Sotheby's posts US$11.2m Q4 loss; its two top dealmakers leave
Many attribute departures to its acquisition of an art advisory business run partly by ex-Christie's exec
Add BT as a preferred source
DeeperDive is a beta AI feature. Refer to full articles for the facts.
New York
ON Friday, one day after the announced departures of two of its top dealmakers, Sotheby's reported a loss of US$11.2 million for the fourth quarter, confirming a bumpy road ahead in a period when the art market may be softening.
"Sotheby's has a lot of work to do" given that "the revenue cycle is compressing, or the pendulum is swinging away", said David Schick, an analyst who follows Sotheby's. The financial results were not unexpected; last month Sotheby's estimated a net loss of US$10 million to US$19 million for the quarter - compared with a profit of US$74 million the year before - partly because of a US$37 million pretax charge associated with about 80 buyouts late last year.
Share with us your feedback on BT's products and services
TRENDING NOW
StarHub hands Ensign InfoSecurity control back to Temasek in S$115 million deal, books S$200 million gain
Singaporeans can now buy record amount of yen per Singdollar
Air India asks Tata, Singapore Airlines for funds after US$2.4 billion loss
Keppel DC Reit posts 13.2% higher Q1 DPU of S$0.02833 on strong portfolio performance
