Comprehensive Income

6 Months Ended

Jun. 30, 2011

11. Comprehensive Income

Sotheby's comprehensive income includes the net income for the period, as well as other comprehensive income (loss) which consists almost entirely of the change in the foreign currency translation adjustment account. For the three and six months ended June 30, 2011 and 2010, comprehensive income consists of the following (in thousands of dollars):


	Three Months Ended June 30,					Six Months Ended June 30,
	2011		2010			2011		2010
Net income	$	127,234	$	86,239		$	129,655	$	84,062
Other Comprehensive Income (Loss) :
Foreign currency exchange rate gains (losses)		13,137		(13,063	)		29,706		(32,010	)
Amortization of prior service cost related to the U.K. Pension Plan, net of taxes		—		2			—		4

Total other comprehensive income (loss)		13,137		(13,061	)		29,706		(32,006	)

Comprehensive income	$	140,371	$	73,178		$	159,361	$	52,056

- Definition

This label may include the following: 1) the amount of income tax expense or benefit allocated to each component of other comprehensive income, including reclassification adjustments, 2) the reclassification adjustments for each classification of other comprehensive income and 3) the ending accumulated balances for each component of comprehensive income. Components of comprehensive income include: (1) foreign currency translation adjustments; (2) gains and losses on foreign currency transactions that are designated as, and are effective as, economic hedges of a net investment in a foreign entity; (3) gains and losses on intercompany foreign currency transactions that are of a long-term-investment nature, when the entities to the transaction are consolidated, combined, or accounted for by the equity method in the reporting enterprise's financial statements; (4) change in the market value of a futures contract that qualifies as a hedge of an asset reported at fair value; (5) unrealized holding gains and losses on available-for-sale securities and that resulting from transfers of debt securities from the held-to-maturity category to the available-for-sale category; (6) a net loss recognized as an additional pension liability not yet recognized as net periodic pension cost; and (7) the net gain or loss and net prior service cost or credit for pension plans and other postretirement benefit plans.

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