L
ast week, I listened to Sotheby's earnings call, where they reported $6 billion in sales for 2024. The breakdown was $4.6 billion from auctions and $1.4 billion from private sales. However, the overall figure represented a 23% decline from the previous year. Notably, luxury sales accounted for 37% of total sales, totaling $2.2 billion, marking the third consecutive year above $2 billion.

    The contrast between fine art and luxury sales was striking. Fine art sales plummeted by 31% in 2024 compared to 2023, while luxury sales only dropped by 4%. Sotheby's CFO, David Kownator, highlighted the company's strategic investments in growth, including its acquisition of RM Sotheby's and a joint stake in Concierge Auctions. He emphasized the importance of expanding into new markets through real estate, citing over $1 billion in owned assets and prime locations that give them a competitive edge.