Newspaper article International New York Times

Sotheby's Narrows Loss in Taubman Sale

Newspaper article International New York Times

Sotheby's Narrows Loss in Taubman Sale

Article excerpt

The auction house said that brought the estimated shortfall from its record-setting $515 million guarantee to the heirs of the onetime executive, A. Alfred Taubman, to $3 million

In its final auction devoted wholly to its former chairman's collection, Sotheby's sold $24,128,750 worth of Old Master artworks on Wednesday night, a figure that falls near the middle of the $21 million to $30 million it had projected.

The auction house said that the sale brought the estimated shortfall from its record-setting $515 million guarantee to the heirs of the onetime executive, A. Alfred Taubman, to $3 million.

On Friday, it had projected a $6 million loss in a call with investors and analysts. Tad Smith, the president and chief executive of Sotheby's, said in that call that Sotheby's also expected to incur an additional loss of $6 million in expenses associated with the sale of art belonging to Mr. …

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