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Sotheby’s report US$7.3 billion in revenue for 2021 – ARTnews.com

After its fall auction streak drew pre-pandemic money and crowds, Sotheby’s reported $7.3 billion in sales for 2021 — a record high for the auction house. That total is 32% more than what the house generated in 2020, when it reported $5.5 billion in sales. It’s even outpacing pre-pandemic numbers — Sotheby’s said in 2019 that it brought in $4.8 billion in revenue. The 2021 numbers show that the market is doing well, maybe even more so than before.

About $6 billion was raised through auctions in New York, Hong Kong, London, Paris and Geneva – almost double that of last year. The remaining $1.3 billion in revenue came from private sales. In 2020, the home made $1.5 billion in private sales, but the drop in 2021 can be explained by the circumstances of last year, when the pandemic caused people to buy in places where Not a public auction.

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As usual, modern and contemporary art accounted for the bulk of Sotheby’s sales over the past 12 months, earning $4.3 billion across both auction and private sales.

In a statement, Sotheby’s cited growing demand for emerging artists as a driving factor in the year-to-date results, and in fact, the company recently held a “Now” sale on art-only evenings made over the past 20 years by artists whose primary market is growing. The first sale of that kind was held in November. It far exceeded expectations, bringing in $72 million, double the low estimate of $36.6 million. David Galperin, Sotheby’s New York-based head of contemporary art sales, says ARTnews in November that the idea behind the move was to “form a whole sale around open lots”, works by young artists often spark bidding frenzy.

There were 158 works sold at Sotheby’s in 2021 with a value of between $5 and $50 million, the house reported, as opposed to 91 in 2020. The house also said more pieces sold for $15. million dollars or more. The home’s luxury division, which sells wine, jewelry, cars and clothing, also hit an annual record high, with more than $1 billion worth of items.

According to Sotheby’s, their expanded digital offerings, including hybrid live streaming formats and the new NFT platform, have helped attract new contractors and boost sales. Online sales hit $800 million this year, a record for the home. In contrast, last year, $525 million was brought in through Sotheby’s online sales.

Christie’s is often considered the leading auction house when it comes to NFTs, responsible for the media sale of a $69 million Beeple work that has created a new craze. However, Sotheby’s has reported revenue from NFTs of up to $100 million, thanks to the launch of its NFT marketplace, Sotheby’s Metaverse, in October. Nearly 80 percent of the buyers and bidders there have never done so. so before at the house. (Overall, 39% of buyers and 44% of bidders who traded at Sotheby’s in 2021 were newcomers.)

Collectors across Asia continue to be the focal point of the auction house. Across New York’s November evening exchanges, Asian collectors account for 20% of bids, take-home or act as low bidders for lots by Western artists. such as Mark Rothko, Ellsworth Kelly, Alexander Calder, Gerhard Richter, Claude Monet, Egon Schiele, Roy Lichtenstein and Pierre-Auguste Renoir. Together with last year’s findings, this collector base continues to account for about 30% of all auction house sales.

https://www.artnews.com/art-news/market/sothebys-2021-sales-record-1234613533/ Sotheby’s report US$7.3 billion in revenue for 2021 – ARTnews.com

Yasmin Harisha

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