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Even though Sotherby’s has reached new sales records this fall, the company has a pre-tax loss of  $46.4m (a net loss of $32.6m), representing a $57.7m, or 58%, fall in net profits for the first nine months of the year. The company says that the third quarter is nearly always a loss-making period, historically representing between 7% and 10% of its annual sales. Bill Ruprecht, Sotherby’s chief executive, believes that this tendency is also due to the fact that the growth in China has been slowing. Still, Sotherby’s has decided to invest further in the Chinese art marked.

 

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