Sotheby’s lays off staff members from its offices in New York, with the majority of cuts including back-office workers, junior staffers as well as specialists in various departments
A Sotheby’s spokesperson said, “Given the challenges the market has faced this year, we’ve taken a careful look at our business and staffing levels to perform well and grow going forward. We have an exceptionally talented team with outstanding expertise and capabilities across departments and around the world, and we are focused on delivering best-in-class services to our clients.”
Sotheby’s is expected to lay off more staff at its international offices. The range of staff cuts include business development roles to senior specialists in the impressionist and modern departments as well as antiquities, Americana, and Japanese art. The layoffs come amidst an increasingly fragmented auction market. Sotheby’s recorded a much lower results for impressionist, modern and contemporary art at its November marquee sales in New York ($533.1 million) compared to 2023 ($1.2 billion).
Main Image: Courtesy Sotheby's