Sotheby's Reports Wider-than-expected Loss

Sotheby's said Monday that it had a first-quarter net loss of $25.9 million, or 41 cents per share, after net income of $5.1 million, or 7 cents per share, for the same period last year. The FactSet consensus was a loss per share of 26 cents. Revenue for the quarter totaled $106.5 million, down from $155.7 million for the same period last year. The FactSet consensus was $121 million. The art auction company said the quarter was impacted by a 35% decrease in net auction sales. In the same period last year, the company reported "record sales" of Impressionist and contemporary art in London, and Asian art sales in New York, leading to an "atypically profitable first quarter for the seasonality of Sotheby's business." The company has had some "high points" for the second quarter so far, according to a statement from Tad Smith, Sotheby's chief executive, including a 17% sales increase in Hong Kong. Sotheby's shares are unchanged in premarket trading, and down 37.6% for the past 12 months. The S&P 500 is down 2.8% for the last year.