Sothebys Auction Results Exposed: My Surprising Discoveries

Exploring Sotheby’s Auctions

Embarking on the journey of understanding Sotheby’s auctions, I was eager to unveil the intricate details of their process and the services they offer. Here’s what I discovered:

Sotheby’s Auction Process

Sotheby’s auction process is both fascinating and meticulous. They provide detailed information on auction procedures, including bidding options, premium lots, and payment terms to assist both buyers and sellers. Here’s a high-level overview of their auction process:

1. Submission and Valuation: Sellers submit their art or objects for sale. Sotheby’s specialists provide an accurate valuation within 15 to 20 days, at no cost to the seller.
2. Auction Estimate: An auction estimate is provided, which is a range of prices (e.g., $1,500-$2,000) that specialists believe a piece might fetch at auction. Appraisals and valuations are formal documents used for estate tax, insurance, charitable contributions, and collateral loans.
3. Cataloging: The items are cataloged and included in the auction listings, which can be viewed by prospective buyers.
4. Bidding: Auctions are conducted either live or online. Bidders can participate in various ways, including in-person, by telephone, or via the internet.
5. Hammer Price and Commission: The final bid, known as the hammer price, is agreed upon. Sotheby’s charges a commission based on the total hammer prices of all property sold.

For those new to the auction scene, it’s essential to familiarize yourself with Sotheby’s Conditions of Business, which include the Authenticity Guarantee.

Valuation Services Offered

One of the standout services offered by Sotheby’s is their comprehensive valuation services. These are crucial for anyone looking to sell or understand the worth of their assets.

1. Free Valuation: Sellers can obtain a free valuation from Sotheby’s specialists, who provide an accurate assessment of the submitted items within 15 to 20 days (Sotheby’s).
2. Auction Estimates: Specialists provide auction estimates, a price range that they believe a piece might bring at auction. This gives sellers an idea of the potential auction outcome.
3. Formal Appraisals and Valuations: For more formal needs, Sotheby’s offers appraisals and valuations for purposes such as estate tax and planning, insurance, charitable contributions, and collateral loans (Sotheby’s International Realty France).

These valuation services are part of the holistic approach Sotheby’s employs to ensure that both buyers and sellers are well-informed and confident in their transactions. For more details on Sotheby’s services, visit their auction house page.

This exploration of Sotheby’s auction process and their valuation services has given me a deeper appreciation for the meticulous planning and expertise that goes into every auction. Whether you’re a seasoned collector or a first-time seller, understanding these elements is crucial for navigating the world of art auctions.

Understanding Fees and Payments

Navigating the fees and payment processes at Sotheby’s can seem daunting, but with a bit of insight, it becomes manageable. Here are my surprising discoveries about how sellers and buyers handle payments at Sotheby’s auctions.

Seller Payment Process

When a seller decides to auction an item through Sotheby’s Auction House, the payment process is straightforward but involves several steps. After the hammer falls and the item is sold, Sotheby’s sends payment to the seller within 45 days from the sale date. This payment is based on the hammer price, less a commission and any agreed-upon expenses.

Sotheby’s charges a commission based on the total hammer prices of all property sold by the seller at their auctions (Sotheby’s International Realty France). This commission can vary, so it’s essential to discuss and understand the terms before proceeding with the sale.

Buyer Payment Methods

For buyers, Sotheby’s offers a variety of payment methods to ensure a smooth transaction process. Buyers are required to pay immediately for their purchases, with invoices detailing the purchases and providing instructions for payment and clearance of goods.

Accepted payment methods include:

1. Online payments through the Sotheby’s website or mobile app
2. Bank wire transfers
3. Credit and debit cards

As of August 1st, 2024, Sotheby’s no longer accepts check payments.

Additionally, a third party can pay for a purchase on behalf of the buyer, adding flexibility to the payment process.

Before participating in an auction, Sotheby’s reserves the right to request a deposit, financial references, guarantees, or other security from prospective bidders for any lots, regardless of the low pre-sale estimate. If a client is unsuccessful in bidding, Sotheby’s will refund the deposit within 21 business days of the sale (Sotheby’s).

For more information on Sotheby’s auctions and their payment processes, you can explore their auction calendar or learn more about their art auction and jewelry auction services.

Sotheby’s Auction Results

2020 Sales Comparison

When I examined Sotheby’s auction results for 2020, I discovered some intriguing trends and figures. Despite the challenges posed by the global pandemic, Sotheby’s managed to outpace its rival Christie’s in total sales. Sotheby’s reported over $5 billion in total sales for 2020, a 16% drop from its 2019 total of $5.8 billion.

Live or online auctions accounted for $3.5 billion of Sotheby’s total revenue in 2020, which was a nearly 30% drop from $4.8 billion in 2019 (Artnet News). Private sales, however, saw a significant boost, totaling $1.5 billion and marking a 50% increase from the previous year.

Christie’s, on the other hand, reported a total of $4.4 billion in sales for 2020, a 25% decrease from the previous year. Like Sotheby’s, Christie’s also saw a rise in private sales, with $1.3 billion in this segment, marking a 57% increase from 2019 (Artnet News).

Notable Auction Records

One of the most surprising discoveries I made while diving into Sotheby’s auction results was the number of notable records set during the year. Despite the overall decline in live auction revenue, certain items fetched record-breaking prices, showcasing the resilience of the high-end art market.

