Advantageous Auctions: Sotheby's HIGHLIGHTS FIRST SIX MONTHS 2010
“These are excellent results and are indicative of the improving art market we have been experiencing since last autumn,” said Bill Ruprecht, President and Chief Executive of Sotheby’s. “They reflect strong revenues coupled with discipline on the expense side and we will continue to focus on both going forward."
“As we put our autumn sales together, our goal, as ever, is to find the right balance in presenting great works, fresh to the market and attractively estimated, particularly as the global economy remains uncertain,” Mr. Ruprecht continued. “We are encouraged by the level and quality of our consignments we have gathered thus far for our sales worldwide.”
· First half net income ($84.1 million) is second best ever
· First half revenues increase 73% to $383.3 million
· Aggregate auction sales of $2.2 billion, up 116%
· Consolidated sales* of $2.4 billion, up 96%
· Private sales of $209 million, up 6%
· Sotheby’s sold 273 lots for $1 million or more
*Consolidated sales include auction sales, auction post sales, private sales and dealer revenue.
About Sotheby’s
Sotheby’s is a global company that engages in art auction, private sales and art-related financing activities. The Company operates in 40 countries, with principal salesrooms located in New York, London, Hong Kong and Paris. The Company also regularly conducts auctions in six other salesrooms around the world. Sotheby’s is listed on the New York Stock Exchange under the symbol BID.
Forward-looking Statements
This release contains certain “forward-looking statements” (as such term is defined in the Securities and Exchange Act of 1934, as amended) relating to future events and the financial performance of the Company. Such statements are only predictions and involve risks and uncertainties, resulting in the possibility that the actual events or performances will differ materially from such predictions. Major factors, which the Company believes could cause the actual results to differ materially from the predicted results in the “forward-looking statements” include, but are not limited to, the overall strength of the international economy and financial markets, political conditions in various nations, competition with other auctioneers and art dealers, the success of our risk reduction and margin improvement efforts, the amount of quality property being consigned to art auction houses and the marketability at auction of such property. Please refer to our most recently filed Form 10-Q (and/or 10-K) for a complete list of Risk Factors.
