Document_and_Entity_Informatio
Document and Entity Information Document (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Feb. 17, 2014 | Jun. 30, 2013 | |
Document And Entity Information [Abstract] | ' | ' | ' |
Entity Registrant Name | 'SOTHEBYS | ' | ' |
Entity Central Index Key | '0000823094 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Document Type | '10-K | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Amendment Flag | 'false | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 69,152,590 | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Public Float | ' | ' | $2,557,806,579 |
Consolidated_Income_Statements
Consolidated Income Statements (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Revenues: | ' | ' | ' |
Agency | $793,639 | $717,231 | $791,738 |
Principal | 30,638 | 26,180 | 21,790 |
Finance | 21,277 | 17,707 | 12,038 |
License fees | 6,902 | 6,124 | 5,228 |
Other | 1,222 | 1,250 | 1,042 |
Total revenues | 853,678 | 768,492 | 831,836 |
Expenses: | ' | ' | ' |
Agency direct costs | 84,594 | 65,665 | 69,507 |
Cost of Principal revenues | 30,307 | 21,118 | 23,738 |
Marketing | 22,487 | 17,857 | 15,059 |
Salaries and related | 297,450 | 273,273 | 268,530 |
General and administrative | 176,830 | 158,220 | 161,097 |
Depreciation and amortization | 19,435 | 17,942 | 17,604 |
Restructuring charges, net | 0 | -2 | 4,830 |
Total expenses | 631,103 | 554,073 | 560,365 |
Operating income | 222,575 | 214,419 | 271,471 |
Interest income | 2,801 | 1,550 | 4,002 |
Interest expense | -42,712 | -44,429 | -41,498 |
Extinguishment of debt | 0 | -15,020 | -1,529 |
Other income (expense) | 3,029 | 2,916 | -1,057 |
Income before taxes | 185,693 | 159,436 | 231,389 |
Equity in earnings of investees, net of taxes | 15 | 251 | 59 |
Income tax expense | 55,702 | 51,395 | 60,032 |
Net income | $130,006 | $108,292 | $171,416 |
Basic earnings per share - Sotheby’s common shareholders (usd per share) | $1.90 | $1.59 | $2.52 |
Diluted earnings per share - Sotheby’s common shareholders (usd per share) | $1.88 | $1.57 | $2.46 |
Cash dividends per common share (usd per share) | $0.20 | $0.52 | $0.23 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' |
Net income | $130,006 | $108,292 | $171,416 |
Cumulative foreign currency translation adjustments, net of tax of $1,601, $477, and $0 | 13,874 | 16,765 | -7,006 |
Net unrecognized losses, net of tax of ($1,016), ($3,949), and ($9,321) | -4,065 | -13,222 | -27,964 |
Amortization of previously unrecognized net losses into net income, net of tax of $335, $0, and $0 | 1,113 | 0 | 0 |
Total defined benefit pension plan net loss | -2,952 | -13,222 | -27,964 |
Other comprehensive income (loss) | 10,922 | 3,543 | -34,970 |
Total comprehensive income | $140,928 | $111,835 | $136,446 |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive Income (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Condensed Consolidated Statement of Comprehensive Income [Abstract] | ' | ' | ' |
Tax - Foreign Currency Translation Adjustment | $1,601 | $477 | $0 |
Tax - Net Unrealizable Loss/Gain on Deferred Benefit Pension Plan | -1,016 | -3,949 | -9,321 |
Other Comprehensive Income (Loss), Amortization, Pension and Other Postretirement Benefit Plans, Net Prior Service Cost Recognized in Net Periodic Pension Cost, Tax | $335 | $0 | $0 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current Assets | ' | ' |
Cash and cash equivalents | $721,315 | $768,347 |
Restricted cash | 32,146 | 31,974 |
Accounts receivable, net | 812,582 | 597,487 |
Notes receivable, net | 176,529 | 129,972 |
Inventory | 192,140 | 92,187 |
Deferred Tax Assets and Income Tax Receivable, Current | 12,385 | 23,497 |
Prepaid expenses and other current assets | 25,176 | 27,659 |
Total Current Assets | 1,972,273 | 1,671,123 |
Notes receivable | 336,896 | 317,068 |
Fixed assets, net | 379,399 | 375,031 |
Goodwill and other intangible assets, net | 14,850 | 14,660 |
Equity method investments | 11,040 | 15,136 |
Deferred Tax Assets and Income Tax Receivable, Noncurrent | 55,520 | 59,135 |
Trust assets related to deferred compensation liability | 53,231 | 47,926 |
Pension asset | 37,284 | 18,034 |
Other long-term assets | 33,053 | 56,982 |
Total Assets | 2,893,546 | 2,575,095 |
Current Liabilities | ' | ' |
Due to consignors | 922,275 | 599,614 |
Current portion of long-term debt, net | 3,630 | 181,250 |
Accounts payable and accrued liabilities | 93,581 | 78,434 |
Accrued salaries and related costs | 83,128 | 70,388 |
Accrued and deferred income taxes | 26,040 | 27,864 |
Other current liabilities | 13,835 | 7,329 |
Total Current Liabilities | 1,142,489 | 964,879 |
Long-term debt, net | 515,148 | 515,197 |
Accrued and deferred income taxes | 22,392 | 19,047 |
Deferred compensation liability | 51,831 | 45,223 |
Other long-term liabilities | 22,021 | 37,923 |
Total Liabilities | 1,753,881 | 1,582,269 |
Commitments and contingencies (see Note 16) | ' | ' |
Shareholders' Equity: | ' | ' |
Common Stock, $0.01 par value Authorized shares at December 31, 2013 - 200,000,000, Issued and outstanding shares - 69,131,892 and 67,779,637 | 691 | 677 |
Additional paid-in capital | 387,477 | 368,173 |
Retained earnings | 790,603 | 674,351 |
Accumulated other comprehensive loss | -39,453 | -50,375 |
Total Shareholders' Equity | 1,139,318 | 992,826 |
Noncontrolling Interest | 347 | 0 |
Total Equity | 1,139,665 | 992,826 |
Total Liabilities and Shareholders' Equity | $2,893,546 | $2,575,095 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Statement of Financial Position [Abstract] | ' | ' |
Common stock, par value (usd per share) | $0.01 | $0.01 |
Common stock, shares authorized (shares) | 200,000,000 | 200,000,000 |
Common stock, shares issued (shares) | 69,131,892 | 67,779,637 |
Common stock, shares outstanding (shares) | 69,131,892 | 67,779,637 |
Consolidated_Statements_Of_Cas
Consolidated Statements Of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Operating Activities: | ' | ' | ' |
Net income | $130,006 | $108,292 | $171,416 |
Adjustments to reconcile net income to net cash provided (used) by operating activities: | ' | ' | ' |
Depreciation and amortization | 19,435 | 17,942 | 17,604 |
Extinguishment of debt | 0 | 15,020 | 1,529 |
Deferred income tax expense (benefit) | 9,668 | -936 | -5,176 |
Share-based payments | 22,350 | 19,240 | 18,918 |
Net pension benefit | -1,160 | -2,804 | -5,508 |
Inventory writedowns and bad debt provisions | 10,325 | 7,185 | 14,736 |
Amortization of debt discount | 7,361 | 11,489 | 11,359 |
Excess tax benefits from share-based payments | -3,521 | -2,792 | -6,982 |
Other | 956 | 1,407 | 1,086 |
Changes in assets and liabilities: | ' | ' | ' |
Accounts receivable | -194,665 | -45,581 | 92,430 |
Due to consignors | 299,512 | -184,067 | 99,032 |
Inventory | -83,237 | 12,513 | -883 |
Prepaid expenses and other current assets | -2,668 | -5,671 | -7,108 |
Other long-term assets | -21,066 | -42,619 | -1,378 |
Income tax receivable and deferred income tax assets | 6,476 | -4,824 | -2,725 |
Accrued income taxes and deferred income tax liabilities | 2,770 | -4,395 | 8,872 |
Accounts payable and accrued liabilities and other liabilities | 34,885 | 35,221 | -4,239 |
Net cash provided (used) by operating activities | 237,427 | -65,380 | 402,983 |
Investing Activities: | ' | ' | ' |
Funding of notes receivable | -378,650 | -352,810 | -208,921 |
Collections of notes receivable | 308,428 | 154,111 | 285,223 |
Capital expenditures | -23,467 | -19,689 | -17,111 |
Proceeds from the sale of land and buildings | 0 | 714 | 0 |
Distributions from equity investees | 65 | 100 | 320 |
Decrease (increase) in restricted cash | 1,300 | -3,148 | -9,436 |
Proceeds from the sale of equity method investments | 1,225 | 0 | 0 |
Net cash (used) provided by investing activities | -91,099 | -220,722 | 50,075 |
Financing Activities: | ' | ' | ' |
Proceeds from the issuance of 2022 Senior Notes | 0 | 300,000 | 0 |
Payment of debt issuance costs | 0 | -6,286 | 0 |
Repayments of 2015 Senior Notes | 0 | -93,853 | 0 |
Repayment of Convertible Notes | -197,371 | 0 | -22,465 |
Proceeds from the settlement of Convertible Note Hedges | 15,503 | 0 | 4,350 |
Repayments of York Property Mortgage | -3,162 | -3,215 | -3,077 |
Dividends paid | -13,754 | -35,223 | -14,851 |
Contribution from noncontrolling interest | 322 | 0 | 0 |
Proceeds from exercise of employee stock options | 4,049 | 966 | 2,566 |
Excess tax benefits from share-based payments | 3,521 | 2,792 | 6,982 |
Funding of employee tax obligations upon the vesting of share-based payments | -11,399 | -11,379 | -18,575 |
Net cash (used) provided by financing activities | -202,291 | 153,802 | -45,070 |
Effect of exchange rate changes on cash and cash equivalents | 8,931 | 10,014 | -1,018 |
(Decrease) increase in cash and cash equivalents | -47,032 | -122,286 | 406,970 |
Cash and cash equivalents at beginning of period | 768,347 | 890,633 | 483,663 |
Cash and cash equivalents at end of period | $721,315 | $768,347 | $890,633 |
Consolidated_Statements_Of_Cha
Consolidated Statements Of Changes in Shareholders Equity (USD $) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Loss [Member] |
In Thousands, unless otherwise specified | |||||
Balance at beginning of period at Dec. 31, 2010 | $771,508 | $673 | $345,066 | $444,717 | ($18,948) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' |
Net income | 171,416 | ' | ' | 171,416 | ' |
Other comprehensive income, net of tax | -34,970 | ' | ' | ' | -34,970 |
Stock options exercised | 2,566 | 1 | 2,565 | ' | ' |
Common stock shares withheld to satisfy employee tax obligations | -18,575 | -2 | -18,573 | ' | ' |
Restricted stock units vested, net | 0 | 3 | -3 | ' | ' |
Restricted stock units issued as per contractual employment arrangements | 149 | ' | 149 | ' | ' |
Amortization of share-based payment expense | 18,918 | ' | 18,918 | ' | ' |
Net tax benefit associated with the vesting or exercise of share-based payments | 6,982 | ' | 6,982 | ' | ' |
Settlement of convertible debt, net | -374 | ' | -374 | ' | ' |
Shares and deferred stock units issued to directors | 898 | ' | 898 | ' | ' |
Cash dividends, (2011: $0.23, 2012: $0.52, 2013: $0.20) per common share | -14,851 | ' | ' | -14,851 | ' |
Balance at end of period at Dec. 31, 2011 | 903,667 | 675 | 355,628 | 601,282 | -53,918 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' |
Net income | 108,292 | ' | ' | 108,292 | ' |
Other comprehensive income, net of tax | 3,543 | ' | ' | ' | 3,543 |
Stock options exercised | 966 | ' | 966 | ' | ' |
Common stock shares withheld to satisfy employee tax obligations | -11,379 | -1 | -11,378 | ' | ' |
Restricted stock units vested, net | 0 | 3 | -3 | ' | ' |
Amortization of share-based payment expense | 19,240 | ' | 19,240 | ' | ' |
Net tax benefit associated with the vesting or exercise of share-based payments | 2,792 | ' | 2,792 | ' | ' |
Shares and deferred stock units issued to directors | 928 | ' | 928 | ' | ' |
Cash dividends, (2011: $0.23, 2012: $0.52, 2013: $0.20) per common share | -35,223 | ' | ' | -35,223 | ' |
Balance at end of period at Dec. 31, 2012 | 992,826 | 677 | 368,173 | 674,351 | -50,375 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' |
Net income | 130,006 | ' | ' | ' | ' |
Other comprehensive income, net of tax | 10,922 | ' | ' | ' | 10,922 |
Stock options exercised | 4,049 | 2 | 4,047 | ' | ' |
Warrants exercised | 0 | 7 | -7 | ' | ' |
Common stock shares withheld to satisfy employee tax obligations | -11,399 | ' | -11,399 | ' | ' |
Restricted stock units vested, net | 0 | 4 | -4 | ' | ' |
Amortization of share-based payment expense | 22,350 | ' | 22,350 | ' | ' |
Net tax benefit associated with the vesting or exercise of share-based payments | 3,521 | ' | 3,521 | ' | ' |
Shares and deferred stock units issued to directors | 797 | 1 | 796 | ' | ' |
Cash dividends, (2011: $0.23, 2012: $0.52, 2013: $0.20) per common share | -13,754 | ' | ' | -13,754 | ' |
Balance at end of period at Dec. 31, 2013 | $1,139,318 | $691 | $387,477 | $790,603 | ($39,453) |
Consolidated_Statements_Of_Cha1
Consolidated Statements Of Changes in Shareholdersb Equity (Parenthetical) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Statement of Stockholders' Equity [Abstract] | ' | ' | ' |
Cash dividends declared, per common share (usd per share) | $0.20 | $0.52 | $0.23 |
Business
Business | 12 Months Ended |
Dec. 31, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Business | ' |
Business | |
Sotheby’s (or “the Company”) is a global art business whose operations are organized under three segments: Agency, Principal, and Finance. The Agency segment matches buyers and sellers of authenticated fine art, decorative art, and high-end jewelry (collectively, “art” or “works of art” or “artwork” or "property") through the auction or private sale process. The activities of the Principal segment include the sale of artworks that have been purchased opportunistically by Sotheby’s and, to a lesser extent, retail wine sales and the activities of Acquavella Modern Art, an equity investee (see Note 7). The Finance segment conducts art-related financing activities by providing certain collectors and dealers with loans secured by works of art (see Note 5). To a lesser extent, Sotheby’s is also involved in brand licensing activities. (See Note 4 for additional information related to Sotheby’s segments.) |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2013 | |
Accounting Policies [Abstract] | ' |
Summary of Significant Accounting Policies | ' |
Summary of Significant Accounting Policies | |
Principles of Consolidation—The Consolidated Financial Statements include the accounts of Sotheby’s wholly-owned subsidiaries and Sotheby's Beijing Auction Co., Ltd. ("Sotheby's Beijing"), a joint venture formed in September 2012 in which Sotheby's has a controlling 80% ownership interest. The net income or loss attributable to the minority owner of Sotheby's Beijing is not reported separately because it is not material and the non-controlling 20% ownership interest is recorded as a reduction to Total Equity on the Consolidated Balance Sheets. Intercompany transactions and balances among Sotheby's subsidiaries have been eliminated. | |
Equity investments through which Sotheby’s exercises significant influence over the investee, but does not control, are accounted for using the equity method. Under the equity method, Sotheby’s share of investee earnings or losses is recorded, net of taxes, within Equity in Earnings of Investees in the Consolidated Income Statements. Sotheby’s interest in the net assets of these investees is recorded within Equity Method Investments on the Consolidated Balance Sheets. (See Note 7 for information related to Sotheby’s equity method investments.) | |
Foreign Currency Translation—Assets and liabilities recorded in foreign currencies are translated at the exchange rate on the balance sheet date. Revenues, expenses, gains, and losses recorded in foreign currencies are translated using the monthly average exchange rates prevailing during the period in which they are recognized. Translation adjustments resulting from this process are recorded to Other Comprehensive Income (Loss) and reported on the Consolidated Balance Sheets within Accumulated Other Comprehensive Income (Loss) until the subsidiary is sold or liquidated. | |
Restricted Cash—Restricted Cash includes net auction proceeds owed to consignors in certain foreign jurisdictions where such funds are legally required to be maintained in segregated bank accounts, as well as other cash deposits whose use is restricted by law, contract or management statement of intention. | |
Valuation of Inventory and Loan Collateral—The market for fine art, decorative art, and high-end jewelry is not a highly liquid trading market. As a result, the valuation of these items is inherently subjective and their realizable value often fluctuates over time. In estimating the realizable value of the property held in inventory and the property pledged as collateral for Finance segment loans, management relies on the opinions of Sotheby’s specialists, who consider the following complex array of factors when valuing these items: (i) whether the property is expected to be offered at auction or sold privately, in the ordinary course of business; (ii) the supply and demand for the property, taking into account economic conditions and, where relevant, changing trends in the art market as to which collecting categories and artists are most sought after; and (iii) recent sale prices achieved for comparable items within a particular collecting category and/or by a particular artist. Due to the inherent subjectivity involved in estimating the realizable value of the property held in inventory and the property pledged as collateral for Finance segment loans, management’s estimates of realizable value may prove, with the benefit of hindsight, to be different than the amount ultimately realized upon sale. (See below for a discussion of Sotheby’s accounting policies with respect to Notes Receivable and Inventory.) | |
