More evidence that the art market is reorienting around a few global sales centers comes with Sotheby’s SEC filing. Bloomberg reported last week that Sotheby’s has decided to save some money by ending its Dutch sales and reducing the auctions in Italy:
Sotheby’s (BID) […] will take a charge of about $4.3 million in 2011 as it cuts staff in Italy and the Netherlands. U.S.-based Sotheby’s is to reduce staff levels by 23, it said in a filing with the Securities and Exchange Commission. It will end local auctions in the Netherlands and significantly reduce sales in Italy. The restructuring plan will cut revenue by about $10 million in 2012, Sotheby’s said. It also said the plan will save $7 million in expenses beginning in 2012.
Sotheby’s Takes $4.3 Million Charge as It Cuts Staff in Europe (Bloomberg)
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