SOTHEBY’S AUCTION SALES UP 36 PERCENT TO $3.4 BILLION

Sotheby’s, the world’s second-largest auction house, sold $3.4 billion worth of art in the eleven months through November, a 36 percent increase from the same period a year earlier, reports Bloomberg‘s Linda Sandler. Sotheby’s and its larger rival Christie’s are benefiting from a collecting boom by billionaires from America’s Eli Broad to Hong Kong’s Joseph Lau, as well as a ten-year tripling of contemporary prices. On top of that, they’ve lured sellers to the market with promises of minimum prices and other benefits. “A significant part of the growth comes from collectors being confident it’s a lucrative time to sell,” said Chief Executive Officer William Ruprecht. “The appreciation in the value of great art has been dramatic.”