Accounts Receivable and Allowance for Doubtful Accounts—Accounts Receivable principally includes amounts due from buyers as a result of auction and private sale transactions. The recorded amount reflects the purchase price of the property, including the commission owed by the buyer. The Allowance for Doubtful Accounts principally includes estimated losses associated with situations when Sotheby's has paid the net sale proceeds to the seller (also known as a consignor) and it is probable that payment will not be collected from the buyer. The Allowance for Doubtful Accounts also includes an estimate of probable losses inherent in the remainder of the Accounts Receivable balance. The amount of the required allowance is based on the facts available to management, including the value of any property held as collateral, and is reevaluated and adjusted as additional facts become known. Based on all available information, management believes that the Allowance for Doubtful Accounts is adequate as of December 31, 2013; however, actual losses may ultimately exceed the recorded allowance. As of December 31, 2013 and 2012, the allowance for doubtful accounts was $6.8 million and $6.6 million, respectively. (See Note 5 for information related to Accounts Receivable.) | |
Notes Receivable and Allowance for Credit Losses—Notes Receivable principally includes secured loans issued by Sotheby’s Finance segment. The determination of whether a specific loan is impaired and the amount of any required allowance is based on the facts available to management and is reevaluated and adjusted as additional facts become known. A loan is considered to be impaired when management determines that it is probable that a portion of the principal and interest owed by the borrower will not be recovered after taking into account the estimated realizable value of the collateral securing the loan, as well as the ability of the borrower to repay any shortfall between the value of the collateral and the amount of the loan. An allowance is also established for probable losses inherent in the remainder of the loan portfolio based on historical data related to loan losses. (See Note 5 for information related to Notes Receivable.) | |
Inventory—Inventory consists of works of fine art, decorative art, and high-end jewelry owned by Sotheby's through its Principal and Agency segments. The inventory of the Principal segment consists of property purchased for the purpose of resale, including the remaining inventory of Noortman Master Paintings (see Note 4). The inventory of the Agency segment consists principally of items obtained as a result of the failure of guaranteed property to sell at auction (see Note 18). To a lesser extent, Agency segment inventory also includes property obtained as a result of buyer defaults in situations when Sotheby's has paid the consignor and property acquired in connection with the settlement of authenticity claims. | |
Inventory is valued on a specific identification basis at the lower of cost or management’s estimate of realizable value. If there is evidence that the estimated realizable value of a specific item held in Inventory is less than its carrying value, a writedown is recorded to reflect management's revised estimate of realizable value. Writedowns to the carrying value of Principal segment inventory are recorded in the Consolidated Income Statements within Cost of Principal Revenues. Writedowns to the carrying value of Agency segment inventory are recorded in the Consolidated Income Statements as a reduction to Agency Revenues (see discussion below under “Auction Guarantee and Inventory Activities”). | |
Although all of the items held in Inventory are available for immediate sale, the timing of eventual sale is difficult to predict due to the high value and unique nature of each item, as well as the cyclical nature of the global art market. Management expects that the items held in Inventory will be sold in the ordinary course of Sotheby's business during the normal operating cycle for such items. | |
(See Note 6 for information related to Inventory.) | |
Fixed Assets—Fixed Assets are stated at cost less accumulated depreciation and amortization. Depreciation is calculated using the straight-line method over the estimated useful life of the asset. Buildings are depreciated over a useful life of up to 50 years. Building improvements are depreciated over a useful life of up to 20 years. Furniture and fixtures are depreciated over a useful life of up to 7 years. Leasehold improvements are amortized using the straight-line method over the lesser of the term of the related lease or the estimated useful life of the improvement. Computer software consists of the capitalized cost of purchased computer software, as well as direct external and internal computer software development costs incurred in the acquisition or development of software for internal use. These costs are amortized on a straight-line basis over the estimated useful life of the software, which is typically 10 years for enterprise systems and 3 years for other types of software. (See Note 8 for information related to Fixed Assets.) | |
Goodwill and Other Intangible Assets—Goodwill represents the excess of the purchase price paid over the fair value of net assets acquired in a business combination. Goodwill is not amortized, but it is tested annually for impairment at the reporting unit level as of October 31 and between annual tests if indicators of potential impairment exist. These indicators could include a decline in Sotheby’s stock price and market capitalization, a significant change in the outlook for the reporting unit’s business, lower than expected operating results, increased competition, legal factors, or the sale or disposition of a significant portion of a reporting unit. An impairment loss is recognized for any amount by which the carrying value of a reporting unit’s goodwill exceeds its fair value. The fair value of a reporting unit is estimated by management using a discounted cash flow methodology. Goodwill is attributable to reporting units in the Agency segment and totaled $14.5 million and $14.3 million as of December 31, 2013 and 2012, respectively, with the changes in the carrying value being attributable solely to foreign currency exchange rate movements. Other intangible assets include an indefinite lived license obtained in conjunction with Sotheby's purchase of a retail wine business in 2008. As of December 31, 2013 and 2012, the accumulated amortization related to other intangible assets was $6.5 million and $6.2 million, respectively. | |
Impairment of Long-Lived Assets—Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. In such situations, long-lived assets are considered impaired when estimated future cash flows (undiscounted and without interest charges) resulting from the use of the asset and its eventual disposition are less than the asset’s carrying amount. In such situations, the asset is written down to the present value of the estimated future cash flows. Factors that are considered when evaluating long-lived assets for impairment include a current expectation that it is more likely than not that the long-lived asset will be sold significantly before the end of its useful life, a significant decrease in the market price of the long-lived asset, and a significant change in the extent or manner in which the long-lived asset is being used. | |
Valuation of Deferred Tax Assets—A valuation allowance is recorded to reduce Sotheby’s deferred tax assets to the amount that is more likely than not to be realized. In assessing the need for the valuation allowance, management considers, among other things, previous losses in certain jurisdictions, projections of future taxable income, and ongoing prudent and feasible tax planning strategies. | |
If management determines that sufficient negative evidence exists (for example, if Sotheby's experiences cumulative three-year losses in a certain jurisdiction), then management will consider recording a valuation allowance against a portion or all of the deferred tax assets in that jurisdiction. If, after recording a valuation allowance, management's projections of future taxable income and other positive evidence considered in evaluating the need for a valuation allowance prove, with the benefit of hindsight, to be inaccurate, it will be more difficult to support the realization of its deferred tax assets. As a result, an additional valuation allowance may be required. | |
Conversely, if, after recording a valuation allowance, management determines that sufficient positive evidence exists in the jurisdiction in which it recorded the valuation allowance (for example, if Sotheby's is no longer in a three-year cumulative loss position in the jurisdiction, and management expects to have future taxable income in that jurisdiction based upon its forecasts and the expected timing of deferred tax asset reversals), management may reverse a portion or all of the valuation allowance in that jurisdiction. | |
(See Note 11 for information related to Income Taxes.) | |
Auction Guarantees—From time to time in the ordinary course of its business, Sotheby’s will guarantee to a consignor a minimum sale price in connection with the sale of property at auction (an “auction guarantee”). In the event that the property sells for less than the guaranteed price, Sotheby’s must perform under the auction guarantee by funding the difference between the sale price at auction and the amount of the auction guarantee. If the property does not sell, the amount of the auction guarantee must be paid, but Sotheby’s has the right to recover such amount through the future sale of the property. The estimated fair value of Sotheby’s obligation to perform under its auction guarantees is recorded on the Consolidated Balance Sheets within Accounts Payable and Accrued Liabilities. This estimated fair value is based on an analysis of historical loss experience related to auction guarantees and does not include the impact of risk-sharing arrangements that may have mitigated all or a portion of any historical losses. (See Note 18 for information related to Auction Guarantees.) | |
Financial Instruments—Sotheby’s material financial instruments include Cash and Cash Equivalents, Restricted Cash, Notes Receivable, the Deferred Compensation Liability, the Trust Assets related to the Deferred Compensation Liability, Long-Term Debt, and forward exchange contracts. The carrying amounts of Cash and Cash Equivalents, Restricted Cash, and Notes Receivable do not materially differ from their estimated fair values due to their nature and the variable interest rates associated with each of these financial instruments. (See Notes 10, 17, and 19 for information on the fair value of Sotheby's other financial instruments.) | |
Revenue Recognition (Agency Revenues)—Through its Agency segment, Sotheby’s accepts property on consignment, stimulates buyer interest through professional marketing techniques, and matches sellers (also known as consignors) to buyers through the auction or private sale process. Prior to offering a work of art for sale, Sotheby’s specialists perform significant due diligence activities to authenticate and determine the ownership history of the property being sold. The revenue recognition policy for each of the principal components of Agency Revenues is described below. | |
(1) Auction Commission Revenues—In its role as auctioneer, Sotheby’s accepts property on consignment and matches sellers to buyers through the auction process. Sotheby’s invoices the buyer for the purchase price of the property (including the commission owed by the buyer), collects payment from the buyer, and remits to the consignor the net sale proceeds after deducting its commissions, expenses and applicable taxes and royalties. Sotheby’s auction commissions include those paid by the buyer (“buyer’s premium”) and those paid by the seller (“seller’s commission”) (collectively, “auction commission revenue”), both of which are calculated as a percentage of the hammer price of the property sold at auction. | |
On the fall of the auctioneer’s hammer, the highest bidder becomes legally obligated to pay the full purchase price, which includes the hammer price of the property purchased plus the buyer’s premium, and the seller is legally obligated to relinquish the property in exchange for the hammer price less any seller’s commissions. Auction commission revenue is recognized on the date of the auction sale upon the fall of the auctioneer’s hammer, which is the point in time when Sotheby’s has substantially accomplished what it must do to be entitled to the benefits represented by the auction commission revenue. Subsequent to the date of the auction sale, Sotheby’s remaining obligations for its auction services relate only to the collection of the purchase price from the buyer and the remittance of the net sale proceeds to the seller. These remaining service obligations are not an essential part of the auction services provided by Sotheby’s. | |
Under the standard terms and conditions of its auction sales, Sotheby’s is not obligated to pay the consignor for property that has not been paid for by the buyer, provided that the property has not been released to the buyer. If a buyer defaults on payment, the sale may be cancelled, and the property will be returned to the consignor. Management continually evaluates the collectability of amounts due from individual buyers and only recognizes auction commission revenue when the collection of the amount due from the buyer is reasonably assured. If management determines that it is probable that the buyer will default, a cancelled sale is recorded in the period in which that determination is made and the associated Accounts Receivable balance, including Sotheby's auction commission, is reversed. Management's judgments regarding the collectability of accounts receivable are based on an assessment of the buyer's payment history, discussions with the buyer, and the value of any property held as security against the buyer's payment obligation. Management's judgments with respect to the collectability of amounts due from buyers for auction and private sale purchases may prove, with the benefit of hindsight, to be incorrect. Historically, cancelled sales have not been material in relation to the aggregate hammer price of property sold at auction. | |
Auction commission revenues are recorded net of commissions owed to third parties, which are principally the result of situations when the buyer’s premium is shared with a consignor or with the counterparty in an auction guarantee risk and reward sharing arrangement (see Note 18). Additionally, in certain situations, auction commissions are shared with third parties who introduce Sotheby’s to consignors who sell property at auction or otherwise facilitate the sale of property at auction. | |
(2) Private Sale Commission Revenues—Private sale commission revenues are earned through the direct brokering of purchases and sales of art. Similar to auction sales, the primary service that Sotheby’s provides in a private sale transaction is the matching of the seller to a buyer in a legally binding transaction. Private sales are initiated either by a client wishing to sell property with Sotheby’s acting as its exclusive agent in the transaction or a prospective buyer who is interested in purchasing a certain work of art privately. Such arrangements are evidenced by a legally binding agreement between Sotheby’s and the seller (a “Seller Agreement”), which outlines the terms of the arrangement, including the desired sale price and the amount or rate of commission to be earned. In certain situations, Sotheby’s may also execute a legally binding agreement with the buyer stipulating the terms of the transaction (a “Buyer Agreement”). | |
The timing of revenue recognition for private sale commissions is evaluated on a case-by-case basis, and in large part, is dependent upon whether a Buyer Agreement has been executed. Additionally, a careful analysis of the individual facts and circumstances is performed for each transaction to fully understand Sotheby’s obligations and performance requirements related to the transaction. | |
