Sotheby's: Meaning (information, definition, explanation, facts)

Sotheby's is a noted auction house. The first ever Sotheby's sale was held on March 11th, 1744 when the company's founder, Samuel Baker, presided over the disposal of 'several hundred scarce and valuable' books.

Today, the firm has a turnover of approximately $2 billion per annum, and offices on London's New Bond Street and Manhattan's York Avenue. Sotheby's has an intense rivalry with Christie's for the position of the world's pre-eminent fine-art auctioneer.

This dominant position has been achieved through natural growth, acquisitions (notably the purchase of the United States' largest fine-art auctioneer, Parke-Bernet, in 1964), and excellent management during the cyclical 'art recessions' seen over the past century.