Sotheby’s Slashes Over 100 Jobs Due to 50% Drop in Auction Sales

What’s going on at Sotheby’s?

Sotheby’s, the renowned auction house, has initiated a major round of layoffs, eliminating over 100 jobs globally. The cuts, which have sparked anxiety among employees, impact back-office workers, junior staffers, and high-ranking specialists in key departments such as contemporary, Impressionist, and Modern art.

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Official Statements and Context

A Sotheby’s spokesperson explained the decision in a statement to online publication Artnet: “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.”

These layoffs follow a steep decline in global auction sales, with Sotheby’s November marquee sales in New York generating $533.1 million—less than half of the $1.2 billion achieved during the same period last year. The company has also closed offices in Moscow and Bangkok, scaled back its presence in Germany, and reduced staffing in New York, London, Shanghai, and Paris.

This is not the first wave of layoffs this year, as Sotheby’s London office saw 50 job cuts earlier. The company is also transitioning some full-time employees into consulting roles, reducing costs by removing associated benefits.

Broader Financial Pressures

Patrick Drahi, Sotheby’s majority owner, is contending with $60 billion in debt across his companies, with key loans maturing by 2027. Despite cost-cutting, Drahi has continued investing in Sotheby’s real estate portfolio. The company recently completed the $100 million purchase of the Breuer Building in New York, alongside new headquarters in Paris and Hong Kong.

Industry insiders have described the layoffs as “radical cutting,” reflecting the stark adjustments necessary to align operations with market realities. A former Sotheby’s executive noted, “It’s absolute panic over there.”

Impact on Canadian staff

It remains unclear if Sotheby’s plans to trim its Canadian workforce as it scales back its staffing levels.

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