Sotheby’s announced its third-quarter results on Monday and sales were a loss due to a contracting market.  Its net loss grew to $54.5 million, or 99 cents a share, from $17.9 million, or 26 cents, a year ago.

Revenue was down 34 percent from a year ago, coming to $91.5 million.

In another statement, Sotheby's also revealed that Chinese businessman and art collector Linus Cheung will be its first director from Asia.

Cheung is the retired CEO of Hong Kong Telecom and a leading collector of Chinese art. He has served on the boards of companies including Cathay Pacific Airways Ltd., Hong Kong Telecom and Taikang Insurance Group.

Taikang became Sotheby's biggest sharholder in July with 14 percent of shares. Part of the deal in adding a new board member was an agreement with Taikang to not increase its ownership position beyond 15 percent for a period of three years, subject to certain conditions, Sotheby’s said.