The New York Times: Sotheby’s Reports $54.5 Million Loss in 3rd Quarter
Citing a general slowdown in the art market and other factors, Sotheby’s on Monday reported a loss of $54.5 million in the third quarter, compared with a $17.9 million loss for the same period a year ago.
The auction house had expected the decline, which it attributed in part to the change in the timing of the summer contemporary art sales in London. They took place in the second quarter this year, having been scheduled in the third quarter in 2015.