Advanced Search

Sotheby’s Swings to 1Q Loss

May 10, 2016 3:00 AM   By Rapaport News
Email Email Print Print Facebook Facebook Twitter Twitter Share Share
RAPAPORT... Sotheby’s reported its revenue in the first quarter slumped from a high base last year.

Total sales nosedived 32 percent to $106.5 million, with the company swinging to a $25.9 million loss from a profit of $5.2 million a year earlier. Record art sales in January to March last year had led to an “atypically profitable” quarter, Sotheby’s said.

"As we exited 2015, it was clear that the significant market growth experienced in 2014 and the first part of 2015 had slowed somewhat, and the impact can be felt in our results for the first quarter," said Tad Smith, Sotheby’s president and chief executive officer.

Historically, the first and third quarters tend to be a quiet period for art auctions, with the second and fourth quarters combined accounting for about 80 percent of net auction sales.

The most significant indicators of the current state of the market will come at the Geneva and New York auctions in the next two weeks, including the Magnificent Jewels and Noble Jewels sale in the Swiss city May 17, Smith added.
Tags: art, auction, auctioneers, geneva, Magnificent Jewels and Noble Jewels, Rapaport News, results, Sotheby's
Similar Articles
Diamonds for Fantasy story 150Unique Designs to Buy Modi Company Inventory
Jul 15, 2018
Jewelry manufacturer Unique Designs is the top contender to buy the assets of Nirav Modi subsidiary Fantasy,
© Copyright 1978-2018 by Martin Rapaport. All rights reserved. Index®, RapNet®, Rapaport®, PriceGrid™, Diamonds.Net™, and JNS®; are TradeMarks of Martin Rapaport.
While the information presented is from sources we believe reliable, we do not guarantee the accuracy or validity of any information presented by Rapaport or the views expressed by users of our internet service.