Sotheby's Plunges After Second-Quarter Results Miss Estimates
- Higher expenses in areas such as technology curbed profit
- CEO Tad Smith says art market is healthy but not frothy
A Sotheby's auction sale is held in Hong Kong on October 7, 2015.
Photographer: Philippe Lopez/AFP via Getty ImagesThis article is for subscribers only.
Sotheby’s plunged the most in nine months after second-quarter earnings missed estimates due to higher expenses.
The New York-based auction house of fine art and collectibles reported a 14 percent decline in profit for the period ended June 30, according to a statement Thursday. Net income slid to $76.9 million from a year earlier even as the company sold the most expensive artwork of 2017 in May -- a Jean-Michel Basquiat painting for $110.5 million.