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Sotheby’s Releases Ammunition for Board Fight: 40% Increase in Q1 Rev on London Imp/Mod Blow Out

April 23, 2014 by Marion Maneker

Sotheby's Headquarters

In the tooth and claw battle for Sotheby’s board seats, the company needs every bit of good news. So today they gave a peek at their first quarter results which are scheduled to be released after the May 6th annual meeting:

For the first quarter of 2014, Sotheby’s expects to report that Net Auction Sales have increased by 40% from the prior year to approximately $730 million. This substantial improvement is primarily due to a $113 million, or 34%, increase in sales of Impressionist Art and Contemporary Art over the prior year.  Notably, Sotheby’s record setting Impressionist Art sales in London achieved the highest-ever total for any sales series held anywhere in London.  Reflecting this sales growth, Sotheby’s expects to report that pre-tax loss for the first quarter improved by 81% to approximately ($6) million, as compared to Sotheby’s pre-tax loss of ($32) million in the first quarter of 2013.

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