According to the results of the first calendar half of the year, auction sales of the auction house Sotheby's jumped by 24% to $ 2.7 billion. The company's revenues increased by 21.2% to $ 492.6 million, and costs increased by 21.6% to $ 358.1 million, Rapaport reports.
Sotheby's profit for the reporting period increased by 3% on a year-on-year basis, to $ 71.5 million, while diluted earnings per share were $ 1.01.
The company notes a steady high demand in the global art market, as well as good sales figures for all categories in the spring season, which determined the growth in operating income.
In July, Sotheby's, in the person of CFO Patrick McClymont, announced a plan for restructuring and redistributing resources in favor of categories and regions with the greatest growth potential, as well as cutting costs.
Adjusted net income in the first half of the year increased by 2% to $ 84.9 million, but the effective tax rate jumped from 23% a year earlier to 39%, which is primarily due to the payment of US taxes on foreign subsidiaries' income and the receipt of tax Benefits of $ 6.8 million in the comparable period last year.