The art market is “neither frothy nor depressed”, according to Sotheby’s chief executive Tad Smith.
Reporting the second quarter figures for the auction house last week, Smith said profits had reduced 14% to $76.9m due to a rise in operating expenses at the firm and a decline in its financial services arm.
But revenues for the second quarter of 2017 rose 5% to $314.9m as it reported an increase in high-value lots.