Sotheby’s global sales dropped 23% in 2024, falling to $6 billion from $7.8 billion in 2023, reflecting a broader contraction in the art and luxury sectors. Despite this, the auction house touted its performance as the “highest in the industry.” Meanwhile, rival Christie’s reported a smaller decline of 6%, with $5.7 billion in sales.
Auction sales at Sotheby’s fell 28%, to $4.6 billion, while private sales rose 17% to $1.4 billion. In a statement, CEO Charles Stewart highlighted the company’s investments in new global venues, including spaces in Hong Kong and Paris, aimed at attracting luxury buyers despite challenges in China. In December, Sotheby’s eliminated more than 100 jobs around the world.
Sotheby’s also looks to the Middle East for growth, with a sovereign wealth fund from Abu Dhabi, ADQ, acquiring a minority stake and pledging a joint $1 billion investment.