Sotheby’s released its 2015 earnings today. The overall numbers are flat due to the costs of restructuring and guarantees but were made up by substantial increases in the finance segment. The stock buyback also continues to benefit the share price as the number of shares in circulation has been reduced:

For the year ended 31 December 2015, Sotheby’s reported Adjusted Net Income* of $143.1 million, which is comparable to 2014, and Adjusted Diluted Earnings Per Share* of $2.07, which exceeds the $2.03 per diluted share earned in 2014 due to share repurchases made during the year.