Sotheby's said that fourth-quarter net income was the second highest in its history due to an increase in the commission that it charges on auction sales and a cost-cutting drive.
The auction house said that income over the three months to December 31 was $73.6m (£49m), compared to a loss of $9.3m last time.
Bill Ruprecht, president and chief executive of Sotheby’s, said that the good fourth quarter was a “remarkable achievement”. Over the period, Sotheby’s increased commission from 16pc to 20.4pc compared to the previous year.
Bill Ruprecht, president and chief executive of Sotheby’s, said that the good fourth quarter was a “remarkable achievement”. Over the period, Sotheby’s increased commission from 16pc to 20.4pc compared to the previous year.
Mr Ruprecht said: “We are well poised to capitalise on an economic upturn and art market rebound as it occurs.”
The good run has continued. Sotheby’s recently sold L’Homme qui Marche 1 by Alberto Giacometti for $104.3m and Gustav Klimt’s Kirche in Cassone (pictured), for $43.2m.
