NEW YORK, N.Y.- Sotheby’s (NYSE: BID) announced the results for the second quarter and first half ended June 30, 2011. For the three and six months ended June 30, 2011, Sotheby’s net income increased by 48% and 54% to $127.2 million and $129.7 million, respectively, when compared to the prior year. This improvement is principally due to significantly higher auction and private sale commission revenues, partially offset by a decline in auction commission margin 2 to 16.4% in both periods, from 18.7% in the second quarter of 2010 and 18.3% in the first half of 2010. Competitive pressures to win high value consignments resulted in lower commission margins, as Sotheby’s consolidated sales reached a record $3.4 billion in the first half of 2011. The net income improvement versus 2010 is also partially offset by a $39.4 million, or 28%, increase in operating expenses in the second quarter and a $54.1 million,