The auction house Sotheby's reported a slight increase in revenue to $ 304.9 million in the second quarter, ending June 30, 2013. The company's expenses increased by 2.4% on a year-on-year basis, to $ 171.6 million, Rapaport reports. At the same time, profit for the period increased by 7.4% to $ 91.7 million.
In the first half of the year, the auction house Sotheby's registered a decrease in revenues by 0.6% to $ 406.6 million, an increase in costs by 4.8% to $ 406.6 million and a drop in profits of 7.2% to $ 69.4 million.
The total commission increased due to an increase in the seller's premium rate from March 15, which provided an additional income of $ 19.8 million in the second quarter.
In the first half of the year, the benefit from the new structure was compensated by a reduction in the seller's margin of profit and the consequences of competition for obtaining large quantities of goods for sale.