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.

Next steps for Sotheby’s employees

If you’re fired or let go form Sotheby’s, understanding your legal rights is crucial.

Non-unionized employees in Canada are entitled to severance pay based on a variety of factors, including their role, tenure, age, and ability to find similar work.

Here’s what you need to know:

• Compensation: Severance packages, which can be as much as 24 months’ pay, may include salary, bonuses, commissions, and other forms of compensation. Use our firm’s free Severance Pay Calculator to better understand your entitlements.
• Deadlines: You generally have up to two years from the date of your termination to review and negotiate severance offers.
• Action steps: Consult an employment lawyer at Samfiru Tumarkin LLP to ensure your severance package is fair and aligns with Canadian employment laws.

New year, more job cuts

The workforce reduction at Sotheby’s comes after many major employers scaled back their staffing levels in 2024.

Big names, including RBC, Cargill, Vale, Windsor University, Mohawk College, Sheridan College, Marriott, Rogers, General Motors, AMD, Visa, and Meta, pulled out the axe last year.

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Lost your job? Contact us

If you’re fired or let go at Sotheby’s for any reason, the experienced employment law team at Samfiru Tumarkin LLP can help.

Our lawyers in Ontario, Alberta, and British Columbia have helped tens of thousands of non-unionized individuals resolve their workplace issues.

Call us today at 1-855-821-5900 or request a consultation online.

Disclaimer: The materials above are provided as general information about the rights of non-unionized employees in Canada. It is not specific to any one company and SHOULD NOT be read as suggesting any improper conduct on the part of any specific employer, or a relationship between Samfiru Tumarkin LLP and a specific employer.