients were new
clients and 75% were foreigners in 2016 (Artcurial, 2016b, p.6).
Figure 18. Artcurial’s auction venues, representing offices, exhibitions and cultural events as well as
consultants’ location around the world in 2016 (Source, Artcurial, 2016b, p.11)

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Sales and Pricing Strategy

According to Bresset (interviewed in Wealth-X, 2015), Artcurial is selling ‘at a range of price
points which allows [it] a wide range of buyers’. However, the auction house is not fixing its
prices. It only defines pre-sale estimates which are indicators of the current value of objects.
Depending on the demand, the piece can be bought-in, sold within the estimate or even
overcome it. As explained by Varbanova (2012, p.171), ‘prices increase when consumer’s
requests and intention increase’ but as reported by Epinay (2015), the enterprise cannot create
the offer, consignors are, consequently, driving the negotiation (Robert, 2016). Thus, the
departments need to balance both the consignors’ price expectations as well as enough
attractiveness to catch bidders’ attention and allow the work to be hammered down. The
premium, is, then, added to the hammer price. Regarding Artcurial commission, it needs to be
mentioned that, at contrary to Sotheby’s and Christie’s, it is including the VAT which will be
redistributed to the French Government and range from 25% to 12.5% depending at which price
the piece has been bought.

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Cultural Strategy
Impact on the Art World

Artcurial is another facet of the French cultural exception (Robert, 2016) and seems to be the
only auction house able to compete Christie’s and Sotheby’s in France (Travert, 2016, p.20).
Indeed, Artcurial is part of the ‘second tier of auction houses’ (McAndrew, 2010, p.12), ranking,
in 2016, 17 worldwide (Artprice, 2017) and 3 in France (CVV, 2017, p.15) when comparing
their revenues. It even ranked 1 in France for the first semester 2016. Since its creation,
Artcurial annual auction sale result has skyrocketed of 570% in 15 years (Fig.19) which makes
it one major actor of the art world.
Figure 19. Artcurial Annual Auction Sale Results and Growth Rates between 2002-2016
0%
20%
40%
60%
80%
100%
120%
140%
160%
0
50
100
150
200
250
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
AnnualGrowthRate(%)
AnnualResult(€Million)
Auction Sale Result and Growth Rate
Annual Results Annual Growth Rate

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Table 5. Rank, revenue and number of lots sold by Top 20 Auction Houses in the World in 2016
(Source: Artprice, 2017)
Top 20 Auction Houses in the World in 2016
Rank Revenue ($) Lots sold
Christie's 1 3,054,089,923 16,243
Sotheby's 2 2,888,199,582 13,945
Poly International Auction Co. Ltd 3 988,895,776 9,398
China Guardian 4 609,113,322 6,648
Beijing Council International Auctions 5 551,777,500 3,879
Phillips 6 346,337,625 3,269
Xiling Yinshe Auction 7 176,433,817 4,431
Bonhams 8 144,534,764 6,818
Holly International 9 123,197,961 1,470
Zhong Hong Xin International Auction 10 90,348,753 986
Canton Treasure Auction 11 89,724,121 2,014
Shanghai Jiahe Auction 12 87,014,164 1,849
RomBon Auction 13 72,915,814 2,505
Dorotheum 14 72,482,762 4,807
Seoul Auction 15 71,749,020 1,143
Shanghai Mission Auction 16 69,379,508 414
Artcurial 17 67,324,517 3,269
Beijing Hanhai Art Auction 18 63,413,712 3,924
Beijing Inzone International Auction 19 62,874,981 454
Grisebach 20 56,069,263 2,159

Aesthetic Vision of the Organisation

The company’s aesthetic vision is controlled by both Naudan and Orlowski, since 2012 and its
new visual identity, designed by Yorgo&Co, has been revealed to the public in 2015. Inspired
by the auction house singularity, audacity and youthfulness as well as its French roots, the
typography, logo and catalogues new graphics standards, … (Fig.20) are going to accompany
Artcurial in its international development.

