Sotheby's (BID -10.4%) shares sink after Q4 profit slumped 26%; CFO William Sheridan blames...

|About: Sotheby's (BID)|By:, SA News Editor

Sotheby's (BID -10.4%) shares sink after Q4 profit slumped 26%; CFO William Sheridan blames Europe: “If you have a Picasso and you’re concerned with what’s going on in Europe, you may just say, ‘Let me wait 12 months until I see some stability there.'" But there was also narrowing margins from commissions due to “competitive pressures to win high value consignments."