MONTREAL - When Christie’s expanded to North America in 1968, the London-based auction house to the wealthy set up an office in Montreal before opening one in New York City.

And while it was New York that emerged as the location of Christie’s high-powered North American saleroom, the auction house – and its network of real estate affiliates – are now looking to Canada for growth at a time of global economic uncertainty.

Once forced to close for a year in 2009 because of the economic crisis, Christie’s Canada brought out the glasses of Pinot Noir and a $3-million dollar watch collection to a private gathering Wednesday night in Old Montreal.

The collection of 18k gold, mostly Patek Philippe watches – to be auctioned off in December – is the only viewing of its kind this year in the country, although others are expected in 2012, said Brett Sherlock, the Toronto-based director of Christie’s Canada.

“We have a very strong buying and selling audience here,” Sherlock said. “What we’re finding is a whole new group who’s investing in art.”

Canadian collectors are also selling through international auctions. Recently, a collection of Chinese vases from Montreal’s Van Horne family sold to the highest bidder, Sherlock said.

And this month, a Canadian collector’s “Bed Peace” poster from the Queen Elizabeth Hotel in Montreal where John Lennon and Yoko Ono held their “bed-in” is up for sale for between $128,000 and $160,000 U.S.

On the real estate side, Christie’s Great Estates, which entered the Canadian market years ago with an affiliate in Mont Tremblant, took on three new partners this year in Ontario. Plans for new Christie’s affiliates are now in the works for Vancouver and Calgary, said Kathleen Coumou, senior vice-president, regional manager, Northeast region for Christie’s International Real Estate.

“We’re doing a lot of expansion this year in Canada.”

Unlike the U.S. housing market which continues to struggle – with the exception of certain hot markets – Canadian real estate prices have appreciated nationally.

According to figures from the Canadian Real Estate Association, the average price of a home in Canada was $352,581 in September, up from $331,213 during the same month in 2010. Despite the strong condo market in Montreal, the average price of a home in Quebec continues to lag behind the national average at $263,615, up from $252,352 in September 2010.

Indeed, several businessmen at the private event questioned whether Christie’s would really find buyers in Montreal.

They said they felt the watches – the most expensive of which could sell from between $300,000 and $500,000 – were beyond their budget.

However, Albert Cohen, owner of the high end clothing boutique L’Uomo Montreal, said such a group of wealthy individuals exists.

It’s always the same clients he sees shopping for the same high-end watches, clothing and cars.

“Montreal is not a very big market, but I see that a niche exists.”

Louise Remillard, president of Profusion Realty Inc., a Christie’s affiliate in Montreal, said wealthy individuals in Montreal tend to be more discreet about their affluence, than in other cities.

alampert@montrealgazette.com