The renowned auction house Sotheby’s recently announced a slight decline in sales for the year 2023, following an exceptional year in 2022. This slowdown, attributed to a more demanding market environment, has not, however, eclipsed the significant contribution of the luxury sector to the company’s overall sales.
In a statement released on Monday, the auction house owned by French-Israeli billionaire Patrick Drahi, announced a slight decrease in sales for the year 2023, amounting to $7.9 billion. This follows a record year in 2022, when the company achieved sales of $8 billion.
Sotheby’s attributed this slight decline to a “more difficult market context”. However, the luxury sector stood out, contributing $2.5 billion to overall sales.
Total sales of $7.9 billion encompassed a variety of categories, from art to classic car auctions, recording a slight 0.8% decline on 2022 but up 40% on 2019, the last year before the pandemic.
“Activity remained high, underpinned by the increase in intergenerational wealth transfers and satisfactory auction results,” notes Sotheby’s CEO Charles Stewart, however.
Factors influencing the market
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Featured photo : ©Sotheby’s/Micha Patault
