Sotheby's made $6bn in 2024-but sales dropped for second consecutive year

Sotheby's reported a 23% decline in sales for 2024, highlighting significant challenges within the fine art market, which fell by 31% year-on-year. Despite auction sales reaching $4.6bn, the luxury sector showed resilience with only a 4% drop. Notably, Sotheby’s achieved an impressive 85% sell-through rate. The private sales division thrived, showcasing a 17% increase, driven by client preference for discretion during uncertain times. The auction house plans to focus on single-owner sales while maintaining strong demand across various price levels.

"It's a reminder that in times of market uncertainty, clients often favour the discretion, the price control and flexible timing that private transactions offer."

"Sotheby's results over the past few years demonstrate our success through different market conditions and cycles."

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