Sotheby’s Announces Employee Layoffs in UK and Expansion of Cuts Worldwide
Sotheby’s is undergoing a restructuring process in its London office, with around 50 employees expected to be laid off. The auction house is also planning layoffs in its New York and European locations. Despite rumors, Sotheby’s has denied any plans to sell its London headquarters. The downsizing comes as profits for Sotheby’s UK arm dropped by 24% from 2021 to 2022, citing Brexit and global instability as factors. Additionally, Sotheby’s Financial Services recently announced a $700m art-backed debt security offering to further invest in the business. Owned by French Israeli telecoms billionaire Patrick Drahi since 2019, Sotheby’s remains committed to its operations in London as its largest and most important sales center in Europe.
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Cillian O’Rourke, studied at the National College of Art and Design in Dublin, Ireland, where he majored in Visual Communication. His work spans graphic design, illustration, and branding, with a distinct minimalist style that emphasizes simplicity and impact. Cillian has collaborated with international brands and runs his own design studio focusing on creative solutions for startups.