Sotheby's

Sotheby's
source
Name	Sotheby's
Type	Public
Traded as	NYSE: BID
Industry	Auction house
Founded	1744
Founder	Samuel Baker
Headquarters	New York City, United States

Sotheby's. As one of the world's largest and most renowned auction houses, Sotheby's has a rich history dating back to 1744, when it was founded by Samuel Baker in London, England. Sotheby's has been a major player in the art market, hosting auctions for famous works by Pablo Picasso, Vincent van Gogh, and Claude Monet, among others, at its locations in New York City, London, and Hong Kong. Sotheby's has also been involved in the sale of rare items, such as the Diamond Necklace owned by Marie Antoinette and the Codex Leicester owned by Leonardo da Vinci, which was later purchased by Bill Gates.

● History of

Sotheby's Sotheby's was founded in 1744 by Samuel Baker, who was a bookseller and auctioneer in London, England. The company's first auction was held on March 11, 1744, and featured a collection of books owned by Sir John Stanley. Over the years, Sotheby's has been owned by several prominent families, including the Baker family and the Taubman family, who played a significant role in shaping the company's history, much like the Rothschild family and the Morgan family did in the world of finance. Sotheby's has also been involved in the sale of numerous high-profile items, including the Windsor Castle collection, which featured works by Rembrandt van Rijn and Johannes Vermeer, and the Treasury of San Marco, which included items owned by Doge of Venice and the Medici family. Sotheby's has worked with numerous notable art dealers, including Joseph Duveen and Daniel-Henry Kahnweiler, to bring rare and valuable items to market, often in collaboration with museums like the Louvre and the Metropolitan Museum of Art.

● Auction Process

The auction process at Sotheby's typically begins with the consignment of an item by a seller, who may be a private collector or an institution, such as the Getty Museum or the National Gallery of Art. The item is then appraised by Sotheby's team of experts, who determine its authenticity and value, often in consultation with specialists from Christie's and Bonhams. The item is then cataloged and photographed for inclusion in Sotheby's auction catalog, which is distributed to potential buyers and bidding begins, either in person, online, or by telephone, with proxy bidding also available. Sotheby's also offers guarantees to sellers, which ensures that they will receive a minimum price for their item, regardless of the hammer price, a practice also used by Phillips and Heritage Auctions. Sotheby's has also partnered with online platforms, such as eBay and Artnet, to expand its reach and offer more bidding options to buyers, including those from Asia and Europe, such as China and France.

● Notable Sales

Sotheby's has been involved in numerous notable sales over the years, including the sale of Vincent van Gogh's Portrait of Dr. Gachet for $82.5 million in 1990, which was purchased by Ryoei Saito, a Japanese businessman. Sotheby's has also sold works by Pablo Picasso, such as Les Femmes d'Alger (Version O), which sold for $179.4 million in 2015, and Francis Bacon's Three Studies of Lucian Freud, which sold for $142.4 million in 2013, both of which were purchased by anonymous buyers. Sotheby's has also sold rare items, such as the Pink Star diamond, which sold for $71.2 million in 2017, and the Codex Leicester, which sold for $30.8 million in 1994, both of which were purchased by Hong Kong-based buyers. Sotheby's has worked with numerous notable collectors, including Henry Clay Frick and J. Paul Getty, to sell and purchase rare and valuable items, often with the help of art advisors like Albert Barnes and Gertrude Stein.

● Sotheby's Today

Today, Sotheby's is a global company with locations in New York City, London, Hong Kong, and Paris, among other cities, and is listed on the New York Stock Exchange under the ticker symbol BID. Sotheby's offers a range of services, including auctions, private sales, and appraisals, and has a team of experts in numerous fields, including fine art, jewelry, and rare books, who work closely with institutions like the British Museum and the Victoria and Albert Museum. Sotheby's has also expanded its reach through online platforms, such as Sothebys.com and Sotheby's Instagram, which allow buyers to bid and purchase items remotely, often with the help of online marketplaces like 1stdibs and Artsy. Sotheby's has partnered with numerous institutions, including the Metropolitan Museum of Art and the Tate Modern, to offer exhibitions and programming to the public, and has worked with artists like Jeff Koons and Takashi Murakami to create unique and innovative artworks.

● Controversies and Criticisms

Sotheby's has been involved in several controversies over the years, including allegations of price-fixing and collusion with other auction houses, such as Christie's and Bonhams. Sotheby's has also faced criticism for its role in the sale of looted art and cultural property, including items stolen from museums and private collectors during World War II, such as the Nazi-looted art and the Elgin Marbles. Sotheby's has also been criticized for its fees and commissions, which can be high and opaque, and for its treatment of sellers and buyers, including the use of non-disclosure agreements and confidentiality agreements, which can limit transparency and accountability. Sotheby's has responded to these criticisms by implementing new policies and procedures, such as the use of provenance research and due diligence, to ensure the authenticity and legality of the items it sells, and has worked with law enforcement agencies like the FBI and Interpol to combat art crime and forgery.

● Locations and Operations

Sotheby's has locations in numerous cities around the world, including New York City, London, Hong Kong, and Paris, and offers a range of services, including auctions, private sales, and appraisals. Sotheby's also has a team of experts in numerous fields, including fine art, jewelry, and rare books, who work with sellers and buyers to authenticate and value items, often in collaboration with institutions like the Getty Conservation Institute and the International Council of Museums. Sotheby's has also expanded its reach through online platforms, such as Sothebys.com and Sotheby's Instagram, which allow buyers to bid and purchase items remotely, and has partnered with numerous institutions, including the Metropolitan Museum of Art and the Tate Modern, to offer exhibitions and programming to the public, and has worked with artists like Gerhard Richter and Cindy Sherman to create unique and innovative artworks. Sotheby's has also established partnerships with galleries like Gagosian Gallery and Hauser & Wirth, and has worked with collectors like Eli Broad and Ronald Perelman to build and maintain their collections.