Sothebys cuts Q3 loss
Published November 9th, 2007
Sotheby’s which this week failed to sell a painting by Vincent van Gogh, has reported a narrower third-quarter loss.
Its net loss was cut to £10m in the three months ending 30 September compared with $30.4m a year earlier.
The company, which has main offices in London and New York, said it had benefited from higher commission revenues and a cost-cutting program.
However, Sotheby’s shares fell on fears that the art market was slowing down.
Sotheby shares lost 9% lower on Friday, extending Thursday’s 28% decline after its art auction, supposed to be one of biggest of the year, failed to live up to expectations.
The development provoked fears of a slowing art boom amid economic worries.
“Tepid results for a major sale suggest a cloudier macro-economic outlook for the art market,” said Banc of America analyst Dana Cohen.
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