In transactions with a Buyer Agreement, Sotheby’s services are performed on the date that the Buyer Agreement is executed. At this point, any remaining service obligations are considered to be inconsequential and perfunctory. Such remaining service obligations normally relate only to the collection of the purchase price from the buyer and the remittance of the net sale proceeds to the seller. These remaining service obligations are not an essential part of the services that Sotheby’s provides in a private sale transaction. In the absence of an executed Buyer Agreement, revenue recognition is deferred until Sotheby’s has performed its substantive service obligations in the transaction and the buyer has paid the full purchase price thereby evidencing the terms of the arrangement. | |
Private sale commission revenues are recorded within Agency Revenues in the Consolidated Income Statements. Private sale commission revenues are recorded net of commissions owed to third parties. In certain situations, commissions are shared with third parties who introduce Sotheby’s to consignors who sell property through a private sale transaction. | |
(3) Auction Guarantee and Inventory Activities—This component of Agency Revenues consists mainly of gains and losses related to auction guarantees including: (i) Sotheby's share of overage or shortfall related to guaranteed property offered or sold at auction, (ii) writedowns to the carrying value of previously guaranteed property that failed to sell at auction, and (iii) recoveries and losses on the eventual sale of previously guaranteed property that failed to sell at auction. | |
The overage or shortfall related to guaranteed property is generally recognized in the period in which the property is offered at auction. However, a shortfall is recognized prior to the date of the auction if management determines that a loss related to an auction guarantee is probable. In such situations, the amount of the loss is estimated by management based on the difference between the amount of the auction guarantee and the expected selling price of the property, including buyer’s premium. | |
Writedowns to the carrying value of previously guaranteed property that is held in Inventory are recognized in the period in which management determines that the estimated realizable value of the item is less than its carrying value. Recoveries or losses resulting from the eventual sale of previously guaranteed property are recognized in the period in which the sale is completed, title to the property passes to the purchaser, and Sotheby’s has fulfilled its obligations with respect to the transaction, including, but not limited to, delivery of the property. The amount of any such recovery or loss, which is recorded on a net basis, is calculated as the difference between the proceeds received from the eventual sale and the carrying value of the property held in Inventory. | |
Revenue Recognition (Principal Revenues)—Principal revenues predominantly include the proceeds from the sale of Principal segment Inventory and are recognized in the period in which the sale is completed, title to the property passes to the purchaser and Sotheby’s has fulfilled any other obligations that may be relevant to the transaction, including, but not limited to, delivery of the property. The carrying value of Principal segment Inventory sold during a period is recorded within Cost of Principal Revenues. | |
Revenue Recognition (Finance Revenues)—Finance revenues consist principally of interest income earned on Notes Receivable. Such interest income is recognized when earned, based on the amount of the outstanding loan, the applicable interest rate on the loan, and the length of time the loan is outstanding during the period. A non-accrual loan is a loan for which future Finance revenue is not recorded due to management’s determination that it is probable that future interest on the loan is not collectible. Any cash receipts subsequently received on non-accrual loans are first applied to reduce the recorded principal balance of the loan, with any proceeds in excess of the principal balance then applied to interest owed by the borrower. The recognition of Finance revenue may resume on a non-accrual loan if sufficient additional collateral is provided by the borrower or if management becomes aware of other circumstances that indicate that it is probable that the borrower will make future interest payments on the loan. | |
Sales, Use and Value-Added Taxes—Sales, use and value-added taxes assessed by governmental authorities that are both imposed on and concurrent with revenue-producing transactions between Sotheby’s and its clients are reported on a net basis within revenues. | |
Agency Direct Costs—A large portion of Agency Direct Costs relate to sale-specific marketing costs such as catalogue production and distribution expenses, advertising and promotion costs, and traveling exhibition costs. Such costs are deferred and recorded on the Consolidated Balance Sheets within Prepaid Expenses and Other Current Assets until the date of the sale when they are recognized in the Consolidated Income Statements. | |
Share-Based Payments—Sotheby’s grants share-based payment awards as compensation to certain employees. The amount of compensation expense recognized for share-based payments is based on management’s estimate of the number of shares ultimately expected to vest as a result of employee service. For share-based payment awards that vest annually over a multi-year period of service, compensation expense is amortized over the requisite service period according to a graded vesting schedule. For share-based payment awards that vest at the end of a service period, compensation expense is amortized on a straight-line basis over the requisite service period. | |
A substantial portion of the share-based payment awards vest only if Sotheby’s achieves established profitability targets. The amount and timing of compensation expense recognized for such performance-based awards is dependent upon management's quarterly assessment of the likelihood and timing of achieving these future profitability targets. Accordingly, if management's projections of future profitability prove, with the benefit of hindsight, to be inaccurate, the amount of life-to-date and future compensation expense related to share-based payments could significantly increase or decrease. | |
(See Note 14 for information related to share-based payments.) | |
Use of Estimates—The preparation of financial statements in conformity with accounting principles generally accepted in the U.S. requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of revenues and expenses during the reporting period. Actual results could differ materially from those estimates and could change in the short-term. |
Earnings_Per_Share
Earnings Per Share | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||
Earnings Per Share | ' | |||||||||||
Earnings Per Share | ||||||||||||
Basic earnings per share—Basic earnings per share attributable to Sotheby's common shareholders is computed under the two-class method using the weighted average number of common shares outstanding during the period. The two-class method requires that the amount of net income attributable to participating securities be deducted from consolidated net income in the computation of basic earnings per share. In periods with a net loss, the net loss attributable to participating securities is not deducted from consolidated net loss in the computation of basic loss per share as the impact would be anti-dilutive. Sotheby's only participating securities are restricted stock units, which have non-forfeitable rights to dividends. | ||||||||||||
Diluted earnings per share—Diluted earnings per share attributable to Sotheby's common shareholders is computed in a similar manner to basic earnings per share under the two-class method, using the weighted average number of common shares outstanding during the period and, if dilutive, potential common shares outstanding during the period. Sotheby's potential common shares include the following: | ||||||||||||
• | Unvested performance share units held by employees and incremental common shares issuable upon the exercise of employee stock options. Unvested performance share units are included in the computation of diluted earnings per share if the profitability targets inherent in such awards are achieved as of the balance sheet date. Incremental common shares issuable upon the exercise of stock options are included in the computation of diluted earnings per share in quarterly periods when the average price of Sotheby's Common Stock exceeds the exercise price of the stock options. (See Note 14 for information related to Sotheby's share-based payment programs.) | |||||||||||
• | Deferred stock units issued pursuant to the Sotheby's Stock Compensation Plan for Non-Employee Directors ("deferred stock units"). | |||||||||||
• | In reporting periods during which the average price of Sotheby's Common Stock exceeded the conversion price of its 3.125% Convertible Notes, the net shares that would have been delivered to settle the resulting conversion premium upon assumed conversion. Sotheby's redeemed the remaining $181.9 million principal amount of its 3.125% Convertible Notes entirely in cash upon their maturity in June 2013. (See Note 10 for information related to the 3.125% Convertible Notes.) | |||||||||||
• | In reporting periods during which the average price of Sotheby's Common Stock exceeded the exercise price of the warrants that were sold in conjunction with the issuance of the Convertible Notes, the net shares that would have been delivered to settle the warrants upon assumed exercise. These warrants became exercisable on September 17, 2013 and were settled through the issuance of 722,288 shares of Sotheby's Common Stock in the fourth quarter of 2013. (See Note 10 for information related to the warrants.) | |||||||||||
In 2013, 2012, and 2011, 1.0 million, 1.0 million, and 0.5 million potential common shares, respectively, related to unvested performance share units were excluded from the computation of diluted earnings per share as the profitability targets inherent in such awards were not achieved as of the respective balance sheet dates. | ||||||||||||
The table below summarizes the computation of basic and diluted earnings per share for 2013, 2012, and 2011 (in thousands of dollars, except per share amounts): | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Basic: | ||||||||||||
Numerator: | ||||||||||||
Net income attributable to Sotheby’s | $ | 130,006 | $ | 108,292 | $ | 171,416 | ||||||
Less: Net income attributable to participating securities | 60 | 450 | 1,988 | |||||||||
Net income attributable to Sotheby’s common shareholders | $ | 129,946 | $ | 107,842 | $ | 169,428 | ||||||
Denominator: | ||||||||||||
Weighted average common shares outstanding | 68,374 | 67,691 | 67,282 | |||||||||
Basic earnings per share - Sotheby’s common shareholders | $ | 1.9 | $ | 1.59 | $ | 2.52 | ||||||
Diluted: | ||||||||||||
Numerator: | ||||||||||||
Net income attributable to Sotheby’s | $ | 130,006 | $ | 108,292 | $ | 171,416 | ||||||
Less: Net income attributable to participating securities | 60 | 446 | 1,949 | |||||||||
Net income attributable to Sotheby’s common shareholders | $ | 129,946 | $ | 107,846 | $ | 169,467 | ||||||
Denominator: | ||||||||||||
Weighted average common shares outstanding | 68,374 | 67,691 | 67,282 | |||||||||
Weighted average effect of Sotheby's dilutive potential common shares: | ||||||||||||
Convertible Notes | 97 | 92 | 858 | |||||||||
Performance share units | 428 | 486 | 436 | |||||||||
Deferred stock units | 150 | 163 | 157 | |||||||||
Stock options | 77 | 95 | 102 | |||||||||
Warrants | 49 | — | 15 | |||||||||
Weighted average dilutive potential common shares outstanding | 801 | 836 | 1,568 | |||||||||
Denominator for calculation of diluted earnings per share | 69,175 | 68,527 | 68,850 | |||||||||
Diluted earnings per share - Sotheby’s common shareholders | $ | 1.88 | $ | 1.57 | $ | 2.46 | ||||||
Segment_Reporting
Segment Reporting | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Segment Reporting, Measurement Disclosures [Abstract] | ' | ||||||||||||||||||||||||
Segment Reporting | ' | ||||||||||||||||||||||||
Segment Reporting | |||||||||||||||||||||||||
Sotheby’s operations are organized under three segments: Agency, Principal, and Finance. Until the fourth quarter of 2013, the Agency segment was referred to as the Auction segment and the Principal segment was referred to as the Dealer segment. In the fourth quarter of 2013, the names of these segments were updated to better reflect the nature of each of their activities. | |||||||||||||||||||||||||
The Agency segment accepts property on consignment, stimulates buyer interest through professional marketing techniques, and matches sellers (also known as consignors) to buyers through the auction or private sale process. Prior to offering a work of art for sale, Sotheby’s specialists perform significant due diligence activities to authenticate and determine the ownership history of the property being sold. The Agency segment is an aggregation of Sotheby's auction and private sale activities in North America and South America, Europe, and Asia, which have similar economic characteristics and are similar in their services, customers, and the manner in which their services are provided. Sotheby’s chief operating decision making group, which consists of its Chief Executive Officer, Chief Financial Officer, and Chief Operating Officer, regularly evaluates financial information about each operating segment in deciding how to allocate resources and assess performance. The performance of each segment is measured based on its pre-tax income (loss), excluding the unallocated items highlighted below. | |||||||||||||||||||||||||
The activities of the Principal segment include the sale of artworks that have been purchased opportunistically by Sotheby's and, to a lesser extent, retail wine sales and the activities of Acquavella Modern Art, an equity investee (see Note 7). Under certain circumstances, the Principal segment provides secured loans to certain art dealers to finance the purchase of works of art. In these situations, Sotheby's acquires a partial ownership interest in the purchased property in addition to providing the loan. Upon its eventual sale, the loan is repaid and any profit or loss is shared by Sotheby's and the art dealer according to their respective ownership interests. | |||||||||||||||||||||||||
The Principal segment also holds the remaining inventory of Noortman Master Paintings (or "NMP"), an art dealer that was acquired by Sotheby's in June 2006. In recent years, NMP was adversely impacted by shifts in the collecting tastes of its clients and faced increased challenges in sourcing and successfully selling the categories of Old Master Paintings that traditionally formed the heart of its business. In the third quarter of 2011, management initiated a plan to restructure NMP’s business and sales strategy, but those efforts were not successful in reversing this trend. As a result, on December 31, 2013, NMP’s remaining office in London was closed. Management is currently executing its sale plans for NMP’s remaining inventory. As of December 31, 2013, the carrying value of NMP's remaining inventory was $11.1 million. | |||||||||||||||||||||||||
The Finance segment conducts art-related financing activities by providing certain collectors and dealers with loans secured by works of art. (see Note 5). | |||||||||||||||||||||||||
All Other primarily includes the results of Sotheby’s brand licensing activities and other ancillary businesses, which are not material to Sotheby’s consolidated financial statements. | |||||||||||||||||||||||||
The accounting policies of Sotheby’s segments are the same as those described in the summary of significant accounting policies (see Note 2). For auction commissions, Agency segment revenues are attributed to geographic areas based on the location of the auction. For private sale commissions, Agency segment revenues are attributed to geographic areas based on the location of the entities which significantly contributed to the completion of the sale. Principal segment revenues are attributed to geographic areas based on the location of the entity that holds legal title to the property sold. Finance segment revenues are attributed to geographic areas based on the location of the entity that originated the loan. | |||||||||||||||||||||||||
