As Shakeups Continue at Sotheby’s, Auction Veteran Amy Cappellazzo Has Been Named Head of an Expanded Global Fine Arts Division

Sotheby’s new owner Patrick Drahi has wasted no time making his
mark on the 275-year-old auction house since he acquired it for
$3.7 billion this past fall. The latest change involves expanding
the purview of auction veteran Amy Cappellazzo, who joined the
company in 2016.

Following an internal reorganization, Cappellazzo has been named
head of an expanded global fine arts division, which now
encompasses private sales, Old Masters, 19th-century art, European
art, prints, and photographs. The move marks a significant
expansion of her role, considering her previous focus has largely
been on postwar and contemporary art.

It’s been a turbulent few months at the auction house. In
October, Drahi replaced CEO Tad
Smith with Charles Stewart, a longtime executive from Drahi’s
telecom company Altice, and two weeks ago came news that around a
dozen other seasoned executives were out, both by firing and
voluntary buyouts, as well as other support staff.

In an email to employees last week, Stewart announced that
Cappellazzo’s promotion came alongside plans to reorganize the
company into two global divisions: “fine arts” and “luxury, art,
and objects.” In leading the fine arts division, Cappellazzo,
Stewart added, “will rely on the continued outstanding leadership
and best practices of our Chairman and Vice Chairman, among many
others in the division.”

Cappellazzo was formerly worldwide co-head of the contemporary
and postwar art department at Christie’s before leaving to launch
the advisory firm Art Agency, Partners with advisor Allan
Schwartzman in 2014. Two years later, Sotheby’s, under the
leadership of CEO Tad Smith, acquired the firm for a
hefty $50 million, plus additional performance incentives of up
to $35 million.

While some executives have been pushed out since the
acquisition, including former AAP partner and
Sotheby’s COO Adam Chinn, Cappellazzo seems to have thrived at
Sotheby’s, even as the company experienced a wave of staff
turnover following her arrival.

The changes are likely to keep coming. Stewart’s memo added that
the newly formed luxury division will include jewelry, watches,
wine, 20th-century design, Asian art, books, and decorative arts.
The decision to move Asian art—a robust category that includes
ancient and classical paintings, ceramics, and furniture—into the
luxury division may leave some experts scratching their heads.

“[T]he categories in this division have a major opportunity to
further develop new sales channels, including marketplace,
e-commerce, and even retail—putting us on a path for future
growth,” Stewart wrote. He added that leadership of the luxury
division would be announced soon and that, in the interim,
department heads will report to him.

Meanwhile, Stewart has named Stefan Pepe, a digital consumer
expert, to head a new product and technology unit. And Sebastian
Fahey, who is managing director of business for Asia will move from
Hong Kong to London in 2020 to take on the role of managing
director of Europe, the Middle East, Russia, and India. He will
report to Stewart.

Stewart said he realizes that there will be many questions about
these changes and that he and other executives are still working to
define certain roles. “We will communicate further about the
divisions in the days and weeks ahead,” he wrote, “which will
provide greater insight and clarity.”

The post As Shakeups Continue at Sotheby’s, Auction Veteran
Amy Cappellazzo Has Been Named Head of an Expanded Global Fine Arts
Division appeared first on artnet News.