Sotheby’s Q2 Beats Wall Street on Strong Auction Sales

0
263

NEW YORK, NY.- Sotheby’s today announced results for the second quarter and first half ended June 30, 2010. For the three and six months ended June 30, 2010, auction and related revenues improved $118.8 million, or 79%, and $168.4 million, or 86%, when compared to the same periods in the prior year, almost entirely due to an increase in auction commission revenues stemming from strong sales around the world during the period. Total aggregate auction sales were $1.6 billion in the second quarter and $2.2 billion in the first half, an increase of 110% and 116%, respectively. Most notably, combined sales of Impressionist and Contemporary Art increased $428 million, or 154%, and $684 million, or 188%, in the second quarter and first half of the year, respectively. Partially offsetting the increase in auction commission revenues is a decline in auction commission margin from 21.3% to 18.7% in the second quarter and f