Auction house Christie's is grappling with significant disruptions in its attempt to sell art and high-value items worth an estimated $840 million (£670 million) due to a sophisticated cyberattack. This incident has significantly impacted their spring auctions, which feature an array of valuable items including a Vincent van Gogh painting valued at $35 million, and rare, collectible wines.
Potential buyers, who typically rely on Christie's comprehensive online catalog, are currently unable to view these items on the auction house’s website, which has been taken offline as a result of the cyberattack. This has created substantial inconvenience for bidders and collectors worldwide who depend on the site for detailed descriptions and images of the lots up for auction.
One of the notable events affected by the cyber incident is the auction of a collection of rare watches, including some previously owned by renowned Formula 1 star Michael Schumacher. This auction has now been postponed, adding to the growing list of complications caused by the cyber breach.
Christie's communicated with the BBC, confirming that they were dealing with what they termed a "technology security incident." Despite this setback, the auction house reassured its clientele that bids could still be placed via telephone and in person, ensuring that the core aspects of their operations remain functional.
In a formal statement, Christie's emphasized, "Christie’s has well-established protocols and practices to manage such incidents, which are regularly tested to ensure resilience." They also mentioned the creation of an alternative website designed to provide basic information about the items scheduled for sale, thereby maintaining some level of access for interested buyers.
The cyberattack's impact became evident last week, yet Christie's managed to conduct a charity auction for watches on Friday in Geneva. This auction, which had already been postponed from its original 2023 date, successfully raised 28 million Swiss Francs (£26.4 million) to support research into Duchenne muscular dystrophy. This successful event highlighted Christie's ability to adapt and continue its operations under challenging circumstances.
Looking ahead, Christie's New York auctions are set to commence on Tuesday, starting with the sale of works owned by esteemed art collector Rosa de la Cruz. This will be followed by auctions featuring collections that span the 20th and 21st centuries. Notably, the 20th-century art collection, valued at a staggering $500 million, includes masterpieces by iconic artists such as Pablo Picasso, Georgia O'Keeffe, and Andy Warhol.
While the primary website remains down, Christie's has ensured that their Christie's Live service will facilitate online bidding, allowing collectors to participate in the auctions despite the cyberattack. This resilience demonstrates the auction house's commitment to maintaining its operations and serving its clients, even in the face of significant technological challenges.
The disruption caused by this cyberattack is a stark reminder of the vulnerabilities even prestigious institutions like Christie's face in the digital age. As the auction house works to resolve the issue and bolster its cybersecurity measures, it remains dedicated to ensuring the continuity of its services and the security of its clients' information.