SOTHEBY’S has reported improved revenues for 2010. For the three and six months ended June 30, 2010, auction and related revenues improved $118.8 million, or 79%, and $168.4 million, or 86%, when compared to the same periods in 2009. This is almost entirely due to an increase in auction commission revenues stemming from strong sales around the world during the period. Total aggregate auction sales were $1.6 billion in the second quarter and $2.2 billion in the first half, an increase of 110% and 116%, respectively. Combined sales of Impressionist and Contemporary Art increased $428 million, or 154%, and $684 million, or 188%, in the second quarter and first half of the year, respectively.
“These are excellent results and are indicative of the improving art market we have been experiencing since last autumn,” said Bill Ruprecht, President and Chief Executive of Sotheby’s. “They reflect strong revenues coupled with discipline on the expense side and we will continue to focus on both going forward.
“As we put our autumn sales together, our goal, as ever, is to find the right balance in presenting great works, fresh to the market and attractively estimated, particularly as the global economy remains uncertain,” Mr. Ruprecht continued. “We are encouraged by the level and quality of our consignments we have gathered thus far for our sales worldwide.”
