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Tracy Frost

ART MARKET - Sotheby's restructuring plans

Posted on November 8, 2008 at 8:39 AM.

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"In this period of considerable economic instability, we will dramatically reduce the guarantees and other special concessions we grant to sellers in order to achieve a more balanced and equitable return for our services," Ruprecht said. Sotheby's said the decrease in commission margins in the third quarter was largely due to a change in sales mix towards more contemporary art, which typically carry lower margins.

UPDATE 1-Sotheby's Q3 loss balloons; plans restructuring (Reuters)

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