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Sotheby’s Publishes 2024 Report, Citing $6B Revenues

Sotheby’s has finally revealed that it earned $6 billion in sales in 2024, making it the most successful auction house.

In a press call on Thursday, Sotheby’s announced that it had made a total of $6 billion in sales in 2024. This was more than its closest rival Christie’s, which made $5.7 billion. However, the overall numbers were still a significant 23 percent drop from 2023. This follows the global market trends, where all auction houses saw worse sales in 2024 compared to 2023 and 2022.

The auction house made $4.6 billion from direct auction sales, marking a 28 percent decline from the previous year. The sharpest drop was seen in the fine arts section which took away $3.8 billion, more than 30 percent less than in 2023. However, the luxury goods category only dipped 4 percent to $2.2 billion. This is good news considering Sotheby’s is all set to open in Saudi Arabia next month, where luxury goods would be one of the most sought-after categories.

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Sotheby’s saw several setbacks in 2024. This includes the laying off of employees at its New York and London locations. After removing the buyer’s fee in 2023, the auction house went back on its word, causing major embarrassment. Other major global events, like the Russia-Ukraine war, the Israel-Hamas war, and the US Presidential elections, as well as a slowing art market, continued hampering its sales. However, the auction house is confident to make a comeback in the first quarter of 2025, claiming that it has set up sales worth approximately—$ 800 million. If met the mark, it would make it the most successful quarter in Sotheby’s history.