Press Release New York For Immediate Release New York | +1 212 606 7176 | Andrew Gully |
[email protected] | Lauren Gioia |
[email protected] London | +44 (0) 20 7293 6000 | Matthew Weigman |
[email protected] | Mitzi Mina |
[email protected] SOTHEBY’S REPORTS SECOND QUARTER AND FIRST HALF 2012 FINANCIAL RESULTS • Edvard Munch’s The Scream Sells for $119.9 million, the Highest Price for Any Work of Art at Auction, in Record Impressionist & Modern Sale in New York • Net Income of $85.4 Million for Second Quarter • Total Revenues Down 18%, Total Expenses Down 8% in the Second Quarter August 7, 2012, New York -- Sotheby's (NYSE: BID) today reported financial results for the second quarter and first half ended June 30, 2012. Sotheby’s reported second quarter 2012 net income of $85.4 million, a decrease of 33% from the prior year period, and total revenues of $303.9 million, down 18%, when compared to the prior year period. For the six months ended June 30, 2012, the Company reported net income of $74.8 million, a decrease of 42%, and total revenues of $408.9 million, down 16%, when compared to the prior year period. The lower levels of revenues and profitability in the current periods reflect a decrease in net auction sales when compared to the prior year periods and in particular, a 67% decline in single owner sales volume in the second quarter and a 55% decline in the first half. The impact of the decline in total revenues is partially offset by reductions in total expenses of $13.6 million, or 8%, in the second quarter and $8.5 million, or 3%, in the first half.