Sotheby’s Charles Stewart on Asia, design, and Gen Z collectors

Editor’s note: Since this interview was conducted, some of the items referenced by Charles Stewart have gone to auction: Francois-Xavier Lalanne’s Rhinocéros desk sold for $16.4 million on June 11; Al Capone’s Patek Philippe watch sold for $95,000; a rare copy of the Emancipation Proclamation sold for $4.4 million; a handwritten copy of the 13th Amendment for $13.7 million; and Napoleon’s camp bed sold for $81,376 in late June. Sotheby’s is no longer just a storied auction house; it’s becoming a global luxury player undergoing one of the most dynamic transformations in its 280-year history. Under the leadership of CEO Charles Stewart, the company has expanded beyond fine art into design, fashion, and wearable collectibles, while deepening its presence in key global markets. In July 2024, Sotheby’s opened its Maison in Hong Kong’s Landmark Chater, drawing close to one million visitors in under a year, according to the auctioneer. Salon, the maison’s retail concept store, generated 38 times more new client transactions compared to traditional private sales, signaling a clear appetite for direct sales among Asian consumers — particularly those in their 30s and 40s, according to Sotheby’s data. “In today’s dynamic landscape, client experiences must be all-encompassing,” Masumi Shinohara, Sotheby’s Asia head, tells Jing Daily. “The new Maison in Hong Kong allows us to establish a highly accessible cultural centre that offers unparalleled experiences beyond the traditional auction calendar.” In this exclusive interview, Charles Stewart reflects on Sotheby’s recent growth, the symbolic power of storytelling, the rise of design and recommerce, and how the house is reshaping the collector experience for new generations, from Hong Kong to New York, and the Middle East. Jing Daily: What is your favorite part of your day as CEO? Charles Stewart: That’s an easy one. The harder question is what I do on a day-to-day basis, because it’s pretty varied. We have over 450 auctions a year across nearly 50 categories around the world, so there’s a lot of diversity in my work. It’s a mix of operating and managing the business, thinking about strategy and growth opportunities, spending time with clients and colleagues, and being present at major moments in our business globally. I also travel frequently. The best part of my day, though, is when I’m in New York, where I’m based, and I get to walk through the galleries. I’ll learn something new about an object or a category, or see something I’ve never seen before. Just last week, for example, we had a collection of Napoleon’s personal belongings, including his military camp bed, which will be exhibited in Paris next week. The historical weight of that is astonishing. We also had Al Capone’s Patek Philippe pocket watch, which he had customized with “AC” in diamonds on the back. That’s from 1919. Jane Birkin’s original Birkin bag — the very first prototype Hermes sent her — is here, too. She used it for quite a while, and now we have it on display. In our design sale, we featured a massive Lalanne gold-patina rhinoceros sculpture that had a low estimate of $3 million but sold for $16.4 million. And we also had a signed copy of the Emancipation Proclamation from 1864, or early 1865, along with a signed copy of the 13th Amendment, which abolished slavery. These are profoundly important documents — just as relevant today as they were then. Every day, I get to discover something extraordinary. That’s the best part of the job. JD: That’s incredible. It must be quite meaningful to experience and witness these important pieces of history and American culture. CS: One of the things I find really interesting is that our job as auctioneers is to establish the market price for something. That’s the power of auction: global market discovery. What’s the price of Jane Birkin’s Birkin, or Al Capone’s pocket watch, or a signed copy of the 13th Amendment — or a rare Lalanne rhinoceros sculpture? The market decides. But in some ways, we’re also ascribing value to symbols. These aren’t utilitarian objects like a car, or a house. This is about the power of symbolism. What’s the value of Napoleon’s chapeau? How do we even begin to quantify that? It becomes a question of storytelling, of what we as a global society deem meaningful — and how that meaning connects to value. There’s a lot of interesting messaging embedded in what we choose to value, culturally and socially. JD: That’s a great point, especially with the gold-patina rhinoceros, which was estimated at $3 million and sold for $16.4 million. How do you interpret that kind of result? CS: There’s been a lot of talk about the art market being soft or down, but results like that suggest otherwise. That rhinoceros sculpture — a piece of design furniture, essentially a desk — was estimated at $3 million to $5 million and sold for $16.4 million. That doesn’t signal weakness. To me it indicates a shift in taste and what we consider important. Maybe that means more appreciation for rhinoceroses. But more broadly, I think it reflects the rise of design. Objects that people live with are increasingly seen as high-connoisseurship, collectible art. That piece was once just a desk. Now, it’s being valued as something incredibly rare and special. JD: How do you see high-net-worth clients’ needs and consumption habits evolving? And how do those trends shape the categories Sotheby’s expands into? CS: I’ve always seen Sotheby’s as a luxury brand. We operate entirely in the secondary market. We don’t make paintings, watches, or cars. But we sit at the highest end of those categories. Even when Sotheby’s was more focused on fine art, it was already a luxury brand. And today, you see luxury brands globally leaning into artistic collaborations, so the intersection of fashion, food, art, and culture is more visible than ever. Some of this is part of the broader shift toward experiences — people want to engage across interests. Think about the Met Gala — it’s a perfect example of how fashion and art have converged. So yes, there’s a growing overlap between art and luxury. At the same time, we’re trying to be client-centric rather than object-centric. Our global, high-end clients aren’t only interested in paintings or sculptures — they might also collect cars, watches, wine, antiquities, tribal art, or coins. These are people with broad, deep interests, and