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Art business: Sotheby's has become reluctant to offer price guarantees on works of art. What does this say about the state of the market?
- Article from:
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Apollo
- Article date:
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June 1, 2008
- Author:
- Wright, Ben
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Copyright informationCOPYRIGHT 2008 Apollo Magazine Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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On 9 May, Sotheby's released their results for the first quarter of this year. The auction house posted a $12.4m loss compared with a profit of $24.3m in the first quarter of 2007 after revenue fell 12% to $129.3m. But it was a detail buried in the results that will have a worrying implication for those with a vested interest in the art market.
Given the seasonal nature of the sales calendar, Sotheby's usually expects to report losses in the first and third quarters--indeed the first quarter has produced a loss for the company in all but two of the past 18 years. This then, was not a clear indicator that the market has turned, as so many people have been predicting. ...
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Former Sotheby's chairman explores change in ownership of auction house
AP Worldstream;
June 4, 2002 ;
ANNE D'INNOCENZIO, AP Business Writer;
387 words
......former chairman of Sotheby's Holdings Inc...cooperation with the auction house to explore the...Sovern, chairman of Sotheby's Holdings, the parent company of Sotheby's worldwide auction house, in a statement. Sotheby's is now poised...rival Christie's auction ...
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Bid for the top; Auction houses; Phillips, the rising auction...
The Economist (US);
March 3, 2001 ;
686 words
......the courts imposed on Sotheby's. But there are more...money, although some of Sotheby's directors have resigned...Internet has added to Sotheby's woes. The auction house planned to spend $25m...months to September 2000, Sotheby's reported losses even...Phillips. He has bought out ...
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OWNERSHIP of the Sotheby's auction house is likely to change after last...
Sunday Business (London, England);
December 9, 2001 ;
665 words
...OWNERSHIP of the Sotheby's auction house is likely to change...the world's biggest auction house. Sotheby's, like Phillips, could...alliances in the frame for Sotheby's include one with the online US auction house eBay, which has sought...
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Sotheby's Illicit India Artifacts: Reporter exposes auction house
Hinduism Today;
June 30, 1997 ;
734 words
......Today 06-30-1997 Sotheby's Illicit India...Reporter exposes auction house antics TELEVISION...Kollewijn of the Sotheby's auction house casually advised...The international auction house Sotheby's has an unparalleled...
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Upstart Auction House Makes Headway
AP Online;
March 10, 2001 ;
VERENA DOBNIK, Associated Press Writer;
714 words
......03-10-2001 Upstart Auction House Makes Headway NEW...on the board of Sotheby's, but when it...with some former Sotheby's employees, Phillips...under way for the auction house's new headquarters...move this year, Sotheby's counters that...relation to the auction ...
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Behind the curtains of Sotheby's auction house
The Boston Globe;
July 2, 1998 ;
Christine Temin, Globe Staff;
725 words
...SOTHEBY'S Bidding for Class...safe in calling Sotheby's the world's most famous auction house. Robert Lacey's...entertaining new book, "Sotheby's -- Bidding for...what's under the auction house's gloss of refinement...under the name of Sotheby in 1778" would...great Titian ...
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Sotheby's Admits Price-Fixing; Art Auction House, Ex-CEO Plead Guilty to...
The Washington Post;
October 6, 2000 ;
Greg Schneider; Robert O'Harrow Jr.;
770 words
...Sotheby's auction house admitted yesterday...million fine. Former Sotheby's president and...60 percent of the auction house's stock. In her...of a superior at Sotheby's Holding (Inc...prized possessions at auction," he said. "We're...both Christie's and Sotheby's, ...
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Sotheby's Auction House Closes Chicago Office.
Knight Ridder/Tribune Business News;
August 15, 2001 ;
630 words
......15--In Chicago, Sotheby's auctions are...based fine-art auction house disclosed late...effective Nov. 1. Sotheby's has had an office...prominent Chicago auction house known as Leslie...Auctioneers. At the time Sotheby's bought out founder...the only regional auction the ...
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Arnault's Auction Bid : Scandal at Sotheby's may give him his big...
Newsweek International;
January 15, 2001 ;
Underhill, William Piore, Adam Johnson, Scott;
787 words
......ambitious British auction house, he can't help...muddied the names of Sotheby's and Christie...Tajan, a Paris auction house with a Europewide...prosecution of Sotheby's, was obvious...More important, an auction house adds luster to...may try to buy Sotheby's, ...
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Amazon.com, Sotheby's Auction House Team Up to Offer Upscale Items.
Knight Ridder/Tribune Business News;
November 19, 1999 ;
Katz, Frances;
553 words
......home. The venerable 255-year-old auction house Sotheby's has formed a clever partnership...discount from offline retailers. Sotheby's dwells in a different world...vintage American quilts. But Sotheby's doesn't deal in bargains. The...
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Judge OKs Deal in Auction House Case
AP Online;
February 22, 2001 ;
LARRY NEUMEISTER, Associated Press Writer;
466 words
......OKs Deal in Auction House Case NEW YORK...customers of Sotheby's and Christie...equally by each auction house. He concluded...noted that Sotheby's and former...Christie's auction house from 1993 to 2000. Sotheby's will pay...
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Old master painting goes missing from London auction house
AP Worldstream;
January 25, 2006 ;
165 words
......US$895,000 or euro728,000) has gone missing from Sotheby's auction house in London, officials said Wednesday. The painting...I cannot remember anything like this happening at Sotheby's before and we are doing everything we can to establish...
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Up-for-sale auction house faces rough ride
Scotland on Sunday;
June 9, 2002 ;
JON MENON;
388 words
......257-year-old auction house Sotheby's may come with...reputation in tatters, Sotheby's survival is...online internet auction house eBay and Rod...Australian head of auction house Deutscher-Menzies...Stock Exchange. Sotheby's lost $23m in...
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Here Comes Phillips.(Phillips Auctioneers auction house)
Town & Country;
October 1, 2001 ;
Berman, Ann E.;
787 words
......look, the auction house stands ready to challenge Sotheby's and Christie...find that the auction house had two formidable...chairman of Sotheby's Europe and...the size of Sotheby's. Clearly...different kind of auction house, says de Pury...
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Sotheby's ends efforts to sell auction house
The Milwaukee Journal Sentinel;
February 24, 2003 ;
102 words
...Sotheby's ends efforts to sell auction house From New York Times...February 24, 2003 Sotheby's Holdings Inc. and...and scandal- plagued auction house. Sotheby's said the sale of...long-term financing. Sotheby's planned to use the...
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