Southeby's loses money this quarter, CEO attributes loss to the credit crunch and guarantees

From the story:
Sotheby's, the world's largest publicly traded auctioneer of art and collectibles, disappointed investors with a first-quarter loss and said revenue from auctions declined.

The shares fell $2.56, or 9.3 percent, to $24.91, at 4 p.m. in New York Stock Exchange composite trading. The stock has lost half of its value in the past year.

Read the full story by Philip Boroff and Dan Hart at Bloomberg.com