Christie’s is partnering with U.K.-based ocean protection charity Blue Marine Foundation to raise funds through a sale of works by leading contemporary artists during an October week of major London sales.
“Blue: Art for the Ocean” will include works from more than 20 artists, including Serbian performance artist Marina Abramović, Japanese painter Yoshitomo Nara, English artist Lydia Blakeley, English potter and author Edmund de Waal, and German painter Jonas Burgert.
Christie’s announced the first three pieces to be auctioned, including a photograph of Abramović from a May 2024 filming of a separate project that shows the artist on the shores of Fire Island, N.Y.
“My Performance for the Oceans artwork for the auction blends my artistic vision with environmental consciousness,” Abramović said in a news release. The image is one of three from the film that Christie’s will sell for between £50,000 and £70,000 (US$64,012 and US$89,617), according to Blue Marine, citing the Sunday Times of London.
The other two pieces are an underwater painting by Blakeley titled The Hunters and an illustration by Nara titled Walk On .
The foundation works toward ocean health by putting a spotlight on overfishing and efforts to protect critical marine ecosystems around the world.
Christie’s expects to announce a full lineup of lots and price estimates in the coming weeks, according to a company spokesperson. The auction will be held during Christie’s annual Frieze Week sales of 20th- and 21st-century art.
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The social-media company’s revenue increased 14%, falling short of estimates.
Pinterest shares tumbled after the company projected that revenue growth would slow in the first quarter, amid an advertiser pullback that weighed on its fourth-quarter earnings.
Shares slid 18.5% to $15.10 in after-hours trading after closing the market session down 2.9% at $18.54.
Pinterest reported a 14% increase in fourth-quarter revenue to $1.32 billion, up from $1.15 billion a year earlier, but short of analysts’ estimate of $1.33 billion, according to FactSet. The company posted 17% revenue growth in the third quarter.
The company expects growth to decelerate further in the current first quarter, projecting growth between 11% and 14%. It’s forecasting revenue between $951 million and $971 million.
Chief Executive Officer William Ready said the company needs to broaden its revenue mix and accelerate sales going forward.
“We are not satisfied with our Q4 revenue performance and believe it does not reflect what Pinterest can deliver over time,” he told analysts on a call Thursday. “We are moving with urgency to return over time to the mid-to-high-teens growth, or better than what we have been consistently delivering.”
Pinterest on Thursday recorded a profit of $277.1 million, or 41 cents a share, compared with its profit of $1.85 billion, or $2.68 a share, a year earlier. The $1.85 billion profit in 2024 included a $1.6 billion benefit from deferred tax assets.
Stripping out certain one-time items, Pinterest logged adjusted earnings of 67 cents a share, in line with analyst expectations, according to FactSet.
Ready said the company continues to see headwinds from larger retailers pulling back on advertising spending to protect their margins amid the impact from President Trump’s tariffs.
“We saw continued softness from this cohort of large retailers,” Ready said. “While we see opportunity over the long term, the near-term outlook for this cohort on our platform remains pressured given these headwinds.”
Ready said the company has expanded its footprint among mid-market and small-to-medium business advertisers, as well as international businesses. Still, he said Pinterest had a ways to go to offset the headwinds from larger advertisers, which may become even more pronounced in the current quarter.
Chief Financial Officer Julia Donnelly added that the company is looking to increase its investments in sales and research and development related to artificial-intelligence following the launch of its restructuring effort in January. Pinterest said last month that it would cut about 15% of its workforce, or approximately 700 jobs.
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