Sotheby's facts for kids
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| Private | |
| Industry | Fine arts, rare objects |
| Founded | 11 March 1744 in London, England |
| Founder | Samuel Baker |
| Headquarters | 1334 York Avenue,
New York City
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U.S.
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Number of locations
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80 locations in 40 countries (as of 2021) |
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Area served
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Worldwide |
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Key people
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Charles F. Stewart (CEO) |
| Services | Auctions, financial services |
| Revenue |  US$805.377 million (2016) |
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Operating income
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 US$1.5 billion (2021) |
| US$400 million (2021) |
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| Total assets | US$5.5 billion (2021) |
| Owner | Patrick Drahi |
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Number of employees
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1,713 (Dec 2018) |
| Subsidiaries | Sotheby's Institute of Art, Sotheby's International Realty, RM Sotheby's |
Sotheby's is a famous company that started in Britain but now has its main office in New York City. It is one of the biggest places in the world where people buy and sell fine and decorative art, jewellery, and other special collectibles. Sotheby's has 80 offices in 40 countries around the world. It also has a strong presence in the UK.
The company was started on March 11, 1744, in London by Samuel Baker, who was a bookseller. Over the years, the company changed its name several times. In 1767, it became Baker & Leigh, and later Leigh and Sotheby.
In 1983, a company was formed in the United States called Sotheby's Holdings, Inc. Later, in 2019, a businessman named Patrick Drahi bought Sotheby's.
Sotheby's also has other related businesses. These include the Sotheby's Institute of Art (which is a school), Sotheby's International Realty (which sells real estate), and RM Sotheby's (which sells classic cars).
Contents
Sotheby's Story: How It Grew
Early Days: 1700s and 1800s
Sotheby's began on March 11, 1744, in London. It was founded by Samuel Baker, who sold books. In 1767, Samuel Baker teamed up with George Leigh, and the company became Baker & Leigh. They sold many valuable books from famous libraries.
After Baker passed away in 1778, the business went to Leigh and his nephew John Sotheby. It became a well-known place for selling books at auction and was renamed Leigh and Sotheby.
George Leigh died in 1816. The Sotheby family then expanded the business to include selling prints, medals, and coins. Later, John Wilkinson, a senior accountant, took over the company when the last Sotheby family member died in 1861.
Growing in the 1900s
At first, Sotheby's did not focus on selling fine art. Their first big art sale was a painting by Frans Hals in 1913, which sold for a lot of money.
In 1917, Sotheby's moved its London office to New Bond Street, where it still is today. They soon became a major competitor to Christie's, another leading auction house.
In 1964, Sotheby's bought Parke-Bernet, which was the biggest art auction company in the United States. The next year, Sotheby's moved its New York office to 980 Madison Avenue. As the art auction business grew worldwide, Sotheby's opened offices in Paris and Los Angeles in 1967. They were also the first auction house to open in Hong Kong in 1973 and Moscow in 1988.
Sotheby's auctioneers have even appeared in movies, like the 1983 James Bond film Octopussy.
Over the years, Sotheby's also bought art galleries and worked with art dealers. This helped them sell art privately, not just through auctions.
Sotheby's in the 2000s
In 2000, Sotheby's bought its building on York Avenue in New York for $11 million. They spent $140 million to make it bigger and better in 2001. This renovation added more floors and space for storing art, galleries, and auction rooms.
In May 2007, Sotheby's opened an office in Moscow. This was because more and more Russian buyers were interested in the international art market. They also held sales in Qatar in 2009.
When the world faced an economic crisis in 2008, the art market also slowed down. Art prices dropped, and many auctions saw fewer sales. However, the art market recovered.
By 2021, Sotheby's had offices in over 40 countries, with 80 different locations. In 2012, the company partnered with a Chinese group to form Sotheby's (Beijing) Auction Co. Ltd. This was the first international auction house in China.
Sotheby's and Christie's are big rivals, always competing to be the top art auction house in the world. In 2004, Sotheby's launched MySotheby's, an online system where clients could track items and create wishlists. They also created BIDnow, which lets people bid online in real-time during live auctions.
In 2019, Patrick Drahi, a French-Israeli businessman, bought Sotheby's. He made some changes, including bringing in Charles F. Stewart as the new CEO. In 2020, Sotheby's became the world's top auction house again, with over $5 billion in sales.
In June 2023, Sotheby's decided to buy a new building on 945 Madison Avenue in New York. This building used to be a museum. Sotheby's plans to move its headquarters, galleries, and auction rooms there by 2025.
How Sotheby's Auctions Work
Sotheby's auctions usually happen during the day. Most of them are free and open to everyone. You don't have to bid if you attend.
Bidding stops when only one person wants to buy the item at the highest price. The auctioneer then says the item is "sold" to that person. This final price is called the "hammer price." Sotheby's then arranges for the buyer to receive their item.
Buying at Sotheby's
If you want to buy something at Sotheby's, you can look at their online catalogs or visit their pre-sale exhibitions. You can also get print catalogs or sign up for email alerts. To bid, you need to register at a Sotheby's office or online. They might ask for your ID and a bank reference.
There are four ways to bid:
- In person at the auction room.
- By phone.
- Live online during the auction.
- By making an "absentee bid" online (you set your maximum bid beforehand).
If your bid wins, Sotheby's adds the hammer price, a buyer's fee, and taxes to get the total cost.
