Sotheby’s losses more than double to $248m as art market slumps

Auction house also takes hit from hefty severance costs, despite its headcount only dropping by 24 employees

Losses at Sotheby’s auction house more than doubled last year, as the company owned by billionaire Patrick Drahi suffered from a continued slump in the art market and high severance costs.

Filings from its parent company, Bidfair Luxembourg, showed losses widened significantly to $248m (£184m) over the 12 months to 2024, following losses of $106m (£78m) a year earlier.