ON NOVEMBER 18, Sotheby’s rolled out the blue carpet, hung the velvet ropes, and poured Champagne for attendees on the inaugural night of auctions at the Breuer Building, its new headquarters on Madison Avenue. The collection of the late cosmetics billionaire Leonard A. Lauder was on the block, and the house desperately needed a strong showing. The global art market has endured a grim two years of sliding sales and gallery closures, but Sotheby’s has been in a more precarious position than most.
The Breuer, which Sotheby’s bought from the Whitney for an estimated $100 million in 2023, was a splurge, considering the company’s consolidated global sales fell 23 percent in 2024. Adding to the pressure are the debt issues of owner Patrick Drahi, whose company Altice has faced multiple…