Sotheby’s Announces 2009 Fourth Quarter and Full Year Results

“Despite a 7% decrease in net auction sales, Sotheby’s reported a substantial improvement in fourth quarter 2009 earnings over the prior year fourth quarter. Net income for the fourth quarter of 2009 is the second highest in Company history at $73.6 million, or $1.09 per share, compared to a net loss of ($9.3) million, or ($0.14) per share, for the prior period. This significant improvement in profitability is especially attributable to a $52.1 million, or 31%, increase in operating revenues from the prior period. – March, 2010. http://www.artdaily.org/index.asp?int_sec=2&int_new=36587

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