Luxury auction house Sotheby’s is making publishing the center of its marketing approach. Under the stewardship of WSJ Magazine’s former chief editor Kristina O’Neill, the company launched Sotheby’s Media, a new project that will house its newly relaunched magazine, online content, and a slate of events.
The new Sotheby’s Media will expand beyond auction house content to roundly cover culture as a whole, the company said in a statement. It will send an email newsletter weekly, and the magazine will be published six times per year.
The debut magazine issue features an auction calendar, house ads featuring Sotheby’s Realty and a section on memorable sales. It also includes interviews with auction specialists and the sales they’re looking forward to – hosted by Sotheby’s, of course. The goal is to attract new clients to Sotheby’s, particularly from the fashion and luxury space, and keep existing ones engaged. “This evolution demonstrates our continued investment in meeting our clients where they are, deepening our connection with collectors, and inviting new audiences to engage with Sotheby’s in fresh and meaningful ways,” CMO Gareth Jones said.
The content is also attempting to be a revenue source for the auction house: It’s one of the few brand-funded publications selling advertising. Advertisers in the debut issue include Neiman Marcus, Chanel, Armani and Celine (which notably is no longer advertising in Vogue). The company said in a statement it’s seen an increase in advertiser interest, which it says underscores its expanding reach as a premier platform. According to Puck, a sales deck for the magazine prices a one-page ad for $30,000. That’s unlikely to be anywhere close to what advertisers actually paid, however.
Despite interest, few brands have managed to monetize their content directly. In the consumer space, Robinhood-owned Sherwood Media is making a valiant attempt. But selling ad space isn’t easy, and it’s far from a core competency for brand publishers and content teams operating within non-traditional media companies.
For Sotheby’s, however, monetizing via advertising may come a little easier. The company arguably already has relationships with companies that may want to reach its clientele. It also is already a paid product: Each issue is on sale at newsstands. The debut issue, which includes essays and pieces by the likes of Roxane Gay, however, will ultimately be judged on how well it drives customers to Sotheby’s, which is currently in a tight spot thanks to a slowdown in the art industry and a crushing mountain of debt.