The following table presents Sotheby’s segment information for 2013, 2012, and 2011 (in thousands of dollars): | |||||||||||||||||||||||||
Year ended December 31, 2013 | Agency | Principal | Finance | All Other | Reconciling items | Total | |||||||||||||||||||
Revenues | $ | 794,179 | $ | 30,638 | $ | 31,228 | $ | 8,124 | $ | (10,491 | ) | $ | 853,678 | ||||||||||||
Interest income | $ | 3,860 | $ | — | $ | — | $ | 31 | $ | (1,090 | ) | $ | 2,801 | ||||||||||||
Interest expense | $ | 42,636 | $ | — | $ | 67 | $ | 9 | $ | — | $ | 42,712 | |||||||||||||
Depreciation and amortization | $ | 19,072 | $ | 202 | $ | 125 | $ | 36 | $ | — | $ | 19,435 | |||||||||||||
Segment income (loss) before taxes | $ | 163,196 | $ | (4,854 | ) | $ | 21,411 | $ | 5,967 | $ | (27 | ) | $ | 185,693 | |||||||||||
Year ended December 31, 2012 | |||||||||||||||||||||||||
Revenues | $ | 717,231 | $ | 26,180 | $ | 25,486 | $ | 7,374 | $ | (7,779 | ) | $ | 768,492 | ||||||||||||
Interest income | $ | 2,465 | $ | 6 | $ | — | $ | — | $ | (921 | ) | $ | 1,550 | ||||||||||||
Interest expense | $ | 44,425 | $ | 4 | $ | — | $ | — | $ | — | $ | 44,429 | |||||||||||||
Depreciation and amortization | $ | 17,325 | $ | 463 | $ | 120 | $ | 34 | $ | — | $ | 17,942 | |||||||||||||
Segment income (loss) before taxes | $ | 152,240 | $ | (1,423 | ) | $ | 18,595 | $ | 5,338 | $ | (15,314 | ) | $ | 159,436 | |||||||||||
Year ended December 31, 2011 | |||||||||||||||||||||||||
Revenues | $ | 791,738 | $ | 21,790 | $ | 16,265 | $ | 6,270 | $ | (4,227 | ) | $ | 831,836 | ||||||||||||
Interest income | $ | 4,622 | $ | — | $ | — | $ | — | $ | (620 | ) | $ | 4,002 | ||||||||||||
Interest expense | $ | 41,492 | $ | 6 | $ | — | $ | — | $ | — | $ | 41,498 | |||||||||||||
Depreciation and amortization | $ | 17,228 | $ | 231 | $ | 113 | $ | 32 | $ | — | $ | 17,604 | |||||||||||||
Segment income (loss) before taxes | $ | 225,600 | $ | (9,289 | ) | $ | 12,110 | $ | 4,604 | $ | (1,636 | ) | $ | 231,389 | |||||||||||
In the table of segment information above, the reconciling items related to Revenues consist principally of charges from the Finance segment to the Agency segment for below market loans (see Note 5). In 2013, the reconciling items related to Revenues also include $0.5 million related to the elimination of private sale commission revenues earned by the Agency segment for acting as agent in the sale of certain Principal segment inventory. The reconciling item related to Interest Income represents charges from the Agency segment to the Finance segment for intercompany borrowing costs. The reconciling item related to segment income (loss) before taxes consists of losses on the extinguishment of debt recorded in 2012 and 2011, as well as Sotheby's pre-tax share of earnings related to its equity investees. Such equity earnings are included in the table above as part of the Principal segment loss, but are presented net of taxes in the Consolidated Income Statements. | |||||||||||||||||||||||||
In 2013, 2012, and 2011 Agency segment revenues consisted of the following (in thousands of dollars): | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Auction commissions | $ | 687,853 | $ | 622,391 | $ | 701,776 | |||||||||||||||||||
Private sale commissions | 88,711 | 74,632 | 67,848 | ||||||||||||||||||||||
Auction guarantee and inventory activities | (2,186 | ) | (1,623 | ) | 125 | ||||||||||||||||||||
Other Agency revenues* | 19,801 | 21,831 | 21,989 | ||||||||||||||||||||||
Total Agency segment revenues | 794,179 | 717,231 | 791,738 | ||||||||||||||||||||||
Reconciling item | (540 | ) | — | — | |||||||||||||||||||||
Total Agency revenues | $ | 793,639 | $ | 717,231 | $ | 791,738 | |||||||||||||||||||
* | Includes commissions and other fees earned by Sotheby's on sales brokered by third parties, fees charged to clients for catalogue production and insurance, catalogue subscription revenues, and advertising revenues. | ||||||||||||||||||||||||
The table below details the unallocated amounts and reconciling items related to segment income before taxes and provides a reconciliation of segment income before taxes to consolidated income before taxes for 2013, 2012, and 2011 (in thousands of dollars): | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Agency | $ | 163,196 | $ | 152,240 | $ | 225,600 | |||||||||||||||||||
Principal | (4,854 | ) | (1,423 | ) | (9,289 | ) | |||||||||||||||||||
Finance | 21,411 | 18,595 | 12,110 | ||||||||||||||||||||||
All Other | 5,967 | 5,338 | 4,604 | ||||||||||||||||||||||
Segment income before taxes | 185,720 | 174,750 | 233,025 | ||||||||||||||||||||||
Unallocated amounts and reconciling items: | |||||||||||||||||||||||||
Extinguishment of debt (see Note 10) | — | (15,020 | ) | (1,529 | ) | ||||||||||||||||||||
Equity in earnings of investees | (27 | ) | (294 | ) | (107 | ) | |||||||||||||||||||
Income before taxes | $ | 185,693 | $ | 159,436 | $ | 231,389 | |||||||||||||||||||
The table below presents geographic information about revenues in 2013, 2012, and 2011 for all countries which exceeded 5% of total revenues (in thousands of dollars): | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
United States | $ | 352,450 | $ | 338,162 | $ | 319,364 | |||||||||||||||||||
United Kingdom | 230,304 | 221,716 | 243,032 | ||||||||||||||||||||||
China | 153,909 | 108,399 | 156,361 | ||||||||||||||||||||||
Switzerland | 41,150 | 41,061 | 36,258 | ||||||||||||||||||||||
France | 46,891 | 40,972 | 49,688 | ||||||||||||||||||||||
Other Countries | 39,465 | 25,961 | 31,360 | ||||||||||||||||||||||
Reconciling item: | |||||||||||||||||||||||||
Intercompany revenue | (10,491 | ) | (7,779 | ) | (4,227 | ) | |||||||||||||||||||
Total | $ | 853,678 | $ | 768,492 | $ | 831,836 | |||||||||||||||||||
The table below presents assets for Sotheby’s segments, as well as a reconciliation of segment assets to consolidated assets as of December 31, 2013 and 2012 (in thousands of dollars): | |||||||||||||||||||||||||
31-Dec | 2013 | 2012 | |||||||||||||||||||||||
Agency | $ | 2,261,482 | $ | 1,977,620 | |||||||||||||||||||||
Principal | 82,560 | 85,748 | |||||||||||||||||||||||
Finance | 480,103 | 427,871 | |||||||||||||||||||||||
All Other | 1,496 | 1,224 | |||||||||||||||||||||||
Total segment assets | 2,825,641 | 2,492,463 | |||||||||||||||||||||||
Unallocated amounts: | |||||||||||||||||||||||||
Deferred tax assets and income tax receivable | 67,905 | 82,632 | |||||||||||||||||||||||
Consolidated assets | $ | 2,893,546 | $ | 2,575,095 | |||||||||||||||||||||
Substantially all of Sotheby's capital expenditures in 2013, 2012, and 2011 were attributable to the Agency segment. |
Receivables
Receivables | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Accounts and Notes Receivable, Net [Abstract] | ' | ||||||||
Receivables | ' | ||||||||
Receivables | |||||||||
Accounts Receivable, Net—Through its Agency segment, Sotheby's accepts property on consignment and matches sellers (also known as consignors) to buyers through the auction or private sale process. Following the sale, Sotheby's invoices the buyer for the purchase price of the property (including the commission owed by the buyer), collects payment from the buyer, and remits to the consignor the net sale proceeds after deducting its commissions, expenses and applicable taxes and royalties. Sotheby's auction commissions include those paid by the buyer ("buyer's premium") and those paid by the seller ("seller's commission") (collectively, "auction commission revenue"), both of which are calculated as a percentage of the hammer price of the property sold at auction. For private sales, Sotheby's enters into a legally binding agreement with the seller, which outlines the terms of the arrangement including the desired sale price and the amount or rate of commission to be earned upon completion of the sale. In certain situations, Sotheby’s may also execute a legally binding agreement with the buyer stipulating the terms of the private sale transaction. | |||||||||
Under Sotheby’s standard auction payment terms, payments from buyers are due no more than 30 days from the sale date and payments to consignors are due 35 days from the sale date. For private sales, payment from the buyer is typically due on the sale date, with the net sale proceeds being due to the consignor shortly thereafter. Extended payment terms are sometimes provided to a buyer and, for auctions, can vary considerably from selling season to selling season. Such terms typically extend the payment due date to a date that is no longer than one year from the sale date. In limited circumstances, the payment due date may be extended to a date that is beyond one year from the sale date. Any changes from the standard auction and private sale payment terms are subject to management approval under Sotheby's policy. When providing extended payment terms, Sotheby’s attempts to match the timing of cash receipt from the buyer with the timing of payment to the consignor, but is not always successful in doing so. As of December 31, 2013 and 2012, $16 million and $36.6 million, respectively, of buyer receivables are classified within Other Long-Term Assets based on their corresponding payment due dates. None of the property related to these buyer receivables has been released to the buyer. As of December 31, 2013 and 2012, $15.3 million and $31.4 million, respectively, of related amounts owed to consignors are classified within Other Long-Term Liabilities. | |||||||||
Under the standard terms and conditions of its auction and private sales, Sotheby’s is not obligated to pay the consignor for property that has not been paid for by the buyer. If a buyer defaults on payment, the sale may be cancelled, and the property will be returned to the consignor. Alternatively, the consignor may reoffer the property at a future Sotheby's auction or negotiate a private sale with Sotheby's acting as its agent. In certain instances and subject to management approval under Sotheby’s policy, the consignor may be paid the net sale proceeds before payment is collected from the buyer and/or the buyer may be allowed to take possession of the property before making payment. In situations when the buyer takes possession of the property before making payment, Sotheby’s is liable to the seller for the net sale proceeds whether or not the buyer makes payment. As of December 31, 2013, Accounts Receivable (net) includes $130.5 million related to situations when Sotheby's paid the consignor all or a portion of the net sales proceeds before payment was collected from the buyer. A large portion of this amount was paid to consignors as of December 31, 2013. As of December 31, 2012, Accounts Receivable (net) included $170 million related to situations when Sotheby's paid the consignor all or a portion of the net sales proceeds before payment was collected from the buyer. As of December 31, 2013 and 2012, Accounts Receivable (net) also includes $92.1 million and $83.7 million, respectively, related to situations in which the buyer has taken possession of the property before making payment to Sotheby’s. Included in the $92.1 million is $2.7 million associated with purchases made by a related party (see Note 20). This related party receivable was collected in the first quarter of 2014. | |||||||||
Notes Receivable (net)—As of December 31, 2013 and 2012, Notes Receivable (net) consisted of the following (in thousands of dollars): | |||||||||
31-Dec | 2013 | 2012 | |||||||
Finance segment: | |||||||||
Consignor advances | $ | 139,007 | $ | 110,341 | |||||
Term loans | 335,426 | 314,797 | |||||||
Total Finance segment secured loans | 474,433 | 425,138 | |||||||
Agency segment: | |||||||||
Auction guarantee advances | 28,000 | 16,224 | |||||||
Unsecured loan | 2,142 | 2,142 | |||||||
Principal segment: | |||||||||
Secured loan | 5,825 | 3,536 | |||||||
Other: | |||||||||
Unsecured loan | 3,025 | — | |||||||
Total Notes Receivable (net) | $ | 513,425 | $ | 447,040 | |||||
Notes Receivable (Finance Segment)—Through its Finance segment, Sotheby’s provides certain collectors and art dealers with financing secured by works of art that Sotheby's either has in its possession or permits borrowers to possess. The Finance segment generally makes two types of secured loans: (1) advances secured by consigned property where the borrowers are contractually committed, in the near term, to sell the property through Sotheby's (a “consignor advance”); and (2) general purpose term loans secured by property not presently intended for sale (a “term loan”). | |||||||||
A consignor advance allows a seller to receive funds upon consignment for an auction or private sale that will typically occur up to one year in the future. Consignor advances normally have maturities of up to six months and are often issued interest-free as an incentive to the consignor for entering into the consignment agreement. Such interest-free consignor advances can represent a significant portion of the Finance segment loan portfolio as of the end of certain quarterly reporting periods in advance of peak selling seasons. Interest bearing consignor advances typically carry a variable rate of interest. | |||||||||
Term loans allow Sotheby's to establish or enhance mutually beneficial relationships with borrowers and may generate future auction or private sale consignments and/or purchases. Term loans normally have initial maturities of up to two years and typically carry a variable market rate of interest. | |||||||||
In certain situations, term loans are also made to refinance clients' auction and private sale purchases. For the years ended December 31, 2013 and 2012, the Finance Segment made $62.2 million and $95.4 million, respectively, of such loans. These loans are accounted for as non-cash transfers between Accounts Receivable (net) and Notes Receivable (net) and are, therefore, not reflected within Investing Activities in the Consolidated Statements of Cash Flows. Upon repayment, the cash received in settlement of such loans is classified within Operating Activities in the Consolidated Statements of Cash Flows. In 2013 and 2012, such repayments totaled $66.4 million and $54.7 million, respectively. As of December 31, 2013 and 2012, Notes Receivable (net) included $72.9 million and $77.4 million, respectively, of term loans made to refinance clients' auction and private sale purchases. | |||||||||
The collection of secured loans can be adversely impacted by a decline in the art market in general or in the value of the particular collateral. In addition, in situations when there are competing claims on the collateral and/or when a borrower becomes subject to bankruptcy or insolvency laws, Sotheby’s ability to realize on its collateral may be limited or delayed. | |||||||||
Sotheby’s target loan-to-value (“LTV”) ratio, which is defined as the principal loan amount divided by the low auction estimate of the collateral, is 50% or lower. However, loans are also made at an initial LTV higher than 50%. In addition, as a result of the periodic revaluation of loan collateral, the LTV ratio of certain loans may increase above the 50% target due to decreases in the low auction estimates of the collateral. The revaluation of loan collateral is performed by Sotheby’s specialists on an annual basis or more frequently if there is a material change in circumstances related to the loan or the disposal plans for the collateral. Management believes that the LTV ratio is the critical credit quality indicator for Finance segment secured loans. | |||||||||
The table below provides the aggregate LTV ratio for the Finance segment portfolio of secured loans as of December 31, 2013 and 2012 (in thousands of dollars): | |||||||||
31-Dec | 2013 | 2012 | |||||||
Finance segment secured loans | $ | 474,433 | $ | 425,138 | |||||
Low auction estimate of collateral | $ | 1,180,406 | $ | 891,096 | |||||
Aggregate LTV ratio | 40% | 48% | |||||||
The table below provides the aggregate LTV ratio for Finance segment secured loans with an LTV above 50% as of December 31, 2013 and 2012 (in thousands of dollars): | |||||||||
31-Dec | 2013 | 2012 | |||||||
Finance segment secured loans with an LTV above 50% | $ | 181,027 | $ | 120,662 | |||||
Low auction estimate of collateral related to Finance segment secured loans with an LTV above 50% | $ | 295,255 | $ | 184,205 | |||||
Aggregate LTV ratio of Finance segment secured loans with an LTV above 50% | 61% | 66% | |||||||
The table below provides other credit quality information regarding Finance segment secured loans as of December 31, 2013 and 2012 (in thousands of dollars): | |||||||||
31-Dec | 2013 | 2012 | |||||||
Total secured loans | $ | 474,433 | $ | 425,138 | |||||
