Sotheby’s reports 2023 consolidated sales of $7.9bn, in line with 2022 record results and 40% above 2019 pre-pandemic levels.
Against a more challenging market backdrop, Sotheby’s sustained its momentum through successful sales of fresh-to-market masterpieces and high value lots in its core auction and private sales businesses, buoyed by $2.5bn in consolidated Luxury sales (surpassing the $2bn mark for the second consecutive year). 2023 was also a particularly strong year for single owner auctions, with 143 sales of this kind totaling $1.3bn and up 24% from 2022.
In 2023, Sotheby’s presented no fewer than 515 auctions from 55 departments in 10 selling locations around the world. In recent years, Sotheby’s has radically expanded both its geographical footprint and the scope and frequency of its offerings, having opened new spaces in no fewer than eight locations, while introducing new selling categories such as classic cars (RM Sotheby’s), real estate (Concierge Auctions), sports memorabilia, streetwear and spirits. This diversification - underpinned by a 25% increase in the number of auctions held in 2019 and development of cross-category platforms such as The One sale - has been accompanied by a significant growth in the company’s client base: the total number of bidders in 2023 was an all-time record, and 11% more than in 2022.
Sotheby’s Financial Services (SFS), which provides lending solutions for clients using art and collectibles as collateral, closed the year with over 30% growth and its highest ever portfolio balance. SFS is the largest non-bank lender in its categories and added lending against collector cars to its offerings in 2023.
"The resilience of the art market throughout 2023 means that we can head into 2024 with optimism. Even against a challenging backdrop, we saw exceptional masterpieces, hidden away for decades, come to auction and achieve record prices, testament to the enduring appeal of art ownership. Given that we are now in the midst of the world’s largest ever generational wealth and asset transfer, we can expect to see a shift in the demographics of art collecting over the next 20 to 30 years as a new generation of collectors reshapes the art market of today and tomorrow." Mari-Claudia Jimenez, Sotheby's Chairman, President, Americas and Head of Global Development
Anna Melnykova, "Palace of Labor (palats praci), architector I. Pretro, 1916", shot with analog Canon camera, 35 mm Fuji film in March 2022.
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