Sotheby's Sells $1.1 Billion of Art as Shares Sink on Guarantees

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  • Auctioneer won't recoup $515 million guarantee until 2016
  • Sales set records for Frank Stella, Cy Twombly, Mike Kelley

Sotheby’s sold $1.1 billion of art in its largest ever semiannual auction season, boosted by billionaire money manager Steven A. Cohen’s Andy Warhol painting and the estate of its former chairman.

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