they expect quality, rarity, and an exceptional client experience. That’s where we differentiate ourselves. It’s not about trying to become a luxury house. We already are one. Art, at the highest level, is its own form of luxury. This expansion into other categories (jewelry, wine and spirits, pop culture, collectibles) is a natural evolution. These are large and growing markets, and we’re simply meeting our clients where their passions are. JD: You also mentioned the client experience and the importance of being present. Sotheby’s is moving into New York’s Breuer building soon. What role does physical location play in reinforcing Sotheby’s identity as a luxury brand and cultural hub? CS: The move to the Breuer building is deeply meaningful for us, and there are three reasons why it makes sense. First, when Sotheby’s moved to the U.S. from London in the late 1960s or early 70s, our original New York home was just a block away from the Breuer. We didn’t move to our current location on York Avenue until 25 years later. So, in a way, this is a return to our roots — back to Madison Avenue. Second, the building itself is iconic. It was designed by Marcel Breuer, a Bauhaus professor who taught alongside Kandinsky, Josef Albers, and Paul Klee. He was an artist and furniture designer in his own right, and this is his only building in New York. Architecturally, it’s a brutalist landmark. It was purpose-built for the Whitney Museum of American Art, then occupied by the Met, and most recently by the Frick Collection during renovations. The space has hosted some of the most important museum exhibitions of the past 60 years. It’s rich in architectural and cultural history. And third — location. The Breuer is in the heart of ‘Museum Mile,’ surrounded by the Frick, the Met, and the Guggenheim. It’s exactly where we want to be. Location is everything in the retail business, and we've made similar moves in Hong Kong and Paris, placing ourselves in central, high-traffic areas. The result? Hundreds of thousands of additional visitors every year. When we move into the Breuer, that foot traffic will multiply. We love digital engagement, but at the end of the day, we’re a house of physical objects. Seeing art and objects in person, discovering them, learning about them, falling in love with them — that experience is irreplaceable. JD: You mentioned earlier how fashion and art are increasingly intersecting. Looking at projects like the Frame collaboration and others under the Sotheby's umbrella, could you speak about why these matter from both a commercial and brand-building standpoint? CS: We’re always thinking about how to engage the public — existing clients and new audiences — in exciting, unexpected ways. We’ve had some great collaborations recently. There was our partnership with Victoria Beckham during a sale in New York, and Celine has been a presenting partner for several of our sales. We’ve worked broadly with LVMH maisons. Thom Browne was a curator and partner on a project last year. There’s clearly a growing overlap between fashion, luxury, food, culture, and art — and everyone feels it. What matters is how we bring it to life. Sometimes that’s through storytelling — hearing how a fashion designer draws inspiration from art, or how art influences their creative process. We want to share those stories and make those connections. The Frame collaboration was a fun play on that idea. It looked back at our own history and leaned into a retro moment from the 1980s, preppy culture, which is now having a comeback among younger consumers. Frame has done similar collaborations with brands like the Ritz Paris, so it made sense. It was well received, and we loved it. Sotheby’s is a 280-year-old company. We constantly have to refresh and connect with new generations. So, when we find opportunities to partner with brands that introduce us to fresh, younger audiences in an authentic way, we jump at them — when they make sense. JD: Could you share your thoughts on the APAC consumer and their importance to Sotheby’s today, whether Gen Z or older generations? CS: Everything I’ve said about our strategy applies globally — New York, Europe, or Asia. Masumi, who comes from a luxury background, will explain more, but our new maison in Hong Kong, surrounded by luxury brands and high traffic, has let us engage a broader audience. These are educated, high-end consumers who represent our existing and future clients. One challenge in the art world is accessibility. Galleries can feel exclusive or intimidating — people may hesitate to ask questions or even feel unwelcome. Auctions, on the other hand, provide price transparency and open participation. That’s key to building the next generation of collectors. APAC has long been one of our most important client regions. We just celebrated 50 years in Hong Kong, and we’re planning for the next 50. From one person opening the office decades ago to now having a central maison and regional presence, the growth speaks for itself. I’m especially encouraged by how many young collectors we’re seeing in Asia — across art, watches, jewelry, and other luxury categories. There’s also strong interest in recommerce and the circular economy. Younger collectors are increasingly comfortable buying and reselling — seeing collecting as both a passion and a sustainable practice. It’s about rarity, self-expression, and environmental responsibility, all of which align with Sotheby’s role in the secondary market. We’re also seeing the early stages of a massive generational wealth transfer. This will unlock more opportunities for people to acquire pieces they’ve admired, but never owned. Finally, our partnership with the Abu Dhabi sovereign wealth fund signals our excitement about the Middle East. Despite the current conflict, the long-term demographics, infrastructure, and global interest in the region point to it becoming another major cultural and luxury hub. There’s a sense of regional creation happening, and we’re well positioned to be part of it. Jing Daily presents C-Suite Visionaries — an exclusive interview series spotlighting the most influential executives at the helm of today’s leading brands in art, fashion, commerce, and culture. Get inside the minds of the decision-makers driving growth, innovation, and cultural relevance at the highest levels.

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Sotheby’s Charles Stewart on Asia, design, and Gen Z collectors