Sotheby's (BID) Tops Q1 EPS by 2c

Sotheby's (NYSE: BID) reported Q1 EPS of ($0.09), $0.02 better than the analyst estimate of ($0.11). Revenue for the quarter came in at $156.81 million versus the consensus estimate of $129.39 million.

Second Quarter 2014 Sales

Last month in Hong Kong, Sotheby's five day sales series brought outstanding results totaling $438 million, a 56% increase on the prior year and above the pre-sale high estimate. The Meiyintang Chenghua "Chicken Cup" sold for $36 million, a world record at auction for Chinese Porcelain and one of three works of art Sotheby's sold during the sales series for HKD$100 million or more. Sotheby's also established auction records for fifteen artists, including Zhang Xiaogang, Yoshitomo Nara and S. Sudjojono, which also represented a world auction record for any Southeast Asian Art. Our sales of Fine Chinese Paintings, Wines and Watches all performed with exceptional sell-through rates.

Sotheby's April sale of Magnificent Jewels in New York brought $44 million, well within the pre-sale estimate of $37 million-$49 million. Highlighting the sale was a 15.23 carat Magnificent Fancy Intense Orangy Pink Diamond and Diamond Ring which sold for $6.1 million and a 28.18 carat Exceptional Kashmir Sapphire and Diamond Ring which sold for $5.1 million and established the world auction record price per carat for any sapphire.

For earnings history and earnings-related data on Sotheby's (BID) click here.

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