Sotheby’s has released its Q4 and 2017 full-year earnings. Here are the highlights from Sotheby’s release. We’ll have a more detailed discussion of what’s going on here for AMMpro subscribers tomorrow:

For the twelve months ended December 31, 2017, Sotheby’s reported net income of $118.8 million, or $2.20 per diluted share. These results represent improvements of 60% from $74.1 million and 73% from $1.27 in the prior year. Excluding certain charges in both periods, Adjusted Net Income* improved 22% from $99.6 million to $121.7 million and Adjusted Diluted Earnings Per Share* improved 32% from $1.71 to $2.25 per diluted share.

Highlights

• Consolidated Sales increased 12% to $5.5 billion and Aggregate Auction Sales rose 8% to $4.6 billion in 2017 versus the prior year.
• Aggregate Auction Sales of Contemporary Art and Impressionist and Modern Art improved 29% and 33%, respectively, from 2016 to 2017.
• Asian clients contributed $1.6 billion of 2017 Aggregate Auction Sales.
• Private sales grew 28% in 2017 to $744.6 million, a four-year high.
• 23% of all lots sold in 2017 were purchased by online buyers, for a total of $180 million, a 16% increase compared to the prior year.
• Total revenues in 2017 increased 23% to $989.4 million, in large part due to a strengthening art market and increased efforts to reduce our legacy inventory balance.
• Fourth quarter 2017 net income of $76.7 million, or $1.43 per diluted share, increases of 17% and 19%, respectively, from the prior period. Excluding certain charges in both periods, Adjusted Net Income* improved 7% to $79.1 million in the fourth quarter of 2017 and Adjusted Diluted Earnings Per Share* improved 9% to $1.47 per diluted share.
• Net impact of recently enacted tax reform legislation of $1.2 million. 2018 effective tax rate expected to be in the range of 27%, which is still dependent on the mix of our earnings among our global businesses and any discrete items, as well as further guidance to be issued by the tax authorities.
• Board of Directors approves $100 million increase to share repurchase authorization, resulting in an updated share repurchase authorization of $196 million as of today.