Auction houses are known for selling art — but Sotheby’s is starting to look a bit like a bank for the very rich. The auction house is offering sellers interest of 7% to delay paying out their sale proceeds as Sotheby’s grapples with a cash squeeze in a poor art market.
Franco-Israeli billionaire Patrick Drahi acquired the auction house in 2019 through a leveraged buyout, and Sotheby’s has had to contend with a heavy debt burden at a time when demand for fine art has been in decline.
#shortsvideo #shortfeed #shorts #shortsviral #shortsyoutube #shortsvideos
► Enjoying FT content? Get a daily slice of the very best FT journalism with FT Edit. Free for 30 days then just £4.99 a month
See if you get the FT for free as a student (http://ft.com/schoolsarefree) or start a £1 trial: https://subs.ft.com/spa3_trial?segmentId=3d4ba81b-96bb-cef0-9ece-29efd6ef2132.
► Check out our Community tab for more stories: https://www.youtube.com/@FinancialTimes/community
► Listen to our podcasts: https://www.ft.com/podcasts
► Follow us on Instagram: https://www.instagram.com/financialtimes
► Follow us on Instagram: https://www.tiktok.com/@financialtimes
