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.
