Pros
Accessibility to the top of the art market both in respect to people and property. A strong sense of collegiality amongst staff. A great vantage point to learn at the beginning of a career. Excellent benefits.
Cons
Offensively low salaries made only tolerable by overtime provided. People with MA degrees and multiple years work experience making the same as those right out of college. Huge disregard for mobility of junior staff. While the company is shaped organizationally like an hourglass with very little opportunity in the middle, it's also a perfect metaphor for how regularly the staff sees turnover at junior and support levels. For example, Sotheby's does not even permit executive assistants to have business cards which is insulting and seems to imply that they do not expect junior staff to stick around but also that the company does not invest in their talent at a very basic level - which they maintain is a value of the company.