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Damned If You Do, Damned If You Don't

June 5, 2008 by Marion Maneker

Sotheby’s profit declines as it reduces guarantees

Guarantees were reduced by 30% in the first quarter but the conservative move reduced profits because Sotheby’s still had to compete with Christie’s with other incentives–read: reduced commissions. Here’s the damage:

$18.1m (or 12%) fall in turnover at Sotheby’s for the first three months of 2008, compared with the same period last year. The firm also announced a $12.4m fall in income (profits) for this period; last year its profits rose by $24.3m for the same quarter.

“Aggressive Competition” Hits Sotheby’s Profits (The Art Newspaper)

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Filed Under: General

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