During 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
