Taubman collection was a gamble that did not pay off for Sotheby’s

The Art Newspaper | Duray:

President Tad Smith reveals that the auction house expects to lose between $10m to $19m in the fourth quarter due to sale guarantees for the former owner’s art. Sotheby’s $515m guarantee to secure the collection of its former owner A. Alfred Taubman, along with other expenses, has resulted in a $12m loss for the company, president and chief executive Tad Smith said during its fourth quarter 2015 earnings call earlier today… Read more 

Image: Sotheby’s New York