Sotheby’s (NYSE: BID) reported Tuesday that its second quarter earnings took a deep plunge, dropping 87 percent as the recession diminished the worldwide demand for art.
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In the period ended June 30, net income declined 87 percent to $12.2 million, or 18 cents per share, compared with $95.3 million, or $1.41 per share, a year ago.
Results in the most recent quarter included $4.8 million in restructuring charges. Sales slipped 48 percent to $167.3 million from $320.2 million.
Analysts surveyed by Thomson Reuters, who typically exclude items, expected 28 cents per share in earnings and sales of $153.3 million.
Auction sales declined 66 percent because of economic weakness and a soft international art market.
The company said its summer fine arts sales in
Shares in Sotheby’s stock fell 73 cents, or 4.6 percent, to $14.99 at Tuesday’s close.
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