Sotheby’s Announces £2.3 Billion Second Quarter Earnings For 2015
Sotheby’s has announced second quarter 2015 earnings. Tad Smith, President and Chief Executive Officer, and Patrick McClymont, Chief Financial Officer, revealed the company’s results followed by a question and answer period and journalists. Sotheby’s Consolidated Sales as of July 1, 2015 has totalled : $3.7 Billion, up 5%.
Contemporary Art: Sotheby’s global auction sales of Contemporary Art increased 18% to $1.26 billion driven by a 16% increase in new bidders. The 1 July Contemporary Art Evening Sale in London was Sotheby’s highest-ever total for an auction of Contemporary Art in Europe realizing £130.4 million / $204.7 million.
Impressionist & Modern Art: Global sales of Impressionist & Modern Art grew 21% worldwide compared to the same period in 2014, reaching $1.09 billion. Sotheby’s June series in London saw a 20% increase in geographical reach over the prior year, while Asian private collectors purchased three works over $20 million in the May Evening Sale in New York contributing to an auction total of $368.3 million.
Online Participation: The first half of the year saw a nearly 49% increase in number of online bidders who competed in sales across 46 categories.That growth in participation translated into a nearly 38% increase in the value of successful bids. Significant purchases ($200,000+) by online bidders were made across Sotheby’s global salesrooms, including: New York, London, Paris and Hong Kong, and also across categories, including: Contemporary, Impressionist & Modern Art, Jewelry, 20th Century Design Chinese and Islamic Works of Art as well as Old Master and Chinese Classical Paintings.
Asian Participation: Purchases by Asian clients in Sotheby’s global salesrooms were up 35% in the first half of 2015. More than 20 selling categories saw increased buying from Asian clients in the first half of 2015, including more than double in Impressionist & Modern Art, Contemporary Art, Old Master Paintings, British Pictures and 20th Century Design.
Sotheby’s Financial Services: Sotheby’s Financial Services has continued to grow with a 30% increase in the loan portfolio to $774 million.