Published: January 21, 2009
HONG KONG—Sotheby's Asia will not be letting go any of its staff despite recent company-wide layoffs, Bloomberg reports. "It has been very, very lean, so we are not cutting anybody," said Kevin Ching, Sotheby's CEO for the region.Of the 120 Sotheby's employees in the Asia-Pacific region, 80 are based in Hong Kong; the company also has offices in Melbourne and Sydney. Asia accounts for roughly eight percent of the house's sales. Ching said that his branch may offer wines worth some $3 million at its April Hong Kong sale, as the category seems to be defying the auction slump in the region — at Christie's and Acker Merrall & Condit Co.'s recent wine sales in Hong Kong, more than 80 percent of lots found buyers.
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