Sotheby's advisory business's flat revenues; Christie's uses 1st Dibs for leverage; Bidding up a Raphael drawing at Druout.This commentary by Marion Maneker is available to AMMpro subscribers. (The first month of AMMpro is free and subscribers are welcome to sign up for the first month and cancel before they are billed.)
Sotheby’s Advisory Strategy Quietly StallsBuried in Sotheby’s annual report released in late February and synopsized in Kelly Crow’s story in the Wall Street Journal about Gagosian Gallery establishing an advisory firm are the revenues for Sotheby’s Art Agency Partners advisory division.
- “Sotheby’s is in the art-advisory business, having paid up to $85 million three years ago for Art Agency, Partners, a firm founded in 2014 by a trio of art advisers. But the jury is still out on the long-term effect of its performance. In its latest financial disclosure, Sotheby’s said the firm made $6.1 million last year, up from $5.8 million the year before but down from $6.6 million in 2016.”
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