Online art brokerage Artsy laid off 35 employees, representing about 15% of its workforce, in late June 2023. The company's CEO, Mike Steib, cited broader economic headwinds and a slowdown in the art market, which were pushing profitability out of reach for the year and jeopardizing the business. Despite stable operations and growing revenue, the layoffs were deemed necessary to ensure sustainable operations. Founded in 2009, Artsy has evolved from its initial Art Genome Project to a subscription-based platform for galleries, supported by significant past investments. This marks another round of cuts for the company, which previously reduced staff in 2019.
