As art auction sales have been declining over the past two years, auction houses are placing significant emphasis on selling luxury goods. They face challenges because collectors today seek an experience, prompting auction houses to reconsider how to revitalize the auction market.
Sotheby's website now offers numerous opportunities to acquire pre-owned luxury items either at auction or through instant purchase, similar to a retail store, featuring real estate, classic cars, and smaller prestigious collectibles such as jewelry, wine, and handbags.
According to the communications teams of the companies, luxury accounted for approximately 33% of sales at Sotheby's last year, compared to 16% at Christie's. This category drew more buyers than art.

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