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AUCTION REPORT

Resting Assured

SH RAZA, Cagnes-sur-mer, 1952, gouache and ink on cardboard, 50 x 56 cm. Courtesy Sotheby's New York.

Auction houses around the globe have made headlines in recent months—and not for their sales figures. Sotheby's layoffs, which began in November 2015, have carried into the new year in the company's efforts to cut costs. The latest stream of high-level departures, announced in February, included David Norman, vice chairman of Sotheby's Americas and co-chairman of Impressionist and modern art worldwide; Alex Rotter, global co-head of the contemporary art department; and Henry Wyndham…

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