Sotheby’s First-Quarter Loss Narrows as Art Sales Increase
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Sotheby’s, the auction house that ended a bitter proxy fight this week with activist investor Daniel Loeb by appointing him to its board, reported a smaller first-quarter loss as art sales increased.
The net loss narrowed to $6.1 million, or 9 cents a share, from $22.3 million, or 33 cents a share, a year earlier, the New York-based company said today. Earnings per share beat the 17-cent average estimate of five analysts in a Bloomberg survey.