Sotheby’s released it’s 4th quarter results this afternoon. The numbers are almost exactly the same as Christie’s in auction volume and private sales volume:
Consolidated sales up 21% to $5.8 billion
Auction sales up 14.5% to $4.91 billion
Private sales up 65% to record $814.6 million
2011 net income of $171.4 million
On the conference call, Sotheby’s CEO Bill Ruprecht touts
- the same dollar volume of sales as “traditional competitor” with half the number of lots
- all guarantees offset by risk sharing
- 33% ratio of total compensation to revenues
Bill Sheridan mentions fall in commission revenue due to competitive nature of the business.
More from Art Market Monitor
Sotheby’s Q2 Earnings Flat
Sotheby’s Income Down 23%, Commission Margins Take Hit
Sotheby’s Q3 Reflects Slower Auction Sales, Higher Private Sale Commissions
Sotheby’s Posts Small Q1 Loss, As Expected
Sotheby’s Increases Auction Commission Margin in Q1
Sotheby’s 2015 Results Flat Due to Rise in Finance Revenues
