Citing poor profit margins, Sotheby’s Canada branch has announced that it will be exiting the live auction market, and focusing on private sales through their Toronto office. This leaves the Canadian art auction market dominated by only two companies: Joyner Waddington’s and Heffel Fine Art. “Private sales is the growth area of this business; it’s not the auction part that’s profitable,” said Sotheby’s Canada president David Silcox.
Read more at The Globe and Mail
