Sothebys Shares Fall Again After Auction Guarantee Loss
Published November 12th, 2007
Shares of Sotheby’s,, fell againt after the company lost $14.6 million on auction guarantees at its impressionist-art sale this week.
Sotheby’s went into the fall auctions after getting board approval for $500 million of guarantees, or promises of fixed prices to sellers whether their art sold or not.
It was the second day of declines for the stock, which fell the most ever yesterday and lost as much as $4.77 today. The stock was at $33.19, down $2.65, at 10:01 a.m. in New York Stock Exchange composite trading.
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