Art Market Monitor

Global Coverage ~ Unique Analysis

  • AMMpro
  • AMM Fantasy Collecting Game
  • Podcast
  • Contact Us

Sotheby’s H1 2013 Revenue Up Slightly on Improved Commissions

August 6, 2013 by Marion Maneker

MarketWatch summarized Sotheby’s earnings call thus:

Sotheby’s reported a profit of $91.7 million, or $1.33 a share, versus a year-earlier profit of $85.4 million, or $1.24 a share.

Revenue ticked up 0.3% to $304.9 million, as the commission margin improved to 15.9% from 15.3%.

Analysts surveyed by Thomson Reuters projected a per-share profit of $1.37 on revenue of $318 million.

Expenses increased 2.4% as the company continues to invest in expanding its digital media offerings and presence in emerging markets such as China.

Sotheby’s highlighted the first half of 2013 this way:

CONSOLIDATED SALES, AUCTION SALES AND PRIVATE SALES ALL UP OVER THE SAME PERIOD IN 2012

  •  Consolidated Sales totaled $3.14 billion
  •  Auction Sales totaled $2.57 billion

ASIA

  • The global bidding activity of Asian collectors at Sotheby’s in the first half of 2013 has already surpassed that of the whole of 2012
  • Sotheby’s is celebrating its 40th anniversary in Asia this year
  • Having become the first international fine art auction house in China, further information regarding Sotheby’s activities in Beijing will be announced this autumn

PRIVATE SALES

  • 65% of clients who transacted with us privately in the first half of 2013, did so for the first time
  • Already in the second half of the year, several significant private transactions have been concluded
  • S|2, the private sale and gallery arm of Sotheby’s Contemporary Art department, will host concurrent shows in New York, London and Hong Kong this autumn, following the opening of a new, dedicated space in London

SOTHEBY’S IS A PIONEER IN BROADENING THE ART MARKET

  • In the first half of 2013, we have seen clients participating with us in a number of new ways and in a number of new categories
  • Nearly 40% of all bids executed in the first half of 2013 came from existing clients who were bidding in a new category for the first time
  • More than 30% of all clients participating in our global salesrooms registered for their paddle on our website
  • In London in June, one in ten registered bidders in our Contemporary Evening sale came from the new markets
  • Sales at Sotheby’s France totaled more than $137 million, the best first half result since the Company became the first international auction house to hold sales in France more than  a decade ago
  • Sotheby’s recent Old Master Painting sales in London brought over $60 million with one third of the works selling to Russian buyers and record numbers of registrants coming from Asia and the Middle East

More from Art Market Monitor

  • How Diversified Are Billionaires With Significant Holdings In Art?How Diversified Are Billionaires With Significant Holdings In Art?
  • What’s At Stake in China for Christie’sWhat’s At Stake in China for Christie’s
  • Phillips Frieze Day = £3.515mPhillips Frieze Day = £3.515m
  • MoMA Critics Take Heart, Lowry Plans to Leave in 6 YearsMoMA Critics Take Heart, Lowry Plans to Leave in 6 Years
  • Frick Director to RetireFrick Director to Retire
  • Corporate Art in India–More Than You ThinkCorporate Art in India–More Than You Think

Filed Under: General

About Marion Maneker

Want to get Art Market Monitor‘s posts sent to you in our email? Sign up below by clicking on the Subscribe button.

Top Posts

  • Keith Haring’s 1989 Retrospect Comes to Sotheby’s London Prints Sale
  • Tony Podesta's Secret Art Buying
  • Four of Picasso's Women Valued at $28m Come to Christie's from Rose-Walters Collection
  • Norman Rockwell's Not Gay. But Is He a Great Artist?
  • Roy Lichtenstein’s Top Ten Auction Prices
  • Tracey Emin Neon Lights Up Sotheby's 'Contemporary Showcase' Pop-Up
  • How to Chant Like an Auctioneer
  • 14th-Century Painting to Sell at Auction Under Restitution Settlement with German-Jewish Art Historian’s Heir
  • Phillips Includes $2.5m Norman Rockwell Painting in November Evening Sale
  • Selection Bias In Art Is What Creates Value
  • About Us/ Contact
  • Podcast
  • AMMpro
  • Newsletter
  • FAQ

twitterfacebooksoundcloud
Privacy Policy
Terms & Conditions
California Privacy Rights
Do Not Sell My Personal Information
Advertise on Art Market Monitor