The decision to create a new division is a sign the firm is aiming to expand further into the world of luxury, lifestyle and fashion.
Sotheby’s has appointed Maarten ten Holder to lead the new division as global managing director of Luxury & Lifestyle. Holder said: “Each of these businesses operate in a market even larger than the art market.”
The division will unite categories including jewellery, watches, wine and cars as well as what is described as “experiences” such as events. It will also oversee its arrangement with property company Sotheby’s International Realty, that trades under a licence for the Sotheby’s name.
Sotheby’s chief executive Tad Smith said the move was further progress on its “strategy to serve clients and provide value for shareholders”.
Holder will relocate to New York from London, where he was most recently managing director of operations in Europe, the Middle East, India and Africa. He began his career at Sotheby’s in Amsterdam and has since worked for the firm in New York and Milan.