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Figure 20. Comparison between Artcurial old and new visual identities
Artistic Innovation

As pointed out by Robert (2016), Artcurial has always placed innovation at the heart of its DNA
and has recently been the instigator of two main innovations in the auction industry. The auction
house ‘introduced … two new styles of auctions [to] seduce modern-day collectors’ (Artcurial,
2016a, p.6) which are sales combining different specialities (design, prints, limited editions,
urban art, art deco...) and re-contextualising objects as if they were part of an existing interior
decoration (Fig.21) as well as curated and thematic sales focusing on one artist, one collector
or one type of furniture (Fig.22).

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Figure 22. ‘Light is more: a century of lighting’ pre-sale exhibition view (Source:
DaniellaonDesign, 2016)
Figure 21. ‘Design: Provenances’ pre-sale exhibition view (Source: Thegoodolddayz, 2017)

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Secondly, Artcurial has also launched Artcurial Culture Agency, in 2015, an independent
structure accompanying companies, foundations and museums from the conceptual phases to
the finalisation of their cultural projects and exhibitions, using Artcurial expertise and savoir-
faire in the field. Even if Christie’s and Sotheby’s try to position themselves as cultural actors,
they are not offering this innovative cultural service to their clients (Robert, 2015).
Recommendations, Risks and Opportunities  
Potential risks and opportunities that Artcurial could respectively face and benefit from have
been gathered in this SWOT analysis (Fig.23).
Figure 23. SWOT Analysis (Source: Varbanova, 2012, p.104-106)

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Risks
As reported by Travert (2016, p.20), Artcurial Motorcars is dominating the auction house’s
annual result, representing 38% in 2016 of the overall auction sales (Artcurial, 2016b, p.5). In
case those results would decrease, the auction house could be financially affected. Another peril
is that Sotheby’s and Christie’s France are overshadowing Artcurial regarding modern and
contemporary art which are, actually, the most fashionable sectors. Therefore, it also seems that
the annual auction sale growth rate is slowing down over years (Fig.19). Finally, the fact that
all the branding strategy is focused around the emblematic Hôtel Marcel Dassault is raising
issues owing to the auction house reaches a critical size (Robert, 2016). While it is enough
recognised to attract prestigious collections sales, its exhibit space is sometimes too small
compared to those of Sotheby’s and Christie’s in London and New York and lose its customers
for the benefit of its competitors (Travert, 2016).
Opportunities

Two main opportunities can benefit to Artcurial which are the digitalisation and the
globalisation (Robert, 2016; Mathieu, 2016). Indeed, the auction house is going to launch in
2017 fully-dematerialized sales which will allow it to sell a new range of products and respond
to the new consumption patterns (Ducros, 2016). Throughout those sales which are open-
windows on the world, Artcurial will, thus, be able to target a wider international and young
clientele and especially in emerging countries where the number of HNWIs is soaring these
days (Ducros, 2016).

32
Recommendations
Artcurial should pursue, in a long-run, its strategy of indirect competition based on a
differentiation focus (Robert, 2016). The auction house should keep going searching out new
unexplored markets by the duopoly as it is its best competitive advantage. Then, the auction
house should follow its expansion in Asia and Africa as they are respectively needed ‘more
guidance and expertise [especially in] 18th Century furniture and works of art’ (Wealth-X,
2015) or seduced by Artcurial aesthetic bias. Another interesting segment to develop could be
the Latin America HNWIs. Indeed, their number will increase by 41% within 10 years (Deloitte,
2016, p.34) and it seems that they are driven by passion such as Artcurial (Fig.24). Finally,
Artcurial should think about enlarge its network among political and art world elites and
increase its lobbying position (Robert, 2016).
Figure 24. Percentage of UNWHIs who already collect investments of passion in 2017 (Source:
Knight Frank Research, 2017, p.52)
46% 44% 39% 38% 35% 33% 32% 32% 28%
Latin
America
Noth
America
Europe Australasia Global
Average
Russia/ICS Africa Middle East Asia
Proportion of UNWHIs already collecting investments of passion in 2017

