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Recession reaches Sotheby's too!
Sotheby’s to Slash Dividend, Plans More Job Cuts (Update2) By Richard Vines and Scott Reyburn
Sotheby’s, the world’s largest auctioneer by sales, will slash its dividend to 20 cents a year from 60 cents and plans further job cuts to reduce costs because of a decline in the art market and the wider economy.The company aims for a further 5 percent drop in global headcount following a 15 percent reduction announced last year. Executive pay is being slashed too.
Sotheby’s, the world’s largest auctioneer by sales, will slash its dividend to 20 cents a year from 60 cents and plans further job cuts to reduce costs because of a decline in the art market and the wider economy.The company aims for a further 5 percent drop in global headcount following a 15 percent reduction announced last year. Executive pay is being slashed too.
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