Sotheby’s announced its first half and second quarter results on Friday, August 4, at its annual shareholders meeting, revealing the high costs of operating its Internet division and expenses stemming from a Department of Justice investigation alleging price fixing and collusion at the auction house.
Internet sales from sothebys.com and sothebys.amazon.com were $31 million for the first half of the year, and the second quarter saw earnings reach $19.6 million – due in large part to the sale of a copy of the Declaration of Independence to television producer Norman Lear for a record-breaking $8.1 million.
Sotheby’s earnings but are expected to break even by 2002.