Art Market Minute
Sotheby’s Makes Big Staff Cuts
Plus, why the commercial art scene in Texas is on the rise.
Sonia Manalili &
Margaret Carrigan
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Sotheby’s has laid off over 100 staff as part of major cost-cutting measures amid declining global auction sales. November’s New York marquee auctions totaled $533 million, less than half the $1.2 billion from last year, prompting a review of the house’s global operations and staffing. The cuts had been anticipated for months, and follow the elimination of about 50 jobs at Sotheby’s London earlier this year. They come on the heels of an Abu Dhabi sovereign wealth fund taking a minority stake in Sotheby’s in a deal valued at $1 billion.
Plus, Saudi Arabia continues to grow its cultural footprint following major deals with the U.K. and France to support arts and heritage projects. And why the commercial art scene in Texas is on the rise.
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