Sotheby’s 2nd-quarter earnings slide on weak sales and restructuring charges

Sotheby’s 2Q profit drops 87 percent

NEW YORK — Sotheby’s said on Tuesday said it earned a sharply lower second-quarter profit as revenue slid and the recession dampened demand for art worldwide.

In the period ended June 30, net income declined 87 percent to $12.2 million, or 18 cents per share, compared with $95.3 million, or $1.41 per share, a year ago.

Results in the most recent quarter included $4.8 million in restructuring charges.

Sales slipped 48 percent to $167.3 million from $320.2 million.

Analysts surveyed by Thomson Reuters, who typically exclude items, expected 28 cents per share in earnings and sales of $153.3 million.

Auction sales declined 66 percent because of economic weakness and a soft international art market.

The company said its summer fine arts sales in London totaled $132 million, compared with a pre-sale estimate ranging between $103 million and $144 million.