Considering the tone of Sotheby’s Asia’s recent moves—for example, the Hong Kong Maison’s thoughtfully designed museum-quality exhibition space—it’s evident that the auction house is rethinking its business model beyond auctions to deliver unique luxury experiences off the rostrum. This shift is highlighted by the launch of “Another World,” the boutique concept store first introduced in the new Hong Kong location that offers luxury goods for immediate purchase. This buy-it-now model is set to expand to new venues in New York and Paris in the near future.
In yet another potential power move, Sotheby’s has also teamed up with Marriott’s Luxury Group for a travel collaboration titled “Iconic Pieces. Extraordinary Experiences.” This initiative will blend world-class hospitality with exclusive sales of rare treasures from Sotheby’s consignments through tailored, immersive experiences in affiliated luxury hotels, including the Ritz-Carlton, St. Regis Hotels and Bvlgari Hotels, in top-tier cultural destinations. These are exclusive itineraries in beautiful places and private masterclasses in prestigious spaces—both sold through Sotheby’s Sealed.
“Our vision for this partnership is about bringing innovation to the space,” George Hammer, global head of luxury marketing at Marriott International, told Observer. “Luxury Group and Sotheby’s share an audience that’s culturally attuned and wants deeper meaning from their purchases—they want experiences that are immersive, intentional and reflective of their passions. Whether collecting a rare whiskey or going on a beautiful vacation, there’s a deeper appreciation for craftsmanship and history.”
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Upcoming experiences include “Alexander McQueen Discovery,” organized with EDITION Hotels, and “Whiskey Reverie,” presented by the Ritz-Carlton. The former includes features a private tour of the Victoria & Albert Museum, a private viewing of pieces by the late couturier and a fashion photoshoot with Ann Ray. The latter transports guests from New York to Tennessee for a deep dive into the liquor’s hidden and oft-overlooked Black heritage with author and acclaimed whiskey entrepreneur Fawn Weaver at Nearest Green Distillery in Shelbyville.
The introductory experiences align with Sotheby’s focus on the luxury market, which it entered in earnest in 2019. The Alexander McQueen experience could drive more bidders to the McQueen frock in the upcoming Fashion Icons auction, and Sotheby’s has a strong presence in the spirits and whiskey market, demonstrated by its record-breaking wine and spirits sales in 2023 (thanks, in part, to the $2.7 million achieved by a 1926 Macallan Valerio Adami). The auction house brought in $159 million across 70 auctions in six countries, an achievement marking three years of continuous growth, driven largely by Asian bidders, particularly from Hong Kong ($6 million) and Singapore ($5 million).
“We started with two experiences, but there are so many auction categories that play into different areas of our hospitality expertise,” Hammer said. “There’s limitless potential to stretch our creativity and ambition as we continue to grow the partnership.”
That partnership reflects a growing demand for meaningful and unique experiences among luxury consumers, particularly younger collectors. It also confirms that the auction house is going all-in on a strategy that includes moving away from the exclusive “connoisseurship” of unique artworks and collectibles to market a broader spread of luxury lifestyle offerings to attract a new generation of buyers in both established and untapped regions. Looking at a broader picture, the move also appears aligned with the potential goals of the Abu Dhabi-based sovereign wealth fund ADQ, which has recently acquired a minor stake in Sotheby’s via a $1 billion investment.
