Sotheby's

Sotheby's: The Oldest Major Auction House in the World

Sotheby's traces its origins to 1744, when Samuel Baker held his first auction of rare books in London. Today it stands as one of the two dominant forces in the global auction market, with headquarters in New York and a historic London saleroom on New Bond Street. In 2019, Sotheby's was taken private by telecommunications magnate Patrick Drahi through BidFair USA in a deal valued at approximately $3.7 billion, ending the house's 31-year run as a publicly traded company on the New York Stock Exchange.

Global Reach and Specializations

Sotheby's operates salerooms and offices in more than 40 countries, with major auction centers in New York, London, Hong Kong, Paris, and Geneva. The house conducts sales across an extraordinary range of categories: fine art from Old Masters to Contemporary, jewelry and watches, wine and spirits, decorative arts, design, books and manuscripts, coins, and even luxury real estate through Sotheby's International Realty.

The firm is responsible for many of the most celebrated sales in auction history. In 2024, Sotheby's sold a 549-carat blue diamond for over $34 million. The house regularly handles entire estate collections, including the landmark sale of the Macklowe Collection, which realized over $922 million across two dedicated auctions in 2021 and 2022.

Buyer's Premium and Costs

Sotheby's applies a tiered buyer's premium structure. As of recent sales, this is approximately 26% on the first $1,000,000, 20% on the next $1,000,001 to $6,000,000, and 14.5% on amounts above $6,000,000. Seller commissions are negotiated privately and can vary based on the value and desirability of the consignment. Additional charges may include lot fees, insurance, and photography costs.

Technology and Innovation

Under Patrick Drahi's ownership, Sotheby's has accelerated its investment in digital infrastructure. The house launched a completely redesigned bidding platform, expanded its online-only sale calendar, and introduced instant-purchase options for certain categories. Sotheby's also entered the NFT space, partnering with digital artists and collectors. The Sotheby's Metaverse platform was launched as a curated marketplace for digital art and collectibles.

Private Sales and Financial Services

Sotheby's private sales division handles confidential transactions year-round, often rivaling the results of public auctions. The house also offers Sotheby's Financial Services, which provides loans secured by art and other valuable collections—a service that allows collectors to access liquidity without selling prized possessions.

Why Choose Sotheby's

Sotheby's combination of nearly three centuries of expertise, global brand recognition, and aggressive technological modernization makes it a compelling choice for both consignors and buyers. The house's deep specialist knowledge, particularly in fine art and jewelry, is complemented by innovative financial products and a client service ethos that caters to ultra-high-net-worth individuals and institutions alike.

For consignors, Sotheby's global marketing engine—spanning print catalogs, digital campaigns, traveling exhibitions, and VIP client events—ensures maximum exposure. For buyers, the Sotheby's name carries a provenance premium and a guarantee of rigorous authentication and condition assessment.