Sothebys Down Bad With Auction Giant Posting Big Losses

SummarySothebys revenue dropped nearly 20 percent in 2024, posting a $248 million USD pre-tax loss as the art market slowedThe auction house secured a $909 million investment from Abu Dhabis ADQ to pay down debt and buy a new Madison Avenue buildingThe art worlds blue-chip auction house just had a rough year. Sothebys, the 280-year-old giant that sells everything from Picassos to Patek Philippes, saw its revenues tumble nearly 20% in 2024 which means that fewer collectors purchased luxury goods ...