The billionaire owner of Sotheby’s has been shaking things up, cutting costs, tinkering with premiums and slashing staff.
Ahead of the auction house's move to a new HQ in the Breuer Building, The New Yorker reports that it's not a happy ship. Which may surprise no one.
Patrick Drahi's 20-odd previous corporate acquisitions have been associated with brutal restructurings and Sotheby’s has not been spared. Hundreds of employees have left, according to some up to a quarter of the workforce.
Some of those let go have now spoken about the bruising experience, albeit anonymously. The French billionaire’s management style is described as Trumpian. “It’s that kind of chaos that is totally not necessary,” said one ex-Sotheby’s executive.
Another staffer described the turmoil as “Shakespearean”, a reference to the way Drahi has appointed family members to key positions across the company.
After Drahi sold a third of the business to the Abu Dhabi sovereign wealth fund there was speculation he was looking to sell all of the auction house. People close to him think that is unlikely. “This is for his grandchildren,” said one associate.