Auction homes are recognized for promoting artwork — however Sotheby’s is beginning to look a bit like a financial institution for the very wealthy. The public sale home is providing sellers curiosity of seven% to delay paying out their sale proceeds as Sotheby’s grapples with a money squeeze in a poor artwork market.
Franco-Israeli billionaire Patrick Drahi acquired the public sale home in 2019 by means of a leveraged buyout, and Sotheby’s has needed to deal with a heavy debt burden at a time when demand for high-quality artwork has been in decline.
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