Because of the calendar this year, Sotheby’s Contemporary art results are not included in the financials reported in today’s earnings. Given the situation with a new management team and greater focus on the company, Sotheby’s has released sales information including the London Contemporary Evening Sales. A further $25m in sales would have been added to the total had they included the day sales as well.
Sotheby’s Consolidated Sales as of July 1, 2015 Total: $3.7 Billion, up 5%
Sotheby’s global auction sales of Contemporary Art increased 18% to $1.26billion driven by a 16% increase in new bidders.
The 1 July Contemporary Art Evening Sale in London was Sotheby’s highest-ever total for an auction of Contemporary Art in Europe realizing £130.4 million / $204.7 million.
Impressionist & Modern Art
Global sales of Impressionist & Modern Art grew 21% worldwide compared to the same period in 2014, reaching $1.09 billion.
Sotheby’s June series in London saw a 20% increase in geographical reach over the prior year, while Asian private collectors purchased three works over $20 million in the MayEvening Sale in New York contributing to an auction total of $368.3 million.
Jewelry & Watches
Sotheby’s Jewelry and Watch auctions together showed a 39% increase in the number of new bidders worldwide.
Sotheby’s May sale of Magnificent Jewels and Noble Jewels in Geneva brought the highest-ever total for any jewelry sale at any auction house: $160.9 million.
The Sunrise Ruby became the first colored stone to break the $1 million price-per-carat barrier at auction when it sold for $30.3 million this May ($1.2 million per carat) – a19% increase over the previous per-carat record for any ruby, and more than triple the previous aggregate record for any ruby.
This follows the November 2014 the sale of the Zoe Diamond, which seta new record price-per-carat for any gemstone at $3.3 million at Sotheby’s New York – exceeding the previous per-carat record by more than $1million.
The first half of the year saw a nearly 49% increase in number of online bidderswho competed in sales across 46 categories.
That growth in participation translated into a nearly 38% increase in the valueof successful bids.
The top online purchase of the first half of the year was a Platinum andDiamond Ring from the April Magnificent Jewels sale in New York, which fetched $3.25 million.
Significant purchases ($200,000+) by online bidders were made acrossSotheby’s global salesrooms, including: New York, London, Paris and Hong Kong, and also across categories, including: Contemporary, Impressionist & Modern Art, Jewelry, 20th Century Design Chinese and Islamic Works of Art as well as Old Master and Chinese Classical Paintings.
Purchases by Asian clients in Sotheby’s global salesrooms were up 35% in the first half of 2015.
More than 20 selling categories saw increased buying from Asian clients in the first half of 2015, including more than double in Impressionist & Modern Art, Contemporary Art, Old Master Paintings, British Pictures and 20th Century Design.
Sotheby’s Financial Services
Sotheby’s Financial Services has continued to grow with a 30% increase in the loan portfolio to $774 million.