Sotheby’s annual pre-tax loss more than doubled to $248mn in 2024, as the auction house owned by billionaire Patrick Drahi continued to struggle with a multiyear slump in the art market.
Sotheby’s, which the Franco-Israeli telecoms mogul 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. Its annual pre-tax loss in 2023 was $106mn.
The market for fine art is suffering from falling demand from high-spending Asian bidders and US turmoil. Sales fell by 12 per cent to $57.5bn in 2024, according to a report by Art Basel and UBS, with a 39 per cent decline in auction lots fetching more than $10mn.
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