Whom You Know: Sotheby's Fourth Quarter and Full Year 2010 Earnings

Monday, February 28, 2011

Sotheby's Fourth Quarter and Full Year 2010 Earnings

SOTHEBY’S 2010 HIGHLIGHTS

“The net income of $161.0 million that we have been able to deliver in 2010 is our best yearly result ever, apart from 2007. It is a remarkable accomplishment,” said Bill Ruprecht, President and Chief Executive Officer of Sotheby’s. “The recovery of the global art market which was aided in part by the increased buying activity of clients from new markets certainly contributed to these results, as did the difficult decisions we had to make beginning in the autumn of 2008 – the headcount reduction, tightening of our cost structure and steadfast focus on auction commission margins – which have paid off considerably.

The positive momentum continues in 2011,” added Mr. Ruprecht. “Our recently concluded London sales of Impressionist, Modern and Contemporary Art, including the exceptional single owner sale, Looking Closely: A Private Collection brought an outstanding combined total of $390.8 million. This total even exceeds the prior year total of $366.7 million which had included the sale of the then-record breaking Giacometti sculpture which sold for $104.3 million. And we have just announced the sale of a selection of magnificent Imperial Porcelain from the Meiyintang Collection, one of the greatest private collections of Imperial Chinese Porcelain in the world. Estimated from $91-$137 million*, the sale in Hong Kong on April 7^th is likely to be of historic importance and brings the estimate for the total April Hong Kong series to in excess of $300 million.

“Overall, aggregate auction sales through the first two months of 2011 solidly improved from the first two months of 2010. We hope that 2011 will be another strong year for Sotheby’s and for the art market,” concluded Mr. Ruprecht.

· 2010 net income of $161.0 million and 4^th quarter net income of $96.2 million are best ever, with the exception of 2007

· Consolidated sales** up 74% to $4.8 billion

· Auction sales up 88 % to $4.3 billion; $2.1 billion increase is largest ever

· Private sales up 5% to $494.5 million

· 609 lots sold for over $1 million (307 in 2009)

· 93 lots sold for over $5 million (38 sold in 2009)

· 37 lots sold for over $10 million (12 sold in 2009)

· 17 lots sold for over $20 million (1 sold in 2009)

· Sales of Impressionist and Modern Art were up 116% to $1.01 billion

· Sales of Contemporary Art were up 97% to $870 million

· Sales of Jewelry were up 113% to $405 million

Hong Kong Sales were up 135% to $638.9 million
Record set for sculpture: Alberto Giacometti, Walking Man I, $104.3 million
Record set for any diamond and jewel: “The Graff Pink”, $46.2 million
Record set for a printed book: John James Audubon, The Birds of America, $11.5 million
Record set for a standard sized bottle of wine: Château Lafite 1869, $232,692
Record set for English Furniture: The Harrington Commode, $5.9 million

* Estimates do not include Buyer’s Premium

**Consolidated Sales is defined as the sum of Auction Sales (including buyer’s premium), Private Sales and Dealer Revenues.

http://www.sothebys.com/

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