Sotheby’s announced a 23% drop in sales for 2024 amid global market challenges, with fine art sales plummeting by 31%. Despite the decline in auction sales to $4.6bn, luxury items escaped with only a 4% drop, contributing $2.3bn. A notable success was the private sales division, achieving a 17% increase, demonstrating resilience in the market. With an 85% sell-through rate, the auction house remains competitive against rivals, showing a range of buyer interest across price levels and the enduring appeal of high-value works.
"In times of market uncertainty, clients often favour the discretion, the price control and flexible timing that private transactions offer."
"Last year's 85% sell-through rate across all categories was an auction-house record, indicating strong demand despite overall sales decline."
Collection
[
|
...
]