Sotheby's Sales Miss Estimates

Sotheby's reported a first-quarter net loss of $11.3 million, or 21 cents per share, compared with a loss of $25.9 million, or 41 cents, last year. Revenue totaled $99.5 million for the quarter, up from $81.1 million last year. The FactSet consensus was for a loss of 38 cents per share and sales of $111.0 million. The two big quarters for the art auction market are the second and fourth. The company has sales of Impressionist, Modern and Contemporary Art in New York next week, said Chief Executive Tad Smith. Sotheby's shares are unchanged in Wednesday premarket trading, and up 66.5% for the last year. The S&P 500 index is up 15% for the past 12 months.