Pursuits
Sotheby’s 4th Quarter Profit Falls 8% on Lower Auction Sales
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Sotheby’s, the publicly traded auctioneer of fine art and collectibles, said fourth-quarter profit fell 7.6 percent as auction revenue declined and it refinanced debt.
The New York-based company’s net income fell to $66.1 million from $71.5 million a year earlier. It earned 96 cents a share, less than the average $1.10 estimate of four analysts surveyed by Bloomberg. Quarterly revenue rose 2.4 percent, to $291.1 million.