Moscow. May 10. INTERFAX.RU – auction house Sotheby’s has reduced the net loss more than doubled in the first quarter which is traditionally weak for this market.
According to a press release from the company, the net loss in January-March 2017 $11,331 million, or 21 cents per share, compared with $of 25.91 million, or 41 cents a share, for the same period last year.
Revenue grew to $187,537 million from $106,531 million a year earlier. Including Agency Commission increased by 22.7% to $99,493 million
Analysts polled by FactSet, on average, estimated a loss of 38 cents a share on revenue of $111 million.
The two main blocks to market trade in art objects are usually the second and fourth. So, next week Sotheby’s will hold in new York auction of Impressionist, Modern and Contemporary Art, said chief Executive officer Ted Smith.
“In the seasonally quiet first quarter our results improved significantly, reflecting increased confidence in the market,” he said.
By the end of 2016, the company’s capitalization increased by 66.5%, while the increase of the stock index Standard & Poor’s 500 was 15%.