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¢.

Red Sox Live

2

1

▼  4th Inning 1 outs

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...
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
Already a subscriber?
Your city. Your stories. Your Globe.
Yours FREE for two weeks.
Enjoy free unlimited access to Globe.com for the next two weeks.
Limited time only - No credit card required!
BostonGlobe.com complimentary digital access has been provided to you, without a subscription, for free starting today and ending in 14 days. After the free trial period, your free BostonGlobe.com digital access will stop immediately unless you sign up for BostonGlobe.com digital subscription. Current print and digital subscribers are not eligible for the free trial.
Thanks & Welcome to Globe.com
You now have unlimited access for the next two weeks.
BostonGlobe.com complimentary digital access has been provided to you, without a subscription, for free starting today and ending in 14 days. After the free trial period, your free BostonGlobe.com digital access will stop immediately unless you sign up for BostonGlobe.com digital subscription. Current print and digital subscribers are not eligible for the free trial.