Sotheby’s 2006 Financial Report: A Record Year

As CultureGrrl readers know, Sotheby’s released its annual financial report this morning. It shows 2006 revenues of $664.8 million, up 29%, and operating income of $197.2 million, up 60%. These were Sotheby’s highest annual totals for revenues and operating income in its 263-year history.
Nevertheless, the number of its staff members will be cut this year by about 5%, the auction house revealed today. This planned reduction is driven by a decision to cut back on sales in lower-end categories and “focus on our major clients,” according to Bill Ruprecht, president and CEO.
Here is Sotheby’s press release, with the financials and comments by Ruprecht.
Here are Linda Sandler and Tom Randall, reporting in today’s Bloomberg.
And here’s the elephant in the auction room: the latest NY Times dispatch, posted just minutes ago, from the floor of the NY Stock Exchange.