Sotheby's shares fell to an all-time low, rebound somewhat after the auction house's announcement that it plans to achieve about $100 million in cost savings this year.

Sotheby's (nyse: BID - news - people ) shares lost 6 cents to close at $6.71 Friday, after tumbling to an all-time low of $6.05 earlier in the session. The stock traded as high as $36.57 a year ago, but lost much of its value last fall amid the market meltdown.

Sotheby's cost-cutting action includes roughly $21 million in expenses related to salaries and facilities. The company plans to reduce its global work force by 15 percent by the end of the fiscal 2010 first quarter.

For the quarter ended Dec. 31, Sotheby's losses totaled $8.5 million, or 13 cents per share, compared with earnings of $102.4 million, or $1.55 per share, a year ago. The latest-quarter results included a $13.2 million write-down and $4.3 million in charges related to restructuring.

Quarterly revenue dropped 52 percent to $166.2 million.

In a note to investors, Craig-Hallum Capital analyst George Sutton said the fourth-quarter results came in below his expectations. He noted, however, that Sotheby's $100 million savings goal was larger than expected.

Sutton predicted that investors would be reassured that Sotheby's reported a "solid cash balance" and maintained its dividend. He said they may also be comforted by recent sales.