Pursuits
Sotheby's Offers Employees Voluntary Buyouts to Cut Costs
- Auctioneer sold record $1.1 billion of art in 10 days
- Company says it may turn to layoffs if not enough volunteers
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Sotheby’s is offering employees voluntary buyouts to cut costs after a drop in third-quarter revenue grabbed more attention from the company’s investors than its largest ever semiannual auction season.
The auction house told employees in an e-mail Friday that if not enough employees make use of the buyouts, it may have to resort to layoffs. Sotheby’s didn’t say how many jobs it plans to cut.