NEW YORK—On Nov. 7 Sotheby’s stated that its loss for the third quarter, ending Sept. 30, had narrowed to $21.2 million, or 35 cents a share, from a loss of $28.3 million, or 46 cents a share, in the year-ago period.
The auctioneer posted $53.7 million—a 26 percent increase—in auction and related revenues, up by $11.1 million from $42.6 million in the comparable period last year. Sotheby’s attributed the growth to “increased auction commission revenues, expense recoveries and higher private-sale commissions.”
Following the earnings report, financial analyst Kristine Koerber of JMP Securities, San Francisco, upgraded her rating for Sotheby’s to “strong buy” from “market outperform.” The target price on the stock was raised by the analyst from $20 to $22.
The stock has been rising steadily since late October, from about $15 to a close of $18.21 in trading on the New York Stock Exchange on Nov. 17.