Pursuits
Art, Not Sotheby’s Profit, at Records in Fight for Works
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The art market is going from record to record, so why aren’t the auction houses making more money?
Sotheby’s reported an unexpected second-quarter decline Friday in part because it lost money on a painting that sold for less than anticipated. The news sent its shares down 7.5 percent to $37.49 in New York on Friday, the lowest level in 10 months.