Bloomberg.com is reporting today that Sotheby's shares have fallen by 20% due to concerns with the deteriorating worldwide financial situation and the poor results from the last auctions in Asia. At the recent 2oth Century Asian Art sale two thirds of the lots were bought in.Bloomberg.com reports "Sotheby's shares dropped $3.34, or 20 percent, to $13.68 as of 10:46 a.m. in New York Stock Exchange composite trading. They're at their lowest since June 2005 and have lost about 30 percent this month."
To read the Bloomberg.com article click HERE.
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