Taubman collection was a gamble that did not pay off for Sotheby’s

Sotheby's $515m guarantee to secure the collection of its former owner A. Alfred Taubman, along with other expenses, has resulted in a $12m loss for the company, president and chief executive Tad Smith said during its fourth quarter 2015 earnings call earlier today.The company’s net income for the quarter was $74m to $79m, around the same as last year’s ($74m). Still, the company expects to lose money in the fourth quarter, between $10m and $19m, in part due to “charges relate