Sotheby's commission plunges nearly 20%, luxury goods market shrinks.

Sotheby's reported that due to a decrease in sales of luxury goods and art at auctions, commission and fee revenue dropped by nearly 20% last year. According to the combined performance submitted by Sotheby's Holdings this month in Luxembourg, the total revenue of the auction house controlled by telecoms billionaire Patrick Drahi fell from $1.36 billion in the previous year to $1.13 billion in 2024. Commissions and fees make up a large part of Sotheby's revenue, including the amount earned as agents for art, cars, and collectibles. Overall, the company reported a pre-tax loss of $247.9 million in 2024 compared to $106.3 million in 2023.