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Wednesday, 02 March 2011 04:52

Sotheby's 4Q income rises 31 percent

Flags fly outside Sotheby's in New York. Flags fly outside Sotheby's in New York. Photographer: Daniel Acker/Bloomberg

Auction house Sotheby's on Monday reported that its net income climbed 31 percent as revenue from its auctions of art and other valuables jumped.

For the quarter that ended Dec. 31, Sotheby's earned $96.2 million, or $1.38 per share, compared with $73.6 million, or $1.09 per share, in the fourth quarter of 2009.

According to estimates from FactSet, analysts were expecting $1.32 per share, on average. These estimates generally exclude one-time items.

Revenue rose to $318 million from $218 million a year earlier. Auction and related revenue rose 47 percent to $310.8 million. Sotheby's said its sales were strong around the world.

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