- Injury-hit Australia thrash 'embarrassing' Pakistan at Women's T20 World Cup
- Internal TikTok documents show prioritization of traffic over well-being
- Israel says fired at 'immediate threat' near UN position in Lebanon
- New US coach Pochettino hails Pulisic but worries over workload
- Brazil orders closure of 2,000 betting sites
- UK govt urged to raise pro-democracy tycoon's case with China
- Sculptor Lalanne's animal creations sell for $59 mn
- From Tesla to Trump: Behind Musk's giant leap into politics
- US, European markets rise as investors weigh rates, earnings
- In Colombia, children trade plastic waste for school supplies
- Supercharged hurricanes trigger 'perfect storm' for disinformation
- JPMorgan Chase profits top estimates, bank sees 'resilient' US economy
- Djokovic proves staying power as he progresses to Shanghai semi-finals
- Sheffield Utd boss Wilder 'numb' after Baldock death
- Little progress at key meet ahead of COP29 climate summit
- Fans immerse themselves in Marina Abramovic's first China exhibition
- Israel says conducting review after UN peacekeepers wounded in Lebanon
- 'Party atmosphere': Skygazers treated to another aurora show
- Djokovic 'overwhelmed' after 'greatest rival' Nadal's retirement
- Zelensky in Berlin says hopes war with Russia will end next year
- Kyrgyzstan opens rare probe into glacier destruction
- European Mediterranean states discuss Middle East, migration
- Djokovic proves staying power as progresses to Shanghai semi-finals
- Hurricane Milton leaves at least 16 dead as Florida cleans up
- Britain face 'ultimate challenge' in America's Cup duel with New Zealand
- Lebanon calls for 'immediate' ceasefire in Israel-Hezbollah war
- Nihon Hidankyo: Japan's A-bomb survivors awarded Nobel
- Thunberg leads pro-Palestinian, climate protest in Milan
- Boat captain rescued clinging to cooler in Gulf of Mexico after storm Milton
- Tears, warnings after Japan atomic survivors group win Nobel
- 'Unspeakable horror': the attacks on Hiroshima and Nagasaki
- Stock markets diverge before China weekend briefing
- Christian villagers 'trapped' in south Lebanon crossfire
- Sabalenka sets up Gauff showdown in Wuhan semis
- EU questions shopping app Temu over illegal products risk
- Kim Sei-young holds lead with late birdies at LPGA Shanghai
- Toulouse welcome Dupont 'boost' as Olympic star returns to Top 14
- Japanese atomic bomb survivor group Nihon Hidankyo wins Nobel Peace Prize
- Deadly Israeli strike on Beirut likely targeted Hezbollah security chief
- Bangladesh Islamist chief backs crimes against humanity trial for ex-PM
- Everest climber's remains believed found after 100 years
- 20 Pakistan coal miners shot dead in attack
- Clashes on South China Sea, Ukraine dominate Asia summit
- Han Kang's books sell out in South Korea after Nobel win
- Zelensky meets Pope, Scholz as whirlwind Europe tour ends
- Hello Hallyu: why is South Korean culture sweeping the globe?
- UK economy rebounds in August in boost to new govt
- Voice of Japan's beloved robot cat 'Doraemon' dies
- Shanghai markets sink ahead of briefing on mixed day for Asia
- Investors, analysts eye bigger China stimulus at Saturday briefing
Sotheby's sales drop in 2023 after record year
Storied auction house Sotheby's reported on Monday that sales had dipped last year to $7.9 billion, down $100 million from the record-breaking 2022 which was lifted by pent-up demand following the pandemic.
The $7.9 billion total for 2023, which includes everything from art auctions to classic car sales, is down 0.8 percent from the previous year, but up 40 percent up on 2019, the last year before the pandemic hit.
"Against a more challenging market backdrop, Sotheby's sustained its momentum through successful sales of fresh-to-market masterpieces and high value lots in its core auction and private sales businesses," the auction house, owned by Franco-Israeli billionaire Patrick Drahi, said in a statement.
"Activity remained high, supported by increasing levels of generational wealth transfer and healthy auction sell-through rates," said Sotheby's chief executive Charles Stewart.
After a barnstorming year in 2022, the art market experienced a slowdown in 2023, in part due to falling sales in China, inflation and rising interest rates, which compounded the effects of Russia's invasion of Ukraine in 2022 and the Israel-Hamas war.
Sotheby's was responsible for the sale of 2023's most expensive works -- Pablo Picasso's "Femme a la montre" which brought in $139 million, and Gustav Klimt's "Lady with Fan" which sold for $108 million.
Rival auction house Christie's, owned by French mogul Francois Pinault's holding company Artemis, projected sales of $6.2 billion for the art and luxury sectors in 2023, down a quarter from the record $8.4 billion haul in 2022.
Christie's also cited a difficult global economic situation and the contraction of the art market as reasons for the decline.
The record-breaking 2022 was also marked by the historic sale of Microsoft co-founder Paul Allen's art collection, which netted a record $1.62 billion.
M.Fischer--AMWN