Net losses had climbed because of ongoing extraordinary costs, but the bulk of these have shifted away from anti-trust and employee retention expenses, with the lion’s share now being accounted for by company restructuring.
The first quarter is traditionally a loss-making period as activity is quieter than during the rest of the year. This time the difference in net loss year on year is negligible, showing, hopefully, that at least sales themselves are holding up. Indeed, when looking at auction revenues alone, there has been a seven per cent rise from $35.6m last year to $38.1m this.
Chief executive Bill Ruprecht said exchange rate benefits and good Impressionist and Contemporary art performances had helped make up for a decline in single-owner sales, but warned the SARS-hit Hong Kong sales and the knock-on effect of the Iraq war could depress second quarter figures.
Sales and costs up in first quarter
IN the week that former chairman Alfred Taubman was finally released from jail, Sotheby’s announced first quarter total revenues of $47.6m, 4.8 per cent up on the same period last year.
