Sotheby’s announces $8 billion of projected sales in 2022, along with expansion in Hong Kong.
The $8 billion figure is the new record for the auction house in any given year, surpassing last year’s $7.3 billion. It is also much higher than pre-pandemic numbers (like $4.3 billion in 2019) for Sotheby’s. The announcement gives a solid reassurance that the art market is in great condition, despite the pandemic and various other economical hurdles.
Out of the $8 billion, a significant chunk of $6.4 billion came from various auctions organized by Sotheby’s – primarily in their New York, Hong Kong, London, Paris, and Geneva locations. The number is comparable to their $6 billion auction sales made in 2021. Some $1.1 billion was made from private art sales. This was lower than in past years, including $1.3 billion in 2021 and $1.5 billion in 2020. However, this could be attributed to the lack of public auctions during these two years, which forced buyers to buy privately.
Bolstered by these numbers, Sotheby’s has announced plans to launch a new center in Hong Kong. The Hong Kong art market has been in a boom since 2019. Hong Kong accounted for $1.1 billion in sales for the auction house – a similar number from 2021. As such, Sotheby’s is confident that a new location at Landmark Chater in Hong Kong would be the right move.
The Hong Kong location is part of Sotheby’s plans to expand more in Asia. Reports suggest that 68 percent of the buyers and bidders for the auction house were located in Asia. This explains the new galleries in Tokyo and Shanghai which were set to open next year.