Some of the departures are involuntary dismissals; others are part of a voluntary (and generous) severance program that was put in place as part of the June merger agreement for a number of employees who reported to former CEO Tad Smith, according to a proxy agreement filed in August.

Changes are happening fast, and this round is likely to be just the beginning as new leadership continues its analysis of the company. Sotheby’s new CEO Charles Stewart penned a lengthy pre-Thanksgiving email to staffers recently in which he provided details about getting up to speed on the business in his first month on the job.

“My first month was really 30 days of ‘day one experiences’ focused on meeting as many people as possible, learning and listening about our company,” he wrote in the email seen by Artnet News. Stewart estimated that he has met about one third of all 1,700 Sotheby’s employees, adding: “Don’t be surprised if you see me wandering around your area as I try to get out of my office as much as possible!”

Stewart pointed to areas beyond the fine art and the auction business as areas for potential growth, including private sales, Sotheby’s financial services, wine, “everything related to our digital efforts,” and “everything in Asia.”

He also praised the work ethic and expertise of Sotheby’s staff before zeroing in on some of the company’s biggest challenges and opportunities. The house has yet to capitalize on its data, which he described as “by far our most undervalued and underutilized asset.” And, he said,  the company remains far too siloed.

“We are a single enormously powerful brand and yet we function as if we are hundreds of small businesses,” he wrote. “This will be urgently addressed. We need to come together as ‘One Sotheby’s.'”