Online innovations continue to drive results at Sotheby’s

International auction house Sotheby’s says online innovations have continued to drive sales over the last 12 months.

In 2018, online buyers’ spend totalled $200 million (£156.7m), up 14% from the previous year.

Overall, 26% of all lots sold at the auction house last year were purchased online.

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Out of its record number of new bidders, 60% came through online channels.

When it comes to jewellery 42% of the bids during Sotheby’s live sales were placed online last year, with the number of jewels sold online increasing by 53% year-on-year. Timepieces also witnesses a lift in online action as well.

Video views more than doubled in 2018 to 26 million to date, while social media welcomes 1 million new followers.

Sotheby’s concluded 2018 with record website traffic in September, October and November.

Executive vice president for digital development and marketing worldwide for Sotheby’s, David Goodman, comments: “We have assembles a world class team across different platforms and services at Sotheby’s that has generated phenomenal growth in 2019, including increased audience, a great customer experience, incremental consignments, and, most importantly, increased revenue.”

Sotheby’s does both live auctions and online-only auctions.

The auction house is very active on social media, with jewellery accounting for one of its most popular social channels.

The shredding of a Banksy piece during a Sotheby’s auction was the top social media post of the year.

 

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