INNOVATION
SOTHEBY’S REINVENTS THE ACTION BUSINESS
PERMANENT
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onsidering that traditional auctions were suspended for most of 2020, not to mention the fact that the entire world was experiencing unprecedented upheaval, Sotheby’s 2020 year-end results depict a surprisingly resilient picture. There are, without any doubt, due to the revolutionary changes that were introduced at lightning speed by new Sotheby’s CEO Charlie Smith, who took the reins at the world’s oldest international auction house only very recently, following its acquisition by French billionaire Patrick Drahi at the end of 2019. As a result of Sotheby’s new focus on virtual sales and a state-of-the-art technological infrastructure, over 70% of Sotheby’s auctions were held online in 2020 (up from 30% last year), while new web - and mobile experiences removed potential friction from registering and bidding, resulting in 80% of all bids placed online. Limitations on travel and in-person viewings in 2020 did not deter clients’ enthusiasm for bidding on works they were unable to view in person: For example, Francis Bacon’s Triptych L.C. by the Oresteia of Aeschylus received the
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highest value online bid ever recorded, with a staggering $73.1 million underbid. In addition to the new online auctions, Sotheby’s also responded to the unabated demand for Fine Art, Design and Luxury goods by making them available for immediate purchase via new pop-up galleries in East Hampton and Palm Beach ; this physical retail experience was supplemented by the online BuyNow marketplace at sothebys.com where fine collector’s pieces are available for immediate online purchase. All these innovations culminated at Sotheby’s (re-)emergence as the uncontested global Market Leader, with a total sales volume of more than $ 5 billion in 2020, surpassing its nearest competitor Christies by almost 20%. This astonishing result was comprised of industry-leading global auction sales of over $3.5 billion (with online sales accounting for over $575 million), supplemented by private sales of more than $1.5 billion (representing a 50%+ increase vs. 2019), and marking an alltime record compared to any auction house. www.sothebys.com
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Volume 16