33
Bibliography and Webography
Books
Bradshaw, A., Kerrigan, F. and Holbrook, M. B. (2010). ‘Challenging Conventions in Arts
Marketing: Experiencing the Skull’ in Kerrigan, F. and O’Reilly, D.(eds.). Marketing the arts:
A fresh approach. Oxon: Routledge, pp.5-18.
Doyle, P. (2002). Marketing Management and Strategy. 3rd
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brands. London: Kogan Page, pp.69-86.
McAndrew, C. (2010). Fine Art and High Finance: expert advice on the economics of
ownership. New York: Bloomberg Press.
MacNeill, K. And Wilson-Anastasios, M. (2014). ‘Fine Art Marketing and Consumption’ in
Kirchner, T. A., O’Reilly, D. and Rentschler, R. (eds.), The Routledge Companion to Arts
Marketing. Oxon: Routledge, pp.296-305.
Mitchell, A. (2003). ‘Beyond Brand Narcissism’, in Ind, N. (ed.). Beyond Branding: How the
new values of transparency and integrity are changing the world of brands. London: Kogan
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Travert, S. (2016). Rapport d’information de la mission relative au marché de l’art, Marché
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market, Art Market: Let’s cultivate out assets]. Paris: Commission des affaires culturelles et
de l’éducation.
Varbanova, L. (2013). Strategic Management in the Arts. Oxon: Routledge.

34
Websites, reports and online articles
Artcurial, (n.d.). Management. [Online]. Available at:
https://www.artcurial.com/en/artcurial/management/ (Accessed: 2 February 2017).
Artcurial, (2015). Annual Report 2015. [Online]. Available at:
https://www.artcurial.com/pdf/presse/2015/cp-artcurial-bilan-2015-en.pdf (Accessed: 2
February 2017).
Artcurial, (2016a). Results for the 1st
Semester 2016. [Online]. Available at:
http://www.artcurial.com/pdf/presse/2016/cp-resultats-1er-semestre-2016-en.pdf (Accessed: 2
February 2017).
Artcurial, (2016b). Annual Report 2016. [Online]. Available at:
https://www.artcurial.com/pdf/presse/2016/cp-artcurial-bilan-2016-en.pdf (Accessed: 2
February 2017).
Artprice, (2017). The Art Market in 2016: General Market Consolidation. [Online]. Available
at: http://www.artprice.com/artprice-reports/the-art-market-in-2016/general-market-
consolidation (Accessed: 28 February 2017).
Baker, S. and Kazakina, K. (2015). ‘Auction Wars: Christie’s, Sotheby’s, and The Art of
Competition’, Bloomberg Markets Magazine, 22 June. [Online]. Available at:
http://www.bloomberg.com/news/articles/2015-06-21/auction-wars-christie-s-sotheby-s-and-
the-art-of-competition (Accessed: 28 February 2017).
Conseil des ventes volontaires de meubles aux enchères publiques (CVV), (2017). Rapport
d’activité 2016 : Les ventes aux enchères publiques en France’ [Annual report 2016: The
public auctions in France]. [Online]. Available at:
http://www.conseildesventes.fr/sites/default/files/sites/hi_synthese_longue_cp_22_fevrier_20
17_v4.pdf (Accessed: 5 February 2017).

35
Crochet, A. (2015). ‘Enchères à Paris : Christie’s, Sotheby’s et Artcurial creusent l’écart’
[Auctions in Paris : Christie’s, Sotheby’s and Artcurial widen the gap], Le Quotidien de l’Art,
9 July. [Online]. Available at: http://www.lequotidiendelart.com/articles/7706-encheres-a-
paris-christie-s-sotheby-s-et-artcurial-creusent-l-ecart.html (Accessed: 3 March 2017).
DaniellaonDesign, (2016). ‘My Conversation with Fabien Naudan’, 19 February. [Online].
Available at: http://www.daniellaondesign.com/blog/my-conversation-with-fabien-naudan
(Accessed: 25 February 2017).
Deloitte, (2016). Art & Finance Report 2016. [Online] Available at:
https://www2.deloitte.com/content/dam/Deloitte/lu/Documents/financial-
services/artandfinance/lu-en-artandfinancereport-21042016.pdf (Accessed: 25 February
2017).
Ducros, A. (2016). ‘L’interview d’Astrid Guillon, Commissaire-priseur chez Artcurial’
[Interview of Astrid Guillon, Artcurial’s auctioneer], KBL Experts, 12 April. [Online].
Available at: http://kblr-experts.com/linterview-dastrid-guillon-commissaire-priseur-chez-
artcurial/ (Accessed: 25 February 2017).
Epinay, B. (2015). ‘Fabien Naudan ‘Les collectionneurs veulent aujourd’hui vivre avec les
pièces qu’ils achètent’’ [Fabien Naudan ‘Today, collectors want to live with pieces they are
acquiring’], Les Echos, 15 May. [Online]. Available at:
http://archives.lesechos.fr/archives/2015/SerieLimitee/00143-053-SLI.htm?texte=ron'arad
(Accessed: 15 February 2017).

