Sotheby’s has shut down its online “Buy Now” platform in mainland China, less than two years after launching it to offer instant purchases of fine art and luxury items. The decision comes amid a slowdown in Chinese demand for high-end goods, which had previously driven prices in the market. The auction house has also laid off several employees in mainland China, though some key staff will stay on in consultant roles. Despite this, Sotheby’s plans to continue the “Buy Now” program in Hong Kong and remains committed to its Chinese operations, with offices in Beijing and Shanghai still active. The move is part of a broader pullback in Asia, which also saw the closure of its Bangkok office and staff layoffs in London. Sotheby’s reported a 23% YoY drop in global auction sales in 2024 and a significant decline in core earnings, as it faces challenges in adapting to the changing market dynamics.