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Tracy Frost

ART MARKET - Sotheby's Says It Lost $10.6 Million More From Art Guarantees

Posted on November 16, 2008 at 9:48 AM.

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Sotheby's said it lost an additional $10.6 million from guarantees for its contemporary art auction this week, bringing its total of guarantee-related losses in the past two months to $52.6 million. Sotheby's lost the money because artworks sold for less than the minimum guaranteed price or didn't sell at all, it said today in a U.S. Securities and Exchange Commission filing.

Sotheby's Says It Lost $10.6 Million More From Art Guarantees

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