Reaches

New Heights

New highs were achieved in the luxury market in 2022 as global collectors sought exceptional works while exploring new areas of the market,says Josh Pullan, head of global luxury,Sotheby?s ?We saw record first-half sales total $4 3 billion [in 2022],up 23% on first-half 2021,with core luxury auction sales also seeing an increase of 20% year over year?

Among the many new highs: The Williamson Pink Star,one of the purest,pinkest diamonds ever to appear at auction,sold for US$58 million in 2022,a record price per carat for any diamond or gemstone And globally renowned watch designer Gerald Genta?s personal Audemars Piguet Royal Oak soared to US$2 1million in Geneva,becoming the most valuable vintage Audemars Piguet watch ever sold at auction

?In an increasingly globalized world,people are looking for rare and unique objects with a story to tell,? Pullan says ?They are often drawn to objects with provenance,emblematic of a period,and displaying exceptional materials and craftsmanship?

Pullan notes record levels of buyers under 40 years old ?This next generation is fueling sales both in new categories recently launched by Sotheby?s? Streetwear and Modern Collectibles,where they represent 65% of total buyers? and also in classic luxury collectibles too,? he says This includes watches,where they represent 39% of buyers,wine & spirits (29%),and jewelry (23%)

The pandemic also drove an expansion of Web and mobile platforms,and a shift to a hybrid livestream auction format,Pullan notes ?We were the first to market with this in June 2020,?he says ?This combined with on-ground experiences enhanced with state-of-the art technology,has dramatically expanded our access to an unprecedented number of participants?

And Sotheby?s is a big believer in the power of Web 3 0 ?The day where physical art and luxury objects are somehow recorded and supported by a token on the blockchain is coming soon,?he says ?Tools such as blockchain have the potential to significantly reduce the opacity and complexity for new buyers of art and luxury?