Future is good for art collectors, says Sotheby's

Art prices and sales have stabilised, according to William Sheridan, Chief Financial Officer at Sotheby's.

Yesterday, Sotheby's reported its first quarterly profit in a year.

The auction house made $21.30 in commission revenue for every $100 in auction sales - an increase of 41% compared to a year earlier. Its shares are up 68% this year.

The company's change in fortunes is largely due to collectors investing in lower-priced artworks. Art under $1m garners higher fees than more expensive works.

"Unless there's some external event we're not aware of, we believe the market has bottomed out, Sheridan told the financial website Bloomberg.

This could be good news for art collectors and investors, who will see appreciation and value return to their collections as the market recovers.

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