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. Its main office is now in New York City. It is one of the biggest companies in the world that helps people buy and sell valuable items. These items include fine art, decorative art, jewellery, and special collectibles. Sotheby's has offices in 80 places across 40 countries. It also has a strong presence in the UK.
Sotheby's was started on March 11, 1744, in London by Samuel Baker. He was a bookseller. Over the years, the company changed its name several times. Some of its past names include Baker & Leigh and Leigh and Sotheby. In 1778, Samuel Baker's nephew, John Sotheby, took over part of the business.
In 1983, the company became Sotheby's Holdings, Inc. It was later renamed Sotheby's in 2006. In 2019, a French-Israeli businessman named Patrick Drahi bought Sotheby's.
Sotheby's also has other related businesses. These include Sotheby's Institute of Art (which is a school), Sotheby's International Realty (which sells luxury homes), and RM Sotheby's (which sells classic cars).
Contents
Sotheby's Story: From Books to Art
Early Years: 1700s and 1800s
Sotheby's began on March 11, 1744, in London. It was founded by Samuel Baker, who sold books. In 1767, Baker partnered with George Leigh, and the company became Baker & Leigh. They sold many valuable book collections, including one that belonged to Napoleon.
After Baker passed away in 1778, the business went to George Leigh and Baker's nephew, John Sotheby. The company became known as Leigh and Sotheby. It grew into a major place for selling books at auction.
George Leigh died in 1816. The Sotheby family continued the business. They started selling other items like prints, medals, and coins. When the last Sotheby family member died in 1861, John Wilkinson, a senior accountant, took over the company.
Growing into the 20th Century
At first, Sotheby's did not focus on selling fine art. Their first big art sale was a painting by Frans Hals in 1913. It sold for a lot of money.
In 1917, Sotheby's moved its London office to New Bond Street. This is still its main location in London. Soon, Sotheby's became a strong competitor to Christie's, another leading auction house.
In 1964, Sotheby's bought Parke-Bernet. This was the biggest art auction company in the United States at the time. The next year, Sotheby's opened an office in New York. As the art market 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.
Sotheby's auctioneers have even appeared in movies. For example, they were in the 1983 James Bond film Octopussy.
The company also started buying art galleries and working with art dealers. This helped them sell art privately, not just through auctions. In 1990, Sotheby's partnered with William Acquavella to form Acquavella Modern Art. They bought many artworks from the Pierre Matisse Gallery.
Sotheby's in the 21st Century
In 2000, Sotheby's bought its building on York Avenue in New York. They spent $140 million to expand and update it. This renovation added more space for storing art and for galleries.
Around 2008, the art market faced challenges, like many other industries. Art prices dropped. However, Sotheby's continued to be a major player in the art world.
By 2021, Sotheby's had offices in over 40 countries. In 2012, they formed a partnership in China to create Sotheby's (Beijing) Auction Co. Ltd. This was the first international auction house in China.
Sotheby's and Christie's are big rivals. They both compete to be the world's top art auctioneer. Sotheby's has also created online systems. These systems allow clients to track items and bid live during auctions.
In 2019, Patrick Drahi 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. This was the first time since 2011.
In June 2023, Sotheby's announced it would buy a new building in New York City. This building, designed by Marcel Breuer, will become its new headquarters in 2025.
How Auctions Work at Sotheby's
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.
When you bid, the auctioneer keeps taking bids until only one person is willing to buy the item at a certain price. The auctioneer then says "sold!" and the item goes to the winning bidder. This final price is called the "hammer price." Sotheby's then arranges for the buyer to receive their item.
Buying Items
You can see what Sotheby's is selling by looking at their online catalogs or visiting their exhibitions before a sale. You can also get email alerts. To bid, you need to register with Sotheby's. 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 while watching the auction.
- By placing an "absentee bid" online (you set your maximum bid beforehand).
If your bid wins, you pay the hammer price, plus a buyer's fee and taxes.
