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Sotheby's Expects to Narrow Its 1Q Pre-Tax Loss by 81%
Apr 23, 2014 6:18 PM
By Jeff Miller
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RAPAPORT... Sotheby’s reported that preliminary net auction sales rose 40 percent year on year to $730 million for the first quarter that ended on March 31. The improvement was primarily due to a $113 million, or 34 percent, increase in sales of Impressionist and contemporary art. Nonetheless, Sotheby’s expects to report a pre-tax loss of $6 million for the period, compared with a pre-tax loss of $32 million one year earlier.
Due to the seasonal nature of the art auction market, Sotheby's first quarters have historically represented a small proportion of annual sales, resulting in a net loss for the period.
“Sotheby’s growth in sales and improved financial performance demonstrate that we are executing on our strategic plan and are well positioned to further build on the substantial momentum and record results we achieved in 2013,” said Sotheby's chairman and CEO, Bill Ruprecht. “We remain focused on driving value for shareholders and clients alike and working to capitalize on Sotheby’s position as the leading global brand providing access to exquisite art, art-related financing, arts education, real estate and retail wine and jewelry.”
Sotheby’s expects to announce its completed first-quarter results on May 7.
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Tags:
financial results, Jeff Miller, quarter, Sotheby's
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