Sotheby's Q1’11 revenues up 17%

In the quarter ending March 31, 2011, the first fiscal quarter for Sotheby's, the auction house generated revenues worth $119.6 million, up 17 percent y-o-y. Net income valued $2.4 million, while in the same quarter last year, the period reported a net loss of $2.2 million. Expenses amounted $108.6 million rising 15.6 percent, and operating income valued $11 million ($7.9 in Q1 of 2010).

The auction house believes this to be one of its best first quarters, which otherwise are slow and generate a net loss owing to the seasonality of the art auction markets. The first quarter results include $3 million – a recovery amount following a litigation matter.

Also, earnings of 3-cents per share according to company speak of higher auction commission revenues owing to a 23 percent rise in net auction sales, partially offset by a decline in auction commission margin from 17.2 percent to 16.4 percent.