For all the billion-dollar turnovers and glamorous, high-profile sales in New York, London, Hong Kong and Paris, the top level of fine-art auctioneering is a notoriously high-overhead, low-profit business. At times, it is even a no-profit business (Sotheby’s made a loss last year). How the Big Two auction houses have grappled to respond to this uncomfortable fact has shaped recent saleroom history.
Susan Moore
The hard sell
For all the billion-dollar turnovers and glamorous, high-profile sales in New York, London, Hong Kong and Paris, the top level of fine-art auctioneering is a notoriously high-overhead, low-profit business.

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