The international auction house Sotheby’s reported that their second-quarter profits rose 7 percent, thanks in part to a $6.8 million net income tax benefit recognized by the company. Sotheby’s said that second-quarter profits reached $91.7 million, or $1.33 a share, up from last year’s profit of $85.4 million, or $1.24 a share. Expenses rose 2 percent to $171.6 million for the auction house.
Bill Ruprecht, Chairman, President and CEO of Sotheby’s, said, “Our business and the market for quality art at the high end continue to be strong. We saw significant sales growth in Impressionist, Modern and Contemporary Art and posted the best results in the market in the vast majority of key sales this spring. We continue to see fierce competition for high-end consignments and as a result, lower auction commission margins.”
