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.