S&P puts Sotheby's on watch

Standard & Poor's said it placed the BBB- corporate credit rating on Sotheby's on CreditWatch with negative implications.

"The rating action reflects the substantial decline in the worldwide art auction market that has resulted in a significant loss on guarantees and the necessity for revision of the company's leverage covenant, along with deterioration in the company's credit protection metrics," S&P analyst David Kuntz said in a statement.

Because of the acceleration of the closing date of Sotheby's purchase of the York Property and the

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