These decreases are primarily due to lower auction commission revenues resulting from a $247 million, or 13% decline in net auction sales, the shortfall which is attributable to a historically unprecedented level of single-owner unique one-off sales in 2011, a $250 million decrease in single-owner sales in the second quarter of 2012 alone.This is a quarter with unfavorable top line comparisons. We sold materially less in Q2 2012 than we did a year ago, and that’s the story. Income is down, largely because sales are down. The overall health of the business is very much intact and we’re optimistic about our opportunities.
Sotheby's CEO Discusses Q2 2012 Results - Earnings Call Transcript
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts
Every recommendation goes through 3 layers of intense scrutinyquantitative, fundamental and technical analysisto maximize profit potential and minimize risk.
Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.