Sotheby’s released its fourth quarter earnings for 2009 this morning.

Consolidated sales were $2.8B with a loss of $6.5m on $485m in revenue.

• Auction commission margins improve by 37% for the year

• Operating expenses reduced by $185.3 million compared to 2008

• Auction sales were $2.3 billion

• Private sales up 27% to $473 million