Here are some standout records from Sotheby’s 2020 auctions:

1. Francis Bacon’s “Triptych Inspired by the Oresteia of Aeschylus” – Sold for $84.6 million
2. Jean-Michel Basquiat’s “Untitled (Head)” – Fetched $15.2 million
3. A rare blue diamond ring – Achieved a price of $15.9 million

These record-breaking sales highlight the continued demand for exceptional works of art and luxury items, even in a challenging economic environment. For those interested in upcoming auctions and viewing opportunities, visit our Sotheby’s auction calendar or explore more about Sotheby’s art auction and Sotheby’s jewelry auction.

From the data, it’s clear that while overall sales were affected, the auction house adapted by enhancing private sales and leveraging online platforms. This adaptability helped Sotheby’s maintain its position as a leader in the auction world.

Services and Offerings

Exploring the services and offerings at Sotheby’s has been an enlightening experience. From post-sale services to auction viewing opportunities, there’s a lot to discover.

Post-sale Services

One of the standout features at Sotheby’s is their comprehensive post-sale services. After successfully bidding on an item, I was impressed by the convenience offered. Sotheby’s arranges expert and insured shipping for purchased property, ensuring that each piece is delivered safely and securely to its new home. This service includes meticulous packaging and handling, which is particularly reassuring when dealing with high-value items.

For anyone concerned about the logistics of acquiring fine art or antiques, these post-sale services provide peace of mind. It’s clear that Sotheby’s goes above and beyond to ensure a seamless experience from auction to delivery.

Auction Viewing Opportunities

Another exciting aspect of Sotheby’s auctions is the opportunity to view the lots before they go under the hammer. I found that Sotheby’s puts the lots from each of its sales on public display for roughly one week prior to the auction. These exhibitions are open to the public and offer a unique chance to examine fine art and antiques up close.

These viewing opportunities are not only educational but also incredibly inspiring. Whether you’re a seasoned collector or a curious newcomer, attending these pre-auction exhibitions is a must. It provides an excellent way to connect with the art, understand its nuances, and make informed bidding decisions.

For more information on Sotheby’s and their auction processes, you can check out our guides on sotheby’s auction house and the sotheby’s auction calendar.

Recent Online Auction Success

Sotheby’s recent foray into the online auction space has been nothing short of remarkable. Here are my surprising discoveries from their recent successes.

First Ever Contemporary Art Day Auction

The first-ever Contemporary Art Day Auction by Sotheby’s set the stage for future online sales. Achieving a record-setting $13.7 million in New York, this auction was a testament to the strength and adaptability of the art market.

Two works achieved more than $1 million each, ranking among the top prices ever for works sold in online auctions. This was a strong indicator that the top end of the market will continue to find a place in larger and more ambitious online sales.

Record-breaking Sales

Several artists set new benchmarks during this auction. Matthew Wong’s “Untitled” sold for $62,500, more than four times its high estimate, while Kengo Takahashi’s “Flower Funeral Deer” achieved $100,000, surpassing its high estimate.

Lucas Arruda’s “Untitled” reached $300,000, surpassing its high estimate after a bidding battle involving eight bidders. Other notable sales included Genieve Figgis’s “Gentleman with a Stick” selling for $52,500 and Loie Hollowell’s “Curves Under a Moon” selling for $40,000, both surpassing their high estimates.

Richard Estes’ painting “Broadway and 64th” was another highlight. Estimated at $300,000 to $400,000, it sold for an impressive $860,000. The painting captures the Manhattan intersection at Lincoln Center, known for housing institutions like the New York Philharmonic and the Metropolitan Opera (Sotheby’s).

These remarkable results underscore the success and potential of online auctions. For more on Sotheby’s offerings, check out their auction calendar and explore their art auctions and jewelry auctions.

Insights into Wine and Spirits Auctions

2023 Auction Highlights

In 2023, Sotheby’s wine and spirits auctions reached an impressive milestone, hitting a record US$159 million in total sales (The Drinks Business). This marked the third consecutive year of achieving new highs, with a 17% increase in the number of lots offered year-on-year.

The year was notable for its single-owner sales, which surpassed $100 million for the first time. Some standout auctions included:

• The Epicurean’s Atlas: The Encyclopaedic Cellar in Hong Kong: $16.8 million
• A Monumental Cellar in New York: $9.3 million
• Kodawari, The Greatest Japanese Whisky Collection in London: $2.2 million
• Iconic Wines from a Prestigious French Cellar in France: $2.5 million

Moreover, November 2023 was a record-breaking month, with $50 million raised in auctions across three different regions. A highlight was the sale of The Macallan 1926 with the Valerio Adami label, fetching $2.7 million, making it the most expensive bottle of spirit or wine ever sold at auction.

Top Producers and Sales Trends

A closer look at the auction statistics reveals interesting trends among top producers and sales. The breakdown showed a diversification of lots offered and sold. Burgundy, Bordeaux, and spirits accounted for just over 70% of lots, down from a historical average of 87%. Spirits sales notably surged from $4 million in 2017 to $33 million in 2023.

Here’s a table summarizing the top ten producers in Sotheby’s auctions:

The diversification and rise in spirits sales, along with strong performances by these top producers, demonstrate the dynamic nature of Sotheby’s wine and spirits auctions. For more insights into Sotheby’s auction house and its offerings, check out our Sotheby’s auction house and Sotheby’s auction calendar pages.