Sotheby's annual pretax loss more than doubled to €211 million in 2024, as the auction house continued to struggle with a slump in the art market.
Sotheby’s, which Patrick Drahi acquired in 2019 through a leveraged buyout, fell deeper into the red, according to accounts of the parent company of the global group filed in Luxembourg in July.
The market for fine art is suffering from falling demand from high-spending Asian bidders and US turmoil. Sales fell by 12 per cent in 2024, according to a report by Art Basel and UBS, with a 39 per cent decline in auction lots fetching more than €10 million.
Sotheby’s revenue from commissions and fees on sales fell 18 per cent in 2024. Earlier this year, it reported its total 2024 sales had fallen 23 per cent.
In August last year, Abu Dhabi sovereign wealth fund ADQ agreed to take a stake in Sotheby’s as part of a $1 billion capital injection that also involved Drahi. Sotheby’s wanted to cut debt and fund growth.