Sotheby’s (BID), which aims to sell a Jeff Koons sculpture tomorrow of the Pink Panther embracing a topless blonde for $30 million, reported a first-quarter profit.
The New York auctioneer earned $2.4 million, or 3 cents a share, compared with a loss of $2.2 million, or 3 cents, a year earlier, it said in a statement. Revenue increased 17 percent to $119.6 million.
The earnings were in line with estimates. Five analysts surveyed by Bloomberg projected profit of 3.6 cents a share. They had estimated revenue of $119 million.
“This is one of our best first quarters on record,” Chief Executive William Ruprecht said today in an e-mailed statement.
Auction sales increased 23 percent, offset in part by a 16 percent increase in operating expenses.
