Sotheby’s furloughed nearly 200 employees in response to COVID-19 and Andy Warhol Foundations Help.
Art auctioneer Sotheby’s furloughed 12 percent of its staff—roughly 200 employees—in response to the financial effects the COVID-19 pandemic has had on the art market, the Wall Street Journal reports. U.S. and U.K. employees who have not been furloughed will receive a 20 percent pay cut until June 1st, and executives will take an additional 10 percent reduction plus overtime pay has also been temporarily suspended.
Why you should invest your cash in art now!
You see the price hike in gold, the rollercoaster of stock but one valuable asset being completely unaffected by the Coronavirus: Art!
As pieces of art are not replicable their value will likely go up after the Coronavirus has settled. Art galleries are still open for online business and the variety is enormous. From a hidden treasure of Wiener Werkstaetten to a rare Warhol. Go Shop!
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