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November 26, 2008

Sotheby's Down $52M in Two Months
(ArtInfo.com, November 17, 2008)

Sotheby's announced steep losses, as hot-ticket canvases guaranteed for large sums in the prosperous summer months met tight pockets on the auction block. The announcement comes as no surprise, however, in light of dismal reports from peer institutions Christie's and Phillips de Pury & Co. While Sotheby's executives remain optimistic — one canvas by Russian constructivist Kazimir Malevich set a $60m record for the artist — The Wall Street Journal maintains that losses are much larger than reported.

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