Ketterer Kunst, of Munich, is at the top of its game. The family – owned auction house, which just celebrated its 67th anniversary, realized its best – ever annual earnings, $36 million, in 2010 —thanks in part to the $2.3 million earned by an Ernst Ludwig Kirchner portrait, which tied with a Pieter Brueghel as the most expensive painting sold in Germany that year —and has announced a 2011 midyear sales total of $17 million. Julia Halperin spoke with Robert Ketterer, the firms president, on the eve of its December auctions.
Last year Ketterer netted a record $36 million. How do you account for this success?
Weve made our selection even more discerning – last years result was achieved with 27 percent fewer items in our live auctions than in 2007, the previous record year. The Internet also brings in a lot of new clients, and on our Web site we sell a great many objects every day. In part because of this, we have had a 25 percent increase in new buyers – not just new bidders, but new buyers – for every auction.
How would you characterize Germanys place in the global auction market?
There are a lot of auction houses here, but only three or four major ones. And there is a limit to what people will spend. For example, we have a Hermann Max Pechstein painting from 1910 in our winter modern sale, and I am absolutely sure that no one will bid beyond €2 million or €3 million. In London or New York, it might easily get more.Which artists tend to do better in Germany?
German Informel artists, such as Emit Schumacher, sell very well within Germany but not outside. We also have a large domestic market for Zero group artists such as Heinz Mack and Gunther Uecker, but they are selling in London as well. As for big German names like Jorg Immendorff and Georg Baselitz, I would say 90 percent of their works are sold in Germany.
How do Old Masters perform in Germany compared with contemporary works?
Weve noted increased interest in Old Masters in recent years. Many collectors start out with contemporary or modern art and then discover the Old Masters. Currently contemporary art accounts for almost a third of our total revenue, with Old Masters at 15 percent. Our main focus is modern art, but contemporary art and Old Masters are both growing.
Ketterer recently moved into a new building in Hamburg. Do you attract a different clientele there?
All were doing in Hamburg now is rare books and maritime art. I think its a wise move. Hamburg is a very traditional market; there arent many art galleries and not a large market for con – temporary art. Furthermore, most wealthy Hamburg collectors have country homes in Bavaria, so for us the main business is still in Munich.
How has the Internet been instrumental in your growth?
I would say we sell 50 to 60 percent of all items online, although at lower prices, so this accounts for only 10 percent of revenue. A lot of Americans bid that way, as do the French, Australians, South Koreans, and Canadians. It makes no sense to travel to the auction house for one €10,000 item. We may have done more with the Internet than any other house in Germany. We spend almost €250,000 a year on our site.
Who are some of the top artists in Decembers contemporary auction? Going forward, will you aim to track down more – recent contemporary works? The forthcoming auction offers excellent modern and contemporary works by Conrad Felixmiiller, Rupprecht Geiger, Karl Hofer, Immendorff, Otto Mueller, and Sigmar Polke. In my opinion, recent art is a market for the galleries, not for the auction houses. Its the duty of the galleries to make the artists famous, and then their work comes to the auction houses after 10 or 20 years. What kind of collector buys a painting in 2008 and sells it three years later?
