Strategy Audit

Sotheby’s Fashion Expansion
Sotheby’s is one of the largest and oldest names in art and luxury. But after conducting an audit of their current line of products and services, I noticed their major blind spot, luxury fashion. 

Luxury resale spending has increased year-to-year by 6% within the 25-44 age range, but the company benefiting most from that growth is not Sotheby’s, its the resale platform Grailed, seeing 180% spend growth year-to-year.

Sotheby’s, which is meant to be the most illustrious name in luxury is not a significant player within the luxury fashion market, especially in the eyes of Gen X and Z who are huge contributors. In order for Sotheby’s to enter into this market, they will need to leverage what their competitors lack.

History and Trust.

Sotheby’s is over 200 years old and has a brand aligned with quality and heritage. Sotheby’s is luxury.

Sotheby’s has what its competitors lacks, the highest level of hands-on care, attention to detail, and expertise in the industry. Sotheby’s offers expert conservators, preparators, and salespeople to their clients, that puts it ahead of its competitors in regards to product and service. Sotheby’s should invest into this growing part of the luxury market. 
To illustrate and present what an entry might look like I created the mockup below.
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