Sotheby's Cuts Losses on Huge Inventory Sales
The summer months aren't typically a busy period for the art and collectibles auction industry, and investors in Sotheby's (NYSE: BID) are used to seeing weak performance during the third quarter. However, the auction house has been working hard to get rid of some of its inventory holdings, and that opened the door to some surprising results from the company during the period.
Coming into Friday's third-quarter financial report, Sotheby's investors were prepared for extensive losses but wanted to see signs of sales growth. The company's results were far better than those low expectations, and a big jump in inventory sales showed that the auction house is making good on its promise to improve the quality of its balance sheet. Let's look more closely at Sotheby's and what its latest results show about its prospects.
Image source: Sotheby's.
Source: Fool.com
