ART MARKET WATCH
Mar. 4, 2009GRIM NEWS FROM SOTHEBY’SSotheby’s announced its fourth-quarter and full-year results last week, and the numbers paint a dramatic picture of how much the auction market has slowed in the last year. Net auction sales declined by 46 percent in the fourth quarter of 2008 compared to the same period the year before, falling from $1.9 billion to $1 billion, a marked drop. The company reported a net loss of $8.5 million for the quarter, compared to a net income of $102.4 million in the fourth quarter of 2007.
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