Sotheby’s has a release out about its Q2 earnings and first half of 2011 sales calling the second quarter of 2011, “the best quarter in the company’s history.”
“Record first half consolidated sales (up by 44%) reflected the surge of activity from buyers and sellers across China as well as significant increases in auction sales in each of our four principal selling centers. Private sales, up 114% in the half, were another important contributor to these outstanding results. ”
· Best quarter net income ever of $127.2 million, up by 48%
· Record first half revenues of $489.4 million ($383.3 million in 2010)
· Record first half consolidated sales ** of $3.4 billion
· Aggregate auction sales of $2.96 billion, up 38%
· Sotheby’s sold 441 lots for over $1 million (273 lots in 2010)
· Sotheby’s Hong Kong spring series was best ever for sales series in Hong Kong ($447 million)
· Sotheby’s London June series of Contemporary Art was best ever for Contemporary Art series in London ($206 million)
