After the auction house promised to expand its online capabilities to purchase art and luxury items immediately, Sotheby's e -commerce business in mainland China has been cut off.
Three people who are familiar with the matter said that in recent months, Sotheby's demand has slowed down the online "current purchase" plan on the mainland under the slow demand in China. For decades, the price of high -end items has surfaced.
According to one of them and two other sources, the auction house with a history of 280 years has also abandoned many employees in mainland China. They added that some key personnel will continue to serve as a consultant.
Sotheby launched its "present" platform in Hong Kong in 2022, and expanded it to mainland China in the first half of 2023 because it celebrated in Asia for 50 years.
At that time, it said that expansion will lead to "active procurement in the area in the area, provide new ways to collect and sell for collectors, surpass the traditional auction calendar, and allow 24/7, 365-day And items can be purchased immediately at various prices.
Including Sotheby's, the main auction houses including Christie and Phillips, with the prosperity of the prosperity of the prosperity of the popular luxury goods, the purchase of online bidding and high -end commodities with the rules of social alienation, Online sales. Many auction houses have seen such a "current purchase" platform to capture entry -level customers of new art and luxury goods.
SOTHEBY's (SOTHEBY's) began to hold an event in the downstairs space of its Shanghai China Headquarters. In some reason, in 2023, it helps to increase the sales of "immediately purchase", but those who are familiar with this matter said that since May last year, since May last year The company did not hold anything there.
Sotheby's told the Financial Times that China is still "the key market for art and luxury goods." It adds that it will continue to “buy now” plan in Hong Kong, which will open 24,000 square feet retail space in July last year. It also shifted its Asian headquarters into a new house in the city.
It said that its Beijing and Shanghai Offices are still open and active, and continue to hold "China" activities. SOTHEBY added that its overall continent is larger than before starting the "Buy" plan, and now focuses on customer relationships.
According to the data released last week, the company's global auction sales decreased by 23 % a year in 2024. Sotheby's did not separate its annual Asian results, but emphasized that its most famous sales are on the mainland, including $ 32.5 million Mark Roscok No title (yellow and blue) In Hong Kong and Claude Monet Nymph (Water Lily) Asian collectors for $ 65.5 million.
In the first half of 2024, the company disclosed 88 % of the core revenue to the lender, and the company revealed 88 % of the losses to the lender because the income fell by 22 %.
In the same month, ADQ, headquartered in Abu Dhabi, announced that it will jointly injected 100 million US dollars with the existing owner of Patrick Drahi (Telecom billionaire) to fund the growth and reduce debt Essence
Sources in the art industry said that China's decline is part of a wider manner, and Sotheby's confirmed that it has also closed Bangkok's office. In addition, last year, the auction house began to lay off with about 50 employees in the London office.
"I think they work hard to explore a lot of things (this) is not smooth," said a person who did not want to disclose the name of the Asian art market. "They want to enter the real big things in China (but). Discovering this is a difficult space."
Nian LIU reports in Beijing, Chan Ho-Him and Gloria Li in Hong Kong.