July 3, 2021: This summer, auction house Sotheby's plans to unveil a new private sales gallery in Monaco. Given the success of Sotheby's new exhibition spaces in Palm Beach and East Hampton last year, this is the first "pop up" private sales location for the auction house in Europe.
The gallery, which will be located on the Avenue de la Costa in the core of Cote d’Azur, will showcase a constantly moving and updated collection of crucial Contemporary and Modern works, highlighting the finest representation from across Sotheby's offerings of fine art around the world. The first exhibition will exhibit a collection of works by classic artists such as Picasso, Picabia, Braque, Renoir, Leger, Matisse, Nolde, and Twombly, as well as Italian artists such as Fontana, Boetti, and Burri.
These masterpieces will be on display along with fashion and luxury items such as watches, bags, sneakers, and one-of-a-kind creation by British Master Jeweler Glenn Spiro, all of which will be accessible immediately.
The inauguration of a new gallery space is a step forward in the company's private sale approach, which aims to allow customers to purchase and sell outside of the conventional auction calendar and offer them year-round access to the best property.
Martin Klosterfelde, Senior Director, International Private Sales says: “Sotheby’s private sales reached an all- time-high last year, and as we continue to expand this area of our business, pop-up galleries have become an important and really popular component of our approach. The launch of our Monaco space marks the next evolution in our strategy to meet collectors, so that they can enjoy the finest offerings from Sotheby’s global private sales team.”
Providing collectors with a broader menu of opportunities to transact, private sales witnessed an exponential growth in 2020, achieving $1.6 billion – a 60% increase on $1 billion annual sales in both 2018 and 2019.
