12.18.20 - By Embracing Online Auctions, Sotheby’s Pulled Over $5 Billion in Sales in 2020
'Earlier this year, when it became absolutely evident to every auction house that in-person auctions would be virtually impossible for the foreseeable future, the industry’s biggest players moved quickly to shift their operations either further or almost entirely online. Christie’s went ahead with scheduling four times as many online sales between early May and June as it had in 2019, and Sotheby’s also powered ahead with high-profile sales of sports memorabilia and work by critically lauded artists. Sotheby’s work paid off: they’re currently reporting global sales of over $5 billion this year, which is an increase from their 2019 total of $4.8 billion.'
'“The beauty and important role of art and rare objects seems particularly relevant in this period of pandemic and anxiety,” Charles F. Stewart, the CEO of Sotheby’s, said in a statement. “In a matter of months, our global team united to implement a sweeping set of transformative changes to our business, many of which will continue long after the pandemic is behind us.”'