Losses May Push Sotheby’s Credit Rating To Junk

“Sotheby’s credit rating may be cut to junk as the 265-year-old auction house’s revenue falls and its leverage increases amid what it calls ‘significant’ losses from guarantees. ‘We believe that revenues will decline substantially over the near term due to the decline in the worldwide art auction market,’ Standard & Poor’s said in a statement yesterday, when it disclosed the possible downgrade.”