Shares of Sotheby’s sank in morning trading Wednesday, a day after the art auction house registered sales at the low end of its estimates for the biggest auction of the quarter.

In the Impressionist & Modern Art auction in New York on Tuesday, Sotheby’s posted sales of $238.7 million, in the bottom quarter of the company’s pre-sale estimated range of $220 million to $300 million. Still, the results more than doubled sales from last year’s Impressionist & Modern Art auction.

Posted: 11|9|06 at 8:19 am. Filed under: Auction News.