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Sotheby’s reported a nearly 20 percent drop in revenue from commissions and fees last year as sales of luxury items and works of fine art at auction dwindled.
Total revenues at the auction house controlled by telecommunications billionaire Patrick Drahi dropped to $1.13 billion in 2024 from $1.36 billion the year before, according to consolidated results filed by its holding company in Luxembourg this month.
Commissions and fees comprise the bulk of Sotheby’s revenues, and include the amount earned in its role as an agent for the sale of artworks, cars and collectibles, either through auctions or private sales.
In total, the company reported a loss before taxes of $247.9 million in 2024. That compared with $106.3 million in 2023.
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Sotheby’s, whose brand dates back to the 18th century, is struggling through a prolonged slump along with the rest of the art market. The group, which also provides loans backed by artwork as well as sales, was taken over by Drahi in 2019.
The sovereign wealth fund of Abu Dhabi, ADQ, took on a 24.2 percent stake in Sotheby’s Holdings UK last October, contributing $909.3 million. Sotheby’s used the proceeds of the injection, as well as a contribution from Drahi’s investment vehicle, in part to pay down debt and purchase a building on New York’s Madison Avenue.
The company reported around $5.54 billion in total liabilities, compared to $6.79 billion at the end of 2023.
By Libby Cherry
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