US auction sales rise for Sotheby’s

Asian buyers dominated at Sotheby’s in 2015 but sales in New York rose by 60% as American buyers returned to the auction rooms.

Buyers from Asia represented 52% of Sotheby’s clients in 2015, 30% of them were North American, 15% European and 3% from Latin America.

The number of US clients increased seven points between 2014 and 2015 the number in Asia declined by three points – not as drastic as has sometimes been suggested. Asian clients accounted for 99% of sales in Hong Kong, 35% of sales in London and 21% in New York.

New York sales accounted for $26.3m of the $60.4m Sotheby’s fine wine department realised in total in 2015. Hong Kong contributed $19.9m and London $14.2m.

Over half of the sales, $33.3m, were raised through single owner and ex-cellar sales. Sales from single owner collections more than doubled in value last year to $26.4m while direct winery sales added a further $6.9m.

Despite the continued strength of Asian buyers, Hong Kong sold the fewest lots over the course of 2015, 2,528, but had the highest average lot price, $7,850.

London saw 6,199 lots sold at an average price of $2,295 per lot and New York sold the most lots, 6,366 at $4,136 per lot on average.

Sotheby’s will conduct a total of 24 fine wine auctions this year.