Sotheby's 2023 Sales Hit $7.9 Billion, Luxury and Private Sales Drive Growth

Sotheby's reported 2023 aggregate sales of $7.9 billion, nearly flat year-on-year (down just 0.8%) but up 40% from pre-pandemic 2019. Auction sales alone totaled $6.5 billion, a 1.3% decline from 2022's $6.6 billion. Luxury sales exceeded $2.5 billion, while single-owner auctions surged: 143 sessions (+49% vs 2019) generated $1.3 billion (+24% vs 2022). Six collections topped $50 million, 12 exceeded $20 million, led by the Emily Fisher Landau Collection at over $400 million and the Mo Ostin Collection at $130 million. Two lots sold for over $100 million, 73 surpassed $1 million. New records were set for Picasso and Klimt. Works under $25,000 accounted for 77% of sales volume. Private sales grew 7.9% to $1.2 billion, driven by Andy Warhol, Marc Chagall, Jean-Michel Basquiat, Pablo Picasso, and Ed Ruscha. Sotheby's expanded geographically with new offices in at least eight locations, including Asia, and diversified into cross-category auctions like The One series. The number of bidders rose 11% year-on-year. The report excludes RM Sotheby's (classic cars) and Sotheby's Concierge (real estate).