Sotheby’s announced record sales figures in the first half of 2011 Automatic translate

Sotheby’s announced the results of its activities for the second quarter and the first half, which ended June 30, 2011. For three and six months, Sotheby’s net profit, when compared with the previous year, increased by 48% and 54% to $ 127.2 million and $ 129.7 million, respectively. This increase was made possible mainly due to much higher revenues from the commission, despite a decrease in the auction commission from 2% to 16.4%: from 18.7% in the first quarter of 2010 and from 18.3% in the first half of 2010. The course on increased competitiveness led to a decrease in the commission, but Sotheby’s managed to achieve a record $ 3.4 billion for the first half of 2011.

The net profit indicator (in comparison with the same period of 2010) is somewhat spoiled by 28 percent, i.e. 39.4 million dollars, an increase in current expenses in the second quarter and 23 percent, i.e. 54.1 million dollars, an increase for the entire first half of 2011. These funds went mainly to increase salaries and associated costs, which, again, indicates the strengthening of the financial situation of Sotheby’s. In the second quarter, general and administrative expenses increased by $ 7.9 million (24%), and in the first half-year - by $ 9.8 million (15%). Mainly due to increased costs of consultations for the development of strategic initiatives Sotheby’s. Jumps in the currency market also contributed to this, which led to exchange losses.

“This is the best financial quarter in the history of Sotheby’s,” says Bill Ruprecht, president and CEO of the auction house. “Now great works of art are of great interest to collectors from all over the world.” Today, Sotheby’s indicators, including net profit, are at an incredibly high level. And discoveries in traditional and new market segments continue.

Mr. Ruprecht notes: “The record total sales for the first half of the year (growth rate of 44%) was caused by increased activity of buyers and sellers in China, as well as a significant increase in sales at auctions of each of the four main centers. Private auctions, which gained 114% in the first half, also contributed to these outstanding results. When I analyze these non-routine for our business for six months, I come to the conclusion that the general interest in art remains one of the few constant values ​​at a time of long economic instability. "

“The delightful fall season is already beginning to take shape, our customers from around the world can expect this fall a number of wonderful auctions and lots at Sotheby’s,” concluded Ruprecht.

Auctions in the second and third quarter

Sotheby’s auctions in London had several dizzying moments. An exceptional auction of contemporary art exceeded all estimates and brought 174 million dollars for bidding and 206 million dollars for a series. Almost 100 million dollars were contributed to this figure by the well-known collection of Durkheim. A series of auctions of impressionist and contemporary art brought in a piggy bank of 181 million dollars, which is consistent with preliminary estimates. At the same time, the maximum price was reached at London Impressionist Week: for 40 million dollars the landscape “Houses with picturesque laundries (Suburb II)” (Hauser mit bunter Waesche (Vorstadt II)) was sold by Igon Schiele, dating from 1914, which almost doubled the previous artist’s record.

Auctions on old masters and British painting in July reached the figure of 76.5 million dollars. At the auction, the second highest price was set for the work of old masters. We are talking about the sale of "Venice - the view from the Rialto Bridge, a view to the north" from the Fondamenta del Carbon, sold for 42.9 million dollars. Only once a similar record was set at an auction of old masters. The auction for painting of the twentieth century was the auction for the sale of the collection of Evill and Frost (69.4 million dollars), and for Czech contemporary art - the sale of Hasko for 18 million. These were the pearls of the London season.

Upcoming bidding

The auction of Chinese works of art in New York, which will take place on September 14, will be marked by a rare and impressive ancient ritual bronze vessel (Hu), dating from the end of the Han Dynasty - the beginning of the Western Zhou Dynasty, that is, the XI-X century BC This vessel is noteworthy for its complex engraving and origin. In general, according to preliminary data, the auction is estimated at 20-28 million dollars.

An auction of South Asian art will take place on September 15, within the framework of which a lot will be exhibited in the form of Indian miniatures with an estimated value of 2.5 to 3.6 million dollars, as well as significant paintings by leading contemporary artists of the 1960s and 1970s.

The Hong Kong branch of Sotheby’s will conduct autumn trading from October 1 to 6. The highlight of the pearl and jadeite auction will be the Golconda ring encrusted with transparent and pink diamonds weighing 9.27 carats (according to preliminary estimates, its cost is 13-19 million dollars). The second part of the collection of monumental Chinese art from Europe (Meyintyan) will be put up for auction this season. The auction will feature outstanding items from imperial Chinese porcelain dating from the early fifteenth to eighteenth centuries. Among them are an incredibly rare blue-and-white vase with a fruity ornament (Meipin, Ming Dynasty, Yongle era) and a peach vase (Qing Dynasty, Qianglong era), each of which is tentatively estimated at $ 10-13 million.

From October 18 to 21 in New York, Sotheby’s will offer a second auction, where a collection of Lily and Edmond J. Safra will be exhibited. Amazing European furniture and works of art, works of Russian art, silver, bindings and murals of the 19th century - all auction items are valued at more than $ 40 million.

The evening auction on November 2, where the paintings of impressionists and contemporary painting will be exhibited, will be revived by Gustav Klimt’s famous Litzlberg am Attersee landscape. The picture is estimated at more than 25 million dollars. If it is sold for this amount, it will take second place after the landscape “Church in Kasson”, which went under the hammer at London auction in February 2010 for 43.2 million. dollars.

Together with the organizer of the PIASA auctions, Sotheby’s will offer works from the collection of the Fabius Freres gallery on October 26 and 27 in Paris. Furniture, 400 sculptures, works of art, paintings and paintings of the nineteenth century, will be sold, according to preliminary estimates, for 14.5 million dollars. You can admire them in the Galerie Charpentier, where works of art will be exhibited five days before the auction.

The annual exhibition and sale of monumental sculpture, "Beyond Limits", will be held under the auspices of the Count and Countess Devonshire. It will be open to visitors from September 16 to October 30. This will be the sixth year of the Beyond Limits. This time it will feature installations by artists such as Fernand Leger, Rene Magritte, Nadim Karam, Takashi Murakami and William Turnbull.