Sotheby’s is offering sellers interest of 7 per cent to delay paying out their sale proceeds as the auction house grapples with a cash squeeze in a poor art market.
In mid-2025, Sotheby’s introduced an “extended settlement terms payments option”, according to three people familiar with the scheme.
One of the people said that the auction house had offered to pay a rate of 8 per cent following the sale of more than $30mn of property if the seller allowed Sotheby’s to hold on to some of their funds for at least six months. It has since reduced the rate on offer following cuts by the US Federal Reserve last year.
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