Sotheby's 3rd Quarter

Bloomberg has a shot piece on the 3rd quarter financials from Sotheby's.  The report states Sotheby's had a loss of  $19.4, down from $57.8 million in the third quarter of 2009.  The first and third quarter is usually not trong quartesr for the auction house, which is typicall led by the larger sales in the 2nd and 4th quarter. So the small loss is typically expected.

The Bloomberg article states

Sotheby’s, the publicly traded auction house, said its third-quarter loss narrowed after sales rose.

The New York company lost $19.4 million, or 29 cents a share, down from $57.8 million, or 89 cents a share, a year earlier. Revenue increased 63 percent to $73.1 million.

“Outstanding auctions in all geographic regions and across nearly all collecting categories contributed” to the results, Chief Executive Officer William Ruprecht said in a statement.

Analysts surveyed by Bloomberg forecast a loss of 39 cents a share.

The shares have almost tripled in the past year as the auction market rebounded. They rose 65 cents to $44.72 in New York Stock Exchange trading today before the earnings were released.
To read the full article, click HERE.

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