Loans past due | $ | 24,129 | $ | 33,737 | |||||
Loans more than 90 days past due | $ | 1,266 | $ | 32,665 | |||||
Non-accrual loans | $ | — | $ | — | |||||
Impaired loans | $ | — | $ | — | |||||
Allowance for credit losses: | |||||||||
Allowance for credit losses - impaired loans | $ | — | $ | — | |||||
Allowance for credit losses based on historical data | 1,746 | 1,341 | |||||||
Total Allowance for Credit Losses | $ | 1,746 | $ | 1,341 | |||||
Management considers a loan to be past due when principal payments are not paid in accordance with the stated terms of the loan. As of December 31, 2013, $24.1 million of the Notes Receivable (net) balance was considered to be past due, of which $1.3 million was more than 90 days past due. The collateral securing these loans has low auction estimates of approximately $57.5 million and $2.8 million, respectively. Sotheby's is continuing to accrue Finance Revenue on these past due loans. In consideration of payments received to-date in the first quarter of 2014, the collateral value related to these loans, current collateral disposal plans, and negotiations with the borrowers, management believes that the principal and interest amounts due for these loans will be collected. | |||||||||
A non-accrual loan is a loan for which future Finance Revenue is not recorded due to management’s determination that it is probable that future interest on the loan is not collectible. Any cash receipts subsequently received on non-accrual loans are first applied to reduce the recorded principal balance of the loan, with any proceeds in excess of the principal balance then applied to interest owed by the borrower. The recognition of Finance Revenue may resume on a non-accrual loan if sufficient additional collateral is provided by the borrower or if management becomes aware of other circumstances that indicate that it is probable that the borrower will make future interest payments on the loan. As of December 31, 2013 and 2012, there were no non-accrual loans outstanding. | |||||||||
A loan is considered to be impaired when management determines that it is probable that a portion of the principal and interest owed by the borrower will not be recovered after taking into account the estimated realizable value of the collateral securing the loan, as well as the ability of the borrower to repay any shortfall between the value of the collateral and the amount of the loan. If a loan is considered to be impaired, Finance Revenue is no longer recognized and bad debt expense is recorded for any principal or accrued interest that is deemed uncollectible. As of December 31, 2013 and 2012, there were no impaired loans outstanding. | |||||||||
During the period January 1, 2012 to December 31, 2013, activity related to the Allowance for Credit Losses was as follows (in thousands of dollars): | |||||||||
Allowance for Credit Losses as of January 1, 2012 | $ | 875 | |||||||
Change in loan loss provision | 466 | ||||||||
Allowance for Credit Losses as of December 31, 2012 | 1,341 | ||||||||
Change in loan loss provision | 405 | ||||||||
Allowance for Credit Losses as of December 31, 2013 | $ | 1,746 | |||||||
As of December 31, 2013, unfunded commitments to extend additional credit through Sotheby's Finance segment were $27.3 million. | |||||||||
Historically, the lending activities of the Finance segment have been funded by the operating cash flows of the Agency segment with the ability to supplement those cash flows with revolving credit facility borrowings. In January 2014, Sotheby's established a separate capital structure for the Finance segment through which the Finance segment will predominantly rely on revolving credit facility borrowings to fund client loans (see Note 10). Cash balances will also be used to fund a portion of the Finance segment loan portfolio, as appropriate. | |||||||||
Notes Receivable (Agency Segment)—Sotheby’s is obligated under the terms of certain auction guarantees to advance a portion of the guaranteed amount prior to the auction. Such auction guarantee advances are recorded on the Consolidated Balance Sheets within Notes Receivable (net). As of December 31, 2013 and 2012, auction guarantee advances totaled $28 million and $16.2 million, respectively. (See Note 18 for information related to auction guarantees.) | |||||||||
Under certain circumstances, Sotheby's, through its Agency segment, finances the purchase of works of art by unaffiliated art dealers through unsecured loans. The property purchased pursuant to such unsecured loans is sold privately or at auction with any profit or loss shared by Sotheby's and the art dealer. As of December 31, 2013 and 2012, one such unsecured loan totaled $2.1 million. Sotheby's is no longer accruing interest with respect to this unsecured loan, but management believes that the $2.1 million balance is collectible based on discussions with the borrower. | |||||||||
Notes Receivable (Principal Segment)—Under certain circumstances, the Principal segment provides secured loans to certain art dealers to finance the purchase of works of art. In these situations, Sotheby's acquires a partial ownership interest in the purchased property in addition to providing the loan. Upon its eventual sale, the loan is repaid, and any profit or loss is shared by Sotheby's and the dealer according to their respective ownership interests. As of December 31, 2013 and 2012, Notes Receivable (net) included Principal segment loans totaling $5.8 million and $3.5 million, respectively. | |||||||||
Notes Receivable (Other)—In the second quarter of 2013, Sotheby's sold its interest in an equity method investee for $4.3 million, and, as a result, recognized a gain of $0.3 million in Other Income. The sale price was funded by an upfront cash payment to Sotheby's of $0.8 million and the issuance of a $3.5 million unsecured loan. This loan matures in December 2018, is being charged a variable market rate of interest, and requires monthly payments during the loan term. As of December 31, 2013, the carrying value of this loan was $3 million. | |||||||||
Weighted Average Interest Rates—In 2013 and 2012, the weighted average interest rates earned on consolidated Notes Receivable (net) were 4.7% and 5.1%, respectively. The weighted average interest rates earned on Finance segment secured loans in 2013 and 2012 were 4.9% and 5.3%, respectively. |
Inventory
Inventory | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Inventory Disclosure [Abstract] | ' | |||||||||||
Inventory | ' | |||||||||||
Inventory | ||||||||||||
Inventory consists of fine art, decorative art, and high-end jewelry owned by Sotheby's through its Principal and Agency segments. The inventory of the Principal segment consists of property purchased for the purpose of resale, including the remaining inventory of NMP (see Note 4). The inventory of the Agency segment consists principally of items obtained as a result of the failure of guaranteed property to sell at auction. To a lesser extent, Agency segment inventory also includes property obtained as a result of buyer defaults in situations when Sotheby's has paid the consignor and property acquired in connection with the settlement of authenticity claims. | ||||||||||||
As of December 31, 2013 and 2012, Inventory consisted of the following balances by segment (in thousands of dollars): | ||||||||||||
31-Dec | 2013 | 2012 | ||||||||||
Agency | $ | 130,665 | $ | 31,672 | ||||||||
Principal | 61,475 | 60,515 | ||||||||||
Total | $ | 192,140 | $ | 92,187 | ||||||||
When compared to the prior year, Agency Inventory increased approximately $100 million principally due to a Fancy Vivid Pink Diamond (the "Pink Diamond"), weighing 59.6 carats, that was acquired as a result of buyer default following its sale at auction under an auction guarantee in Geneva, Switzerland in November 2013. As a result of the buyer default, Sotheby’s reversed the related auction commission revenues and recorded the Pink Diamond in Inventory at its net realizable value of approximately $72 million, which is the U.S. dollar equivalent of the corresponding Swiss Franc purchase price. Sotheby's has reserved all of its rights and remedies against the defaulting buyer. | ||||||||||||
In addition, during 2013, Sotheby’s acquired two other items for an aggregate price of $19 million in exchange for reductions in the seller’s Accounts Receivable ($5 million) and Notes Receivable ($14 million) balances. The sales of these two items are expected to be completed in 2014 for a price in excess of the $19 million acquisition price. This transaction is a non-cash addition to Inventory during 2013 and, accordingly, is not reflected in the Consolidated Statement of Cash Flows for the year ended December 31, 2013. | ||||||||||||
In 2013, 2012, and 2011, Inventory writedowns by segment were as follows (in thousands of dollars): | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Agency | $ | 3,954 | $ | 4,203 | $ | 4,101 | ||||||
Principal | 4,848 | 1,933 | 8,375 | |||||||||
Total | $ | 8,802 | $ | 6,136 | $ | 12,476 | ||||||
In 2013, 2012, and 2011, Principal segment inventory writedowns include NMP writedowns of $4.4 million, $0.4 million, and $8.4 million, respectively. |
Equity_Method_Investments
Equity Method Investments | 12 Months Ended |
Dec. 31, 2013 | |
Equity Method Investment, Summarized Financial Information [Abstract] | ' |
Equity Method Investment | ' |
Equity Method Investments | |
On May 23, 1990, Sotheby’s purchased the common stock of the Pierre Matisse Gallery Corporation (“Matisse”) for approximately $153 million. The assets of Matisse consisted of a collection of fine art (the “Matisse Inventory”). Upon consummation of the purchase, Sotheby’s entered into an agreement with Acquavella Contemporary Art, Inc. (“ACA”) to form Acquavella Modern Art (“AMA”), a partnership through which the Matisse Inventory would be sold. Sotheby’s contributed the Matisse Inventory to AMA in exchange for a 50% interest in the partnership. Although the original term of the AMA partnership agreement was for ten years and was due to expire in 2000, it has been renewed on an annual basis since then. | |
Pursuant to the AMA partnership agreement, upon the death of the majority shareholder of ACA, the successors-in-interest to ACA have the right, but not the obligation, to require Sotheby’s to purchase their interest in AMA at a price equal to the fair market value of such interest. The fair market value shall be determined pursuant to a process and a formula set forth in the partnership agreement that includes an appraisal of the works of art held by AMA at such time. Upon dissolution of AMA, if Sotheby’s and ACA elect not to liquidate the property and assets of AMA, any assets remaining after the payment of expenses and any other liabilities of AMA will be distributed to Sotheby’s and AMA as tenants-in-common or in some other reasonable manner. The net assets of AMA consist almost entirely of the Matisse Inventory. As of December 31, 2013 and 2012, the carrying value of the Matisse Inventory was $46.6 million and $46.9 million, respectively. As of December 31, 2013 and 2012, the carrying value of Sotheby’s investment in AMA was $11 million and $11.2 million, respectively. From time-to-time, Sotheby’s transacts with the principal shareholder of ACA in the normal course of its business. | |
In the second quarter of 2013, Sotheby's sold its interest in another equity method investee for $4.3 million and, as a result, recognized a gain of $0.3 million in Other Income. The sale price was funded by an upfront cash payment to Sotheby's of $0.8 million, and the issuance of a $3.5 million unsecured loan (see Note 5). As of December 31, 2012, the carrying value of Sotheby’s investment in this affiliate was $3.9 million. |
Fixed_Assets
Fixed Assets | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||
Fixed Assets | ' | ||||||||
Fixed Assets | |||||||||
As of December 31, 2013 and 2012, Fixed Assets consisted of the following (in thousands of dollars): | |||||||||
31-Dec | 2013 | 2012 | |||||||
Land | $ | 93,679 | $ | 93,556 | |||||
Buildings and building improvements | 226,604 | 217,399 | |||||||
Leasehold improvements | 84,855 | 77,737 | |||||||
Computer hardware and software | 71,021 | 72,708 | |||||||
Furniture, fixtures and equipment | 78,574 | 74,371 | |||||||
Construction in progress | 2,136 | 2,683 | |||||||
Other | 1,371 | 2,424 | |||||||
Sub-total | 558,240 | 540,878 | |||||||
Less: Accumulated Depreciation and Amortization | (178,841 | ) | (165,847 | ) | |||||
Total Fixed Assets, net | $ | 379,399 | $ | 375,031 | |||||
In 2013, 2012, and 2011, Depreciation and Amortization related to Fixed Assets was $19.4 million, $17.9 million, and $17.2 million, respectively. |
Restructuring_Plans_and_Relate
Restructuring Plans and Related Charges | 12 Months Ended |
Dec. 31, 2013 | |
Restructuring Charges [Abstract] | ' |
Restructuring Plans and Related Charges | ' |
Restructuring Plans and Related Charges | |
On June 27, 2011, the Executive Committee of Sotheby’s Board of Directors approved a restructuring plan (the “2011 Restructuring Plan”) impacting Sotheby’s operations in Italy and the Netherlands. The 2011 Restructuring Plan streamlined Sotheby’s European selling operations, with a renewed emphasis on relationships with key clients and the sourcing of important collections. The 2011 Restructuring Plan has also allowed Sotheby’s global management to focus resources on growing markets, especially China, and other strategic priorities. In the Netherlands, the 2011 Restructuring Plan resulted in the cessation of all local auction sales. In Italy, Sotheby’s significantly reduced its auction sales calendar, but has continued to conduct auctions of Contemporary and Modern Art. Sotheby’s continues to source property from Italy and the Netherlands for sale at its other selling locations throughout the world, as well as pursue private sale opportunities in these countries. | |
The 2011 Restructuring Plan reduced staff by 24, which then represented approximately 46% of Sotheby’s headcount in Italy and the Netherlands and 2% of its global headcount. The 2011 Restructuring Plan also allowed Sotheby’s to completely exit its leased Amsterdam salesroom, replacing it with a smaller local office, and significantly reduce the cost associated with its Milan premises. | |
In 2011, Sotheby’s recorded charges of approximately $4.8 million related to the 2011 Restructuring Plan, consisting of $2.8 million in lease termination costs related to the Amsterdam salesroom and $2 million in employee termination benefits and other restructuring related charges. There is no remaining liability related to the 2011 Restructuring Plan. |
Debt
Debt | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Debt Instruments [Abstract] | ' | |||||||||||
Debt | ' | |||||||||||
Debt | ||||||||||||
Revolving Credit Facility—On August 31, 2009, Sotheby's and certain of its wholly-owned subsidiaries entered into a credit agreement (the “Credit Agreement”) with an international syndicate of lenders led by General Electric Capital, Corporate Finance. Subsequent to August 31, 2009, the Credit Agreement was amended on several occasions, including an amendment in December 2012, which extended the maturity date to December 19, 2017 and increased the borrowing capacity to $300 million, and an amendment in June 2013, which increased the maximum permissible amount of net outstanding auction guarantees (i.e., auction guarantees less the impact of related risk and reward sharing arrangements) from $100 million to $300 million. As of December 31, 2013 and 2012, there were no borrowings outstanding under the Credit Agreement and the amount of available borrowings was $300 million, as calculated under the borrowing base. The Credit Agreement contained certain financial covenants, which were only applicable during certain defined compliance periods. These financial covenants were not applicable for the twelve month periods ended December 31, 2013 and 2012. | ||||||||||||
On February 13, 2014, Sotheby’s refinanced the Credit Agreement and entered into separate dedicated revolving credit facilities for the Agency segment (the “Agency Credit Agreement”) and the Finance segment (the “Finance Credit Agreement”) (collectively, the “New Credit Agreements”) among Sotheby’s, certain of its wholly-owned subsidiaries party thereto, General Electric Capital Corporation, as administrative agent and collateral agent, and an international syndicate of lenders party thereto. Borrowings under the New Credit Agreements are available in U.S. Dollars, Pounds Sterling, Euros, or Hong Kong Dollars. | ||||||||||||
