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NEW YORK (AFX) - Art and antiques auctioneer Sotheby's said Thursday its third-quarter loss widened on increases in salaries and other costs.
Sotheby's posted a loss of $30.7 million, or 50 cents per share, wider than a loss of $21 million, or 34 cents per share, posted in the year-ago quarter.
The loss was greater than Wall Street expected. Analysts polled by Thomson Financial had expected a loss of 33 cents per share.
Revenue rose 2 percent to $57.4 million from $56.5 million in the year-ago period. Wall Street was expecting $56.4 million in revenue.
Company officials blamed the larger loss on a 22 percent rise in salaries and related costs and a 24 percent increase in general and administrative expenses.
The company said the higher salary costs stemmed was mainly a result of staff increases in key areas such as contemporary, Russian and Asian art.
Sotheby's said that due to the seasonal nature of the auction industry, the third quarter usually represents only about 7 percent to 10 percent of its annual auction sales and has historically been a loss period for the company.
Sotheby's shares closed down 63 cents at $33.86 on the New York Stock Exchange. Copyright 2006 Associated Press. All rights reserved. This material may not be
Copyright 2006 AFX News Limited. All Rights Reserved.