Selling Items
If you want to sell something, you fill out a form with details and a photo of your item. If Sotheby's accepts it, you sign a contract. This contract sets a "reserve price" (the lowest price you'll sell for) and the commission Sotheby's will take. If bids don't reach the reserve price, the item won't be sold.
Sotheby's Services
Sotheby's offers many services beyond just auctions. These include:
- Private Sales: If sellers don't want a public auction, Sotheby's can connect them with buyers privately. The identities of buyers and sellers are kept secret.
- Financial Services: Sotheby's can offer loans using valuable art or items as collateral.
- Wine: Sotheby's sells fine wines and even has its own line of wines. They also publish The Sotheby's Wine Encyclopedia.
Sotheby's Partners and Related Companies
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 related to art.
Sotheby's International Realty
Sotheby's International Realty is a luxury real estate company. It was founded in 1976 by Sotheby's and operates as a franchise.
RM Sotheby's
RM Sotheby's specializes in classic cars. It is based in Canada and has offices in the US and Europe. Sotheby's has partly owned this company since 2015.
Amazing Sales at Sotheby's
Sotheby's has set many world records for the prices of artworks and other items sold at auction. Here are some notable sales:
- 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.
- In 2007, a Roman bronze sculpture called Artemis and the Stag sold for $28.6 million. This was a record for an ancient sculpture.
- Also in 2007, Mark Rothko's painting White Center (Yellow, Pink and Lavender on Rose) sold for $72.8 million. This set a record for contemporary art at the time.
- In 2007, the Guennol Lioness, a tiny 5,000-year-old stone lion, sold for $57 million. This was the highest price ever 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.
- In 2007, a 710-year-old copy of Magna Carta sold for $21.3 million. It was the last copy in private hands.
- In 2010, the sculpture L'Homme qui marche I by Alberto Giacometti sold for $103.7 million. This was a world record for an artwork at auction then.
- In 2012, a version of the 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, reaching $23.98 million.
- In 2019, Claude Monet's Meules painting sold for over $110 million.
- In 2021, a 101.38-carat diamond sold for $12.3 million using cryptocurrency. This was the most expensive physical item ever sold publicly with cryptocurrency at that time.
- In 2023, Freddie Mercury's Yamaha piano, which he used to compose "Bohemian Rhapsody", sold for £1.7 million ($2.1 million). This was a record for a composer's piano.
Sneaker Sales
Sotheby's has also started selling rare and valuable sneakers. These sales have attracted many new, younger buyers.
- In 2019, a 1972 Nike Waffle Racing Flat "Moon Shoe" sold for $437,500.
- In 2020, Michael Jordan's autographed Nike "Air Jordan 1"s from 1985 sold for $560,000.
- In 2021, Nike Air Yeezy 1 sneakers worn by Kanye West sold for $1.8 million. This was the first pair of sneakers to sell for over $1 million.
Fossil Sales
Sotheby's has also auctioned important fossils.
- In 1997, Sotheby's sold Sue, the largest and most complete Tyrannosaurus rex skeleton. It was bought by the Field Museum of Natural History for over $8 million.
- In 2022, a T. rex skull named Maximus sold for over $6 million.
- In 2024, Apex, the most complete Stegosaurus skeleton, sold for $44.5 million. This set a new world record for any dinosaur skeleton sold at auction. The buyer loaned it to the American Museum of Natural History.
Porcelain Sales
Sotheby's is a leader in selling expensive Chinese porcelain, especially in Hong Kong.
- In 2017, a small Ru ware dish sold for nearly $38 million.
- In 2014, a very rare Chenghua chicken cup sold for a record $36.05 million. This was the highest auction price for any Chinese Porcelain at the time.
Images for kids
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Hispano J12 1933 coach Pourtout—Sotheby's 1989
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Sue (FMNH 2081) on display at the Field Museum.
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HK Central Landmark 朱銘 Ju Ming art exhibition interior Sotheby's
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York Avenue headquarters, New York City
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Chenghua chicken cup in Jingdezhen ware cup; this one in the Metropolitan Museum of Art
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See also
In Spanish: Sotheby's para niños
