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Niklas Halle’N/Agence France-Presse — Getty Images
Innovation comes at a price.
Because of expenses incurred by various investments in its growth, Sotheby’s has seen its net income decrease by 14 percent to $76.9 million over the last three months, compared with $89 million for the same period a year earlier, this auction house announced in its earnings report on Thursday.
At the same time, there was evidence that some of Sotheby’s changes have begun to pay off; revenues were up 5 percent for the quarter over the same period last year — to $314.9 million from $298.7 million — and 24 percent for the half.
And Sotheby’s consolidated sales — which include artworks sold at auction, from inventory and in private transactions — were up 2 percent for the second quarter and up 4 percent for the first half of 2017.
The auction house’s focus on its private sales showed particularly encouraging results — up 34 percent to $333.8 million for the first half of 2017 over the prior year and up 52 percent from the first half of 2016. Moreover, Sotheby’s had more private-sales transactions in the first half of 2017 than it did during that period the preceding four years.
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