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Sotheby's experiences record-setting year

February 27, 2008

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New York—Sotheby's recorded its highest fourth-quarter and full-year sales results in the company's 264-year history in 2007, according to results released by the auction house this week.

Total 2007 revenues were $917.7 million, a 38 percent increase over 2006 revenues of $252.9 million.

For the fourth quarter ended Dec. 31, 2007, Sotheby's reported revenues of $345.8 million, an $82.6 million, or 31 percent increase, over the same period in 2006.

In a news release, Sotheby's stated that "many areas were particularly noteworthy" in 2007.

Contemporary art was Sotheby's largest category, with auction sales of $1.34 billion, a 107 percent increase over the previous year.

Sotheby's reported that "traditional categories," including jewelry, Old Master paintings, British paintings, French furniture and European works of art, also fared well, with 40 percent growth over 2006.

Emerging markets performed strongly for Sotheby's in 2007, as they did in other industries, including the jewelry industry.

Sales in Asia totaled $400.7 million, a 41 percent increase from 2006.

Worldwide sales of contemporary Asian art brought in $140 million, a stark 99 percent increase over 2006.

Russian paintings and works of art garnered $190.9 million, a 25 percent increase over 2006.
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