September 08, 2026 04:27 am (IST)
Follow us:
Sotheby's reports third quarter 2015 financial results
New York, Nov 9 (IBNS): Sotheby's on Monday reported financial results for the third quarter and nine months ended 30 September 2015.
President and Chief Executive Officer Tad Smith said, "We are proud of our auction sale results in the categories of Impressionist, Modern and Contemporary Art, which are on track to achieve record levels for the year. In just three days last week, our auctions achieved $780 million, led by the first two sales from the collection of Sotheby's former Chairman, Alfred Taubman. I'm pleased to say that we are also making good progress on our strategic objectives for future growth."
In the third quarter of 2015, Sotheby's reported a reduced third quarter 2015 net loss of ($17.9) million, or ($0.26) per diluted share, an improvement of $9.8 million (35%) compared with a net loss of ($27.7) million, or ($0.40) per diluted share, in the same period of the prior year.
On an adjusted basis, Sotheby's third quarter 2015 Adjusted Net Loss decreased $2.6 million (13%) to ($17.9) million, or ($0.26) per diluted share, from ($20.6) million, or ($0.30) per diluted share, in the prior year.
The improvement in Adjusted Net Loss is primarily attributable to the completion of a number of profitable inventory sales in the period and improved results for Sotheby's Finance segment partially offset by lower auction commission revenues.
These same factors increased total third quarter 2015 revenues by $43.8 million (46%) to $138.0 million, compared with third quarter revenues a year ago of $94.2 million.
While Net Auction Sales increased $48.0 million (15%) as a result of a change in the timing of the evening sale of Contemporary Art in London, third quarter auction commission revenues decreased, principally due to significantly weaker sales results in higher margin categories such as Old Master Paintings, Asian Art, and Jewelry.
For the nine months ended 30 September 2015, total revenues increased $38.8 million (7%) to $625.7 million compared with the prior year largely due to higher inventory sales and Finance segment revenues.
Sotheby's reported year to date net income of $54.9 million, or $0.79 per diluted share, an increase of $11.1 million (25%) compared with net income of $43.8 million, or $0.61 per diluted share, in the same period last year. Adjusted Net Income* for the period decreased $1.7 million (3%) to $62.5 million, or $0.90 per diluted share, from $64.3 million, or $0.91 per diluted share, a year ago.
Support Our Journalism
We cannot do without you.. your contribution supports unbiased journalism
IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.
Support objective journalism for a small contribution.
Latest Headlines
Coal India sees sharp recovery in production, power-sector supplies as rainfall eases
Mon, Sep 07 2026
Adani Power Improves ESG Score to 66 in NSE Sustainability Assessment. What does it mean?
Mon, Sep 07 2026
Bajaj Broking launches its ChatGPT plugin to help users with AI-powered portfolio insights. Why is it needed?
Mon, Sep 07 2026
TCS’ HyperVault to establish large-scale AI data center campus in Telangana: Know all details
Sun, Sep 06 2026
Is This the Right Time to Lock Your Savings in an FCNR Deposit?
Sat, Sep 05 2026
Thales and Kalyani Strategic Systems Limited sign Strategic Alliance Agreement for 70-mm Rocket Systems
Fri, Sep 04 2026
Axis Bank and Scapia launch co-branded credit card for India's new generation of travellers
Fri, Sep 04 2026