Sotheby’s has axed its ecommerce business in mainland China less than two years after the auction house committed to expanding its online capabilities there for instant purchases of fine art and luxury items.
Three people familiar with the matter said that in recent months Sotheby’s had shut down its online “Buy Now” programme on the mainland, amid a slowdown in Chinese demand, which for decades buoyed prices of high-end objects.
The 280-year-old auction house has also let go a number of employees in mainland China, according to one of the people and two further sources, who added that some key personnel would stay on in consultant roles.
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