"Losses at Sotheby's auction house more than doubled last year, as the company owned by billionaire Patrick Drahi suffered from a continued slump in the art market and high severance costs. Filings from its parent company, Bidfair Luxembourg, showed losses widened significantly to $248m (184m) over the 12 months to 2024, after losses of $106m a year earlier. Revenues from commissions and fees tumbled by 18% to $813m in 2024, as Sotheby's felt the pinch of a drop in demand."
"Sotheby's also took a hit from hefty payouts for what appeared to be the departure of just a handful of staff. Severance costs last year jumped to $29.2m, compared with $11.4m in 2023, despite its headcount only dropping by 24 employees to 2,218, according to findings first reported by the Financial Times. The company, which operates in 40 countries, was founded"
Sotheby's reported a sharp widening of losses to $248m for the 12 months to 2024, up from $106m the previous year, driven by an 18% drop in commission and fee revenues to $813m. Demand from wealthy collectors weakened amid geopolitical and trade tensions, reducing auction spending. Severance payouts increased to $29.2m despite a modest headcount reduction to 2,218. The firm operates across 40 countries and has diversified into wine, diamonds and financial services that fund art deals. Owner Patrick Drahi took Sotheby's private in 2019 and secured ADQ's investment to raise about $1bn for a turnaround.
Read at www.theguardian.com
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