Bloomberg reports that Moody’s has joined Standard & Poors in downgrading Sotheby’s unsecured debt:

The review “reflects Moody’s concern that the duration and depth of the current cyclical downturn in the international auction market may be more severe” than originally expected, Moody’s said in a press release.

Sotheby’s Rating Faces Downgrade by Moody’s in Market Decline (Bloomberg)