Sotheby's

Definition

Sotheby's is one of the world's largest and most prestigious auction houses, founded in 1744 in London. It specializes in fine art, antiques, and collectibles, hosting high-profile auctions that attract international buyers and sellers. The company has established a reputation for its expertise in the art market and often features significant works from renowned artists, making it a key player in the global art scene.

5 Must Know Facts For Your Next Test

1. Sotheby's was founded by Samuel Baker in 1744 and originally focused on selling books and manuscripts.
2. The auction house has expanded its operations globally, with offices in major cities like New York, Hong Kong, and Paris.
3. Sotheby's is known for breaking records at auctions, including the sale of Leonardo da Vinci's 'Salvator Mundi' for over $450 million in 2017.
4. The company offers various services beyond auctions, such as private sales, appraisals, and art financing.
5. Sotheby's also plays a role in shaping market trends by showcasing emerging artists and styles during its auctions.

Review Questions

• How has Sotheby's evolved since its founding in 1744, and what impact has this had on the auction house's reputation?
  • Since its founding in 1744, Sotheby's has evolved from a small auction house selling books and manuscripts to a leading global player in the fine art market. This transformation has enhanced its reputation, allowing it to host high-profile auctions featuring significant works from renowned artists. By expanding into major markets worldwide and diversifying its offerings, Sotheby’s has established itself as a trusted authority in the art world.
• Discuss the significance of Sotheby's role in establishing market trends and values within the contemporary art world.
  • Sotheby’s plays a crucial role in establishing market trends and values within the contemporary art world by highlighting emerging artists and innovative styles during its auctions. The auction house’s ability to attract prominent collectors and influential figures helps set prices that can influence the broader market. As a result, Sotheby’s not only reflects current tastes but also shapes the direction of art collecting and investment.
• Evaluate the influence of Sotheby's auction results on the global art market, considering factors such as provenance and appraisal practices.
  • Sotheby’s auction results have a significant influence on the global art market as they often set benchmarks for pricing and desirability. Factors like provenance can greatly enhance an artwork's value, and Sotheby’s expertise in appraisal ensures that pieces are accurately valued before auction. This process not only affects individual sales but also impacts broader perceptions of value within the art community, guiding collectors' decisions and shaping future investments.

Related terms

Auction: A public sale in which goods or property are sold to the highest bidder.

Appraisal: The process of evaluating an item's worth, typically performed by experts before it goes to auction.

Provenance:

The history of ownership of a piece of art or an antique, which can affect its value and desirability.