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Sothebys Spikes On Revenue Beat, New Auctions

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Sothebys (NYSE: BID) shares spiked Monday after the company reported Q3 financial results. The auction house reported third quarter revenues of $94.20 million, above expectations of $92.73 million and below the $107.86 million reported in the prior year period.

The earnings per share were $(0.40), missing expectations of $(0.37) and narrower loss than the $(0.44) reported in the year-ago period.

“Sotheby's has achieved substantial and broad-based successes across our global salesrooms through the third quarter, with double-digit growth in auction sales in virtually all our categories- including Impressionist & Modern, Contemporary, Asian Art, Jewelry, Old Masters, Photographs and Prints, 20th Century Design and Wine," said Chairman, President and Chief Executive Officer Bill Ruprecht.

The company press release noted that “[Monday] evening, Sotheby's is excited to offer property from the Collection of Mrs. Paul Mellon in a series of auctions in New York. The more than 2,000 individual items together have an estimated value in excess of $100 million and include exceptional fine art, jewelry, furniture and decorative artworks.

“Also this week in New York, Sotheby's is pleased to present its Contemporary Art sales which are highlighted by a number of important works by Mark Rothko, Andy Warhol, Gerard Richter and Jasper Johns, among others. The series pre-sale estimate is $382 to $535 million.”

Sothebys recently traded at $40.35, up 2.3 percent.

Posted-In: Earnings News

 

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