Sotheby's is facing severe financial challenges, mired in debt and struggling to adapt to a weakened art market, with concerns raised about employee payments.
The combined value of the top-10 art pieces sold at the May auctions has plummeted, from $760 million in 2022 to $312 million in 2023.
Sotheby's debt has surged from $1 billion to $1.8 billion under Patrick Drahi, who has used debt accumulation as a strategy to grow his businesses.
Despite the debt concerns, a Sotheby's spokesperson highlighted that the company is bigger, more diversified, and solvent, having invested heavily in facilities and technology.
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