Sotheby’s profit falls 87% as auction sales drop
These numbers are significant – perhaps it is time to snag some nice collectibles?
Auction houses have been struggling to secure enough top material to entice bidders, as the economic downturn forces them to rely heavily on individuals selling art for personal reasons.
Sotheby’s latest quarter’s results included a $4.8 million restructuring charge, while the year-earlier quarter’s figures included an $18.4 million benefit related to the expiration of discount certificates the company issued in 2003 in connection with an antitrust settlement. Revenue fell 48% to $167.3 million, with auction sales declining 66%.
Auction-commission margins at Sotheby’s rose to 21.3% from 15.1% a year earlier, helped by a change in the company’s sales mix.
Sotheby’s profit falls 87% as auction sales drop. via Wealth Bulletin