Sotheby's in danger of losing collectors from the Middle East
ARTinvestment.RU   12 марта 2020

A new wave of layoffs initiated by the owner of the auction house, spoke about the art-экспертов and several sales departments

Since June of 2019 Patrick Gray became the new owner of the auction house, the management team, as the structure of Sotheby's, passes through a series of transformations, expiry date and the result of which is not yet obvious.

So, at the end of last year appeared the news that their seats in the auction house lost about 20-30 officers from among the senior management structure, including head of business development Valentino Carlotti, former CEO of the auction house Ted Smith and chief operating officer of the Department Sotheby's in London Clive Lord

At the thought of the new owner, Patrick Gray, such maneuvers personnel should first and foremost contribute to a reduction in costs of the auction house for about $170 million to $100 million a year.

And obviously, changes in the composition of the team, last year, for the optimization of production processes has not ended. In early March, the Telegraph, has become it is known that their positions left higher managers face several departments. In particular, the place has lost Yamini Mehta, Deputy head of the Department of art of India and South Asia. Mehta, who worked in Sotheby's, nearly 15 years, is one of the best specialists in the art of this region. Together with Mehti leaves his post, the Deputy head of the Department of art of the countries of the Middle East and the Gulf, Roxanne Zand, who worked at the auction house since 2006.

we Note that none of these departments is not a major source of revenue for Sotheby's: annual sales of art of India and South Asia in 2019 was $21.5 million, and art of the countries of the Middle East and the Persian Gulf — $27.2 million Despite this, the loss of specialists of this level can affect relations with Sotheby's buyers from these countries: total value of purchases of collectors from the Middle East in London, new-Йорке and Geneva in the last 10 years accounted for 8 % the revenue of the leading auction houses.


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