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2024-09-22 08:20:01

Sotheby's

Multinational corporation specializing in fine art brokerage
Multinational corporation specializing in fine art brokerage

Sotheby's, founded in London in 1744, is a major player in the art market with 80 locations worldwide. It has undergone name changes and ownership transitions over the years, and is now owned by Patrick Drahi. Sotheby's also has subsidiaries in art education, real estate, and classic cars.

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1744-03-11
Founding of Sotheby's

Sotheby's was founded in London on March 11, 1744, by Samuel Baker tasked with selling books and manuscripts from the library of Sir John Stanley, 1st Baron Stanley of Alderley. Initially focused on auctioning library collections, Sotheby's garnered a reputation for handling important libraries of the 18th century.

1767
Formation of Baker & Leigh

In 1767, Samuel Baker and George Leigh formed the partnership Baker & Leigh within Sotheby's. This marked a significant development in the history of the auction house.

1778
Death of Samuel Baker

Samuel Baker, a prominent auctioneer, passed away in 1778. His estate was divided between his partner George Leigh and his nephew John Sotheby.

1816
Death of George Leigh

George Leigh, a key figure in the early history of Sotheby's, passed away in 1816. His contributions to the growth of the auction house were notable.

1880
Rich Art Collectors in London

From 1880 until the market crash of 1929, there was a period of prosperity for British auction houses selling art, including Sotheby's. This period marked Sotheby's decisive immersion into the art world.

1913
First Major Success in Fine Arts Auction

In 1913, Sotheby's achieved their first major success in the fine arts auction field by selling a Frans Hals painting for nine thousand guineas.

1917
Relocation of Sotheby's to New Bond Street

In 1917, Sotheby's moved from its Wellington Street location to its famous New Bond Street saleroom, which has been its London base ever since.

1936
Peter Wilson joins Sotheby's

In 1936, Peter Wilson joined Sotheby's and played a crucial role in taking the firm onto the global stage, particularly in the market of Impressionist and Modern paintings.

1954
Opening of Sotheby's New York Venue

During the time of Peter Wilson, Sotheby's opened a New York venue in 1954 and held impressionist and modern art auctions from 1955 onwards. This expansion marked a significant step in Sotheby's international presence.

1955
Sotheby's opens office in New York

In 1955, Sotheby's opened an office in New York, recognizing the internationalization of the art market, thanks to the vision of Peter Wilson.

1957
Auction of the Weinberg Collection

The successful auction of the Weinberg Collection in 1957, attended by Queen Elizabeth II, was a significant event for Sotheby's.

1958
The Goldschmidt Sale

The Goldschmidt sale of 1958, under the leadership of Peter Wilson at Sotheby's, was a sensational event that had a significant impact on the art market.

1961
Sale of Rembrandt's Aristotle Contemplating the Bust of Homer

In 1961, Louis Marion oversaw the sale of Rembrandt's Aristotle Contemplating the Bust of Homer to The Metropolitan Museum of Art for a record $2,300,000, a momentous event in the art world.

1964
Sotheby's acquires Parke-Bernet

In 1964, Sotheby's acquired Parke-Bernet, the largest fine art auction house in the United States, which played a crucial role in the North American market for Impressionist and Modern paintings.

1966
Goldschmidt Collection Auction at Sotheby's

In 1966, the Goldschmidt collection, consisting of seven exceptional Impressionist and Modern paintings, was auctioned at Sotheby's. The evening auction marked the first one at Sotheby's since the 18th century, with attendees required to wear evening dress. The event attracted notable figures like Somerset Maugham, Anthony Quinn, Kirk Douglas, and Lady Churchill, along with numerous art dealers from around the globe.

1967
Expansion of Sotheby's Offices

In 1967, Sotheby's opened offices in Paris, Los Angeles, and Houston as part of their expansion efforts.

1968
Further Expansion of Sotheby's Offices

In 1968, Sotheby's continued its expansion by opening offices in Melbourne, Florence, and Toronto.

1969
Founding of Sotheby's Institute of Art

Sotheby's established the Sotheby's Institute of Art in London in 1969, which now offers accredited master's degrees and various courses.

1976
Establishment of Sotheby's International Realty

Sotheby's International Realty, a luxury real estate brand, was founded in 1976 by Sotheby's and operates as a franchise.

1977
Sotheby's became a UK public company

In 1977, Sotheby's transitioned into a publicly traded company in the United Kingdom.

1980
Relocation of Sotheby's North American headquarters

In 1980, Sotheby's moved its North American headquarters from Madison Avenue to a former cigar factory at 1334 York Avenue, New York, following a decline in sales.

1982
Closure of Sotheby's Madison Avenue galleries

By 1982, Sotheby's shut down its Madison Avenue galleries at East 76th Street and sold its Los Angeles galleries, shifting West Coast auctions to New York.