Gauberti, A. (2015). ‘Taxation of acquisition and sale of artworks: auctions and private sales |
Art tax law’, Crefovi. [Online]. Available at: http://crefovi.com/articles/taxation-of-
acquisition-and-sale-of-art-works-auctions-and-private-sales-art-tax-law/ (Accessed: 28
February 2017).
Groupe Dassault, (n.d.). Our values. [Online]. Available at:
http://www.dassault.fr/en/contenu.php?docid=2322 (Accessed: 15 February 2017).

36
Knight Frank Research, (2017). The Wealth Report 2017: The global perspective on prime
property and wealth. [Online]. Available at:
http://content.knightfrank.com/research/83/documents/en/the-wealth-report-2017-4482.pdf
(Accessed: 4 March 2017).
Lacey, H. (2015). ‘The Rapid Rise of Artcurial Auction House’, Billionaire.com, 10 August.
[Online]. Available at: http://www.billionaire.com/auctions-investments/2022/the-rapid-rise-
of-artcurial-auction-house- (Accessed: 3 March 2017).
Martinez, R. (n.d.). ‘Young Art Collectors Versus Experienced Ones’, Widewalls. [Online].
Available at: http://www.widewalls.ch/young-experienced-art-collectors/ (Accessed: 3 March
2017).
Mathieu, B. (2016). ‘Enchères : ‘La concurrence entre les grandes maisons de ventes est
violente’ [The competition between the major auction houses is violent], L’Express, 18
November. [Online]. Available at: http://lexpansion.lexpress.fr/actualite-
economique/encheres-la-concurrence-entre-les-grandes-maisons-de-ventes-est-
violente_1850134.html (Accessed: 3 March 2017).
Wealth-X, (2015). ‘Artcurial, The Upstart Billionaire-Backed French Auction House’, 1
September. [Online]. Available at: http://www.wealthx.com/articles/2015/isabelle-bresset-
artcurial/ (Accessed: 25 February 2017).
Ouest-France, (2016). ‘Enchères. Croissance pour Christie's, Sotheby's et Artcurial en
France’ [Auctions. Growth for Christie’s, Sotheby’s and Artcurial in France], 20 December.
[Online]. Available at: http://www.ouest-france.fr/le-mag/ventes-aux-encheres/encheres-
croissance-pour-christie-s-sotheby-s-et-artcurial-en-france-4694111 (Accessed: 25 February
2017).
Rochebouet, B. (de) and Sasportas, V. (2012). ‘Artcurial, dix ans de conquête’ [Artcurial, ten
years of conquest], Le Figaro, 13 November. [Online]. Available at:
http://www.lefigaro.fr/culture/encheres/2012/11/13/03016-20121113ARTFIG00226-artcurial-
dix-ans-de-conquete.php (Accessed: 25 February 2017).

37
Robert, M. (2014). ‘Grand chelem pour Sotheby’s en France, Artcurial challenger’ [Grand
Slam for Sotheby’s in France, Artcurial competitor], Les Echos, 18 December. [Online].
Available at: http://www.lesechos.fr/18/12/2014/lesechos.fr/0204027859574_grand-chelem-
pour-sotheby-s-en-france--artcurial-challenger.htm (Accessed: 25 February 2017).
Robert, M. (2015). ‘Artcurial se diversifie dans l’organisation d’expositions’ [Artcurial is
diversifying itself in the exhibitions’ organisation], Les Echos, 8 December. [Online].
Available at: http://www.lesechos.fr/08/12/2015/LesEchos/22082-084-ECH_artcurial-se-
diversifie-dans-l-organisation-d-expositions.htm#inscription (Accessed: 25 February 2017).
Robert, M. (2016). ‘Artcurial monte aux enchères’ [Artcurial climbs at auction], Les Echos,
18 March. [Online]. Available at:
http://www.lesechos.fr/18/03/2016/LesEchosWeekEnd/00023-011-ECWE_artcurial-monte-
aux-encheres.htm (Accessed: 25 February 2017).
Thegoodolddayz, (2017). ‘Vente ’Design: Provenances’ @ Artcurial – 28.02.2017 20H’ [Sale
‘Design: Provenance’ @ Artcurial – 28.08.2017 20H], 27 February. [Online]. Available at:
https://thegoodolddayz.wordpress.com/2017/02/27/vente-design-provenances-artcurial-28-02-
2017-20h/ (Accessed: 17 March 2017).
Yaeger, L. (2012). ‘Auction Provocateur’, The New York Times Style Magazine, 30 August.
[Online]. Available at: http://www.nytimes.com/2012/09/09/t-magazine/artcurials-auction-
provocateur.html (Accessed: 15 February 2017).

