Sotheby’s reports $54.5m in losses in third quarter

In its quarterly earnings call to investors early this morning, Sothebys announced a net loss of $54.5m for the three months ending on 30 September 2016, its worst third quarter in many difficult years, compared to losses of $17.9m for the same period last year and $27.7m for 2014. As we communicated previously, the third quarter results were not expected to be good, said Tad Smith, Sothebys president and chief executive officer.
The companys stock opened at $35.15 per share, compared to $35.08