Published: August 8, 2000
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.
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