Sotheby’s losses more than double to $248m as global art market weakens

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.

Sotheby’s has recorded a highly declining annual losses as the world’s art market continues to struggle, which increases the pressure on the auction house owned by billionaire Patrick.

BidFair Luxembourg’s parent company offered more than twice to 248 million dollars (184 million pounds) in 2024, compared to $ 106 million in the previous year.

Revenue decreased by 18 percent to 813 million dollars, as commission revenues and fees were exposed to a noticeable decrease in advanced assembly, reflecting the weakest demand of wealthy buyers against the background of global geopolitical uncertainty and commercial tensions. The contraction added to the challenges facing a sensitive industry already fluctuations in confidence and liquidity among the wealthy.

Sotheby’s financial results were increased due to a sharp rise in the separation costs, which rose to $ 29.2 million last year from $ 11.4 million in 2023. Despite the volume of payments, the number of employees in the company decreased by only 24, leaving the global workforce at 2218.

The auction house, which was established in London in 1744, works as a rare book of the book, in 40 countries, and has expanded after art and books to luxurious groups including wine, jewelry and diamonds, as well as financial services that funded art acquisitions and provide loans against groups. Drai, who acquired Sotheby’s in a deal worth 3.7 billion pounds in 2019, sought to obtain a new capital of a transformation strategy, as a deal last year with the sovereign wealth fund, which received a 24 percent share in the return for $ 1 billion.

While Drai has become a prominent figure in the art world by sponsoring Sotheby’s, the French -Israeli businessman is still famous for his communications empire, which was built through a series of acquisitions. The size of Sotheby’s losses on the challenge of reviving profitability in the market, which is still recovering from disrupting the epidemic and turning the dynamics of global wealth.

Jimmy Young

Jimmy is a major business correspondent, as he brings more than a decade of experience in the commercial reports of small and medium -sized companies in the United Kingdom. Jimmy holds a certificate in business administration and regularly participates in industrial conferences and workshops. When not reporting the latest business developments, Jimmy is excited to direct journalists and new businessmen to inspire the next generation of business leaders.

The post Sotheby’s losses more than double to $248m as global art market weakens first appeared on Investorempires.com.