Summary • Sotheby’s revenue dropped nearly 20 percent in 2024, posting a $248 million USD pre-tax loss as the art market slowed • The auction house secured a $909 million investment from Abu Dhabi’s ADQ to pay down debt and buy a new Madison Avenue building

The art world’s blue-chip auction house just had a rough year. Sotheby’s, the 280-year-old giant that sells everything from Picassos to Patek Philippes, saw its revenues tumble nearly 20% in 2024 which means that fewer collectors purchased luxury goods and fine art and the house took a major hit.

According to filings in Luxembourg, Sotheby’s brought in $1.13 billion USD in 2024, down from $1.36 billion USD the year before. The losses stacked up fast, with the company posting a pre-tax loss of about $248 million USD, more than doub

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