Sotheby's stock was hammered Monday after the auction house blamed thinner margins on a 24 percent decline in second-quarter earnings. Intense competition for high-profile works like Modigliani's "Reclining Nude" and Picasso's "Female Bust in Profile" -- both sold by Sotheby's during the quarter -- reduced second-quarter fees as a percentage of sales to 14.1 percent...
Sotheby's stock was hammered Monday after the auction house blamed thinner margins on a 24 percent decline in second-quarter earnings. Intense competition for high-profile works like Modigliani's "Reclining Nude" and Picasso's "Female Bust in Profile" -- both sold by Sotheby's during the quarter -- reduced second-quarter fees as a percentage of sales to 14.1 percent...
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