You can now read 5 articles in a month for free on BostonGlobe.com. Read as much as you want anywhere and anytime for just 99¢.

MARKET MOVERS

Auction revenue falls off at Sotheby’s

Carl Court/AFP/Getty Images

Sotheby’s executives said some potential sellers were deterred last quarter by economic uncertainty in Europe.

Continue reading below

Sotheby’s shares fell after auction revenue declined in the fourth quarter amid European economic turmoil. The New York-based art and collectibles auctioneer said quarterly net income fell 26 percent from a year earlier to $71.5 million. It earned $1.04 a share, missing the $1.25 per share analysts’ forecast. Auction and related revenue fell 11 percent to $274.9 million. Chief financial officer William Sheridan said uncertainty stirred by the European economy deterred some potential sellers. “If you have a Picasso and you’re concerned with what’s going on in Europe, you may just say, ‘Let me wait 12 months until I see some stability there,’ ’’ he said. For 2011 overall, profit was $171.4 million, Sotheby’s best year since 2007.

Loading comments...

Wake up with today's top stories.

Want each day's news headlines delivered fresh to your
inbox every morning? Just connect with us
in one of the following ways:
or
Please enter a valid email
BostonGlobe.com will never post anything without asking.
Privacy Policy
Subscriber Log In

You have reached the limit of 5 free articles in a month

Stay informed with unlimited access to Boston’s trusted news source.

  • High-quality journalism from the region’s largest newsroom
  • Convenient access across all of your devices
  • Today’s Headlines daily newsletter
  • Subscriber-only access to exclusive offers, events, contests, eBooks, and more
  • Less than 25¢ a week
Marketing image of BostonGlobe.com
Marketing image of BostonGlobe.com