Sotheby's for two quarters in a row earns a good profit. The relatively good when compared with other players. Art market as a whole is experiencing a time of unimportant - on the materials AMarkets.
Sotheby's earned 31% of annual profits in the 2nd quarter. But this is a big exception when compared to other brokers in the industry. Net sales of the auction Sotheby's fell in the 2nd quarter by 16% - that actually correlates with the dynamics of the entire art market. The latter recently having a hard time, as the market is in a dense, depending on the prices of raw materials, precious metals, and the macroeconomic situation in general.
On the one hand, collectors, whose capital is not so much tied to the level of the world of crisis, buying works of art with the same activity as in lighter economic times.
On the other hand - the owners of works of art are reluctant to put items on sale - they do not have clarity about what price to assign. Such a paradox has led to a decrease in sales in the sector by 30% year on year since the beginning of 2016. In this particular category of collectors hoping to buy some valuable objects of art at a bargain price. Especially against the background of low interest rates of bonds, which could be seen as a conservative tool for saving money in tough times.
In May, Sotheby's sold items of classic and modern art in the amount of $ 144.5 million at an auction in New York.Despite the relatively positive trend, it is still at a 61% lower than a year ago and the lowest since 2009.