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The Sotheby’s Debt Soap Opera

Facing a mountain of debt both on his private auction house and public company, Altice, Sotheby’s owner Patrick Drahi is implementing a neat little trick to maximize revenue without increasing sales. Will it work? His competition isn’t sure yet…

Patrick Drahi
This is an overdue change given Sotheby’s extensive network and services, but it also masks a bolder move: Sotheby’s has announced it will stop giving its best clients some of the house’s fees. Photo: Christophe Morin/IP3/Getty Images
Marion Maneker
April 23, 2024

Sotheby’s recently announced new fee structure officially went into effect yesterday. For the sales in May, the auction house is charging 26 percent on all bids up to $1 million; 20 percent on $1 million to $4.5 million; and 13.9 percent thereafter. But for anything signed up after yesterday and sold after May 20th, Sotheby’s will charge a much simpler 20 percent up to $6 million and 10 percent thereafter. To make up for the lost 6 percent for bids up to $1 million, Sotheby’s will now enforce its vendor’s—or seller’s—commission of 10 percent on all lots up to $500,000.