Sotheby’s have reported $6.3bn (£3.99bn) in consolidated sales for 2013, a 17% rise on the previous year.
The result shows a modest narrowing of the
gap year on year between them and Christie's, who reported a 16%
rise to $7.1bn (£4.5bn) last month.
Underlying figures show a record total for
private sales - a key battleground for business in recent years -
at $1.2bn (£760m) for Sotheby's, a 30% rise on 2012, while
fourth-quarter profits rose by 37% year on year at $90.7m (£57.4m)
and by 20% across the whole of 2013 to $130m (£82.3m).
Chief financial officer Patrick McClymont
said: "We believe the new Capital Allocation and Financial Policy
Plan, together with actions Sotheby's has taken to increase our
competitiveness in the marketplace and bring complementary
expertise to the board and leadership team, best position the
company to build value for its clients and shareholders, now and in
However, investor Daniel Loeb, whose company
Third Point own just under 10% of Sotheby's stock, continues to
challenge the board, nominating himself and two others to become
Sotheby's have responded, saying they are "disappointed that
Third Point has chosen this path" and that the nominations "are
particularly unfortunate given the efforts that Sotheby's has made
to reach an agreement with Mr Loeb", which include offering him a
seat on the board with roles on three key committees.
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