Segment Reporting

6 Months Ended

Jun. 30, 2011

Segment Reporting

Segment Reporting

4. Segment Reporting

Sotheby's operations are organized under three segments—Auction, Finance and Dealer. The table below presents Sotheby's revenues and income (loss) before taxes by segment for the three and six months ended June 30, 2011 and 2010 (in thousands of dollars):

	Auction		Finance		Dealer			All Other		Reconciling items			Total
Three months ended June 30, 2011
Revenues	$	353,564	$	4,401	$	11,642		$	1,405		($1,217	)	$	369,795
Segment income before taxes	$	170,688	$	4,885	$	1,508		$	1,083		($276	)	$	177,888
Three months ended June 30, 2010
Revenues	$	269,801	$	4,565	$	8,337		$	1,249		($2,542	)	$	281,410
Segment income before taxes	$	123,854	$	2,759	$	3		$	890		($55	)	$	127,451
Six months ended June 30, 2011
Revenues	$	463,925	$	8,686	$	16,257		$	3,096		($2,587	)	$	489,377
Segment income (loss) before taxes	$	171,823	$	8,323		($973	)	$	2,363		($97	)	$	181,439
Six months ended June 30, 2010
Revenues	$	365,428	$	8,741	$	10,857		$	2,368		($4,105	)	$	383,289
Segment income (loss) before taxes	$	118,444	$	6,009		($1,325	)	$	1,396		($374	)	$	124,150

The reconciling item related to Revenues represents charges from the Finance segment to the Auction segment for short-term, interest-free or other below market consignor advances with maturities typically ranging between 3 and 6 months (see Note 5). The reconciling item related to segment income (loss) before taxes represents Sotheby's pre-tax share of earnings related to its equity investees, which is included in the Dealer segment.

The table below presents assets for Sotheby's segments, as well as a reconciliation of segment assets to consolidated assets as of June 30, 2011, December 31, 2010 and June 30, 2010 (in thousands of dollars):

	June 30, 2011		December 31, 2010		June 30, 2010
Auction	$	2,306,823	$	1,784,045	$	1,682,993
Finance		197,933		244,463		153,010
Dealer		105,595		88,845		100,516
All Other		1,580		1,407		1,695
Total segment assets		2,611,931		2,118,760		1,938,214
Unallocated amounts:
Deferred tax assets and income tax receivable		57,521		59,868		64,238
Consolidated assets	$	2,669,452	$	2,178,628	$	2,002,452