Christie's website cyberattack fails to halt $840 million auctions

The spring art auctions in New York faced a problem when Christie's website was hacked. This meant that some bidders might not be able to participate in bidding for $850 million worth of art. Despite not being able to fix the website, Christie's decided to continue with the auctions in person and by phone. The reason for this decision was that the spring sales are very important in the art world, and they wanted to ensure that the auctions could still take place. The issue with the website caused uncertainty, but Christie's staff and cybersecurity experts were working to solve the problem. It is not known who or what caused the hack on Christie's computer systems. However, a spokesperson for the company assured that the auctions for modern and contemporary art would proceed as planned. The art market is significant, and any disruption, especially the loss of confidential client data, could lead to a crisis. Despite the online interference, the New York spring sales are less vulnerable because top buyers usually bid in person or by phone through Christie's representatives. Christie's is also linked to the fashion company Kering, which owns Gucci. The art estimated to be auctioned soon is valued between $1.2 billion to $1.8 billion. In 2022, the May sales reached a record of $2.8 billion, partly due to the cash buildup during the pandemic. The demand for art in the US is crucial as other regional economies struggle for growth. The art market is still adjusting prices after the highs of 2021, with buyers expecting lower prices and sellers waiting for demand to increase. Christie's website was brought down by hackers just days before the $840 million auctions were scheduled to begin. This cyberattack affected the ability of potential bidders to access the auction catalog online. The art market relies on discretion as its clients are often influential figures. The cyberattack occurred at a critical time before the spring sales when buyers were showing interest in artworks worth millions of dollars. It is essential for companies to inform the public promptly if hackers may have accessed sensitive information.