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Online art auctions are luring new bidders to the market: rich millennials under lockdown

Posted On: Aug 4, 2020   |   Posted By: Business Insider

Online art auctions are luring new bidders to the market: rich millennials under lockdown

Auction house Sotheby's says that millennials helped it stay afloat in the first half of the year, as the pandemic has forced all auctions online, Kelly Crow of the Wall Street Journal reports.
Millennials now make up over 30% of Sotheby's clientele, according to the auction house, and helped bring in a record $285 million in online sales.
On Monday, Sotheby's reported $1.9 billion i n the auction and online sales, down 30% from the year prior but not as bad of a dip as many were expecting.
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File "high-end auctions" under "Industries millennials haven't been blamed for killing " - yet, anyway.
Young people have taken an interest in virtual bidding on contemporary art, luxury watches, and wine, according to Kelly Crow of the Wall Street Journal. Sotheby's reported a 25.3% decline in art sales this year but notes the decline would have been much worse if it wasn't for a surge in younger bidders.
On Monday, the auction house released its financial results,...

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