Function Magazine

Art, Fashion and Entertainment

One of world’s best auction houses, Sotheby’s

Posted by elegant On February - 17 - 2014

The world’s fourth oldest auction house, Sotheby’s founded in London, England in 1744 and today a multi-national company headquartered in New York City. As of the end of 2012, it had 90 locations in 40 countries and employed more than 1,500 people worldwide. They are the world leader in fine art and books auctions generating more than $850 million in revenue a year. Global sales generate over $ 5 billion a year. Additional broker services of the company include jewelry, real estate, and collectibles. All these falls into three main categories of the company, namely auctions, finance and dealer services.

Their auctions are held during the day and majority is free to general public with no requirement to bid. Some events may require tickets and may be held in the evening. They publish catalogues well in advance of auctions and anyone can browse their offerings on the Internet, at their Web site. Prospective buyers need to register and bids can be placed in person or through online. Successful bidders need to sign a contract with the auction house and pay using many options including cash and wire transfer. If the bids are below the minimum set by the auctioneer, no auction will be held.

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