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widened its loss in the first quarter, hurt by the diminishing international art market.

During the quarter, the company recorded a loss of $34.5 million, or 53 cents a share, compared with a loss of $12.4 million, or 19 cents a share, in the year-ago period.

Revenue fell 58% to $54.4 million.

The company is also cutting its dividend to an annual rate of 20 cents from 60 cents per share.

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On Tuesday, Sotheby's offered 36 impressionist and modern works of art and sold 29 for a total of $61 million, well off its $119 million estimate.

Last week the company announced that it plans to slash its workforce by another 5%. Earlier in the year Sotheby's trimmed employees by 15%. It also plans unpaid furloughs and salary reductions for top management.



also is in the midst of a company-wide reorganization.

Both Christie's and Sotheby's said that they will have fewer artworks to sell during the spring auction season.

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