Sotheby's reported its yearly and quarterly earnings to the end of 2010 yesterday, trumpeting the results as the best in its history, outside of the bubble year of 2007. Total revenues were $318 million for the quarter, an increase of 46 percent. For the full year, revenues were $774.3 million, up 60 percent on 2009, while net income rose to $96.2 million from $73.6 million. Total consolidated sales amounted to $4.8 billion for the year.
What's behind the surge at Sotheby's? The key word is "global." According to the official announcement to investors, the success is owed mainly to an increase in auction commission revenues stemming from a strong global market for art at auction. CEO William Ruprecht, meanwhile, said: "The recovery of the global art market, which was aided in part by the increased buying activity of clients from new markets, certainly contributed to these results."
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