Sotheby’s, the auction house that ended a bitter proxy fight this week with activist investor Daniel Loeb by appointing him to its board, reported a smaller first-quarter loss as art sales increased.

The net loss narrowed to $6.1 million (€4.38 million), or nine cents a share, from $22.3 million, or 33 cents a share, a year earlier, the New York-based company said yesterday. Sotheby’s attributed the results to an increase in sales of Impressionist and contemporary art. The company said its consolidated net sales increased 32 per cent to $1 billion.

The auction house typically posts a small loss or profit in the first and third quarters.

Sotheby’s on May 5th agreed to appoint Mr Loeb and two of his candidates to its board, ending a proxy fight between the auction house and its largest shareholder.– (Bloomberg)