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Posted By: Phil

Even though they have money coming in, you have to remember that they have to pay for staff salaries, advertising/marketing their auctions, they have fixed costs (i.e. rent, etc.), and they have to pay for catalogs and or websites.

With probably overall consignments down in a down economy and overall hammer prices probably a little down (plus some items not even getting opening bids), some auction houses are probably having a hard time breaking even right now.