Quarterly Results (Unaudited)

12 Months Ended

Dec. 31, 2012

Quarterly Financial Information Disclosure [Abstract]

Quarterly Results (Unaudited)

Quarterly Results (Unaudited)

The worldwide art auction market has two principal selling seasons, which generally occur in the second and fourth quarters of the year. Collectively, second and fourth quarter Net Auction Sales (as defined below) represented 84% and 81% of total annual Net Auction Sales in 2012 and 2011, respectively. Accordingly, Sotheby’s auction results are seasonal, with peak revenues and operating income generally occurring in those quarters. Consequently, first and third quarter results have historically reflected a lower volume of auction activity when compared to the second and fourth quarters and, typically, a net loss due to the fixed nature of many of Sotheby’s operating expenses.

	First Quarter			Second Quarter		Third Quarter			Fourth Quarter
	(Thousands of dollars, except per share data)
Year Ended December 31, 2012
Net Auction Sales (a)	$	425,829		$	1,679,253	$	192,874		$	1,511,700
Income Statement Data:
Revenues:
Auction and related revenues	$	97,410		$	290,151	$	59,711		$	269,959
Finance revenues	3,575			4,580		4,572			4,980
Dealer revenues	2,678			7,394		1,815			14,293
License fee revenues	901			1,592		2,046			1,585
Other revenues	395			232		317			306
Total revenues	$	104,959		$	303,949	$	68,461		$	291,123
Net (loss) income	$	(10,664	)	$	85,430	$	(32,565	)	$	66,091
Per Share Amounts:
Basic (loss) earnings per share - Sotheby’s common shareholders	$	(0.16	)	$	1.26	$	(0.48	)	$	0.97
Diluted (loss) earnings per share - Sotheby’s common shareholders	$	(0.16	)	$	1.24	$	(0.48	)	$	0.96
Shares Outstanding:
Basic	67,457			67,753		67,771			67,779
Diluted	67,457			68,416		67,771			68,621
Year Ended December 31, 2011
Net Auction Sales (a)	$	597,686		$	1,925,965	$	207,760		$	1,509,162
Income Statement Data:
Revenues:
Auction and related revenues	$	110,361		$	353,564	$	52,916		$	274,897
Finance revenues	2,915			3,184		2,923			3,016
Dealer revenues	4,615			11,642		591			4,942
License fee revenues	1,441			1,270		1,408			1,109
Other revenues	250			135		372			285
Total revenues	$	119,582		$	369,795	$	58,210		$	284,249
Net income (loss)	$	2,421		$	127,234	$	(29,719	)	$	71,480
Per Share Amounts:
Basic earnings (loss) per share - Sotheby’s common shareholders	$	0.04		$	1.87	$	(0.44	)	$	1.05
Diluted earnings (loss) per share - Sotheby’s common shareholders	$	0.03		$	1.81	$	(0.44	)	$	1.04
Shares Outstanding:
Basic	66,968			67,405		67,410			67,342
Diluted	69,007			69,491		67,410			68,176

Legend:

(a) Net Auction Sales represents the hammer (sale) price of property sold at auction.