The Agency Credit Agreement establishes an asset-based revolving credit facility in an aggregate principal amount not to exceed $150 million, subject to a borrowing base, the proceeds of which may be used for the working capital and other general corporate needs of the Agency segment, as well as for Principal segment inventory investments. The Finance Credit Agreement establishes an asset-based revolving credit facility in an aggregate principal amount not to exceed $450 million, the proceeds of which may be used for the working capital and other general corporate needs of the Finance segment, including the funding of client loans. The New Credit Agreements permit the proceeds of borrowings under the Agency Credit Agreement and the Finance Credit Agreement to be transferred between the Agency segment and the Finance segment. From the date of the New Credit Agreements until August 13, 2018, Sotheby’s may request to increase the combined borrowing capacity under the New Credit Agreements by an amount not to exceed $100 million in the aggregate. | ||||||||||||
The following summary does not purport to be a complete summary of the New Credit Agreements and is qualified in its entirety by reference to the New Credit Agreements, which were filed as Exhibit 10.1 and Exhibit 10.2 to the Form 8-K that was filed by Sotheby's with the Securities and Exchange Commission on February 14, 2014, and are incorporated by reference herein. Capitalized terms used, but not defined, have the meanings set forth in the applicable New Credit Agreements. | ||||||||||||
The New Credit Agreements, among other things: | ||||||||||||
• | Increase Sotheby’s aggregate borrowing capacity from $300 million under the Credit Agreement to $600 million under the New Credit Agreements. | |||||||||||
• | Increase the sub-limit for borrowings in the U.K. and Hong Kong from $100 million under the Credit Agreement to $200 million under the New Credit Agreements (with up to $150 million available for foreign borrowings under the Finance Credit Agreement and up to $50 million available for foreign borrowings under the Agency Credit Agreement). | |||||||||||
• | Have a maximum borrowing availability subject to a borrowing base (as defined in each of the New Credit Agreements, as applicable). The borrowing base under the Finance Credit Agreement is determined by a calculation that is primarily based upon a percentage of the carrying values of certain loans in the Finance segment loan portfolio and consolidated net tangible assets. The borrowing base under the Agency Credit Agreement is determined by a calculation that is primarily based upon a percentage of the carrying values of certain auction guarantee advances, a percentage of the carrying value of inventory, consolidated net tangible assets, and a percentage of the carrying value of certain extended payment term receivables arising from auction or private sale transactions. | |||||||||||
• | Provide that up to $30 million of the aggregate borrowing capacity of the New Credit Agreements may be used to issue letters of credit. | |||||||||||
• | Have a maturity date of February 13, 2019. | |||||||||||
• | Reduce the interest rate margins for borrowings and commitment fees for undrawn amounts compared to the Credit Agreement. Such interest rates and commitment fees shall be determined by reference to the usage under the New Credit Agreements. | |||||||||||
The obligations under the New Credit Agreements are cross-guaranteed and cross-collateralized. The Domestic Borrowers are jointly and severally liable for all obligations under the New Credit Agreements and, subject to certain limitations, the U.K. Borrowers and Sotheby's Hong Kong Limited, are jointly and severally liable for all obligations of the Foreign Borrowers under the New Credit Agreements. In addition, certain subsidiaries of the Borrowers guarantee the obligations of the Borrowers under the New Credit Agreements. Sotheby's obligations under the New Credit Agreements are secured by liens on all or substantially all of the personal property of the Borrowers and the Guarantors. | ||||||||||||
The New Credit Agreements contain certain customary affirmative and negative covenants including, but not limited to, limitations on capital expenditures, a $300 million limitation on net outstanding auction guarantees (i.e., auction guarantees less the impact of related risk and reward sharing arrangements) and limitations on the use of proceeds from borrowings under the New Credit Agreements. However, the New Credit Agreements do not limit dividend payments and Common Stock repurchases provided that, both before and after giving effect thereto: (i) there are no Events of Default, (ii) the Aggregate Borrowing Availability equals or exceeds $75 million, and (iii) the Liquidity Amount equals or exceeds $150 million. | ||||||||||||
The New Credit Agreements also contain certain financial covenants, which are only applicable during certain defined compliance periods. | ||||||||||||
Sotheby’s incurred approximately $3 million in fees related to the New Credit Agreements, which will be amortized on a straight-line basis to Interest Expense along with remaining unamortized fees from the Credit Agreement of $4.8 million over the extended term of the New Credit Agreements. As of February 13, 2014, Sotheby's has paid approximately $16 million in life-to-date arrangement and amendment fees related to these agreements. | ||||||||||||
Long-Term Debt—As of December 31, 2013 and 2012, Long-Term Debt consisted of the following (in thousands of dollars): | ||||||||||||
31-Dec | 2013 | 2012 | ||||||||||
York Property Mortgage, net of unamortized discount of $5,346 and $8,911 | $ | 218,778 | $ | 218,375 | ||||||||
2022 Senior Notes | 300,000 | 300,000 | ||||||||||
Convertible Notes, net of unamortized discount of $0 and $3,796 | — | 178,072 | ||||||||||
Less current portion: | ||||||||||||
York Property Mortgage | (3,630 | ) | (3,178 | ) | ||||||||
Convertible Notes | — | (178,072 | ) | |||||||||
Total Long-Term Debt, net | $ | 515,148 | $ | 515,197 | ||||||||
(See the captioned sections below for information related to the York Property Mortgage, the 2022 Senior Notes, the 2015 Senior Notes, and the Convertible Notes.) | ||||||||||||
York Property Mortgage—On February 6, 2009, Sotheby's purchased the land and building located at 1334 York Avenue, New York, New York (the “York Property”) from RFR Holding Corp. (“RFR”) for a purchase price of $370 million. The York Property is home to Sotheby's sole North American auction salesroom and principal North American exhibition space, including S|2, Sotheby's private sale exhibition gallery. The York Property is also home to the U.S. operations of Sotheby's Finance segment, as well as its corporate offices. | ||||||||||||
Sotheby's financed the $370 million purchase price through an initial $50 million cash payment made in conjunction with the signing of the related purchase and sale agreement on January 11, 2008, an $85 million cash payment made when the purchase was consummated on February 6, 2009, and the assumption of an existing $235 million mortgage on the York Property. | ||||||||||||
The York Property Mortgage matures on July 1, 2035, but has an optional pre-payment date of July 1, 2015 and bears an annual rate of interest of approximately 5.6%, which increases subsequent to July 1, 2015 unless the mortgage is paid in-full by that date. In conjunction with the final accounting for the York Property purchase in February 2009, the York Property Mortgage was recorded on Sotheby's balance sheet at its $212.1 million fair value. The resulting $22.9 million debt discount is being amortized to Interest Expense over the remaining expected term of the loan through July 2015. Sotheby's paid fees of $2.4 million in conjunction with the assumption of the York Property Mortgage, which are also being amortized to Interest Expense through July 2015. As of December 31, 2013, the fair value of the York Property Mortgage was approximately $226 million based on a present value calculation utilizing an interest rate obtained from a third party source. As such, this fair value measurement is considered to be a Level 3 fair value measurement in the fair value hierarchy as per Accounting Standards Codification 820, Fair Value Measurements ("ASC 820"). | ||||||||||||
The York Property and the York Property Mortgage are held by 1334 York, LLC, a separate legal entity of Sotheby's that maintains its own books and records and whose results are ultimately consolidated into Sotheby's financial statements. The assets of 1334 York, LLC are not available to satisfy the obligations of other Sotheby's affiliates or any other entity. | ||||||||||||
2022 Senior Notes—On September 27, 2012, Sotheby’s issued $300 million aggregate principal amount of 5.25% Senior Notes, due October 1, 2022. The 2022 Senior Notes were offered only to qualified institutional buyers in accordance with Rule 144A and to non-U.S. Persons under Regulation S under the Securities Act of 1933, as amended (the “Securities Act”). Holders of the 2022 Senior Notes do not have registration rights, and the 2022 Senior Notes have not been and will not be registered under the Securities Act. | ||||||||||||
The net proceeds from the issuance of the 2022 Senior Notes were approximately $293.7 million, after deducting fees paid to the initial purchasers, and were principally used to retire the 2015 Senior Notes and the Convertible Notes, as discussed below. | ||||||||||||
The 2022 Senior Notes are guaranteed, jointly and severally, on a senior unsecured basis by certain of Sotheby's existing and future domestic subsidiaries to the extent and on the same basis that such subsidiaries guarantee borrowings under the New Credit Agreements. Interest on the 2022 Senior Notes is payable semi-annually in cash on April 1 and October 1 of each year. | ||||||||||||
The 2022 Senior Notes are redeemable by Sotheby's, in whole or in part, on or after October 1, 2017, at specified redemption prices set forth in the underlying indenture, plus accrued and unpaid interest to, but excluding, the redemption date. Prior to October 1, 2017, the 2022 Senior Notes are redeemable, in whole or in part, at a redemption price equal to 100% of the principal amount to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date, plus a premium equal to the greater of 1% of the principal amount of the 2022 Senior Notes and a make-whole premium (as defined in the underlying indenture). | ||||||||||||
In addition, at any time prior to October 1, 2015, Sotheby's may redeem up to 35% of the aggregate principal amount of the 2022 Senior Notes with the net cash proceeds of certain equity offerings at the redemption price of 105.25% plus accrued and unpaid interest. The 2022 Senior Notes are not callable by holders unless Sotheby's is in default under the terms of the underlying indenture. | ||||||||||||
As of December 31, 2013, the $300 million principal amount of 2022 Senior Notes had a fair value of approximately $283.5 million based on a broker quoted price derived via a pricing model using observable and unobservable inputs. As such, this fair value measurement is considered to be a Level 3 fair value measurement in the fair value hierarchy as per ASC 820. | ||||||||||||
2015 Senior Notes—On June 17, 2008, Sotheby's issued $150 million aggregate principal amount of 7.75% Senior Notes, due June 15, 2015. The net proceeds from the issuance of the 2015 Senior Notes were approximately $145.9 million, after deducting the initial purchasers' discounts and fees. The 2015 Senior Notes had an effective interest rate of 8%. | ||||||||||||
On November 23, 2012, Sotheby's redeemed all of the remaining $80 million of outstanding 2015 Senior Notes for a redemption price of $97 million, which included $2.7 million in accrued interest and a $14 million redemption premium. The redemption of the 2015 Senior Notes resulted in a $15 million loss recognized in the fourth quarter of 2012, which includes the write-off of approximately $1 million in unamortized debt issuance costs and discounts. | ||||||||||||
Convertible Notes—On June 17, 2008, Sotheby's issued $200 million aggregate principal amount of 3.125% Convertible Notes, due June 15, 2013. The net proceeds from the issuance of the Convertible Notes were approximately $194.3 million, after deducting transaction costs. | ||||||||||||
Prior to March 15, 2013, the Convertible Notes were convertible under certain circumstances and were payable in cash, shares of Sotheby's Common Stock, or a combination thereof, at the option of Sotheby's, based on a conversion rate, as adjusted, of 29.5920 shares of Common Stock per $1,000 principal amount of Convertible Notes, which is equivalent to a conversion price, as adjusted, of approximately $33.79 per share. The conversion rate was subject to adjustment for certain events. | ||||||||||||
On January 1, 2009, upon the adoption of Accounting Standards Codification 470-20, Debt - Debt With Conversion and Other Options, the liability and equity components of the Convertible Notes were separately accounted for in Sotheby's financial statements. The liability component was initially valued at $161.8 million using Sotheby's nonconvertible debt borrowing rate, which was estimated to be 7.75% at the date of adoption, and was accounted for as Long-Term Debt. The equity component (i.e., the embedded conversion option) was initially valued at $38.2 million ($21 million, net of taxes) and was accounted for as a component of Additional Paid-In Capital within Shareholders' Equity. The corresponding debt discount was amortized to Interest Expense over the life of the Convertible Notes using the effective interest rate method. | ||||||||||||
The Convertible Notes were convertible at the option of the bondholders for a period beginning on April 1, 2011 and ending on June 30, 2011 as a result of the stock price trigger in the underlying indenture being met in the first quarter of 2011. In June 2011, Sotheby's received conversion requests totaling a principal amount of $18.1 million. In accordance with the terms of the Convertible Notes, the conversion obligation was based on a formula, which is the sum of 1/30th of the product of the applicable conversion rate and the daily per share volume weighted average stock price for 30 consecutive trading days beginning 3 days after the conversion request is received from the trustee. The conversion obligation of $22.5 million related to these conversion requests, which consisted of $18.1 million related to principal and approximately $4.4 million related to the conversion premium, was settled entirely in cash in August 2011. As a result of the cash settlement of these conversion requests, $8.2 million ($5.4 million, net of taxes) of the amount originally attributed to the embedded conversion option and initially recorded within Shareholders' Equity no longer met the conditions for equity classification. Accordingly, this amount was reclassified to Other Current Liabilities on Sotheby's June 30, 2011 balance sheet prior to settlement of the conversion obligation in August 2011. In August 2011, simultaneous with the settlement of the June 2011 conversion requests, Sotheby's received $4.4 million in cash to fund the conversion premium through its exercise of a portion of the Convertible Note Hedges, as discussed below. In the third quarter of 2011, Sotheby's recognized a $1.5 million loss representing the write-off of a proportionate amount of the unamortized discount and deferred transaction costs related to the Convertible Notes redeemed. This loss is reported within Extinguishment of Debt in the Consolidated Income Statements. | ||||||||||||
The remaining Convertible Notes became convertible on March 15, 2013, for a period ending on the close of business on June 14, 2013, when Sotheby's became obligated to pay the conversion obligation of $197.4 million, consisting of $181.9 million related to principal and $15.5 million related to the conversion premium. As of March 31, 2013, management evaluated the remaining amount originally attributed to the embedded conversion option and initially recorded within Shareholders' Equity and concluded that it no longer met the conditions for equity classification as a result of Sotheby's irrevocable election in the first quarter of 2013 to settle any remaining conversion obligation related to the Convertible Notes solely in cash. Accordingly, as of March 31, 2013, the $21.8 million fair value of the embedded conversion option was reclassified to Other Current Liabilities, with a corresponding reduction to Shareholders’ Equity of $12 million, net of taxes. In June 2013, the conversion obligation was settled entirely in cash and Sotheby's simultaneously received $15.5 million in cash to offset the conversion premium through the exercise of its Convertible Note Hedges, as discussed below. | ||||||||||||
