Sotheby’s has identified its sales in the fourth quarter of 2009 as its second best fourth-quarter performance ever, reports say. Revenues rose by 31 percent to $218.3 million in the three months ending December 31. The quarter generated profits worth $73.6 million, as compared to a net loss of $9.3 million in the three months of the previous year, reports say. The company attributes the strong fourth quarter results to strong improvement in auction commission margins, and a cost reduction practice.
Despite the strong fourth quarter sales results, revenues for the year 2009, dipped by 30 percent to $485 million. There was a net loss of $6.5 million for the year, in comparison to $26.5 million profit in 2008, reports add. The tought economic situation has been attributed to the reduced revenues, reports say. Expenses in 2009 were scaled down by 30 percent to $431.8 million, reports say.
Sotheby’s has noted an increase in sale of its diamonds and diamond jewellery in the past year, with a growing strong sales in Hong Kong, reports say.
Courtesy of Diamond World