It’s has been placing increasing importance on non-traditional sources of revenue. In April, it brokered a $1.8 million sale of rapper Kanye West’s Nike Air Yeezy 1 sneakers. It’s also embraced the market for non-fungible tokens, or NFTs, and partnered with online marketplace Nifty Gateway earlier this year on a $16.8 million sale of work by the digital artist known as Pak.
“Sotheby’s and auction houses have become tech platforms in a way,” said Franck Prazan, owner of the Applicat-Prazan gallery and a former managing director at Christie’s in France. “Socially-distanced sales have also opened up a new market to younger crowds, more open to tech.”
Since taking over Sotheby’s, Drahi has appointed his son Nathan to help oversee its Asian operations.