1983-12-06
Sale of The Gospels of Henry the Lion

On December 6, 1983, Sotheby's auctioned a single book, The Gospels of Henry the Lion, for a record-breaking price exceeding 8 million pounds. This sale highlighted the enduring appeal and value of rare manuscripts in the auction world.

1985
Publication of 'A history of the auction' by Brian Learmount

In 1985, Brian Learmount published 'A history of the auction', a work that likely delves into the evolution and significance of auctions, possibly including Sotheby's.

1986-11
Auction of Jasper Johns' Out the Window

At a November 1986 auction, Sotheby's set a new world record for the most expensive auctioned work by a living artist, selling Jasper Johns' Out the Window for $17 million, marking the first auction over $10 million in this category.

1987
Sale of the Jewels of the Duchess of Windsor

In 1987, an auction was held on the shores of Lake Geneva for the jewels of the Duchess of Windsor. The event was highly competitive with bids coming from New York, a celebrity audience, and phone buyers worldwide, raising over $50,000,000.

1988
Sotheby's Second Public Offering

In 1988, Sotheby's went public for the second time following its successful auctions and rising prices in the late 1980s. The company's decision to go public reflected its strong position in the art market.

1989
Impressionist and Modern Art Auction

In 1989, Sotheby's sold Impressionist and Modern art for a record-breaking total of $1.1 billion in New York and London. This marked a significant milestone in the art market with prices reaching unprecedented levels.

1990
Zoning change for Sotheby's New York headquarters

In 1990, Sotheby's New York successfully lobbied for a zoning change that would allow the construction of a residential tower above its headquarters. Despite the approval, the tower was never built.

1991
Sotheby's Antiquities Scandal

In 1991, ITV's The Cook Report and Channel 4 Dispatches alleged that Sotheby's had been trading in antiquities with no published provenance, leading to an investigation into illegal activities by the organization.

1996
Acquisition of Andre Emmerich Gallery

In 1996, Sotheby's acquired Andre Emmerich Gallery, leading to the establishment of Emmerich/Sotheby's division, which later faced challenges with artists' estates decisions.

1997
Peter Watson's Exposé on Sotheby's

In 1997, historian and journalist Peter Watson exposed Sotheby's illicit activities in his book 'Sotheby's: The Inside Story' and on CBS's 60 Minutes, prompting the organization to commission a report on illegal antiquities.

1998
Expansion of Sotheby's Auction House

In 1998, Sotheby's experienced a significant expansion, becoming the largest fine art auctioneer globally. The company, originally focused on book auctions, diversified to cover all areas of fine and decorative arts.

1999
Publication of International Directory of Company Histories

In 1999, the International Directory of Company Histories was published, providing valuable information about various companies including Sotheby's Holdings, Inc.

2000-02
Price-fixing scandal involving A. Alfred Taubman and Diana (Dede) Brooks

In February 2000, A. Alfred Taubman and Diana (Dede) Brooks stepped down as CEO and were implicated in a price-fixing scandal between Christie's and Sotheby's, leading to legal consequences for both individuals.

2001-12
A. Alfred Taubman found guilty of conspiracy

In December 2001, A. Alfred Taubman was convicted of conspiracy in a high-profile New York City courtroom related to the price-fixing scandal involving Sotheby's and Christie's.

2002-05-22
Auction of Norman Rockwell's Rosie the Riveter

Norman Rockwell's painting of Rosie the Riveter was auctioned by Sotheby's on May 22, 2002, fetching $4.96 million and setting a world record at that time.

2003
Arrest of Vaman Ghiya in India

In 2003, Vaman Ghiya, a dealer from India who sold unprovenanced pieces to Sotheby's, was arrested for trading stolen artifacts, eventually leading to his conviction in 2008.

2004
Picasso’s Garçon à la pipe sold at Sotheby's

In 2004, Picasso’s Garçon à la pipe was sold at Sotheby's in New York for $104.2 million, setting a record price for a 20th-century masterpiece.

2006-05-03
Auction of Pablo Picasso's Dora Maar au Chat

Sotheby's auctioned Pablo Picasso's Dora Maar au Chat on May 3, 2006, for $95 million, becoming the second-most-expensive artwork sold at auction then.

2007-06-07
Sale of Roman-era Bronze Sculpture at Sotheby's

On June 7, 2007, a Roman-era bronze sculpture of Artemis and the Stag was sold at Sotheby's for $28.6 million, setting a new record for the most expensive sculpture and antiquity work sold at auction at that time.

2011-03-10
Incorrect sale of sconces by Sotheby's

On 10 March 2011, Sotheby's mistakenly sold a pair of sconces wrongly attributed to Emile-Jacques Ruhlmann, leading to an auction error.

