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.”