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.