For most, sales of $2.5 billion amid a pandemic would be a cause for celebration. Yet for Sotheby’s, this almost 25 per cent decline in sales is anything but.
The figures, released on Monday of this week, indicate that the auction house has sold approximately $285 million from online-only auctions and $575 million in private sales. Chief executive of the auction house, Charles F. Stewart, said: “The art and luxury markets have proven to be incredibly resilient, and demand for quality across categories is unabated.”
As a privately owned company, with competitors including Christie’s, Phillips and Bonhams, the auction house is under no obligation to release its sales figures. Indeed, it elected not to do so for the same time last year, with consumers entirely unaware even as to whether the company made a loss or a profit.
Pix-eX, a London-based art market analytics company gave their best guess as to the extent of the damage. Their figures indicate that the auction house had an uptake of 540 per cent in low-value online-only auctions between January and July, however, live auctions which saw sales of $1.6 billion were down 42 percent. Combined, it is believed that this marks a loss of 25 per cent.
Doug Woodham, a former Christie’s president of the Americas who is now a managing partner of the New York-based company Art Fiduciary Advisors, concluded: “Auction houses release detailed sales information to remind, at times like this, buyers and consignors that the art market is open for business.
“It’s impressive how Sotheby’s has been able to scrabble together so many sales. Because they’re owned by a telecoms magnate, they seemed to innovate faster than their competitors.”
