- Sotheby's consolidated annual sales are $ 7,3 billion
- The auction house records strongest result in its 277-year history
- Millennials are driving the boom in the art market
Sotheby's has broken a historic record. On December 15, the world's leading auction house announced that it had sold art valued $ 2021 billion in 7,3. And thus reports a record year in the 277-year-old history of the traditional company.
While 2o auctions are still pending, consolidated sales for the year to date are composed of 6 billion US dollars generated through auctions and 1,3 billion US dollars generated through private purchases. This positive development is driven by strong and deep demand, an influx of new collectors and a rapid expansion of the auction platform'sdigital offer, according to Sotheby's official press release.
Source & Copyright by Sotheby's
Key to Success: The harmony of physical and digital experiences
The unprecedented benchmark follows double-digit sales losses in the wake of the pandemic and proves the social acceptance of the New Normal - whose most important enabler is the digitization . And thus the ability to skillfully integrate online elements into established sales and marketing concepts. While the offline world stood still, Sotheby's has realized precisely this value-increasing potential. Keyword online auctions.
Future-oriented digital possibilities in the form of interactive offers with realistic character have also generated record values for Sotheby's in terms of reach. Explicitly: 16,6 million livestream hits, 4,2 million followers along all social media platforms and 13,2 million visitors to the official website. With their online offers, they make up 92% of the total offers. In short, that means Sotheby's was able to recover as responding to tech-savvy customers, by providing a seamless physical and digital experience.
Sotheby's benefits from next-gen consumption
In addition to digitization, Sotheby's also set new standards in terms of categories. 2021 will go down in history as a record year for global sales of modern and contemporary art as well as luxury goods. En Detail: Clocks, Wine & Spirits, Design, Books & Manuscripts and Accessories by luxury brands reached an all-time high in annual auction results. However, the introduction of new categories is particularly significant: Streetwear and NFTs - which also means crypto currencies could be auctioned. Forward-looking areas through which Sotheby's was able to add a new class of collectors to its audience.
While Sotheby's generally reached a maximum number of bidders, the launch of the zeitgeist categories meant that 47% were first-time buyers. To be more precise: Millennials - the number of bidders under 40 has grown by 187%. These young collectors started collecting digital art, due to the pandemic crisis. But also jewellery, wine and handbags . While proving their commitment to sustainability through 2nd-life consumption at the same time.
As a result, art in twelve different categories, including Asian Art, Contemporary Art, Modern Art, Latin American Art, Old Masters, Watches, Jewels, Books and Manuscripts, and NFTs, have been sold for more than $ 10 million.
What's Next?
The upswing of Sotheby's is due to the promising combination of sustainable luxury goods and trend-oriented innovations. Young generations like millennials and Gen Z are not only wealthy and tech-savvy, but also interested in protecting the environment. Mainly through conscious consumption and this is exactly where Sotheby's comes into play.
In general, auction houses belong to the most sustainable industries of our time, as buying and selling pre-loved pieces reduces CO2 emissions and promotes the idea of circular economy . It also stands for storytelling, individuality and craftsmanship. And thus presents the values of the new Luxury . In line with the introduction of the new categories, the year 2022 further looks very promising for the auction sector.
