youtube
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 ( or start a £1 trial:
► Check out our Community tab for more stories:
► Listen to our podcasts:
► Follow us on Instagram:
► Follow us on Instagram:
|
