ART AND LUXURY MARKETS REMAIN RESILIENT DURING PANDEMIC

Aug 04, 2020

By Andy Johnson

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The economy in general may have tanked because of COVID-19 but auction house Sotheby’s is still doing pretty well.

Sothebey’s reports $2.5 billion in sales so far this year and says that figure reflects a “resilient” market amid the coronavirus situation but still represents a 25% decrease in auction sales.

The figures include more than $285 million from online-only auctions and $575 million in private sales.

Sotheby’s CEO says the art and luxury markets have proven to be incredibly resilient with demand for quality across categories unabated.

By comparison, rival auction house Christie’s equivalent online and live sales declined by 53%.

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