“Sotheby’s Auction house says millennials drove art market rebound by bidding up everything from luxury goods to NFTs“– Paul Ebeling
One of the world’s Top auction houses has put the VirusCasedemic behind it, thanks to millennials who splurged on everything from designer watches to digital artworks.
Sotheby’s announced Wednesday that it enjoyed record annual sales of $7.3-B in Y 2021 as the art market rebounded
Sotheby’s said in a statement it had already made $6-B from auctions this yr, up 71% on Y 2020, with 20 auctions still to go.
It achieved another $1.3-B in private sales.
Sotheby’s added that its YTD consolidated sales of $7.3-B represented “the strongest total” in the company’s 277-yr history.
Sales were boosted by Asian buyers, new collectors, and the Macklowe collection, the world’s most expensive to hit the market.
Asian collectors accounted for 46% of bids and purchases of lots over $5-M.
Have a prosperous day, Keep the Faith!