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
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