Convertible Note Hedges and Warrant Transactions—On June 11, 2008, in conjunction with the issuance of the Convertible Notes, Sotheby's entered into convertible note hedge transactions (the “Convertible Note Hedges”) at a cost of $40.6 million that allowed Sotheby's to purchase its Common Stock from affiliates of Bank of America and Goldman Sachs & Co. (collectively, the “Counterparties”) at a price equal to the conversion price of the Convertible Notes. The Convertible Note Hedges were entered into to offset the impact of any premium paid, either in cash or in shares of Sotheby's Common Stock, upon the settlement of the Convertible Notes. | ||||||||||||
The Convertible Note Hedges initially met the conditions for equity classification and, as a result, in June 2008, the related $40.6 million cost ($22.5 million, net of taxes) was recorded on Sotheby's balance sheet as a component of Additional Paid-In Capital within Shareholders' Equity. As previously discussed in this footnote, in June 2011, Sotheby's received conversion requests totaling a principal amount of $18.1 million from holders of the Convertible Notes. As a result, in June 2011, Sotheby's exercised the portion of the Convertible Note Hedges related to these conversion requests, which enabled it to receive $4.4 million in cash, which was equal to the amount of the conversion premium paid upon settlement of the conversion obligation in August 2011. As a result of the cash settlement of this portion of the Convertible Note Hedges, $8.2 million ($5.3 million, net of taxes) of the amount originally recorded in Shareholders' Equity no longer met the conditions for equity classification as of June 30, 2011. Accordingly, this amount was reclassified to Other Current Assets on Sotheby's June 30, 2011 balance sheet prior to settlement of the conversion obligation in August 2011. | ||||||||||||
As of March 31, 2013, management evaluated the Convertible Note Hedges and concluded that the remaining amount in Shareholders’ Equity no longer met the conditions for equity classification as a result of Sotheby's irrevocable election in the first quarter of 2013 to settle the remaining Convertible Note Hedges solely in cash. Accordingly, as of March 31, 2013, the $21.8 million fair value of the remaining Convertible Note Hedges was reclassified to Other Current Assets, with a corresponding increase to Shareholders’ Equity of $12 million, net of taxes. In June 2013, Sotheby's settled the remaining conversion obligation related to the Convertible Notes entirely in cash. As a result, the Convertible Note Hedges were exercised, and Sotheby's received $15.5 million in cash to offset the conversion premium related to the Convertible Notes. | ||||||||||||
On June 11, 2008, Sotheby's also entered into warrant transactions, whereby it sold to the Counterparties warrants (the “Warrants”) to acquire, subject to customary anti-dilution adjustments, approximately 5.9 million shares of Sotheby's Common Stock at a price of approximately $44.50 per share, as adjusted. The net proceeds received by Sotheby's in June 2008 from the sale of the Warrants was $22.3 million and was recorded as a component of Additional Paid In Capital within Shareholders' Equity. The Warrants were automatically exercisable subject to a limit of approximately 118,348 Warrants per day for each day in the 50 trading days that began on September 17, 2013 and ended on November 25, 2013. The settlement of Warrant exercises resulted in the issuance of 722,288 shares of Sotheby's Common Stock in the fourth quarter of 2013. | ||||||||||||
Future Principal and Interest Payments—The aggregate future principal and interest payments due under Sotheby's Long-Term Debt during the five year period after the December 31, 2013 balance sheet date are as follows (in thousands of dollars): | ||||||||||||
2014 | $ | 31,754 | ||||||||||
2015 | $ | 243,268 | ||||||||||
2016 | $ | 15,750 | ||||||||||
2017 | $ | 15,750 | ||||||||||
2018 | $ | 15,750 | ||||||||||
The York Property Mortgage matures on July 1, 2035, but has an optional pre-payment date of July 1, 2015 and bears an annual rate of interest of approximately 5.6%, which increases subsequent to July 1, 2015 unless the mortgage is paid in-full by that date. | ||||||||||||
Interest Expense—In 2013, 2012, and 2011, Interest Expense consisted of the following (in thousands of dollars): | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Revolving credit facility: | ||||||||||||
Amortization of amendment and arrangement fees | $ | 1,279 | $ | 1,764 | $ | 1,737 | ||||||
Commitment fees | 1,532 | 1,277 | 1,267 | |||||||||
Sub-total | 2,811 | 3,041 | 3,004 | |||||||||
York Property Mortgage | 16,512 | 16,770 | 16,868 | |||||||||
2022 Senior Notes and 2015 Senior Notes | 15,750 | 9,775 | 6,342 | |||||||||
Convertible Notes | 6,417 | 13,470 | 13,689 | |||||||||
Other interest expense | 1,222 | 1,373 | 1,595 | |||||||||
Total Interest Expense | $ | 42,712 | $ | 44,429 | $ | 41,498 | ||||||
Other interest expense consists primarily of the amortization of debt issuance costs related to the 2022 Senior Notes, the 2015 Senior Notes, and the Convertible Notes. | ||||||||||||
In 2013, 2012, and 2011, Interest Expense related to the Convertible Notes consisted of the following (in thousands of dollars): | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Contractual coupon interest expense | $ | 2,621 | $ | 5,683 | $ | 6,038 | ||||||
Discount amortization | 3,796 | 7,787 | 7,651 | |||||||||
Total | $ | 6,417 | $ | 13,470 | $ | 13,689 | ||||||
Interest Paid—In 2013, 2012, and 2011, interest paid totaled $33.2 million, $34.9 million, and $26.7 million, respectively. Interest paid primarily consists of cash payments related to the York Property Mortgage, Sotheby’s long-term debt securities, and fees related to Sotheby's credit facility. |
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||
Income Taxes | ' | |||||||||||
Income Taxes | ||||||||||||
In 2013, 2012, and 2011, the significant components of income tax expense consisted of the following (in thousands of dollars): | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Income before taxes: | ||||||||||||
Domestic | $ | 45,093 | $ | 36,060 | $ | 44,876 | ||||||
Foreign | 140,600 | 123,376 | 186,513 | |||||||||
Total | $ | 185,693 | $ | 159,436 | $ | 231,389 | ||||||
Income tax expense—current: | ||||||||||||
Domestic | $ | 8,131 | $ | 21,536 | $ | 13,051 | ||||||
State and local | 8,301 | 1,020 | 7,397 | |||||||||
Foreign | 29,602 | 29,775 | 44,760 | |||||||||
Sub-total | 46,034 | 52,331 | 65,208 | |||||||||
Income tax expense (benefit)—deferred: | ||||||||||||
Domestic | 2,543 | 800 | 12,467 | |||||||||
State and local | (241 | ) | (2,016 | ) | (18,428 | ) | ||||||
Foreign | 7,366 | 280 | 785 | |||||||||
Sub-total | 9,668 | (936 | ) | (5,176 | ) | |||||||
Total | $ | 55,702 | $ | 51,395 | $ | 60,032 | ||||||
In 2013, income tax expense related to equity in earnings of investees was approximately $0.01 million. In 2012, and 2011, income tax expense related to equity in earnings of investees was approximately $0.1 million. | ||||||||||||
As of December 31, 2013 and 2012, the components of Deferred Tax Assets and Deferred Tax Liabilities consisted of the following (in thousands of dollars): | ||||||||||||
31-Dec | 2013 | 2012 | ||||||||||
Deferred Tax Assets: | ||||||||||||
Inventory writedowns, asset provisions and liabilities | $ | 19,893 | $ | 23,004 | ||||||||
Tax loss and credit carryforwards | 19,215 | 11,306 | ||||||||||
Difference between book and tax basis of depreciable and amortizable assets | 21,093 | 20,836 | ||||||||||
Share-based payments and deferred compensation | 37,737 | 33,028 | ||||||||||
Sub-total | 97,938 | 88,174 | ||||||||||
Valuation allowance | (3,227 | ) | (10,235 | ) | ||||||||
Total deferred tax assets | 94,711 | 77,939 | ||||||||||
Deferred Tax Liabilities: | ||||||||||||
Difference between book and tax basis of other assets and liabilities | 6,636 | 6,273 | ||||||||||
Step up in acquired assets | 28 | 27 | ||||||||||
Pension obligations | 4,391 | 3,553 | ||||||||||
Basis differences in equity method investments | 4,745 | 4,684 | ||||||||||
Undistributed earnings of foreign subsidiaries | 26,462 | 113 | ||||||||||
Total deferred tax liabilities | 42,262 | 14,650 | ||||||||||
Total | $ | 52,449 | $ | 63,289 | ||||||||
The presentation of certain prior year amounts in the table above has been updated to conform to the current year presentation. | ||||||||||||
As of December 31, 2013, Sotheby’s had deferred tax assets related to various foreign and state loss and tax credit carryforwards totaling $19.2 million that begin to expire in 2016. | ||||||||||||
As of December 31, 2013 and 2012, Sotheby’s had provided valuation allowances of $3.2 million and $10.2 million, respectively, for foreign tax credits and certain foreign loss carryforwards. During 2013, the valuation allowance against foreign tax credits was reversed based on management’s conclusion that, as the result of the planned repatriation of certain foreign earnings in 2014, it is now more likely than not that the foreign tax credits will be realized due to sufficient foreign source income that will be generated by the planned repatriation. | ||||||||||||
In 2013, 2012, and 2011, the effective income tax rate varied from the statutory tax rate as follows: | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Statutory federal income tax rate | 35 | % | 35 | % | 35 | % | ||||||
State and local taxes, net of federal tax benefit | 2.8 | % | (0.1 | %) | (3.1 | %) | ||||||
Foreign taxes at rates different from U.S. rates | (11.1 | %) | (9.7 | %) | (9.7 | %) | ||||||
Deemed income from foreign subsidiaries, net | 2.2 | % | 2.8 | % | 2 | % | ||||||
Tax reserves | (1.1 | %) | 0.2 | % | 0.7 | % | ||||||
Corporate-owned life insurance | (0.7 | %) | (0.5 | %) | 0.2 | % | ||||||
Valuation allowance | (4.5 | %) | 2.6 | % | 0.3 | % | ||||||
Other non-deductible expenses | 0.4 | % | 0.5 | % | 0.3 | % | ||||||
Non-deductible compensation | 0.5 | % | 0.5 | % | 0.3 | % | ||||||
Undistributed earnings of foreign subsidiaries | 11 | % | 0 | % | (0.2 | %) | ||||||
Worthless stock deduction | (3.7 | %) | 0 | % | 0 | % | ||||||
Other | (0.8 | %) | 0.9 | % | 0.1 | % | ||||||
Effective income tax rate | 30 | % | 32.2 | % | 25.9 | % | ||||||
The presentation of the impact of undistributed earnings of foreign subsidiaries on the 2011 effective income tax rate was updated to conform to the current year presentation. | ||||||||||||
The comparison of the effective income tax rate between periods is significantly influenced by the level and mix of earnings and losses by taxing jurisdiction, foreign tax rate differentials, the relative impact of permanent book to tax differences (e.g., non-deductible expenses) on pre-tax results by taxing jurisdiction, and changes in valuation allowances and tax reserves. | ||||||||||||
Sotheby's effective income tax rate was approximately 30% in 2013, compared to approximately 32.2% in 2012. The 2013 effective income tax rate was influenced by a number of factors. In the second quarter of 2013, a $6.8 million income tax benefit was recorded, net of a related liability recognized for uncertain tax benefits (see Note 12), for a worthless stock deduction Sotheby’s intends to claim on its 2013 U.S. federal income tax return related to the tax basis of a foreign subsidiary. Several developments occurred during 2013 that impacted the future value of this subsidiary, making it clear that Sotheby’s had met the criteria for claiming a worthless stock deduction in 2013. These developments included the revaluation of several significant items held in the subsidiary's inventory, as well as the decision to close the subsidiary’s remaining office. In addition, in the fourth quarter of 2013, net income tax expense of $8.7 million was recorded as a result of management’s decision to repatriate $250 million of accumulated foreign earnings of Sotheby’s subsidiaries in Switzerland ($120 million), the U.K. ($105 million), and Hong Kong ($25 million) to help fund a $300 million special dividend payable to shareholders in 2014. Management had intended that the $250 million in foreign earnings would be indefinitely reinvested outside of the U.S., and would therefore not be subject to U.S. income taxes, based on its projections and planned uses of foreign earnings. However, based on the conclusions reached in January 2014 as a result of the Capital Allocation and Financial Policy Review (see Note 14), management and the Board of Directors determined that it is appropriate to repatriate these funds. The income tax expense that was recognized in the fourth quarter of 2013 as a result of this planned repatriation of foreign earnings was recorded net of the reversal of a valuation allowance against certain foreign tax credits which management determined were more likely than not to be realized as a result of the planned repatriation. | ||||||||||||
In 2012, the effective income tax rate increased, when compared to 2011, due to a higher amount of deemed income from foreign subsidiaries that was currently taxable in the U.S. and the recording of a valuation allowance against foreign tax credits and foreign net operating losses. In 2011, the effective income tax rate was impacted by a state and local tax benefit recognized due to the reversal of a valuation allowance against certain state and local deferred tax assets. | ||||||||||||
Sotheby’s has generally considered the unremitted earnings of its foreign subsidiaries to be indefinitely reinvested and does not intend to change this position with respect to historical earnings as of December 31, 2013, with the exception of the planned repatriation described above. A tax liability of $26.3 million ($11.1 million, net of foreign tax credits) has been recognized on approximately $250 million of those earnings due to their planned repatriation to the U.S. in 2014. The $11.1 million net liability consists of $8.7 million that was charged against net income and $2.4 million that was charged against other comprehensive income. As of December 31, 2013, income taxes have not been provided on the remaining $498.5 million of undistributed earnings that are intended to be indefinitely reinvested outside of the U.S. A determination of the amount of unrecognized deferred income tax liabilities on these earnings is not practicable because such hypothetical liability, if any, is subject to many variables, such as the amount of foreign tax credits that may be available, if any, and is dependent on circumstances existing if and when remittance occurs. If these earnings were not indefinitely reinvested outside the U.S., and assuming no use of foreign tax credits in the U.S., a deferred tax liability of approximately $174.5 million would be recognized for U.S. federal income taxes. | ||||||||||||
Based on current projections and planned uses of foreign earnings (including the planned repatriation discussed above), management believes that all other accumulated foreign earnings as of December 31, 2013 will be indefinitely reinvested outside of the U.S. and will not need to be repatriated to fund Sotheby’s U.S. operations or commitments. However, as a result of the Capital Allocation and Financial Policy Review concluded in January 2014 (see Note 14), management has determined that, beginning in 2014, the current earnings of its foreign subsidiaries will not be indefinitely reinvested. As a result, the recognition of deferred taxes on such earnings will increase the 2014 effective income tax rate. | ||||||||||||
Total net income tax payments during 2013, 2012, and 2011 were $36.2 million, $61.4 million, and $56.6 million, respectively. |
Uncertain_Tax_Positions
Uncertain Tax Positions | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Uncertainties [Abstract] | ' | ||||||||||||
Uncertain Tax Positions | ' | ||||||||||||
Uncertain Tax Positions | |||||||||||||
As of December 31, 2013, 2012, and 2011, the liability for unrecognized tax benefits, excluding interest and penalties, was $25.4 million, $35.4 million, and $34.7 million, respectively, consisting of the following (in thousands of dollars): | |||||||||||||
31-Dec | 2013 | 2012 | 2011 | ||||||||||
Deferred income taxes (contra assets) | $ | — | $ | 12,445 | $ | 12,445 | |||||||
Accrued income taxes (current) | — | 482 | — | ||||||||||
