Moments in Time – Available for Immediate Purchase, exhibition and text at opening reception of watches and other items for sale, Sotheby’s Maison, Central, Hong Kong, 21 August 2025.
A few months ago, contributor Sam Knight’s article How a Billionaire Owner Brought Turmoil and Trouble to Sotheby’s was published in The New Yorker, following similar reports in art publications. Each discussed French-Israeli telecommunications billionaire Patrick Drahi’s ownership of auction house Sotheby’s, which he purchased in 2019. The article outlines Drahi’s propensity for cost-cutting, staff downsizing and extracting capital from the businesses he operates. Since his purchase, Sotheby’s debt has risen, nearly a quarter of its staff have left and US$1 billion of dividends have been paid to its holding company. Also, a disastrous recent attempt to introduce a new fixed set of fees for buyers and sellers at its auctions backfired. The fixed fees did not allow Sotheby’s art specialists any leeway to negotiate fees with potential consignors. Christie’s duly undercut its rival. Sotheby’s specialists consequently struggled to find stock for their auctions. Just seven months later, amid falling business, Sotheby’s reverted to its old fee structure. The above photograph could be illustrative of Sotheby’s recent approach to business. It also reflects the transactional …









