Friday afternoon, Sotheby's reported a loss of $11.2 million for the fourth quarter confirming fears for many of the tough road ahead for the art market.
Analyst, David Schick said "Sotheby's has a lot of work to do...the revenue cycle is compressing, or the pendulum is swinging away."
“We will likely have one or more difficult quarters as we ride through the current cycle,” Tad Smith, the president and chief executive of Sotheby’s, said Friday morning in a conference call with analysts and investors to report the latest earnings. But, he added, “We are confident in our future and managing the business through uncertainty with a clear eye on creating value now for shareholders and clients.”
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