$2.5 bn Revenue - 25% Down on 2019 - at Sotheby's
August 3 2020
Picture: ArtMarketMonitor
Posted by Adam Busiakiewicz:
Art Market Monitor.com have published an interesting article exploring the recently published figures from the auction house Sotheby's.
Some of the headline figures:
- The sales volume to date (1st Jan - 31st July 2020) was $2.5 bn.
- The above figure is down 25% on 2019's figures of $3.3 bn. This fall is blamed on the covid crisis.
- Online sales increased by 540% in the first seven months of 2020 compared to the same period in 2019.
- E-Commerce Retail is up 48% in transaction volume on the same period in 2019.
- Average lot value was over $20,000 on live and digital platforms, a figure that is double the average of those in 2019.
- 'Millennial buyers' (under age of 40) now account for 30% of total clients, with 30% of clients being new buyers.
- Strong results from the Asia Market with results totalling $450 m.
