$2.5 bn Revenue - 25% Down on 2019 - at Sotheby's

August 3 2020

Image of $2.5 bn Revenue - 25% Down on 2019 - at Sotheby's

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.

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