Sotheby’s has reported an 88 per cent plunge in its core earnings and a 25 per cent decline in auction sales, as a chill in the art market hits one of the industry’s most famous brokers.
The first-half figures at Sotheby’s main auction business reveal the extent of the financial pressure the group came under before it struck an investment deal with Abu Dhabi earlier this month.
Weaker luxury spending in China is among the factors weighing on demand for fine art and affecting both Sotheby’s and historic rival Christie’s.
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