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Sotheby's has record year in 2006

March 01, 2007

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New York—Sotheby's auction house took in its highest-ever annual total for revenues and operating income in 2006 in the company's 263-year history.

Total revenues reached $664.8 million, a 29 percent increase over 2005. The company attributed the strong year to a 25 percent increase in auction-commission revenues totaling $109.9 million. American sales, including the buyer's premium and the price of the property, rose to $3.75 billion, Sotheby's highest ever.

For the fourth quarter ended Dec. 31, 2006, Sotheby's reported record revenues of $263.1 million, a 28 percent increase over the third quarter of 2006. The company attributed that growth to higher auction-commission revenues and revenues from principal activities.

Income from continuing operations in the fourth quarter increased 34 percent to a record $69.3 million, or $1.08 per diluted share, which was also attributed to higher auction-commission revenues.

The company, however, also saw a $9 million, or 16 percent, increase in salaries and related costs for the fourth quarter due to higher full-time salaries and higher incentive-bonus costs following the strong results.
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Auctions | Business | Company Activities and Information | Corporate Reporting | Earnings and Loss Announcements | Earnings and Losses

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