Selling at Sotheby's
If you want to sell something, you need to fill out an Auction Estimate Form. You'll provide details and a photo of your item. If Sotheby's accepts your item for auction, you'll sign a contract. This contract sets a "reserve price," which is the lowest price you're willing to sell for. It also sets the seller's fee. If no one bids high enough to reach the reserve price, your item will not be sold.
Sotheby's Services
Sotheby's offers many services, including:
- Advisory: Giving expert advice on art.
- Financial Services: Offering loans using art as collateral.
- Private Sales: Helping people buy and sell art secretly, without a public auction.
- Valuations: Figuring out how much an item is worth.
- Wine Advisory: Giving advice on buying and selling wine.
- Private Sales
Sometimes, sellers don't want a public auction. Sotheby's can connect sellers with buyers privately. This way, no one knows who bought or sold the item. Private sales are a big part of Sotheby's business. They even have special galleries, like S2 in New York, just for showing items available for private sale.
- Financial Services
Since 1988, Sotheby's Financial Services has offered loans. You can get a loan using your valuable items as collateral. This is helpful because regular banks often don't accept art as collateral.
- Wine
Sotheby's also has a strong connection to wine. In 2019, they launched their own line of wines called Sotheby's Own Label Collection. They also publish The Sotheby's Wine Encyclopedia, a well-known book about wine.
Sotheby's Partners and Schools
Sotheby's Institute of Art
In 1969, Sotheby's started the Sotheby's Institute of Art in London. This school offers master's degrees and other courses for people who want to learn about art.
Sotheby's International Realty
Sotheby's International Realty is a luxury real estate company. It was started by Sotheby's in 1976 and operates as a franchise.
RM Sotheby's
RM Sotheby's specializes in selling classic cars. It's based in Canada and has offices in the US and Europe. Sotheby's became a part-owner of this company in 2015.
Sotheby's Prize
The Sotheby's Prize was an award started in 2017. It gave $250,000 each year to museums that put on "groundbreaking shows." The program ended in 2020, but it honored its promises for shows already planned.
Famous Sales at Sotheby's
Sotheby's has set many world records for the highest prices paid for art and other items at auction. Here are some examples:
- In 2002, Norman Rockwell's painting of Rosie the Riveter sold for $4.96 million.
- In 2006, Pablo Picasso's Dora Maar au Chat sold for $95 million, becoming one of the most expensive artworks ever sold at auction at that time.
- In 2007, a Roman bronze statue called Artemis and the Stag sold for $28.6 million. This set a new record for an ancient sculpture.
- Sotheby's holds the record for the most expensive piece of contemporary art sold at auction. In 2007, Mark Rothko's White Center (Yellow, Pink and Lavender on Rose) sold for $72.8 million.
- In 2007, the Guennol Lioness, a tiny 5,000-year-old limestone lion from ancient Mesopotamia, sold for $57 million. This was the highest price ever paid for a sculpture at auction.
- In 2007, one of only seven copies of The Tales of Beedle the Bard by J. K. Rowling sold for $3.8 million. Rowling wrote and illustrated these books by hand.
- Also in 2007, a 710-year-old copy of Magna Carta sold for $21.3 million. This was the last copy still owned by a private person.
- In 2010, the sculpture L'Homme qui marche I by Alberto Giacometti sold for $103.7 million. This was a new world record for any artwork sold at auction at that time.
- In 2012, a version of the famous painting The Scream sold for $119.9 million.
- In 2014, the Patek Philippe Henry Graves Supercomplication became the most expensive watch ever sold at auction, selling for $23.98 million.
- In 2016, Pablo Picasso's Femme Assise sold for $63.7 million, making it the most expensive Cubist painting ever sold at auction.
- In 2018, E. H. Shepard's original map of the Hundred Acre Wood from Winnie-the-Pooh sold for £430,000 ($600,000).
- In 2018, Banksy's "Girl with a Balloon" famously shredded itself after being sold. It was later resold as "Love is in the Bin" for £18.5 million.
- In 2019, Claude Monet's Meules sold for over $110 million.
- In 2023, Freddie Mercury's Yamaha piano, which he used to write "Bohemian Rhapsody", sold for £1.7 million ($2.1 million). This set a record for a composer's piano.
Sneaker Sales
Sotheby's has also started selling sneakers, including vintage designs and very valuable pairs worn by famous people. These sales have brought in many new, younger buyers to Sotheby's.
- In 2019, a 1972 Nike Waffle Racing Flat "Moon Shoe" sold for $437,500.
- In 2020, Michael Jordan's signed Nike "Air Jordan 1"s from 1985 sold for $560,000.
- In 2021, the Nike Air Yeezy 1 worn by Kanye West at the 2008 Grammy Awards sold for $1.8 million. This was the first pair of sneakers ever reported to sell for over $1 million.
Jewelry Sales
In 2021, Sotheby's sold a 101.38-carat diamond for $12.3 million using cryptocurrency. This was the most expensive physical item ever sold publicly with cryptocurrency at that time.
Images for kids
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York Avenue headquarters, New York City.
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An art exhibition inside Sotheby's in Hong Kong.
See also
In Spanish: Sotheby's para niños
- Love is in the Bin, a Banksy painting sold by Sotheby's
- Peter Wilson (auctioneer), a former chairman of Sotheby's
- The Sotheby's Wine Encyclopedia
