Sothebys Posts Narrower Q3 Loss

reported a narrower-than-expected loss for the third quarter on Monday. The New York-based company reported a quarterly net loss of $17.9 million, or $0.26 per share, versus a year-ago net loss of $27.7 million, or $0.40 per share. On an adjusted basis, adjusted loss shrank to $0.26 per share, from $0.30 per share. Its revenue climbed 46 percent year-over-year to $138.0 million from $94.2 million. However, analysts were expecting a loss of $0.27 per share on revenue of $111.08 million. The average estimate among 12 Estimize users was for a loss of $0.28 per share and revenue of $106.51 million. Net auction sales climbed 15 percent for the quarter. President and Chief Executive Officer Tad Smith said, "We are proud of our auction sale results in the categories of Impressionist, Modern and Contemporary Art, which are on track to achieve record levels for the year. In just three days last week, our auctions achieved $780 million, led by the first two sales from the collection of Sotheby's former Chairman, Alfred Taubman. I'm pleased to say that we are also making good progress on our strategic objectives for future growth." Sotheby's shares jumped 4.76 percent to close at $34.09 on Friday.