Sotheby’s Projects Record Total for Sales at Auction in 2023

Sotheby's, the renowned auction house, has marked 2023 as a standout year, achieving unprecedented success across diverse categories and global locations.

From their 50th anniversary sales in Asia to the highly anticipated auction of Freddie Mercury's collection in London, Sotheby's has captivated art enthusiasts and collectors worldwide. Notably, a Pablo Picasso masterpiece and a Ferrari 330 LM/GTO 250 contributed to over a billion US dollars in sales in just over a week in New York during the fall.

With total consolidated sales projected to reach around US$8 billion, on par with the previous year, Sotheby's has set remarkable benchmarks. Over 70 lots surpassed the US$10 million mark among the 60,000 items sold, showcasing the auction house's ability to attract high-value transactions.

Sotheby's Insight Report, produced in partnership with ArtTactic, offers an in-depth analysis of the dynamics behind these achievements. The report highlights the exceptional growth in the value of artworks trading above US$1 million in the three years since the pandemic. It attributes this surge to the allure of owning significant art during uncertain times, as collectors seek tangible assets that retain and appreciate in value.

Looking ahead to 2024, Sotheby's unveils its global auction calendar and introduces a revamped sale architecture that aligns with significant cultural events worldwide. In addition to traditional evening sales, the auction house plans to diversify by introducing auctions in unexpected venues, expanding its reach and engagement.

Of particular note in the 2024 calendar are the marquee sales weeks inaugurating new premises in Paris and Hong Kong. These openings symbolize Sotheby's commitment to investing in global gallery spaces.

The introduction of Sotheby's Maison in Hong Kong and a flagship location in Paris, alongside the renowned Breuer building in New York, establishes new landmarks for art and luxury.