"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."
"The auction house, founded in London in 1744 as a rare book dealer, now operates in 40 countries and has expanded beyond art and books into luxury categories including wine, jewellery and diamonds, as well as financial services that fund art acquisitions and provide loans against collections. Drahi, who acquired Sotheby's in a £3.7 billion deal in 2019, has sought fresh capital for a turnaround strategy,"
Sotheby's recorded a steep rise in annual losses, more than doubling to $248 million in 2024 from $106 million the previous year. Revenues declined 18 per cent to $813 million as commission and fee income fell due to weaker high-end collecting and reduced demand from wealthy buyers amid geopolitical uncertainty and trade tensions. Severance costs increased to $29.2 million from $11.4 million, while headcount fell by 24 to 2,218 employees. The firm operates in 40 countries and has diversified into wine, jewellery, diamonds and art-financing services. Owner Patrick Drahi secured a $1 billion ADQ investment for a 24% stake.
Read at Business Matters
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