Sotheby’s cut back on costs to boost results
A BIG cut in extraordinary costs for the third quarter of 2003 has boosted Sotheby’s latest results – as a result net losses have fallen by more than a third on the same period last year. The significant reductions in employee retention costs and antitrust-related special charges mean that losses for the quarter this year were down to $27.4m, compared to $43m for the third quarter of 2002.
Comparing extraordinary costs for the period, 2002 saw the company having to pay out $20.1m for the …