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.
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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 | ||||||
