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.
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.
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.
Samuel Baker, a prominent auctioneer, passed away in 1778. His estate was divided between his partner George Leigh and his nephew John Sotheby.
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.
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.
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.
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.
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.
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.
In 1955, Sotheby's opened an office in New York, recognizing the internationalization of the art market, thanks to the vision of Peter Wilson.
The successful auction of the Weinberg Collection in 1957, attended by Queen Elizabeth II, was a significant event for Sotheby's.
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.
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.
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.
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.
In 1967, Sotheby's opened offices in Paris, Los Angeles, and Houston as part of their expansion efforts.
In 1968, Sotheby's continued its expansion by opening offices in Melbourne, Florence, and Toronto.
Sotheby's established the Sotheby's Institute of Art in London in 1969, which now offers accredited master's degrees and various courses.
Sotheby's International Realty, a luxury real estate brand, was founded in 1976 by Sotheby's and operates as a franchise.
In 1977, Sotheby's transitioned into a publicly traded company in the United Kingdom.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
In 1999, the International Directory of Company Histories was published, providing valuable information about various companies including Sotheby's Holdings, Inc.
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.
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.
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.
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.
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.
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.
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.
On 10 March 2011, Sotheby's mistakenly sold a pair of sconces wrongly attributed to Emile-Jacques Ruhlmann, leading to an auction error.
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.
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.
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.
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.
In July 2016, Chinese insurance company Taikang Life acquired a 13.5% stake in Sotheby's, becoming its largest shareholder.
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.
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.
On 25 January 2018, Sotheby's acquired the AI company Thread Genius for an undisclosed amount.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
A painting of Winston Churchill, created by an artist whose work he disliked, is set to be auctioned off on April 16, 2024.