Sotheby’s Returns to Profit as Sales Rise, Though Cash Pressures Persist

Sotheby’s has reported a return to profitability in 2025, posting a $53 million pre-tax profit following a significant $190 million loss the previous year. Driven by a 20 percent increase in sales totaling $7.1 billion, the auction house benefited from a broader 4 percent recovery in the global art market. Despite these gains, the company is navigating complex financial pressures, including a $10.2 million commission lawsuit from Cushman & Wakefield and the need to refinance $765 million in debt by 2027.

We had to make difficult decisions

"Wir mussten schwierige Entscheidungen treffen"

Investor Andrew E. Wolff has stepped down as CEO of Artnet after orchestrating a merger of the company's US operations with Artsy, another major art market platform he recently acquired. Jeffrey Yin, previously the interim head of Artsy, has been appointed as the permanent CEO of the combined entity. The restructuring involves significant layoffs, the closure of Artnet's Berlin office, and a consolidation of management teams, though both brands will continue to operate with distinct editorial voices.

Art Basel's solution to PDF pre-sales? Ask galleries to reserve works until opening day

Art Basel has announced a new initiative called Basel Exclusive for its flagship Swiss fair in June 2025, asking participating galleries to withhold their most important or expensive works from all pre-fair previews, online viewing rooms, and publicity. Instead, these "marquee works" will be unveiled for the first time during the First Choice VIP preview on 16 June. The initiative aims to restore a sense of surprise and urgency, countering the trend of galleries pre-selling works to clients before the fair opens. Around 170 galleries have already signed up, including major names like Gagosian, David Zwirner, Hauser & Wirth, Pace Gallery, and Sadie Coles HQ.