News

Net income increased $127.2 million and $129.7 million respectively for the three- and six-month periods ended June 30.

Sotheby's president and CEO Bill Ruprecht attributed the great results to tremendous growth in private sales, increased demand from the Chinese market, and exceptional tallies at their recent London auctions. The London contemporary evening sale on June 29 alone notably brought in 174 millions USD in one evening.

Sotheby's however incurred a rise in expenses especially in Asia because of salary increases while it had to face unfavourable exchange rates which cost the New York based company millions of dollars regarding the activities of branches elsewhere in the world.