Text size Record-breaking sales in Asia, or set by Asian buyers elsewhere, contributed to a solid first half of 2018 for Sotheby’s, the company reported Monday. The consolidated sales of the NYSE-listed auction house, which include auction, private, and inventory sales, grew 22% to US$3.5 billion, in line with its highest totals ever. In Asia, auction sales totaled US$488 million in the first six months, up 15% compared to the same period last year. There were 21 sales in Asia, setting world auction records, including two sets of Ming Dynasty Imperial Sutras selling for US$30.4 million in April, the highest price for a Buddhist manuscript at auction. “Equally important is the impact of Asian clients felt not just in Hong Kong, but in our New York, London, Paris, and Geneva sales rooms,” said Tad Smith, president and chief executive of Sotheby’s, during this morning’s second quarter earnings call. Asian clients accounted for 28% of Sotheby’s auction sales in the first half of 2018. They also purchased eight of the top 20 lots sold at Sotheby’s year-to-date, he said. Additionally, 28% of buyers were new to Sotheby’s Asia in the first two quarters of 2018, while the number of Asian clients buying Western art also increased 28% during the same period of time. “We are also encouraged by the growth of new clients,” Smith said. Overall, Sotheby’s continued to see an uptick in new buyers across the board, but the trend was more pronounced online. During the first half of 2018, approximately one-third of total buyers were new to Sotheby’s and 19% of winning bids at auction came from new buyers. Another strong growth area is online sales, Sotheby’s says. From January to June, online sales soared 30% year-over-year to over $100 million. Online bidders were 45% of the total, while online buyers were 32% of the total, both up in single digits from last year. The top lot sold by Sotheby’s during the first six months was Amedeo Modigliani’s Nu couché (sur le côté gauche), fetching US$157.2 million in May. Last month, Sotheby’s competitor Christie’s reported that its sales in the first half of 2018 totaled US$4 billion, a 35% increase year-over-year. The privately-held company reaped in US$835 million from the sale of Peggy and David Rockefeller’s collection alone.
Sotheby's has reported a 22% increase in sales in H1 to $3.5bn, largely attributed to record sales in Asia and demand from Asian buyers elsewhere. Asian customers accounted for 28% of Sotheby's auction sales in H1 and bought eight of the top 20 lots sold at the auction house. Furthermore, 28% of buyers were new to Sotheby's Asia in H1. Online sales grew 30% year on year to 4bn in H1, with online bidders accounting for 45% of total bids. Meanwhile, rival Christie's reported H1 sales of $$100m in July, up 35% year on year.