Sotheby’s hits record $150m in sales
Auctioneer Sotheby’s reached a record-breaking sales figure of US$150 million in 2022, an increase of 14% from last year.
More than one-third of sales (US$54m) derived from the ‘growing market’ for fine wines and spirits in Asia.
Meanwhile, consumers in France spent US$42m at Sotheby’s, and in the US the sales figure hit US$32m.
In the UK, sales reached US$22m.
“2022 has been a wonderful vintage, not only in most wine regions around the globe, but also for us at Sotheby’s Wine,” said specialist Amayès Aouli.
Wine sales made up the majority of the total ($121m), but spirits are said to be growing fast by the auctioneer. I
n the US spirit sales have grown from US$5m to US$12m since last year, and globally spirits accounted for 15% of the department’s total in 2022.
This year, 30% of Sotheby’s clients were under 40 years of age.
Buyers in Asia accounted for 41% of auction sales by value, followed by continental Europe (27%), the Americas (20%) and the UK (7%); buyers in all regions increased over the preceding year.
The record-setting figure was achieved from sales spread across 69 separate auctions (up by 30% from 2021), including 32 single-owner sales that collectively achieved US$99 million, pointing towards the impact great collectors can have on the market.
“2022 has been marked by two major auctions with philanthropic purposes,” said Yves de Launay, head of auction sales.
“Charity auctions combined represented over 50% of the year’s total wine business in the US.”
In June, the auctioneer offered two ‘ultra-rare’ whisky casks from the Brora and Port Ellen distilleries in a London sale.