The auction world in early 2025 has experienced a wave of leadership shake-ups, headlined by the appointments of new global CEOs at Christie's and Phillips.  

Amid these high-profile changes, another major player, Sotheby's, has quietly made a significant move of its own: luxury veteran Masumi Shinohara has succeeded Nathan Drahi – son of Sotheby's owner Patrick Drahi – as Managing Director for Asia. Now based in Hong Kong, Shinohara officially assumed his new role on 1 January. Meanwhile, Drahi has relocated to the New York headquarters to lead global business development. 

This leadership transition, communicated through an internal memo without a public announcement, comes as an understated shift that has largely flown under the radar. But who is this Japanese executive who has replaced the scion after less than a year at Sotheby's? And how might his extensive luxury goods background align with Sotheby's strategic vision?

Masumi Shinohara's academic foundation was laid at Keio University, one of Japan’s most prestigious private institutions, where he studied political science from 1991 to 1996, earning a Bachelor of Laws degree. During his undergraduate years, he also spent time as an exchange student at Sciences Po in Paris, where he continued his focus on political science.

Upon graduation, Shinohara joined Mitsubishi Corporation, one of the Mitsubishi Group's three core companies. Starting as an Assistant Manager handling European brand imports and licenses, he later advanced to Business Development Manager, overseeing the Membrane Bioreactor wastewater treatment division. 

Pursuing further education, Shinohara completed an MBA at Switzerland's International Institute for Management Development (IMD).

His post-MBA career began at L'Oréal in 2005, where he held roles at the company's Paris headquarters and later its Hong Kong office. Between 2009 and 2015, Shinohara returned to his homeland to work for Berluti, the venerable French luxury menswear house. Rising quickly through the ranks, he eventually became Berluti's President and CEO, Representative Director for Japan, heading its operations in one of the world’s most demanding luxury markets.

Despite his success in luxury fashion, Shinohara ventured into a new industry in 2015, becoming CEO of AOF Therapeutics – a Tokyo-based biotech firm specializing in stem cell treatments for diabetes-related peripheral vascular diseases.

Returning to luxury in 2019, he briefly helmed the Italian menswear brand Zegna's Japanese division before assuming the role of CEO and Representative Director at Valentino Japan and South Korea in 2021, garnering significant media coverage across Asia and the West.

In April 2024, Shinohara took his first steps into the auction world, joining Sotheby's as Representative Director and Head of Japan. And less than a year later, in January 2025, he was promoted to Managing Director of Sotheby's Asia. 

Speculation suggests that Sotheby's may have hired Shinohara last year intending to groom him for a broader leadership role overseeing Asia. 

The global political and economic landscape has posed challenges for the auction industry in recent years, and 2024 was no exception. Sotheby’s reported total global sales of US$6 billion in 2024 – a decline of approximately 23% compared to 2023.  

While fine art sales experienced a pronounced downturn, falling sharply by 31% year-on-year (from US$5.5 billion to US$3.8 billion), the luxury category proved far more resilient, with sales declining only 4% year-on-year (from US$2.3 billion to US$2.2 billion).

This resilience aligns with Sotheby's strategic pivot toward brick-and-mortar retail, a business in which luxury categories play an increasingly prominent role. Sotheby's main rival, Christie's, has also made strides in this area, recently launching Christie's Shop, an online platform for rare timepieces from prestigious manufacturers (to be detailed in a forthcoming article by The Value).

As for what lies ahead for Sotheby's business in Asia, stay tuned for our upcoming interview with Masumi Shinohara, where he will share his vision in his new role.