Sotheby’s is set to publish its results for the first quarter of 2014 following the auction house’s annual meeting on 6 May.
Whilst animosity between Sotheby’s and its primary shareholder, Third Point, directed by Dan Loeb, continues to provoke tension, the auction house expects to announce that its net auction sales have increased by 40% from the prior fiscal year, totalling approximately $730 million. This is primarily due to the 34% rise in Impressionist and Contemporary Art Sales, achieving an increase of $113 million. Equally, Sotheby’s record-setting Impressionist Art sales in London attained the greatest total ever to be reached for a sales series auctioned in the British capital.
Based on this increase in sales, Sotheby’s hopes to see a decrease of 81% in pre-tax loss ($6 million), lowering the $32 million tax-loss figure recorded for the first quarter of 2013.