Consolidated sales so far this year at Sotheby’s stand at over $5 billion, with several auctions still to go. And Christie’s has reported an accelerated shift to online sales with a 41% increase in luxury lots sold in online auctions; 82% increase in the number of luxury online sales, and a 205% increase in the value of online luxury sales year on year.
Sotheby’s report that ease of access to a broader range of offerings brought a record influx of new buyers: this year Sotheby’s attracted the largest number of first-time buyers in 15 years with a 27% increase over 2019. Over 70% of auctions were held online in 2020 (up from 30% last year) and more than 40% of bidders and buyers in online auctions were new to Sotheby’s. The number of buyers aged under 40 doubled. Private sales so far in 2020 total over $1.5 billion, marking an all time record at any auction house.
Christie’s report that performance has been strong across all categories with an 87% overall sell-through for the portfolio; 136 records were set across jewels, watches, wine and handbags and 53 lots achieved over $1 million. Christie’s luxury market report further highlighted global participation with bidders from 90 countries and 40% new buyers.
