Asian buyers helped bolster Sotheby’s revenue in 2016

THE ART NEWSPAPER | Sarah P. Hanson, Dan Duray:

Tad Smith gives credit to the Eastern market during fourth quarter earnings call, as well as growing online sales and aggressive recruitment. Despite an overall contraction in art sales last year, Sotheby’s CEO Tad Smith expressed confidence in the art market, the Sotheby’s team, and the company’s expanding digital presence during an earnings call this morning covering the fourth quarter of 2016… Read more.

Image: Half of the top ten works sold at Sotheby’s in 2016, which included Pablo Picasso’s Femme Assise (detail shown here), 1909, for £43.3m, were purchased by buyers from Asia