Sotheby's Profit Rises - Quick Facts

(RTTNews) - Auctioneer Sotheby's (BID) Tuesday reported second-quarter net income of $92 million or $1.33 per share, compared with $85 million or $1.24 per share last year.

Results for the recent quarter included an income tax benefit of $6.8 million.

Revenues for the quarter were $305 million, compared with $304 million in the prior year.

Analysts polled by Thomson Reuters estimated earnings of $1.37 per share on revenues of $318.14 million for the quarter. Analysts' estimates typically exclude special items.

Moving forward, Sotheby's said it expects lower auction commission margins due to fierce competition for high-end consignments.