Sotheby’s Reports 33% Drop in 2Q Earnings Versus 2011

Tags: Earnings, London, New York, Sotheby's

Sotheby’s has reported a 33% decrease in its second-quarter net income compared to the same quarter in 2011. The company’s president and CEO, Bill Ruprecht, attributed it to a “challenging global economy.”

It announced a net income of $85.4 million for the second quarter of 2012, down 33% from last year, and total revenues of $303.9 million, down 19% from last year.

It reported a net income of $74.8 million for the first half of 2012, down 42% from last year, and total revenues of $408.9 million, down 16% from last year.

On a positive note, Mr. Ruprecht added that despite these reports, “Art appears to remain an attractive asset for collectors,” pointing to May’s Impressionist and Modern Sale, which earned a whopping $373.3 million, and the 2-day London sale of the collection of the late Gunter Sachs, which doubled its low estimate with earnings of $65.5 million.

[via GalleristNY]

Photo courtesy of Daniel Acker/Bloomberg