The first quarter of the year is traditionally a loss-making period because of the seasonal nature of the art market.
Revenues, up 17% at $119.6m, have been sustained after last year's strong recovery, with auction commissions up 23% thanks to increased activity and lot values. However, costs were up too.
More evidence of recovery came in the number of works sold for more than $1m – up 63%.
Chief executive Bill Ruprecht dubbed it "one of our best first quarters on record".
Strong results in the recent Impressionist and Modern art sales, together with the increasing strength of auctions in Hong Kong, are expected to boost results for the second quarter.