38
Appendices
Appendix 1

Nicolas Orlowski: Chairman and CEO
§ Studied at L’Ecole Alsacienne and then, in a Business School
§ Founded Orlowski Expositions when he was 21 years old
§ Launched several magazines, invest in different start-ups, part of the
strategic board of LVMH and Cartier
§ Bought in 2002 the Artcurial Gallery to L’Oréal and turned it into
Artcurial auction house in partnership with Dassault Group

Hervé Poulain: Honorary Chairman of Artcurial SA Group – Auctioneer
qualified since 1969
§ Orchestrated auctions in every field during his career
§ Fascinated by contemporary art and speed, instigator of the concept of
collecting cars as works of art.
§ Founder and president of SYMEV (National Union for Auction
Houses) and CNMA (National Council of the Art Market).

Francis Briest: Chairman of Supervisory Board & Strategy – Auctioneer
qualified since 1979
§ Joined Nicolas Orlowski when he launched Artcurial in 2001
§ Specialised in Modern and Contemporary Art
§ President of “Les Amis du Donjon de Vez” which organises annual
exhibitions of modern and contemporary sculpture in this historic
monument: Calder (1996), Dubuffet (1997), Miro (1998), American
sculpture (2004), and Alberto Giacometti (2005)
§ Launched Artcurial Culture Agency in 2015

39

François Tajan: Deputy Chairman - Auctioneer qualified since 1990
§ In charge of the Art Deco and then, the Modern Art, Contemporary Art,
Comic Strips, Photography and Design departments in his family auction
firm Tajan S.A
§ Joined Artcurial in 2005 as co-chairman
§ Launched Art Deco and Comic Strips sales and organised jewellery and
watches prestigious sales in Monaco as well as charity auction sales such
as those at the benefit of Reporters without Borders, the Red Cross, or the
French SAMU Social (emergency medical service)

Fabien Naudan: Vice-Deputy Chairman
§ Collector of Denim and Contemporary furniture
§ Career driven by passion: Fashion (worked with Paul Smith, and later
with A.P.C) and then, Design (Joined Artcurial)
§ Launch Artcurial’s Design department furniture which had become a
European leader in the field
§ Organised “Light is More: a century of lighting” auction in 2005,
featuring the personal collection of designer Ingo Maurer
§ Appointed Vice-President of Artcurial in 2013 Design department has
confirmed its global position in the field
Matthieu Lamoure,
§ Passionate by cars
§ Started to work with Hervé Poulain
§ Became specialist at Bonhams Europe in Geneva in 2003 and then,
Bonhams Director of Europe in 2006
§ Hervé Poulain offered him to be General Manager of Artcurial
Motorcars and he agreed in 2010 where he has created a radically new
image and communication campaign for its department
§ Organise official sales at the Salon Rétromobile-Paris, Le Mans Classic,
and Automobile auctions on the Champs-Elysées
Martin Guesnet: Senior Associate
§ Passionate about contemporary creation (has been performer in avant-
garde German theatre troupes before fully devoting himself to plastic arts)
§ Director of the Galerie Beaubourg, Paris/Vence from 1986 to 1997
§ Director of the Karsten Greve gallery in Paris
§ Joined Francis Briest in 1998 and strives to develop the contemporary
art sales market in France
§ Heads the Artcurial Contemporary Art Department from 2002-2014
§ In charge of Artcurial’s development in Europe since 2014: Belgium
(Brussels), Italy (Milan), Austria (Vienna) and Monaco, Germany
(Munich)

