In the last year, auction house Christie’s saw 136 record-breaking online sales, fueled by buys of high-end luxury fashion, jewelry and buzzy NFTs.
Speaking at Glossy’s Fashion & Luxury Summit Worldwide on June 15, Christie’s svp of marketing, Neda Whitney, said that international growth in luxury played a big role in keeping the sector afloat during the pandemic. In 2020, Christie’s saw bidders from 90 new countries, who made up 40% of total bidders.
NFTs also helped stimulate luxury sales, with Christie’s famously making a sale of a $69 million digital NFT in March.
That resilience bodes well for the future of the luxury sector and is a good indicator of how brands can cater to those audiences. According to Whitney, luxury buyers value rarity, exclusivity and are open to new categories like NFTs.
“Whether that’s one-of-a-kind prototypes or items worn by a celebrity or athlete, that’s really what they gravitate toward,” she said. “We’ve also seen a lot of sales in areas outside of traditional clothing, like Supreme pinballs and Hermès bikes. There are a lot of categories outside of apparel that are appealing to that customer.”
Watch the full video of our conversation with Whitney below.