Subheading: Unveiling New Headquarters in Paris, Sotheby’s Seeks A New Era of Expansion
Located at 83 Rue du Faubourg Saint-Honoré, visitors can now see the original Birkin bag, buy a René Magritte work formerly owned by Elton John, and grab a bite at Sotheby’s new 35,500-square-foot headquarters in Paris. The building is conveniently placed in the art district of the 8th arrondissement, close to Le Bristol Paris and Avenue Matignon.
Describing the headquarters, Mario Tavella, president of Sotheby’s France and chairman of Sotheby’s Europe, said, “This building embodies the results of the past and the ambitions we have for the future.” He considered it a symbol of Sotheby’s growth in Paris, indicating its commitment to France and expressing the company’s confidence.
The establishment, which opened recently, stretches over five floors, possessing nearly 14,000 square feet of exhibition space. It includes a 30-seat restaurant and a wine cellar where tastings will occur. A sale of Surrealist masterpieces and “Modernités,” featuring the works of notable artists like Auguste Renoir and Pablo Picasso, are the highlights of their inaugural sale.
Catherine B’s first Hermès Birkin bag, also known as “the world’s most famous handbag,” is displayed until the 31st of October, but it is not for sale. It’s worth noting that this is only the third time the bag has been publicly displayed, following its showings in the Museum of Modern Art in 2018 and the Victoria & Albert Museum in 2020.
Tavella suggested that through this larger, 30% more spacious facility, Sotheby’s hopes to become more than just an auction house. The company seeks to serve as a hub for culture, fine arts, and luxury in central Paris. According to Tavella, Sotheby’s also aims to challenge the usual secrecy of auction houses, as demonstrated by the new building’s 70-meter window stretch, giving a full view of the happenings inside.
The new building, a 19th-century structure previously home to the Galerie Bernheim-Jeune art gallery, went under extensive structural transformations over a span of two years. The renovation, led by Architecturestudio, included conservation of its Art Deco elements and improvements in its energy efficiency standards, among other changes.
Among the 15 departments under this auction house include types of art ranging from Europe’s Old Masters to modern and contemporary creations. Sotheby’s also accommodates subcategories of luxury, such as handbags, watches, jewelry, wine, and even classic automobiles.
Interestingly, the first floor will operate in the manner of a retailer, displaying luxury goods in cases. Tavella referred to this as a step towards formalization of Sotheby’s recent retail offer in Paris. He further commented on teaming this with the inclusion of a café, run by veteran chef Gaëtan Thibert, as part of “reinventing the client experience.”
Luxury sales have risen sharply in Paris for Sotheby’s in the first half of 2024, particularly in jewelry, bags, and accessories. Notably, new buyers accounted for about 20% of overall sales, with a 30% increase in bidders that Tavella credits to a new-buyer fee strategy. Despite a reported downturn in the luxury market, Tavella maintains a positive outlook on the future of luxury sales for the auction house, especially given the increasing interest in pre-owned luxury goods.
