Monday, May 20, 2024

Sotheby’s auction house has the highest sales revenue in 2021 in its history


Sotheby’s auction house announced that it would reach $ 7.3 billion in best-selling revenue in 2021 as a result of two key factors during the epidemic, namely the emergence of new interest in online broadcasting and significant demand from buyers. From Asia.

According to the New York-based London House, Sotheby’s “highest gross” in 277 years was $ 7.3 billion, which was bought by French-Israeli telecommunications tycoon Patrick Trohi in 2019.

Overall, the auctions have grossed $ 6 billion ($ 1.3 billion in addition to private sales), an increase of 71 percent since 2020. This number has increased by 26 percent since 2019, which is a precursor to the health crisis.

Auction house and art market experts noted that the epidemic did not quench the appetite of collectors and limit their capabilities, but withdrew in 2020 and saw a decline in the supply proposed in 2021.

One of the most important auctions this year was held by Sotheby’s at the McCullough family’s art collection last November. As a result of the divorce of New York real estate tycoon Harry McCullough and his wife Linda Borg, who was the Emeritus director of the Metropolitan Museum in New York, the works sold $ 676 million in a single evening.

The founder of the cryptocurrency site “Drew”, Chinese-American businessman Justin Chan (31) bought the bronze “nose” sculpture of Alberto Jakomet for $ 78.3 million, an example of a new type of look. Of collectors. Sotheby’s notes that 46% of acquisitions worth more than $ 5 million in 2021 came from Asian collectors.

The most expensive piece in McCullough’s collection, as well as a painting by Mark Rodko, was bought by Asians for $ 82.4 million. Buyers from the same continent also bought the painting “Girl with a Balloon” or “Girl with a Balloon” by British street artist Banksy for 18.6 million. British pounds ($ 25.5 million).

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Since it was impossible to conduct personal activities in 2020 due to the epidemic, auction companies have been forced to innovate in digital ways, allowing access to an unprecedented number of participants over the past 12 months. Buyers’ 2021 “Updated”.

In this context, digital artifacts using “irreversible tokens” technology (NFT) entered the art market in 2021, for example, the founding project for the Internet in its current form sold for $ 5.4 million. But total NFT sales at Sotheby’s are still low (100 million by 2021).

Last April, the Nike Air Yeezy 1 shoe worn by singer Kanye West broke the absolute record for selling shoes at auction at $ 1.8 million during an auction organized by Sotheby’s.

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Pandora Bacchus
Pandora Bacchus
"Coffee evangelist. Alcohol fanatic. Hardcore creator. Infuriatingly humble zombie ninja. Writer. Introvert. Music fanatic."

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