Sotheby’s Posts Profit in Q1 as Expenses Decline

12/05/2015 08:32

The global auction house swung to a first-quarter profit on lower expenses despite a small drop in revenue. Although prices and demand for art and collectibles, including diamonds, gemstones and jewelry, have posted record highs recently, Sotheby’s bottom line has struggled to keep pace in its ongoing historic competition with rival Christie’s International.