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Sotheby’s Has First-Quarter Loss as Auction Sales Drop

Sotheby’s reported a first-quarter loss as auction sales dropped 29 percent from a year earlier.

The New York auctioneer lost $10.7 million, or 16 cents a share, compared with a profit of $2.4 million, or 3 cents a share, a year earlier, it said in a statement. Revenue fell 12 percent to $105 million.