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Sotheby’s Q3 Reflects Slower Auction Sales, Higher Private Sale Commissions

November 8, 2012 by Marion Maneker

Sotheby’s Q3 Earnings are out and the big news is the rise in private sales and finance revenues. Net auction sales are down 16% ytd.

• Total Revenues Increase 18% in the Third Quarter

• Private Sale Commission Revenues Increase 50% in the Quarter

For the nine months ended September 30, 2012, Sotheby’s net income declined $57.7 million, or 58%, when compared to the prior year. This decrease is primarily due to lower auction commission revenues resulting from a $433.5 million, or 16%, reduction in Net Auction Sales, compared to a 2011 period with an historically unprecedented level of single owner sales. The decline in year-to-date auction commission revenues is partially offset by an $8.2 million, or 17%, increase in private sale commission revenues and a $6.4 million decrease in Dealer Segment inventory writedowns, as well as $4.5 million of charges recorded in 2011 from restructuring actions to streamline Sotheby’s European selling operations.

  Nine Months Ended
            September 30,   September 30,
            2012   2011
Revenues:                
Auction and related revenues           $ 447,272   $ 516,841
Finance revenues           12,727   9,022
Dealer revenues             11,887     16,848
License fee revenues             4,539   4,119
Other revenues           944   757
Total revenues           477,369   547,587

 

 

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Filed Under: General

About Marion Maneker

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