Oliver Barker coaxed bidders with charm at Sotheby's November 11 Contemporary Art Evening Sale. (Photo courtesy Sotheby's)

As Sotheby’s Profit Slips in 2nd Quarter, It Signals Changes to Target the .0001%

In an upbeat conference call with analysts, Mr. Smith acknowledged “the bumpy quarter” but said “we are recruiting talent” in contemporary art, are targeting under-served areas of the U.S., and plans to expand its sales in jewelry, wine, collectibles and car sales and perhaps add new lines of business. It will also offer more merchandise in the “middle-market” for the ultra-wealthy which it deems the $25,000 to $1 million market.

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