Christie’s reported that its jewelry sales in 2008 fell 2.7 percent to $383.6 million as the recession grounded many of the high sales achieved in the first half of the year.

“After the best first half of the year ever achieved for Jewelry at Christie's, with sales of $226 million in the spring (up 32 percent over spring 2007), the new economic environment brought a re-adjustment in prices for gemstones and jewels,” the auction house explained.

Christie’s jewelry, jadeite and watches department ended the year with sales down 5 percent to $455 million. Sales measured in pounds rose 5 percent to GBP 250 million as the British currency weakened against the U.S. dollar during the year. The department was the second best performing sector during the year behind Asian Art, where sales rose 4 percent in dollar terms. All other departments posted declines in 2008 as the company’s total sales fell 19 percent to $5.1 billion, or down 11 percent to GBP 2.8 billion.

Sales in the United States fell 30 percent in dollar terms, and 22 percent when converted to British pounds. Total European sales, including the U.K., declined 14 percent in dollars (down 4 percent in pounds), while Hong Kong sales decreased 4 percent (rose 4 percent in pounds) for the year.

Christie’s chief executive officer Edward Dolman said the auction house continued to be profitable “despite the economic turmoil of the second half of 2008.” He added that Christie’s has implemented significant cost saving efficiencies and will continue to refine its operating plans to maintain its market share. “As we move into 2009, recent results and forthcoming consignments give good reason to remain positive about the global art market where demand remains strong for well-estimated, unique and sought after works of art,” Dolman said.