Earnings climb at Sotheby's

Sotheby's Holdings said its six-month earnings to 30 June were the highest since 1990 and it was encouraged about its full-year performance given the auction season ahead.

Company president Diana Brooks said increased art market confidence, coupled with successful sales of several exceptional estate and single- owner collections during the first half contributed to a significant gain of 20 per cent in auction sales and earnings. Revenues from auction sales rose from $87.76m to $102.59m, with total revenues up from $93.5m to $108.4m. Net income was $23.669m ($19.065m).