Seamlessly blending best-in-class physical and digital experiences
Rapid expansion of web and mobile platforms and a shift to a hybrid livestream auction format, combined with on the ground experiences enhanced with state-of-the-art technology, have dramatically expanded access to an unprecedented number of participants over the last 12 months - since January 2021, 39% of buyers and 44% of bidders are new to Sotheby’s
Relocating the market’s center of gravity to meet clients where they are led to landmark sales in Las Vegas (auction of 11 Picassos from the MGM Resorts Fine Art Collection in October), Beaune (hosting the renowned Hospices de Beaune wine auction in November) and the sale of a portion of the Karl Lagerfeld collection in Monaco in December, uniting a global team of Sotheby’s specialists across markets to deliver premium client experiences and diversifying ways to transact with Sotheby’s
This year also saw Sotheby’s expand its global footprint, with the opening of new premises in Cologne (September), Los Angeles (October); as well as an additional private sales pop-up gallery in Monaco.
Dramatic expansion of audiences
Having welcomed thousands of clients back into its galleries and salerooms in May, Sotheby’s simultaneously expanded its digital capabilities and reach: with over 16.6 million livestream views this year, 4.2 million social followers across all platforms, 13.2 million unique visitors to Sothebys.com, 6.5 million unique visitors to online catalogs, and over 200,000 bids placed online this year representing 92% of total bids; while online sales realized a record $800 million
Meteoric rise of NFTs and the launch of Sotheby’s Metaverse, a first-of-its-kind dedicated Web3 enabled NFT marketplace, saw a dramatic expansion into a new audience with 78% of NFT bidders being new to Sotheby’s and more than half of them under 40, wide adoption of this new aesthetic and nearly $100 million of NFT sales to date with multiple benchmarks achieved, including a record for a single CryptoPunk ($11.8 million) and a record for a single Bored Ape ($3.4 million). Sotheby’s created a virtual gallery in Decentraland to exhibit NFTs and established dedicated Twitter and Discord channels to engage with the NFT and crypto communities directly
An influx of younger, tech-savvy collectors also saw a landmark crossover into purchases of physical works such as Alberto Giacometti’s Le Nez bought by Justin Sun, founder of the cryptocurrency platform Tron, for $78.4 million last month in New York
Asian collectors remain a strong force across all locations and categories, accounting for one third of all bids by value in Sotheby’s worldwide sales, and a stunning 46% bid or bought on lots over $5 million, resulting in yet another record year for Asia (click here for dedicated release):
In New York in November, Asian collectors accounted for approximately 20% of the bids in New York, acquiring or underbidding a number of the high value works including, Mark Rothko, Yoshitomo Nara, Ellsworth Kelly, Alexander Calder, Gerhard Richter, Banksy, Monet’s Le Bassin aux nymphéas, Egon Schiele, Roy Lichtenstein and Pierre-Auguste Renoir
During the Frieze Week Contemporary Art Sale in London, Banksy’s Love is in the Bin sold to an Asian collector for $25.4 million, setting a record for the artist

Consolidation and strength in Luxury categories

Sotheby’s luxury auctions reached new heights in 2021, with global totals reaching over $1 billion for the first time, a new record for any auction house - driven by a record number of bidders.
The total for Sotheby’s luxury division is up 78% on the full year total for 2020
63% of lots sold for prices in excess of their high estimates, a 40% increase on 2020
The average value of items sold is up 66% on 2020
The number of luxury items sold for more than $1 million more than tripled on 2020
More people participating in Sotheby's luxury sales, than ever before, with 39% more bidders in 2021 than 2020
New bidders and younger bidders continue to enter the market and drive results. 47% of bidders were new to Sotheby's in 2021, as the number of bidders under 40 also increased by 187%
Watches, Wine & Spirits, Design, Books, and the Luxury Accessories and Collectibles categories all achieved all-time record annual auction totals
An expansion of offerings included Sotheby’s first wine and spirit auctions in France, first live Spirits sale in Asia, first sneakers sale in Asia, first watches sales in Paris, and announcement of the permanent expansion into the streetwear market in December
Collectors from the continent acquired more than 40% of the value of all global Watches sales and 52% of the value of all jewelry sales,  including the sale of the second largest pear-shaped diamond to appear on the market, which sold for $12.3 million - the highest price for any jewelry or gemstone purchased with cryptocurrency
Boutique single owner sales brought rarefied treasures to the market with enviable provenance that captivated collectors and brought a record number of new bidders: the collections of Michelle Smith, Ricky Jay, Sammlung Oppenheimer, Dorothée Lalanne, Stuart Weitzman, Dorothy Tapper Goldman and Pierre Chen
The launch of The Emporium, a cross category store at Sotheby’s New York offering luxury items for immediate sale: an extension of the company’s growing Buy Now online marketplace

STANDOUT MOMENTS OF THE YEAR