NEW YORK: Sotheby’s revenue increased 46 percent to $137.9 million year on year in the third quarter that ended September 30. The net loss was cut 35 percent to $17.9 million, or 0.26 per diluted share, the auctioneer said in a statement.
The company also said net auction sales increased 15 percent because of a change on its events calendar. Auction commission revenues decreased, largely due to significantly weaker sales in higher-margin categories, including jewelry.
Revenue for the nine months to September increased 7 percent to $625.7 million, while net profit increased 24 percent to $54.7 million.
President and chief executive officer Tad Smith said in the statement: “We are proud of our auction sale results in the categories of impressionist, modern and contemporary art, which are on track to achieve record levels for the year. In just three days last week, our auctions achieved $780 million, led by the first two sales from the collection of Sotheby’s former chairman, Alfred Taubman. I’m pleased to say that we are also making good progress on our strategic objectives for future growth.”
Agency commission and fees decreased 9 percent to $69.2 million but remains the largest source of revenue, while inventory sales soared 748 percent to $53.2 million, according to the statement. Revenue from the finance business jumped 45 percent to $12.9 million and license fees increased 7 percent to $2.5 million.
