Auction house Sotheby's (BID), said Tuesday its second quarter earnings slid 33 percent from last year as weak economic conditions and a competitive climate for high-end consignments resulted in sharply lower auction sales. The company's quarterly earnings as well as sales missed Street estimates.
Shares of the company are currently losing over 7 percent in after-hours trade on the New York Stock Exchange.
Sotheby's, which operates as an auctioneer of authenticated art, jewelry and collectibles, said total sales for the quarter declined 18 percent year-over-year, with single owner sales volume down 67 percent.
"Our operating results reflect some tremendous successes, but also reflect the challenging global economy, a tough comparison to the best quarter in Sotheby's history a year ago, and a competitive climate for high-end consignments," said Sotheby's Chief Executive Bill Ruprecht.
Ruprecht also said, "Demand and prices remain strong, especially at the high end of the market, as reflected in our highest ever sale of Impressionist and Modern Art of $373.3 million in May in New York."
New York-based Sotheby's reported second quarter net income of $85.4 million or $1.24 per share, compared to $127 million or $1.81 per share last year.
On average, 7 analysts polled by Thomson Reuters expected earnings of $1.49 per share for the quarter. Analysts' estimates typically exclude special items.
Revenues for the quarter were $304 million, compared to $369.8 million a year ago. Analysts expected revenues of $330.01 million for the quarter.
BID closed Tuesday at $30.77, up 2.12%, on a volume of over 1 million shares on the NYSE. In after hours, the stock slid $2.42 or 7.86%.
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