While Sotheby's did report record breaking sales during their second quarter and first half that ended June 30, 2012, their overall revenues have decreased from the previous year. "Our operating results reflect some tremendous successes, but also reflect the challenging global economy, a tough comparison to the best quarter in Sotheby's history a year ago," said Bill Ruprecht, Sotheby's President and Chief Executive Officer.
Sotheby's report stated that their second quarter net income was $85.4 million, a 33% decrease from 2011 and total revenues hit $303.9 million, down 18% from last year. For the six months that ended June 30th, Sotheby's reported a net income of $74.8 million, a decrease of 42%, and total revenues came in at $408.9 million, down 16% from 2011. Although there has been a slowdown in the Asian market, Ruprecht says, "art appears to remain an attracting asset for collectors and out consignment pipeline for the Autumn season is very active at the moment."
A testament to that hunch is the world record-breaking sale of Edvard Munch's The Scream. Sold for $119.9 million at the Impressionist and Modern Evening Sale in New York in May, the Evening Sale totaled $330.6 million, Sotheby's highest ever total for an Impressionist and Modern Art Worldwide Sale. It was the second highest total for a Sotheby's auction in any category.
Other big sales included one of Andy Warhol's last self-portraits and Flowers, both of which sold from the collection of the late photographer, Gunter Sachs, for $8.5 million and $5.9 million, respectively, in a May auction London. Joan Miro's Peinture (Etoile Bleue) sold for $36.9 million, a record for the artist at auction, at Sotheby's June London sale. Also highlighting the Impressionist and Modern Art sales was Pablo Picasso's late portrait, Homme Assis, which brought in $9.7 million. The June London Contemporary Art series also fared well, bringing in a total of $129.7 million. The top lot was Jean-Michel Basquiat's Warrior which sold for $8.7 million, nearly double the amount it acheived at auction five years ago.
