- In full:
- Sotheby’s Holdings, Inc.
- Also called:
- (1864–1924) Sotheby, Wilkinson and Hodge and (1924–83) Sotheby and Company
- Headquarters:
- New York City
- London
Sotheby’s
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What is Sotheby’s?
Sotheby’s is a prominent auction firm, established in London in 1744. Initially focused on manuscripts and library collections, it broadened to include art sales in the mid-1950s.
Samuel Baker, a London bookseller, founded the firm, and after his death, John Sotheby's successors led the company for over 80 years. In 1917, Sotheby’s moved to New Bond Street in London. While initially concentrating on books and manuscripts, paintings and artworks gained prominence after World War I. Peter C. Wilson's leadership from 1958 to 1980 saw Sotheby's expand to New York City and acquire Parke-Bernet Galleries in 1964.
With locations worldwide, Sotheby’s also has business in real estate, appraisals, and storage.
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What does Sotheby’s do?
Sotheby’s, established in London in 1744, is a leading auction firm that originally focused on selling important manuscripts and library collections. However, it increasingly focused on art sales beginning in the mid-1950s.
Sotheby's has since grown into an international firm with offices and auction halls worldwide. It also has businesses involved in real estate, appraisals, restitution, and storage. The company innovated by holding glamorous, celebrity-filled evening events and capitalizing on new technology like telephone bidding and satellite links.
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How does an art auction at Sotheby’s work?
Sotheby’s, a leading auction firm founded in London in 1744, originally sold manuscripts and library collections but now focuses on art sales. Based in New York City, Sotheby’s has sales offices and auction rooms globally.
In the early 20th century, auction houses like Sotheby’s gained prominence in the art market. Montagu Barlow, the new lead partner, broke the agreement that confined Sotheby’s to book auctioneering by selling a Frans Hals for a record price. He also introduced new technologies and moved the firm to New Bond Street in 1917. Post World War II, Sotheby’s expanded to New York City and acquired Parke-Bernet Galleries.
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What types of items are sold at Sotheby’s auctions?
Sotheby's, a leading auction firm founded in London in 1744, originally sold manuscripts and library collections. However, it increasingly focused on art sales beginning in the mid-1950s. While Sotheby's primarily auctioned books, manuscripts, and prints in the 19th and early 20th centuries, paintings and other works of art started to dominate sales after World War I. Today, Sotheby's also handles real estate, appraisals, restitution, and storage.
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Why is Sotheby’s famous in the art world?
Sotheby's is a world-leading auction firm founded in London in 1744. While it originally handled manuscripts and library collections, it began to focus on art sales in the mid-1950s. Sotheby's became known for auctioning Impressionist and Modernist paintings, especially after its aggressive sale of the Goldschmidt collection in 1958 led to remarkably high prices and a boom in fine-art selling. In 1964, Sotheby's acquired Parke-Bernet Galleries, the largest American fine arts auction house, which helped launch its global expansion. The firm also introduced innovations such as telephone bidding and presale estimates to encourage private buyers.
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How has Sotheby’s influenced art collecting and the art market?
Sotheby’s, a leading auction firm founded in 1744, has significantly shaped art collecting and the art market. After World War II, chairman Peter C. Wilson transformed auctions into glamorous events to attract private buyers, initiating this approach with the 1958 sale of the Goldschmidt collection. This sale set record prices and heralded the boom in fine-art selling.
Sotheby's innovations, such as telephone bidding and accessible sales catalogs, further opened the art market. By acquiring Parke-Bernet in 1964, Sotheby’s expanded globally, influencing the internationalization of the art market.
2 Britannica SourcesCreated from Britannica articles using AI. AI can make mistakes, so verify using Britannica articles.
Sotheby’s, one of the world’s leading auction firms, founded in London in 1744. It originally handled sales of important manuscripts and library collections, but, beginning in the mid-1950s, it increasingly focused on the sale of art. Headquartered in New York City since the 20th century, Sotheby’s maintains other sales offices and auction rooms worldwide.
The founder, Samuel Baker (died 1778), a London bookseller, held his first auction (under his own name) early in 1744, selling an estate library of 457 books. Establishing the firm in York Street and handling further libraries over the years, he went into partnership with George Leigh in 1767. Upon Baker’s death, his estate was divided between Leigh and a nephew, John Sotheby (1778–1807), whose successors were to move the business to 13 Wellington Street in 1818 and were to lead the company for more than 80 years—until 1861, when the last Sotheby died. The company continued to prosper under a series of partners and in 1917 moved to the present London quarters at 34–35 New Bond Street. Throughout the 19th and early 20th centuries, Sotheby’s concentrated chiefly on auctioning books, manuscripts, and prints; and, though other collectibles were occasionally offered for sale, paintings and other works of art did not begin to dominate Sotheby’s sales until after World War I. Following World War II, principally under the leadership (1958–80) of its chairman Peter C. Wilson, Sotheby’s became established in New York City and, in 1964, acquired Parke-Bernet Galleries, the premier American auction house (founded 1883).
Throughout its history, Sotheby’s has handled some of the most important manuscripts and library collections that have come up for sale. In the 20th century it acquired a number of estates and was noted for its 19th- and 20th-century paintings, especially by the Impressionists. Sotheby’s aggressive sale of the Goldschmidt collection in 1958, which elicited (for that time) amazingly high prices, has been cited as the event heralding the late 20th-century boom in fine-art selling. One of the most spectacular auctions came three years later, when Rembrandt’s Aristotle Contemplating the Bust of Homer was purchased by New York’s Metropolitan Museum of Art for $2.3 million.
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In 1983 Sotheby’s was purchased by A. Alfred Taubman, a shopping mall developer who led the company through an era of enormous growth but was convicted in 2002 of organizing a price-fixing scheme with rival auction house Christie’s. He subsequently served time in prison and sold his controlling interest in the company. In 2019 Sotheby’s announced that it had agreed to be acquired by BidFair USA, a company owned by the telecommunications entrepreneur Patrick Drahi. He planned to return Sotheby’s, which had been publicly traded on the New York Stock Exchange since 1988, to private ownership.
With offices and auction halls around the world, Sotheby’s also owns businesses involved in real estate, appraisals, restitution, and storage.