Sotheby's Third-Quarter Loss Narrows, Beating Expectations

  • Auction house's third-quarter loss narrows to 26 cents a share
  • CEO Tad Smith cites 'sluggish' sales in the middle market

Sotheby’s shares fell the most in three months after the firm said third-quarter revenue from its main auction business dropped amid lackluster sales of Asian art, jewelry and Old Master paintings.

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