Beautiful Virgin Islands

Tuesday, Jun 03, 2025

Sotheby’s sells record $7.3bn of art so far in 2021

Sotheby’s sells record $7.3bn of art so far in 2021

Auction house credits younger, tech-savvy collectors for highest annual sales in its 277-year history
Sotheby’s has sold a record $7.3bn (£5.5bn) worth of art and other collectibles so far this year – the most in its 277-year history.

The auction house said on Wednesday that an “influx of younger, tech-savvy collectors” buying luxury items such as handbags, jewellery, wine and non-fungible tokens (NFTs) during the pandemic had helped lift sales to the record high.

Sotheby’s, which was founded in London in 1744 and now operates from 80 offices around the world with its headquarters in New York, said the 2021 total would rise still higher as it has 20 more sales to come before the year end.

So far this year, Sotheby’s has sold 57 pieces for more than $15m each, with a Botticelli painting of a young man holding a roundel selling for $92.2m being the top selling item. Sales are already 71% higher than they had been in 2020, when demand had waned in the early stages of the pandemic.

Records were also set for the most expensive trainers (or sneakers) ever auctioned, with the Nike Air Yeezys that Kanye West wore to the 2008 Grammy’s selling for $1.8m in April, and for a 1933 “double eagle” gold coin, which raised $19m to become the most expensive coin ever sold at auction.

The most money changed hands in modern and contemporary art, which totalled a record $4.3bn across auction and private sales. The departments that sell luxury watches, wine and spirits, design and books & manuscripts also all achieved record annual sales.

The company also set a record for the most valuable single-owner auction, with $676m paid for the Macklowe Collection amassed over more than half a century by the real estate magnate Harry Macklowe and his ex-wife Linda Macklowe. The couple were ordered to sell the collection, which included masterpieces by Alberto Giacometti, Mark Rothko and Cy Twombly, by a judge overseeing their divorce after they failed to agree on its value.

Sotheby’s also held its first sale of NFTs, selling $16.8m worth in three days including the “source code for the world wide web” which sold for $5.3m.

It said the NFT sale fuelled a “dramatic expansion” of its audience, with 78% of the NFT bidders being new to Sotheby’s and more than half under 40. Overall, 47% of bidders were new customers in 2021, and the number of bidders under the age of 40 increased by 187%.

“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 $78.4m last month in New York,” the auction house said.

The announcement of Sotheby’s annual sales came as speculation mounts that the auction house’s billionaire French owner may be planning to float the company on the stock market.

Patrick Drahi, who bought Sotheby’s in a $3.7bn deal in 2019, is said to be exploring a prospect of flotation of Sotheby’s as soon as next year according to Bloomberg.
Newsletter

Related Articles

Beautiful Virgin Islands
0:00
0:00
Close
Dutch government falls as far-right leader Wilders quits coalition
Harvard Urges US to Unfreeze Funds for Public Health Research
Businessman Mauled by Lion at Luxury Namibian Lodge
Researchers Consider New Destinations Beyond the U.S.
53-Year-Old Doctor Claims Biological Age of 23
Trump Struggles to Secure Trade Deals With China and Europe
Russia to Return 6,000 Corpses Under Ukraine Prisoner Swap Deal
Microsoft Lays Off Hundreds More Amid Restructuring
Harvey Weinstein’s Publicist Embraces Notoriety
Macron and Meloni Seek Unity Despite Tensions
Trump Administration Accused of Obstructing Deportation Cases
Newark Mayor Sues Over Arrest at Immigration Facility
Center-Left Candidate Projected to Win South Korean Presidency
Trump’s Tariffs Predicted to Stall Global Economic Growth
South Korea’s President-Elect Expected to Take Softer Line on Trump and North Korea
Trump’s China Strategy Remains a Geopolitical Puzzle
Ukraine Executes Long-Range Drone Strikes on Russian Airbases
Conservative Karol Nawrocki wins Poland’s presidential election
Study Identifies Potential Radicalization Risk Among Over One Million Muslims in Germany
Good news: Annalena Baerbock Elected President of the UN General Assembly
Apple Appeals EU Law Over User Data Sharing Requirements
South Africa: "First Black Bank" Collapses after Being Looted by Owners
Poland will now withdraw from the EU migration pact after pro-Trump nationalist wins Election
"That's Disgusting, Don’t Say It Again": The Trump Joke That Made the President Boil
Trump Cancels NASA Nominee Over Democratic Donations
Paris Saint-Germain's Greatest Triumph Is Football’s Lowest Point
OnlyFans for Sale: From Lockdown Lifeline to Eight-Billion-Dollar Empire
Mayor’s Security Officer Implicated | Shocking New Details Emerge in NYC Kidnapping Case
Hegseth Warns of Potential Chinese Military Action Against Taiwan
OPEC+ Agrees to Increase Oil Output for Third Consecutive Month
Jamie Dimon Warns U.S. Bond Market Faces Pressure from Rising Debt
Turkey Detains Istanbul Officials Amid Anti-Corruption Crackdown
Taylor Swift Gains Ownership of Her First Six Albums
Bangkok Ranked World's Top City for Remote Work in 2025
Satirical Sketch Sparks Political Spouse Feud in South Korea
Indonesia Quarry Collapse Leaves Multiple Dead and Missing
South Korean Election Video Pulled Amid Misogyny Outcry
Asian Economies Shift Away from US Dollar Amid Trade Tensions
Netflix Investigates Allegations of On-Set Mistreatment in K-Drama Production
US Defence Chief Reaffirms Strong Ties with Singapore Amid Regional Tensions
Vietnam Faces Strategic Dilemma Over China's Mekong River Projects
Malaysia's First AI Preacher Sparks Debate on Islamic Principles
White House Press Secretary Criticizes Harvard Funding, Advocates for Vocational Training
France to Implement Nationwide Smoking Ban in Outdoor Spaces Frequented by Children
Meta and Anduril Collaborate on AI-Driven Military Augmented Reality Systems
Russia's Fossil Fuel Revenues Approach €900 Billion Since Ukraine Invasion
U.S. Justice Department Reduces American Bar Association's Role in Judicial Nominations
U.S. Department of Energy Unveils 'Doudna' Supercomputer to Advance AI Research
U.S. SEC Dismisses Lawsuit Against Binance Amid Regulatory Shift
Alcohol Industry Faces Increased Scrutiny Amid Health Concerns
×