Monday, January 05, 2009

Prices Plummet at End of 2008

Sotheby’s and Christie’s lost at least $50 million and $40 million each from failed guarantees in their final-quarter sales. Auction houses are cutting staff, abandoning guarantees of a price to sellers, and reducing estimates on individual works.
Read the report by Scott Reyburn and Katya Kazakina here.

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