|
The First Art Newspaper on the Net |
|
Established in 1996 |
|
Sunday, October 6, 2024 |
|
Sotheby's Announces 2005 First Quarter Results |
|
|
|
NEW YORK.- Sotheby's Holdings, Inc. (NYSE: BID), the parent company of Sotheby's worldwide auction, private sales and art-related financing activities, today announced results for the first quarter ended March 31, 2005.
For the quarter ended March 31, 2005, the Company's Auction Sales (aggregate hammer price of property sold at auction, including buyer's premium) were $356.0 million, a 53% increase from $233.2 million in the prior period, primarily due to the London Impressionist and Modern Art and Contemporary sales in February, which were up 37% as compared to the prior year, and a significant increase ($40.2 million) in single owner sales over the period. The Company reported auction and related revenues of $72.2 million, a 23%, or $13.3 million, increase from the prior period, principally due to the significant increase in auction sales. The Company's loss from continuing operations was ($9.7) million, or ($0.16) per diluted share, for the first quarter of 2005 compared to income from continuing operations of $13.5 million, or $0.22 per diluted share, in the prior-year period. This decrease was principally due to the $45.0 million one-time license fee revenue received from Cendant in the first quarter of 2004. Excluding the one-time license fee revenue, the Company's first quarter 2004 loss from continuing operations would have been ($14.9) million, or ($0.24) per diluted share, yielding a $5.1 million improvement in first quarter 2005 results from continuing operations as compared to the prior period, a great achievement in light of the fact that 2004 results included the landmark sale of the Forbes Collection of Fabergé.
Because of the seasonal nature of the art auction market, Auction Sales in the first quarter have historically only represented approximately 9% - 12% of annual Auction Sales, and the first quarter has historically been a loss period for the Company. As a result, historically, first quarter results have not been indicative of expected full year results.
"As these excellent results show, 2005 is clearly off to a strong start," said Bill Ruprecht, President and Chief Executive Officer of Sotheby's Holdings, Inc. They are all the more outstanding given their improvement on last year's first quarter results (excluding the one-time license fee revenue) which included the landmark private sale of the Forbes Collection of Imperial Fabergé. Auction commission revenues increased $21.5 million, or 56%, quarter on quarter. The growth in auction commission revenues was offset by a decline in private sale commission revenues due to the Fabergé transaction in 2004.
|
|
|
|
|
Museums, Exhibits, Artists, Milestones, Digital Art, Architecture, Photography, Photographers, Special Photos, Special Reports, Featured Stories, Auctions, Art Fairs, Anecdotes, Art Quiz, Education, Mythology, 3D Images, Last Week, . |
|
|
|
Royalville Communications, Inc produces:
|
|
|
Tell a Friend
Dear User, please complete the form below in order to recommend the Artdaily newsletter to someone you know.
Please complete all fields marked *.
Sending Mail
Sending Successful
|
|