Pursuits
Sotheby’s Falls After Auction Revenue Drops: New York Mover
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Sotheby’s shares fell 9 percent after auction revenue declined in the fourth quarter amid European economic turmoil.
The New York-based art and collectibles auctioneer said yesterday that quarterly net income fell 26 percent from a year earlier to $71.5 million. It earned $1.04 a share, less than the average $1.25 estimate of six analysts surveyed by Bloomberg. Auction and related revenue fell 11 percent to $274.9 million.