Sotheby's announces US$12m loss over Taubman sale
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Washington
IT is not the debacle that many doomsayers had predicted, but it is hardly the home run that Sotheby's had hoped for.
Last Friday, the auction house announced that it expected to lose US$12 million in the fourth quarter of 2015 as a result of the A Alfred Taubman sale, with half the loss because of a shortfall and half because of related expenses. The company also said that it would eliminate its quarterly cash dividend, which had been in place for decades. The move will save the company an estimated US$27-28 million, spread equally over four quarters.
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