Sotheby’s Annual Loss More Than Doubles to $248M as Art Market Slumps

The gavel has fallen on another grim year for the art world’s elite. Sotheby’s annual pre-tax losses skyrocketed to $248M in 2024, more than doubling from the previous year as the auction house struggled through a prolonged slump in global art demand. The Patrick Drahi-owned company’s troubles reflect a wider market malaise, hit by retreating Asian buyers and ongoing volatility in the US.

• Sotheby’s revenue from commissions and fees cratered 18% to $813M, a far steeper fall than Christie’s modest 6% decline to $5.7B — highlighting its weaker grip on a shrinking market.
• High-end auction lots above $10M saw a devastating 39% decline, with contemporary art sales plummeting 36% to their lowest level since 2018.

Bidding on certainty: The first half of 2025 showed modest improvement, with global auction sales down 6.2% from the same period in 2024 — still the second-lowest result of the past decade. That weakness has pushed collectors toward safer bets, with demand shifting to cheaper, more accessible segments like collectibles. As a result, buyers have become more risk-averse and are gravitating toward established names rather than emerging artists, with Arts Economics’ Clare McAndrew noting, “The appetite for the unknown isn’t there anymore.”