NEW YORK—Christie’s auction house announced this morning that annual sales slipped 24 percent (when measured in British pounds) in 2009 as buyers and sellers stayed home during the worldwide recession. Measuring the same sales in American dollars, though, the story was even worse, showing a 35 percent drop in annual sales. (The discrepancy can be attributed to the declining value of the greenback.)

Christie’s CEO Edward Dolman described 2009 as a “demanding year,” but struck a chipper tone in a written statement, saying, “We remain in a strong financial position … to capitalize on the continuing art market recovery.”

Still, there was some good news scattered throughout Christie’s 2009 re-cap. Private sales held almost steady, declining only a single percentage point in pounds, to £265.7 million ($417.2 million), as cautious sellers decided to broker their deals outside of the sales room. Its private sales grew from three percent of its total business to a more sizable 12.5 percent.

Sold-through rates also improved, from 75 percent in 2008 to 80 percent in 2009, as sellers considered more carefully what they would send to market.