Sotheby’s Sale Plunges 61% as High-End Art Market Cools Off

Bloomberg Pursuits | Katya Kazakina:

Sotheby’s sold $144.5 million of Impressionist and modern art, its worst showing at an evening sale in the category in New York since the 2009 recession and the latest evidence of a cooling auction market. The auction capped a wild day that began with Sotheby’s reporting a larger-than-expected loss in the first quarter. The company’s shares fell as much as 8.5 percent before rebounding to a 6 percent gain on news that an unidentified investor may boost its stake to 10 percent… Read more

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