Sotheby’s has reported record wine and spirits auction sales of US$150m (£123m) during 2022, with momentum propelled by more first-time buyers.
Sotheby’s said auction sales rose by nearly 14% on the previous year’s total of $132m, which was itself a record.
In a further sign of the fine wine market expanding its reach, Sotheby’s said 50% of buyers were new to its auctions.
Jamie Ritchie,‘We’re growing the spirits business pretty aggressively, particularly in the Americas, and that will naturally bring in new buyers, but we’re seeing it in the wine market as well, and we’re seeing it across all locations.’
