Bloomberg the Company & Products

Bloomberg Anywhere Login


Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.


Financial Products

Enterprise Products


Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000


Industry Products

Media Services

Follow Us

Sotheby’s Quarterly Loss Widens as Revenue Drops, Expenses Rise

Don't Miss Out —
Follow us on:
Sotheby's in New York. The company is expanding in Asia. Photographer: Daniel Acker/Bloomberg

Nov. 7 (Bloomberg) -- Sotheby’s, the publicly traded auctioneer of fine arts and collectibles, said its third-quarter loss widened as auction revenue declined and administrative expenses jumped.

The company lost $29.7 million, or 44 cents a share, up from $19.4 million, or 29 cents a share, a year earlier. Revenue fell 20 percent to $58.2 million.

The loss was larger than the 30-cent average loss forecast by two analysts. Sotheby’s also said it is increasing its quarterly dividend to 8 cents a share from 5 cents.

Sotheby’s shares have lost about a quarter of their value this year, while the Standard & Poor’s 500 Index is little changed. The results were released after the close of regular trading.

The auction house typically posts a small loss or profit in the first and third quarters and a larger number in the second and fourth periods, when its biggest auctions are held.

To contact the writer on the story: Philip Boroff in New York at

To contact the editor responsible for this story: Manuela Hoelterhoff at

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.