Auction house also takes hit from hefty severance costs, despite its headcount only dropping by 24 employees
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. It follows a fall in spending by wealthy collectors amid growing geopolitical and trade tensions in recent years.
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.
