Sotheby's experienced a staggering 88% drop in core earnings in the first half of 2024, correlating with a broader slump in the art market, leading to significant financial challenges.
Despite a reported $1.8bn of long-term debt, Sotheby's aims to leverage a $1bn investment from Abu Dhabi's ADQ to alleviate some financial burdens and reduce leverage.
The auction house faced a 25% decline in auction sales year-on-year, reflecting broader market trends, as competitors like Christie's also reported significant drops in auction performance.
Sotheby's total liabilities have reached $4.3bn, highlighting the severity of the financial issues they face in the current art market downturn.
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