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A decade ago, Sotheby’s and Christie’s made a decisive shift toward luxury categories, betting that Bugattis, big diamonds, and watches would drive more growth, and entice younger clientele, than antiques. That bet appears to have paid off: Last year, Sotheby’s luxury categories—which include real estate, classic cars, six-figure wines, vintage jewelry, watches, and even bicycles—accounted for 40 percent of overall sales.