2012-05-02
Sale of Edvard Munch's The Scream

Edvard Munch's masterpiece 'The Scream' was sold at Sotheby's New York on May 2, 2012, setting a new world record for any work of art at auction.

2013
Warhol’s Silver Car Crash (Double Disaster) sold at Sotheby's

In 2013, Warhol’s Silver Car Crash (Double Disaster) was sold at Sotheby's for $108.4 million, marking another record price for a 20th-century masterpiece.

2015-03
Tad Smith becomes CEO of Sotheby's

In March 2015, Tad Smith, with no prior auction industry experience but successful tenure at Madison Square Garden, took over as CEO of Sotheby's from William F. Ruprecht.

2016-02
Agreement Between Sotheby's and Servest for Improved Worker Benefits

In February 2016, Sotheby's and Servest reached an agreement to pay all outsourced workers the London Living Wage and improve sick pay. This agreement came after a series of protests and controversies surrounding worker rights at Sotheby's.

2016-07
Taikang Life becomes Sotheby's largest shareholder

In July 2016, Chinese insurance company Taikang Life acquired a 13.5% stake in Sotheby's, becoming its largest shareholder.

2016-11
Sotheby's auction of David Bowie's private art collection

In November 2016, Sotheby's presented art, design objects, and more from David Bowie's private art collection in three sessions, setting new records for over 50% of the artists represented in the sale.

2017
Launch of Sotheby's Prize

The Sotheby's Prize was introduced in 2017, offering a $250,000 annual award to museums showcasing innovative exhibitions. The program concluded in 2020 after honoring existing commitments.

2018-01-25
Sotheby's acquires Thread Genius

On 25 January 2018, Sotheby's acquired the AI company Thread Genius for an undisclosed amount.

2018-11-15
Online (RED) Auction by Sotheby's

Sotheby's is conducting an online (RED) auction featuring contemporary art and design to support the fight against AIDS. The auction provides an opportunity for more people to contribute to the cause.

2018-12-05
Third (RED) Auction curated by Sir David Adjaye and Theaster Gates

Sotheby’s, Gagosian, and (RED) are collaborating to hold the third (RED) auction featuring contemporary art and design donated by various prominent artists and designers. The auction aims to raise funds for the fight against AIDS.

2019-02
Redesign and expansion of Sotheby's New York headquarters

In February 2019, Sotheby's announced a redesign and expansion of its New York headquarters, led by designer Shohei Shigematsu, including a new online bidding platform.

2019-06
Acquisition of Sotheby's by Patrick Drahi

In June 2019, French-Israeli businessman Patrick Drahi acquired Sotheby's at a 61% market premium. This marked a significant change in ownership for the renowned auction house.

2019-10
Launch of Sotheby's Own Label Collection

In October 2019, Sotheby's launched Sotheby's Own Label Collection, a line of a dozen wines based on its best-selling wines. This initiative aimed to leverage Sotheby's relationships with producers worldwide.

2020-06-29
First-Ever Live-Streamed Digital Evening Sale by Sotheby's

Sotheby's conducted its first-ever live-streamed digital evening sale on June 29, 2020, amidst the global health crisis. The event brought in a total of $363.2 million and marked a new era for art auction houses in adapting to digital platforms.

2021-10-25
Sotheby's Auction of Picasso Collection

On October 25, 2021, Sotheby's auctioned off 11 Picasso artworks previously owned by Steve Wynn for $109 million in Las Vegas, highlighting the high demand and value of Picasso's masterpieces in the art world.

2021-12-16
Sotheby's Record Sales in 2021

Sotheby's reported a record year in 2021 with consolidated sales reaching $7.3 billion, driven by new collectors and expanded offerings. The company saw success in both auctions and private sales, with a seamless digital and physical experience attracting clients.

2023-03
Sotheby's Faces Trial on Fraud Charges

In March 2023, a New York judge ruled that Sotheby's must face trial on fraud charges concerning four artworks, including Salvator Mundi by da Vinci. The ruling allowed Dmitry Rybolovlev to pursue an aiding and abetting claim against Sotheby's, leading to a settlement via mediation to avoid a jury trial.

2023-06
Sotheby's purchase of 945 Madison Avenue for new headquarters

In June 2023, Sotheby's agreed to acquire 945 Madison Avenue, a former museum building, to establish its new headquarters, including galleries and auction rooms.

2024-03-22
Sotheby's Website Update

On March 22, 2024, the Sotheby's website was updated with new bibliographic search features including access to the Frick Art Reference Library Catalog, Photoarchive, Worldcat, Library of Congress Name Authority File, Virtual International Authority File, and Wikidata Entry. The update also included information on the Archives of American Art and the Jacques Seligmann & Co. records.

2024-04-16
Auction of Winston Churchill Painting

A painting of Winston Churchill, created by an artist whose work he disliked, is set to be auctioned off on April 16, 2024.

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