Everyone has heard of Sotheby’s at least once in their life. The auction house has been making history for years, and fans around the world tirelessly tell its story. The company’s name is synonymous with luxury, sophistication, and wealth. It’s no surprise, as the firm specializes in finding, preserving, and selling extremely valuable and exclusive items. You’ve also likely seen it featured in countless movies and TV shows. So, it’s time to find out what’s behind its polished facade. Read on at i-new-york.
The Company’s History
While the company’s popularity and relevance are impressive, it has been around for a long time. Its story began in 1744 when a bookseller, publisher, and literature enthusiast decided to organize his first auction. That trailblazer was Samuel Baker, and it all happened in London. That’s the moment the famous Sotheby’s auction house began its legacy. Since Baker was an expert on books, the business started successfully. He later joined forces with a professional in the field: auctioneer George Leigh. This duo made a name for themselves and laid the groundwork for the company the whole world knows today. While the bookseller expertly selected lots and attracted people with clever ad campaigns, his partner was known for his unique style, complete with a snuffbox and an ivory hammer. They set a high bar for the business by immediately offering people a top-quality show.
Samuel Baker’s nephew, John Sotheby, became their successor. It’s from his last name that the company’s powerful brand name originated. And that’s entirely fitting, as he expanded beyond selling books to include other valuable items. After all the Sothebys passed away, the company was taken over by trusted employees and shareholders. The auction house experienced a period of growth with numerous sales of paintings, jewelry, and even real estate. After World War II, Sotheby’s set its sights on the entire world.
This ambition led to the opening of an office in New York. This city was the company’s first international venture and quickly captured the lion’s share of attention. For most people who hear the name, it’s this U.S. location that comes to mind. That’s because the city is a hub for countless events. This is where sophisticated parties happen, celebrities live, artists create, money moves on the stock market, and, of course, the most famous auctions are held. The New York office opened in 1955, and just a few years later, the company acquired America’s largest auction house, Parke-Bernet. Since then, the firm has grown and constantly evolved. India, France, China, Switzerland, and many other countries welcomed the famous company with open arms. It has gone back and forth between being publicly and privately owned. Throughout its history, Sotheby’s has also faced its share of challenges, as this is hardly a stable business. Owners, executives, shareholders, and management strategies have changed, but the New York auction house has remained at 1334 York Avenue, where it is located to this day. That’s all set to change in 2025, as the company has acquired the legendary Breuer building. The new location is iconic, serving as a hub for artistic life. This is where Sotheby’s plans to write the next chapter of its history. 
Core Values
Sotheby’s has been around for over 280 years and on the American market for 70. That means the company has endured its share of ups and downs, triumphs, and scandals. Despite everything, the auction house remains on top, supported by its core values.
The company often talks about growth being one of the most important factors in its work. And it’s true, as this commitment has helped it expand to 84 countries worldwide and stay relevant for so long. From the very beginning, Sotheby’s has always looked for ways to grow. First, it was moving beyond the book industry, then expanding into new territories, and later, the company focused on improving work processes in each region and expanding its offices. Its services meet the demands of the times, and it was one of the first to embrace the digital world. For example, the team actively collaborates with the IT sector, was the first to hold an online auction, and has several platforms for streaming events, tracking lots, and other conveniences for clients.
Another Sotheby’s principle is its dedication to art. While the company’s work is undoubtedly a business, it has never forgotten the foundation of its operations. The auction house connects valuable items with new owners. For the team, every item is a unique story that they are lucky to be a part of. While some might think this work is easy, the company sees immense value in it. Employees carefully select each piece, taking into account the tastes of clients and the relevance of the work. For everything to work perfectly, an item must be showcased at the right time with the proper presentation. And a special part of Sotheby’s work is the auction itself. It’s a grand event, as important as a theater performance or a concert for a singer. Everything follows a precise script designed to bring satisfaction to all participants.
Last but not least, a core value of the company is people. Sotheby’s believes in the transformative power of art and its ability to play an important role in human relationships. Each item tells its own story, or sometimes several. The team deeply values everyone who has entrusted them with a piece of themselves, a significant item, or a memory. Employees also strive to find the person for whom an item will become a source of joy. The company always listens to its audience and adapts its work. This is how the firm added celebrity memorabilia, vintage items, and modern trends to its list, such as sneakers, musical instruments, clothing, and more. What’s more, Sotheby’s invites everyone to engage with art, as its exhibitions, auctions, and other events are completely open to the public.
The Institute of Art
Sotheby’s didn’t stop at selling works of art. It expanded its boundaries to include real estate, cars, and wine, and even created its own award. But one of the company’s most important projects is the Sotheby’s Institute of Art. The auction house is a perfect example of what can be created when people from different fields come together. A bookseller and an auctioneer created a brilliant company. However, in today’s world with so many opportunities and so much competition, the best choice is to rely on professionals. The company realized this sooner than you might think. In 1969, Sotheby’s founded its own institute. It was created as a training program for the firm’s employees.
By 2002, the company had expanded its educational institution to the US. Now, anyone can study in London or New York, as well as take online programs. The institute’s campus in the American metropolis is located at 570 Lexington Avenue. The New York school takes pride in its curriculum, faculty, and opportunities. Its goal is to prepare leaders in the art world. And it’s been very successful, as students can study every possible aspect of the profession. Art history, art law, the art business, international markets, and many other subjects are taught by renowned lawyers, economists, scholars, and other professionals. The Sotheby’s Institute of Art offers both online courses and classes for professional development, as well as postgraduate programs and master’s degrees.
The institution also focuses on providing opportunities for internships and employment at Sotheby’s and its partner companies. What’s more, you gain incredible experience by studying, practicing, and observing renowned people in the art world. A special source of pride for the institute in New York is the incredible environment, rich with galleries, events, and networking opportunities.
Services
You can contact Sotheby’s for a wide range of art-related needs, as the company offers an extensive list of services. For instance, the team is happy to provide appraisals for sales, insurance, tax purposes, loan collateral, and more. You can entrust any item to their staff, and the results of their research are recognized by institutions worldwide. Sotheby’s also works with museums and collectors who need information on preserving, selling, or managing their collections. A valuable service the company offers is art restitution, which helps determine an item’s provenance and establish its true value. The firm also has a scientific research department—the only one of its kind in the world. It’s a true find for both those seeking items and experts who specialize in art-world investigations.
And let’s not forget about the main group of clients—those who choose long-term partnerships. Sotheby’s offers various types of collaborations that are mutually beneficial. You can entrust the company with private sales, promote your firm, take advantage of all the benefits for collectors, and ensure the fate of unique items. And this is what the auction house is famous for—it can confidently be called the most popular in the world.
