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BEST HALF-YEAR FOR SOTHEBY'S
04 August 2011
Catégorie : MARKET
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Sotheby's announced its best first half in history with a record total of $3.4 billion in consolidated sales for the six months ending June 30, inclusing both auction proceeds and private sales.
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.
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