The auction house posted a loss in its first quarter
Sotheby’s “loves” its jewelry position and is upbeat about upcoming jewelry auctions, the auction house’s president and CEO Tad Smith said in a conference call following the release of its financial results, according to a Seeking Alpha transcript.
“The [jewelry] sales thus far have been solid with some outstanding prices including $31.8 million achieved for the De Beers Millennium Jewel 4 in Hong Kong,” he said. “The results of the jewelry auction market are in line with a year ago, and we’re looking forward with cautious optimism to our upcoming sales.”
Smith’s remarks come as Sotheby’s posted a $22.3 million loss for its first quarter of 2016 (ended March 31), compared to a $5.2 million in the first quarter of 2015. A statement said that last year’s first quarter saw “unusually strong sales.”