Big Private Sales Gains and Strong HK Sales Improve Sotheby’s Q3

Sotheby’s held its third quarter earnings call today. The Summer months are tough for the auction business and Sotheby’s usually shows a loss for Q3. This year was no exception though the number came down from $32m last year to $30m this year even as expenses rose $36m for the time period:

Auction and related revenues for the quarter rose to $76.9 million from $59.7 million a year ago. Total revenues rose to $107.9 million from $68.5 million a year ago. Analysts expected revenues of $70.26 million for the quarter.

Sales growth for the third quarter were driven by a 77 percent increase in private sale commissions and 16 percent increase in auction commission revenues.

Commenting on the results, Chief Executive Bill Ruprecht said, “Our third quarter results have improved since a year ago, with sizable revenue growth. Private sales, which continues to be an area of focus for Sotheby’s, contributed more than a third of auction and related revenues in the third quarter – a significant shift from just a short time ago.”

Sotheby’s Q3 Loss Narrows — Update (RTT)