Turning to total revenues for three and six months ended June 30, total revenues declined $65.8 million, or 18% and $80.5 million, or 16% respectively, when compared to the same periods in the prior year. As Bill commented on, this deterioration stems principally from single-owner sales and Bill quoted those amounts. Our Hong Kong sales were down about $131 million versus the prior year, again, principally, from single-owner sales in Hong Kong.For the three and six months ended June 30, our auction commission margins, which are highlighted in our MD&A, declined from 16.4% to 15.3% and from 16.4% to 15.8% respectively. These declines were attributable to competitive pressures to win high-value consignments, which resulted in a lower level of shared auction commission, and also was a result of our sales mix.
Sotheby's CEO Discusses Q2 2012 Results - Earnings Call Transcript
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