Sotheby's Holdings Inc., the parent company of Sotheby's worldwide auction business, art-related financial services and real estate brokerage activities, announced results for the full year and fourth quarter ended December 31, 2002.
For the year ended December 31, 2002, the Company reported total revenues of $345.1 million, compared to $336.2 million for the previous year. Net loss for the full year 2002 was ($54.7) million, compared to a net loss of ($41.7) million for 2001. This includes pre-tax charges in 2002 of $65.6 million, or ($0.83) per share, which are related to antitrust-related matters ($41.0 million), employee retention costs ($22.6 million) and the Company's restructuring plans of ($2.0 million).
"We are very pleased with our fourth quarter results, which showed revenues up 12%, representing a significant improvement over the prior year," said William F. Ruprecht, President and Chief Executive Officer of Sotheby's Holdings, Inc.
Total Auction Sales (hammer price plus buyer's premium) increased 10% to $1.8 billion for the year ended December 31, 2002. Auction Sales in North America increased 7% to $866.1 million. In Europe, Auction Sales increased 13% to $814.2 million, principally due to the July sale of Sir Peter Paul Rubens' Massacre of the Innocents for $76.7 million, as well as the favorable impact of foreign currency translations.
In February, Sotheby's and eBay announced that separate online auctions on Sothebys.com would be discontinued in early May. The sothebys.com Web site will continue, but will focus on promoting Sotheby's live auctions through eBay's Live Auctions technology and on supporting Sotheby's live auction business.
