Future is good for art collectors, says Sotheby's



2015-06-26 11:35:58

Future is good for art collectors, says Sotheby's

Financial guru at world's second largest auction house says prices have stabilised

Art prices and sales have stabilised, according to William Sheridan, Chief Financial Officer at Sotheby's.

Yesterday, Sotheby's reported its first quarterly profit in a year.

The auction house made $21.30 in commission revenue for every $100 in auction sales - an increase of 41% compared to a year earlier. Its shares are up 68% this year.

The company's change in fortunes is largely due to collectors investing in lower-priced artworks. Art under $1m garners higher fees than more expensive works.

"Unless there's some external event we're not aware of, we believe the market has bottomed out, Sheridan told the financial website Bloomberg.

This could be good news for art collectors and investors, who will see appreciation and value return to their collections as the market recovers.

Share on social media
Write a response...

The bookmarklet lets you save things you find to your collections.

Note: Make sure your bookmarks are visible.


Click and drag the Collect It button to your browser's Bookmark Bar.

collect it