Sotheby's announces profit for first half - 06/08/2010

On August 5th, auction house Sotheby's announced its first half results, which showed an improvement in the art market.

In the first six months of 2010, the auction house's revenue increased by 73 per cent to £241.6 million.

This is due to increase prices in auctions around the world and the most notable growth was in the contemporary and impressionist art sector. Prices climbed by 154 per cent and 188 per cent respectively.

Bill Ruprecht, president and chief executive of Sotheby's, said: "These are excellent results and are indicative of the improving art market we have been experiencing since last autumn.

"They reflect strong revenues coupled with discipline on the expense side and we will continue to focus on both going forward."

Some of the highlights of the year include Henri Matisse's Odalisques Jouant aux Dames, which sold for £10.9 million in late June, and J M W Turner's Modern Rome - Campo Vaccino.

This fetched £28.3 million in July, setting a record for the artist at auction.

Sotheby's will be hoping to continue its success in its Modern and Contemporary Iranian and Arabian Art sale on October 20th.

Posted by Max Byrne