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Sotheby's Sees Fourth-Quarter Loss; Scraps Dividend for Buyback

  • Firm can repatriate earnings for strategic U.S. investments
  • Company boosts share buy backs to as much as $325 million
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Photographer: Don Emmert/Getty Images
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Sotheby’s, the New York-based auctioneer of art and collectibles, posted a fourth-quarter loss and said it would scrap its quarterly dividend to buy back more shares instead.

The net loss will probably be in a range of $10 million to $19 million, Sotheby’s said in a report Friday. The company said it would no longer pay its 10 cent quarterly dividend, after the board of directors approved a $200 million increase to the remaining $125 million share buyback program.