Sotheby's posts higher-than-expected Q4 profits
Sotheby's auction house has posted better-than-expected fourth quarter figures, it has been revealed. The organisation has revealed that a higher auction commission margin and cost cuts have helped it to realise the profits.
Shares have also increased, rising by ten per cent, with the signs now very much pointing to an established and sustained art market recovery.
Chief executive Bill Ruprecht said that the auction house was in a position to make the most of the reenergised market, whenever that happened.
He said: "Worldwide sales last autumn were a significant improvement over their spring equivalents. We are well poised to capitalize on an economic upturn and art market rebound as it occurs."
There have been indications of improved market activity in recent months, none more convincing than the record-breaking sale of a Giacometti statue for $104.3 million.
Year-on-year revenue for the fourth quarter increased by 31 per cent.
