Sotheby’s has posted a steep increase in annual losses as the world’s art market continues to struggle, compounding pressure on the auction house owned by billionaire Patrick Drahi.
Filings from parent company Bidfair Luxembourg show losses more than doubled to $248 million (£184 million) in 2024, compared with $106 million the previous year.
Revenues fell 18 per cent to $813 million as commission and fee income was hit by a marked decline in high-end collecting, reflecting weaker demand from wealthy buyers against a backdrop of global geopolitical uncertainty and trade tensions. The downturn has added to the challenges facing an industry already sensitive to fluctuations in confidence and liquidity among the ultra-wealthy.
Sotheby’s financial results were further dented by a sharp rise in severance costs, which rose to $29.2 million last year from $11.4 million in 2023. Despite the scale of the payouts, the company’s headcount dropped by just 24, leaving its global workforce at 2,218.
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