Sotheby’s to Post $89 Million in Net Income for Second Quarter of 2016

August 8th, 2016

Sotheby's via New York PostDuring the quarterly earnings call, Sotheby’s CEO Tad Smith announced that the company would post $89 million in net income for the second quarter of 2016, noting the current turbulence in the art market as ongoing.  “There are a number of geopolitical, macroeconomic, commodity pricing, and financial market uncertainties that leave the art market with a paradox,” Smith said. “On the one hand, collectors are still buying top-quality works of art in well-curated sales. On the other hand, consignors who have the luxury of discretion are showing a bit of reluctance to sell their work at this time.”Read more at Art News