Sotheby’s has so far sold a staggering $7.3bn (£5.5bn) worth of art and many other collectibles this year. That is the most revenue that it has generated during its 277 years of existence. The auction house credits younger and tech-savvy collectors for these high annual sales.
It said on December 15 that an “influx of younger, tech-savvy collectors” acquiring luxury items like jewelery, handbags, wine, and various non-fungible tokens (NFTs) amid the pandemic had enabled the sales to surge to record highs.
This marketplace was launched in London in 1744 and currently operates from at least 80 offices throughout the world with its main office being in New York. Sotheby’s said that the 2021 total is expected to rise further since it has 20 more sales scheduled to happen before the end of the year.
As of December 15, Sotheby’s has sold 57 pieces of art for over $15 million each, with a Botticelli painting featuring a young man holding a roundel going for $92.2m being the top-selling item. So far, sales are already 71% higher compared to what they had been in 2020 when demand for NFTs dropped during the early stages of the COVID-19 pandemic.
Notably, records were also set for the most expensive sneakers and trainers ever auctioned. The Nike Air Yeezys that Kanye West wore to the 2008 Grammy’s sold for $1.8 million in April and for a 1933 “double eagle” gold coin that raised around $19 million to become the most expensive coin that has ever been sold at auction.
Most money changed hands in the modern and contemporary art space, reaching a staggering $4.3 billion across auction and private sales. Segments that sell wine and spirits, luxury watches, design and books & manuscripts have also set record annual sales so far.
The firm also set a record for the most valuable single-owner auction. There was $676 million paid for the Macklowe Collection amassed over more than 50 years by the real estate magnate Harry Macklowe together with his ex-wife Linda Macklowe. They were compelled to sell the collection by a judge overseeing their divorce after they failed to agree on its exact value.
Sotheby’s Collection Of Masterpieces
Their collection featured masterpieces by Mark Rothko, Alberto Giacometti, and Cy Twombly. Sotheby’s also held its first sale of nonfungible tokens (NFTs), selling $16.8 million worth of these digital assets in three days including the “source code for the world wide web” that sold for a cool $5.3 million.
It stated that the NFT sale underpinned the ‘rapid and dramatic expansion’ of its audience, with 78% of the NFT bidders being new to the marketplace. More than 50% who participated in the bidding process were under 40. In general, 47% of the bidders were new clients this year, and the total number of bidders who are under 40 years surged by 187%.
Sotheby’s auction house stated:
“An influx of younger, tech-savvy collectors also saw a landmark crossover into purchases of physical works such as Alberto Giacometti’s Le Nez bought by Justin Sun, founder of the cryptocurrency platform Tron, for $78.4m last month in New York.”
This confirmation of Sotheby’s yearly sales came in as speculation increased that the auction house’s billionaire French owner might be getting ready to float his company on the stock market. Patrick Drahi acquired Sotheby’s in a $3.7 billion deal in 2019, is believed to be exploring a prospect of floatation of the marketplace in 2022, as highlighted by Bloomberg.
