Sotheby’s sales return to growth in 2025
Auction house Sotheby’s saw revenue rise by double digits last year with spirits sales hitting US$21.5 million.
Sotheby’s reported revenue of US$127.5 million in 2025, an increase of nearly 12% on the previous year. It marked a return to growth for the auctioneer after 2024 sales plunged by 28% compared to the previous year.
Sotheby’s said the 2025 figure is its fourth-highest annual total for the category since the department’s launch in 1970. Larger sums were recorded in 2021 (US$132m), 2022 (US$150m) and 2023 (US$159m).
Nick Pegna, global head of Sotheby’s Wine & Spirits, said the 2025 performance “underscores the strength and momentum” of the business.
“Achieving US$127.5 million in sales across auctions and private transactions reflects not only the resilience of the fine wine and spirits market, but also the continued confidence collectors place in Sotheby’s to steward the world’s most important cellars and collections,” Pegna noted.
“This success has been driven by a truly international buyer base, strong growth in new collectors, and our depth of expertise in presenting landmark single-owner collections.”
Total sales for Sotheby’s have more than doubled from the US$47m it recorded in 2015.
By category, the auctioneer’s spirits sales reached US$21.5m while wine hit US$106m. In terms of those who purchased spirits, 31% of buyers were new to Sotheby’s.
Sotheby’s also noted that it had partnered with several leading distilleries in the past year, including Bowmore, The Glenlivet, The Macallan and The Dalmore.
In 2025, Sotheby’s held 69 auctions across eight locations.
In October, The Distillers One of One hosted its third biennial charity auction in partnership with Sotheby’s, which raised US$3.9m (a hammer total of US$$3.1m).
New York surpasses Hong Kong
By region, New York outperformed Hong Kong as the top-selling location for the auction house, achieving its second-highest total sales to date.
In terms of sales by market, the US achieved US$37.3m and Asia reached US$33.5m. Sales for the Europe region delivered US$56.7m, including US$21.3m from the UK and US$35.4m from France.
There was also a near-equal split in terms of the location of buyers, with 34% coming from the Europe, Middle East and Africa (EMEA) region, 33% from the Americas and 32% from Asia.
Last month, the American Whiskey Collection auction held by Sotheby’s made history after garnering US$2.5m, more than doubling its pre-sale estimates.
The Old Rip Van Winkle 20 Year Old Single Barrel ‘Sam’s’ (1982) fetched the highest price, becoming the most valuable bottle of American whiskey ever sold at auction at US$162,500.
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