The first quarter revenues, which include revenues for the three months ending 31 March 2009, were decreased by 58 percent for Sotheby’s and amounted to $54.4 million. The company attributes the decrease to a 71 percent fall in net auction sales caused by the slow economy. %% The company faced a net loss of $34.5 million, but it also did try to reduce the loss by decreasing its operating expenses by 25 percent. Also, there was a 41 percent increase in the company’s auction commission margin, which helped offset the loss. Further, it is reported that the company is working on cost restructuring which would help it to save $160 million during the current year.