A record half-year for Sotheby’s: the new driver of growth goes beyond auctions
Sales of $4.4 billion (+58 per cent), driven not only by auction sales but also by private sales, financial services, luxury goods and new business areas
Sotheby’s has recorded the best first half of the year in its history, with consolidated sales of $4.4 billion (+58 per cent), continuing and accelerating the momentum that had already emerged in the second half of 2025. But what is surprising is not so much the growth in sales as the way in which it was achieved. Auctions continue to represent the core of the business (+59 per cent, to $3.4 billion), but they are no longer the sole driver of growth. The first-half results illustrate Sotheby’s evolution into a platform for collectors, where private sales, financial services and new business lines are making an increasingly significant contribution to revenue.
The auction house, led by CEO Charles F. Stewart, has returned to all-time highs thanks to museum-quality works, major private collections and, above all, an increasingly diversified business model, in which private sales and financial services complement traditional auctions.
Private sales grew by 52 per cent, reaching $826 million. A significant contribution also comes from Sotheby’s Financial Services, one of the leading players in the sector of loans secured by works of art and collectables, which has provided over $12 billion in financing since its inception. Whilst not providing financial figures for the division, Sotheby’s reports particularly strong demand. On the financial front, the group also completed an $825 million bond issue in April to refinance existing debt and, in January, a $900 million securitisation.
Another point highlighted by the management is the so-called “Breuer effect”: the new premises at 945 Madison Avenue have attracted more than twice as many visitors as the historic York Avenue site. Furthermore, the Marcel restaurant opened in April and, according to Sotheby’s, is proving more popular than expected.
Key findings from the Fine Art
The Fine Art sector recorded record results across all major international markets. The Marquee Sales in New York totalled $908.6 million, with a sell-through rate of 92.5 per cent, whilst works from private collections accounted for 96 per cent of lots sold. In London, the June sales achieved $556.5 million, the best result ever in Europe, driven by the Lewis Collection, which sold for $406.2 million. Other notable results included the record-breaking sale of the Jean & Terry de Gunzburg collection (a total of $157.6 million), a new record for Claude Lalanne ($33.5 million), the world record for a drawing by Rembrandt (18 million), the Asian record for a work by Joan Mitchell (17.6 million) and the debut in Saudi Arabia with a new record for the artist Safeya Binzagr, ‘Coffee Shop in Madina Road’, which sold for $2.1 million. The quality of the offering was further confirmed by the sell-through rate, which rose to 90 per cent – the highest level recorded by the auction house since at least 2010.
