Artnet: Eileen Kinsella

Sotheby’s posted its second-quarter financial results this morning, which showed a decline in profit despite higher overall auction sales. The house attributes this in part to high auction guarantees for top works and a calendar shift of the Hong Kong spring sales from the second quarter to the first quarter of 2018.

For the three months of the quarter, which ended June 30, Sotheby’s reported a total revenue of $345.6 million, up from $339.9 million in the same period last year. Despite the increase, net profits fell to $57.3 million, or 25 percent, from $76.9 million. Earnings per share fell to $1.08 from $1.43. …Read More

Pictured: Sotheby’s New York headquarters. Photo by Stephen Chernin/Getty Images

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