Sotheby's has increased its buyer's premiums globally, with the new fee structure taking effect on February 13. The changes mean buyers of lower-value lots will pay higher rates, with the premium for works sold in New York for up to $2 million rising from 27% to 28%. This move follows similar adjustments by rivals Christie's and Phillips, as auction houses seek to bolster revenue during a prolonged art market downturn. Sotheby's also recently raised $900 million through art-backed loans via securitization.
Meanwhile, a high-stakes restitution battle intensifies over Franz Marc's 1910 painting 'Horse in Landscape,' held by the Folkwang Museum in Essen. The heirs of former owner Hugo Simon, a Jewish banker who fled Berlin in 1933, argue the $36 million work was likely stolen during the Nazi era, given the lack of documentation for its whereabouts between 1933 and the museum's 1953 acquisition. The museum has refused to restitute without concrete proof of theft, leading the heirs to pursue new legal avenues in Germany and France. This case tests the limits of restitution principles when historical records are incomplete.