FRIDAY FARE BY NANO REID SOLD FOR £57,600 AT SOTHEBYS MODERN BRITISH AND IRISH SALE IN LONDON IN NOVEMBER
Sotheby’s is to close its Irish office at the end of February as part of an international cost cutting exercise. The company plans to continue to serve its Irish clients in ways that are as yet unannounced. The Irish office opened first in 1978 and Arabella Bishop has been Irish Director for the past 25 years.
Trade restrictions that followed Britain’s departure from the EU created extra expense and red tape for the London auctioneers when it came to sourcing works here for sale in London. Sotheby’s is suffering internationally from a decline in auction sales, about 70 staff in London have recently been let go, offices in Moscow and Bangkok have been closed and presence in other cities has been reduced. Layoffs globally account for about six per cent of the workforce. Sotheby’s has faced increasing competition from online platforms and niche marketplaces that cater to a new generation of collectors. This cost-cutting follows the taking of a minority stake in the company, owned by French Israeli businessman Patrick Drahi, by an Abu Dhabi sovereign wealth fund, in a deal valued at $1bn.