40
Stéphane Aubert: Associate Director – Auctioneer qualified since 2003
§ Studied Law and Art History
§ Joined Artcurial and launched the Furniture and Decorative Objects
department
§ Manage the Valuation department and coordinate the firm’s teams of
specialists since 2005. Also in charge of relations with affiliated auction
firms and Artcurial offices in the rest of France (Toulouse, Deauville,
Lyon, Marseilles, and Bordeaux)
§ Led the hugely successful auction marathon of the furniture from the
Hôtel de Crillon (6 M€) and from the Plaza Athénée (1.4 M€) in 2013
Emmanuel Berard: Associate Director
§ Studied Marketing and Economic Science
§ Director of Communication for the Dance Festival in Montpellier and
then worked as a member of the communications department at the
Ministry of Culture
§ In 2006, Director of Palazzo Grassi editorial and commercial activities
§ Joined Artcurial in 2008 as Director of Marketing, Communication &
Cultural Activities and then, became, in 2013, Director of the
Design Department (6 M€ in turnover in 2013)
Olivier Berman: Associate Director
§ Director at the Galerie Gary-Roche (founded by his grandparents in
1893) from 1987 to 2008, ultimately as its Director
§ Specialisation in 19th and Early 20th Century International Paintings
§ Help rescued movements such as Orientalism and Symbolism
(organised in collaboration with Lynne Thornton, many important
exhibitions, including The Orientalists)
§ Francis Briest’s expert in 19th Century Paintings from 1995 to 2004
§ Joined Artcurial in 2008 to create and develop the Orientalist
Department.
Isabelle Bresset: Associate Director – Auctioneer qualified since 1995
§ Spent 12 years working for Christie’s Paris
§ Joined the Artcurial team in 2009 and is now Head of Artcurial’s
Department of Decorative Objects & Works of Art
§ Acclaim for her auctioneering skills and for her expertise,
professionalism and market knowledge
§ Sale of the Jean Rossignol Collection in 2006 included the most
expensive piece of furniture ever acquired at auction in France.

41
Matthieu Fournier: Associate Director - Auctioneer
§ Passionate by Old Masters and 19th
Century Paintings and Drawings
since his childhood
§ Obtained degrees in History, Law and Art History
§ Joined the Inventory Department at Christie’s Paris and training to
become an auctioneer
§ Joined Artcurial in 2005 and create the Old Masters & 19th Century
Paintings & Drawings Department in 2007
§ Broad-based knowledge that enables him to handle all aspects of any
auction from A to Z – Efficiency. Numerous world records over the years
Bruno Jaubert: Associate Director
§ 15 years’ experience shared between publishing and the modern art
market with leading Parisian auction firms
§ Joined Artcurial’s Impressionist & Modern Art Department when the
firm was launched in 2002
§ Extensive knowledge of works and the market
§ Discretion and pertinent advice appreciated by collectors
§ Passion and pugnacity to track down works of the highest quality (e.g.
La rivière by Aristide Maillol sold for 6 177 266 € in 2013)
Julie Valade: Associate Director
§ Studied at the Ecole du Louvre and earn a Master of Law degree
Follow courses at the Institut National de Gemmologie in Paris and
specialised herself in jewellery
§ Started to work at the Tajan Etude
§ Worked with the experts Baille and Beauvois
§ Called by Artcurial to create a jewellery department

42
Appendix 2
Art Departments:
§ Aeronautics & sailing
§ Arms & Historical Souvenirs
§ Art Deco
§ Artcurial Motorcars
§ Asian Art
§ Automobilia
§ Books & Manuscripts
§ Comic Strips
§ Curiosities, Ceramics & Medieval
Art
§ Design
§ Fine Wine & Spirits
§ Furniture & Works of Art
§ General Sales
§ Hermès Vintage & Fashion Arts
§ Impressionist & Modern Art
§ Inventories & Collections
§ Jewellery
§ Limited Editions
§ Middle East & Islamic Arts
§ Old Master & 19th
Century Art
§ Orientalist Paintings
§ Post-War & Contemporary Art
§ Photography
§ Prints and Illustrated Books
§ Tribal Art
§ Urban Art
§ Watches
Others:
§ Secretary General
§ Shipping & Customs
§ Bids Office
§ Accounting & Administration
§ Sales Accounts
§ General Accounts
§ Human Resources
§ Marketing & Communication
§ Logistics & Inventory
Management (Warehouses)

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