Auction house Sotheby's missed earnings expectations when it posted a loss of $29.7 million, or -$0.44 a share, after the bell today. Consensus was for a loss of $0.35 a share.
Total revenue declined 4% to $52.9 million, as single-owner sales declined by $13.8 million.
The third quarter typically represents only 7 to 10% of annual sales, so losses for the period are generally priced in.
“Sotheby’s continues to enjoy fierce bidding for great works of art,” CEO Bill Ruprecht said. “Consolidated sales for the first nine months are up 36% to $3.8 billion and against a backdrop of global economic volatility, our Impressionist sales last week brought $229.7 million. There is vibrant demand for works of art which are fresh to the marketplace and appropriately priced.”
