Sotheby’s has posted a steep increase in annual losses as the world’s art market continues to struggle, compounding pressure on the auction house owned by billionaire Patrick Drahi. Filings from parent company Bidfair Luxembourg show losses more than doubled to $248 million (£184 million) in 2024, compared with $106 million the previous year. Sotheby’s financial results were further dented by a sharp rise in severance costs, which rose to $29.2 million last year from $11.4 million in 2023. Despite the scale of the payouts, the company’s headcount dropped by just 24, leaving its global workforce at 2,218. The scale of Sotheby’s losses underlines the challenge of reviving profitability in a market still recovering from pandemic disruption and shifting global wealth dynamics.