Sotheby's hammered by reduced commissions
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Auctioneer Sotheby's saw its shares knocked down after falling into loss in the first quarter.
A net loss of $12.4m was suffered on revenue of $129.3m in the first quarter, compared to a profit of $24.3m on revenue of $147.4m in the first quarter of 2007.
Loss per share was 19 cents, versus expectations of positive earnings per share of 10 cents.
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The company attributed the shortfall to lower commissions, which were reduced in an attempt to win new business.
The company has announced plans to introduce higher commission charges with effect from 1 June.
Salaries and other expenses also took their toll, rising 12% to $61.2m, while overall costs jumped 9.7% to $147.7m.
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