Sotheby's Holdings has announced it's cutting 287 jobs - about 14 per cent of its workforce - as part of a restructuring plan.
The US parent company of Sotheby's live and online auction businesses expects the cuts to result in a third-quarter restructuring charge of around £9 million sterling.
The cuts are more severe than the 200 job losses which were predicted last week.
Sotheby's, which will employ 1,765 people after the job cuts, is aiming to achieve annual cost savings of £34.6 million sterling after being landed with huge legal bills stemming from its involvement in a price-fixing scandal with rival Christie's.
Earlier this year, Sotheby's undertook a restructuring programme which reduced staffing levels by 8 per cent.
The company lost £142 million on revenue of more than £680 million last year.
Shares in Sotheby's, which is listed on the New York Stock Exchange, ended the day at $13.44, up 41 cents.
Sotheby's has 98 offices in 38 countries, with its most important sales rooms in New York and London. The auction house can trace its roots back to 1744.
PA