Quarterly Results (Unaudited)

12 Months Ended

Dec. 31, 2014

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. In the aggregate, second and fourth quarter Net Auction Sales¹ represented 79% and 83% of total annual Net Auction Sales in 2014 and 2013, respectively, with auction commission revenues comprising approximately 81% of Sotheby's total revenues in these years. Accordingly, Sotheby’s financial results are seasonal, with peak revenues and operating income generally occurring in the second and fourth quarters. Consequently, first and third quarter results have historically reflected lower revenues when compared to the second and fourth quarters and, typically, a net loss due to the fixed nature of many of Sotheby’s expenses.

	First Quarter			Second Quarter		Third Quarter			Fourth Quarter
	(In thousands, except per share data)
Year Ended December 31, 2014
Net Auction Sales	$	734,370		$	1,971,338	$	322,973		$	2,122,738
Income Statement Data:
Revenues:
Agency	$	123,128		$	316,187	$	76,229		$	309,582
Principal	26,001			8,733		6,273			28,951
Finance	5,682			8,140		8,917			10,274
License fees	1,697			2,462		2,376			1,949
Other	303			295		406			468
Total revenues	$	156,811		$	335,817	$	94,201		$	351,224
Net (loss) income attributable to Sotheby's	$	(6,114	)	$	77,632	$	(27,726	)	$	74,003
Per Share Amounts:
Basic earnings (loss) per share - Sotheby’s common shareholders	$	(0.09	)	$	1.12	$	(0.40	)	$	1.07
Diluted earnings (loss) per share - Sotheby’s common shareholders	$	(0.09	)	$	1.11	$	(0.40	)	$	1.06
Shares Outstanding:
Basic	69,143			68,938		68,990			68,992
Diluted	69,143			69,491		68,990			69,707
Year Ended December 31, 2013
Net Auction Sales	$	523,386		$	1,654,088	$	228,587		$	1,932,887
Income Statement Data:
Revenues:
Agency	$	94,175		$	294,943	$	76,929		$	327,592
Principal	1,083			2,122		23,491			5,619
Finance	4,933			5,561		5,164			3,942
License fees	1,186			2,090		1,902			1,724
Other	368			152		378			324
Total revenues	$	101,745		$	304,868	$	107,864		$	339,201
Net (loss) income attributable to Sotheby's	$	(22,345	)	$	91,729	$	(30,131	)	$	90,753
Per Share Amounts:
Basic earnings (loss) per share - Sotheby’s common shareholders	$	(0.33	)	$	1.34	$	(0.44	)	$	1.32
Diluted earnings (loss) per share - Sotheby’s common shareholders	$	(0.33	)	$	1.33	$	(0.44	)	$	1.30
Shares Outstanding:
Basic	67,951			68,306		68,361			68,876
Diluted	67,951			68,889		68,361			69,826

___________________________________________________________________

¹ Net Auction Sales represents the hammer or sale price of property sold at auction.