Accrued income taxes (long-term) | 25,423 | 22,473 | 22,244 | ||||||||||
Total liability for unrecognized tax benefits | $ | 25,423 | $ | 35,400 | $ | 34,689 | |||||||
As of December 31, 2013 and 2012, the total amount of unrecognized tax benefits that, if recognized, would favorably affect Sotheby’s effective income tax rate was $11.7 million and $17.4 million, respectively. | |||||||||||||
The table below presents a reconciliation of the beginning and ending balances of the liability for unrecognized tax benefits, excluding interest and penalties, for the years ended December 31, 2013, 2012, and 2011 (in thousands of dollars): | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Balance at January 1 | $ | 35,400 | $ | 34,689 | $ | 29,194 | |||||||
Increases in unrecognized tax benefits related to the current year | 8,999 | 2,484 | 5,928 | ||||||||||
Increases in unrecognized tax benefits related to prior years | 9 | 1,689 | 1,488 | ||||||||||
Decreases in unrecognized tax benefits related to prior years | (16,651 | ) | (3,350 | ) | (1,317 | ) | |||||||
Decreases in unrecognized tax benefits related to settlements | (555 | ) | — | (350 | ) | ||||||||
Decreases in unrecognized tax benefits due to the lapse of the applicable statute of limitations | (1,779 | ) | (112 | ) | (254 | ) | |||||||
Balance at December 31 | $ | 25,423 | $ | 35,400 | $ | 34,689 | |||||||
In 2013, the net decrease to the liability for unrecognized tax benefits is primarily attributable to the settlement of an audit and the expiration of the statute of limitations for certain tax years. The decrease is partially offset by a liability recognized for a portion of a tax benefit recorded during the year related to a worthless stock deduction Sotheby’s intends to claim on its 2013 U.S. federal income tax return related to the tax basis of a foreign subsidiary. Several developments occurred during 2013 that impacted the future value of this subsidiary, making it clear that Sotheby’s had met the criteria for claiming a worthless stock deduction in 2013. These developments included the revaluation of several significant items held in the subsidiary's inventory, as well as the decision to close the subsidiary’s remaining office. | |||||||||||||
In 2012, the net increase to the liability for unrecognized tax benefits was primarily attributable to increased reserves related to transfer pricing and other U.S. federal and state and non-U.S matters, partially offset by the reduction of the liability for unrecognized tax benefits primarily related to U.S. state issues that are no longer uncertain tax positions as a result of filing amended state returns and to U.S. federal matters for which the timing of the deduction is now certain. | |||||||||||||
In 2011, the net increase to the liability for unrecognized tax benefits was primarily attributable to increased reserves related to transfer pricing and other U.S. federal and state and non-U.S. matters, partially offset by the reduction of the liability for unrecognized tax benefits due to settlement of state and local tax audits. | |||||||||||||
Sotheby’s recognizes interest expense and penalties related to unrecognized tax benefits as a component of income tax expense in the Consolidated Income Statements. During 2013, 2012, and 2011, Sotheby’s recognized a benefit of $0.2 million, an expense of $0.5 million, and an expense of $0.6 million, respectively, for interest expense and penalties related to unrecognized tax benefits. As of December 31, 2013, 2012, and 2011, the liability for tax-related interest and penalties included on Sotheby's Consolidated Balance Sheets was $1.6 million, $1.8 million, and $1.3 million, respectively. The net decrease in 2013 was due primarily to the reversal of the interest accrued on the unrecognized tax benefits that were recognized during 2013, partially offset by an accrual of additional interest for the year. The increase in 2012 was due primarily to the accrual of additional interest. | |||||||||||||
Sotheby’s is subject to taxation in the U.S. and various state and foreign jurisdictions and as a result, is subject to ongoing tax audits in various jurisdictions. Sotheby's various U.S. state and foreign tax returns are currently under examination by taxing authorities. The earliest open tax year for the major jurisdictions in which Sotheby's does business, which includes the U.S. (including various state and local jurisdictions), the U.K., and Hong Kong, is 2005. | |||||||||||||
Management believes it is reasonably possible that a decrease of $4.5 million in the balance of unrecognized tax benefits can occur within 12 months of the December 31, 2013 balance sheet date primarily as a result of the expiration of the statutes of limitation and an expected settlement of an ongoing tax audit. |
Lease_Commitments
Lease Commitments | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Leases, Operating [Abstract] | ' | |||
Lease Commitments | ' | |||
Lease Commitments | ||||
Sotheby’s conducts business on premises leased in various locations under long-term operating leases expiring at various dates through 2060. In 2013, 2012, and 2011, net rental expense under Sotheby’s operating leases was $17.8 million, $17.4 million, and $14.7 million, respectively, which was recorded in General and Administrative Expenses in the Consolidated Income Statements. Future minimum lease payments due under non-cancellable operating leases in effect at December 31, 2013 were as follows (in thousands of dollars): | ||||
2014 | $ | 17,436 | ||
2015 | 15,981 | |||
2016 | 14,144 | |||
2017 | 12,013 | |||
2018 | 5,673 | |||
Thereafter | 39,291 | |||
Total future minimum lease payments | $ | 104,538 | ||
The future minimum lease payments in the table above exclude future minimum sublease rental receipts of $2.9 million owed to Sotheby’s under noncancellable subleases. In addition to the operating lease payments in the table above, under the terms of certain leases, Sotheby’s is required to pay real estate taxes and utility costs and may be subject to escalations in the amount of future minimum lease payments based on certain contractual provisions. |
Shareholders_Equity_Dividends_
Shareholders' Equity, Dividends and Share-based Payments | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Dividends, Share-based Compensation [Abstract] | ' | ||||||||||||
Shareholders' Equity, Dividends and Share-Based Payments | ' | ||||||||||||
Shareholders’ Equity, Dividends, and Share-Based Payments | |||||||||||||
Common Stock—The principal U.S. market for Sotheby’s Common Stock is the New York Stock Exchange (the “NYSE”) (Symbol: BID). Each share of Sotheby's Common Stock has a par value of $0.01 per share and is entitled to one vote. | |||||||||||||
Preferred Stock—Sotheby’s has the authority to issue 50 million shares of no par value preferred stock. No shares of preferred stock were outstanding as of December 31, 2013, 2012, and 2011. | |||||||||||||
Shareholder Rights Plan—On October 4, 2013, the Board of Directors declared a dividend of one preferred share purchase right (a “Right”) for each outstanding share of Sotheby's Common Stock and adopted a shareholder rights plan (the "Rights Agreement"). The dividend was paid on October 14, 2013 to the shareholders of record on that date. Each Right allows its holder to purchase from Sotheby's one one-hundredth of a share of Series A Junior Participating Preferred Stock (a “Preferred Share”) for $200 (the “Exercise Price”), once the Rights become exercisable. This portion of a Preferred Share will give the shareholder approximately the same dividend and liquidation rights as would one share of Sotheby's Common Stock. Prior to exercise, the Right does not give its holder any dividend, voting, or liquidation rights. | |||||||||||||
The Rights will not be exercisable until 10 days after the public announcement that a person or group has become an “Acquiring Person” by obtaining beneficial ownership of 10% (or 20% in the case of a “13G Investor,” as such term is defined in the Rights Agreement) or more of Sotheby's outstanding Common Stock (the "Distribution Date"). If a person or group becomes an Acquiring Person, each Right will entitle its holder (other than such Acquiring Person) to purchase for $200, a number of Sotheby’s Common Stock shares having a market value of twice such price, based on the market price of Sotheby's Common Stock prior to such acquisition. In addition, if Sotheby’s is acquired in a merger or other business combination transaction after the Distribution Date, each Right will entitle its holder to purchase, at the Right’s then-current exercise price, a number of the acquiring company's common stock shares having a market value of twice such price, based on the market price of the acquiring company's stock prior to such transaction. In addition, at any time after a person or group becomes an Acquiring Person, but before such Acquiring Person or group owns 50% or more of Sotheby's Common Stock, the Board of Directors may exchange one share of Sotheby’s Common Stock for each outstanding Right (other than Rights owned by such Acquiring Person, which would have become void). An Acquiring Person will not be entitled to exercise the Rights. | |||||||||||||
The Rights Agreement also includes “qualifying offer” provisions, whereby the Rights will automatically expire concurrently with (but no earlier than 100 days after the commencement of such qualifying offer) the purchase of 50% (including any shares held by the offeror) of Sotheby's outstanding Common Stock on a fully diluted basis pursuant to a tender or exchange offer for all of the outstanding shares of Sotheby's Common Stock at the same price and for the same consideration, provided that the offeror irrevocably commits to purchase all remaining untendered shares at the same price and the same consideration actually paid pursuant to the offer. The Rights will expire on October 3, 2016; provided that if Sotheby's shareholders have not ratified the Rights Agreement by October 3, 2014, the Rights will expire on such date. | |||||||||||||
On October 4, 2013, Sotheby's designated 2,000,000 shares of its Preferred Stock with a par value of $0.01 per share as Series A Junior Participating Preferred Stock. | |||||||||||||
Quarterly Cash Dividends—The following table summarizes cash dividends declared and paid in 2013, 2012, and 2011 (in thousands of dollars, except per share amounts): | |||||||||||||
Year | Dividends Per Common Share | Total Dividends | |||||||||||
2013 | $ | 0.2 | $ | 13,754 | |||||||||
2012 | $ | 0.52 | $ | 35,223 | |||||||||
2011 | $ | 0.23 | $ | 14,851 | |||||||||
In December 2012, the Board of Directors declared and Sotheby's paid accelerated first and second quarter of 2013 cash dividends of $13.6 million ($0.20 per common share). This accelerated dividend was paid in lieu of quarterly dividends that would have otherwise been declared and paid in the first and second quarters of 2013. | |||||||||||||
On February 27, 2014, the Board of Directors declared a quarterly dividend of $0.10 per share (approximately $6.9 million), payable on March 17, 2014 to shareholders of record as of March 10, 2014. | |||||||||||||
Subsequent Event: Capital Allocation and Financial Policy Review—In January 2014, management and the Board of Directors concluded a review of Sotheby's capital allocation and financial policies and, as a result: (i) established separate capital structures and financial policies for its Agency and Finance segments (see Note 10), (ii) declared a special dividend of $300 million ($4.34 per share), payable on March 17, 2014 to shareholders of record as of February 12, 2014, (iii) authorized a 5-year, $150 million Common Stock repurchase program that will be implemented principally to offset the annual vesting of employee share-based payments, and (iv) committed to an annual assessment of Sotheby's capital position to determine the amount of any excess capital available to be returned to shareholders. The $300 million special dividend will be funded principally by the repatriation of $250 million of cash from Sotheby’s foreign subsidiaries, with the remaining $50 million funded by existing domestic cash balances (see Note 11). | |||||||||||||
Share-Based Payments—Share-based payments to employees include performance-based stock awards, shares of restricted stock, restricted stock units, and stock options. Each type of share-based payment is explained below. Compensation expense related to share-based payments is recorded as a component of Salaries and Related Costs in the Consolidated Income Statements. In 2013, 2012, and 2011, compensation expense related to share-based payments was as follows (in thousands of dollars): | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Pre-Tax | $ | 22,350 | $ | 19,240 | $ | 18,918 | |||||||
After-Tax | $ | 15,299 | $ | 13,078 | $ | 12,536 | |||||||
In 2013, 2012, and 2011, Sotheby's realized $3.5 million, $2.8 million, and $7 million respectively, of excess tax benefits related to share-based payment arrangements. These tax benefits represent the amount by which the tax deduction resulting from the exercise or vesting of share-based payments exceeded the tax benefit initially recognized in the financial statements upon the amortization of compensation expense for these awards. Such excess tax benefits are recognized in the Consolidated Balance Sheets as an increase to Additional Paid-in Capital and are classified within Financing Activities in the Consolidated Statements of Cash Flows. | |||||||||||||
As of December 31, 2013, unrecognized compensation expense related to the unvested portion of share-based payments was $20.6 million. This compensation expense is expected to be amortized over a weighted-average period of approximately 2.7 years. Sotheby’s does not capitalize any compensation expense related to share-based payments to employees. | |||||||||||||
Sotheby's Restricted Stock Unit Plan—The Sotheby's Restricted Stock Unit Plan (the “Restricted Stock Unit Plan”) provides for the issuance of Restricted Stock Units (“RSU's”) to employees, subject to the approval of the Compensation Committee of the Board of Directors (the “Compensation Committee”). In making awards under the Restricted Stock Unit Plan, the Compensation Committee takes into account the nature of the services rendered by employees, their present and potential future contributions to Sotheby's success, and such other factors as the Compensation Committee in its discretion deems relevant. | |||||||||||||
RSU's generally vest evenly over a three or four year service period. Prior to vesting, holders of RSU's do not have voting rights, but are entitled to receive dividend equivalents. Dividend equivalents paid to holders of unvested RSU's are not forfeitable. RSU's may not be sold, assigned, transferred, pledged or otherwise encumbered until they vest. | |||||||||||||
Performance Share Units (or “PSU's”) are RSU's that generally vest over three or four years, subject to the achievement of certain profitability targets. Prior to vesting, holders of PSU's do not have voting rights and are not entitled to receive dividends or dividend equivalents. Dividend equivalents are credited to holders of PSU's and are only paid for the portion of PSU's that vest and become shares of Common Stock. PSU's may not be sold, assigned, transferred, pledged or otherwise encumbered until they vest. | |||||||||||||
On February 6, 2013, Sotheby's issued 696,488 PSU's with annual vesting opportunities over a four-year service period and a fair value of $24.9 million as follows: (i) 600,702 PSU's with a fair value of $21.5 million related almost entirely to Sotheby's incentive compensation programs and (ii) 95,786 PSU's with a fair value of $3.4 million issued to William F. Ruprecht, Sotheby's Chief Executive Officer, in accordance with the terms of his employment agreement. | |||||||||||||
On February 11, 2014, Sotheby's issued share-based payment awards with a total fair value of $28.3 million, as follows: (i) 415,510 PSU's with a fair value of $18.5 million and a single vesting opportunity after a three-year service period, including 336,999 PSU's with a fair value of $15 million, related almost entirely to Sotheby's incentive compensation programs, and 78,511 PSU's with a fair value of $3.5 million issued to William F. Ruprecht in accordance with the terms of his employment agreement, and (ii) 220,243 RSU's with annual vesting over a three-year service period and a fair value of $9.8 million related almost entirely to Sotheby's incentive compensation programs. | |||||||||||||
Summary of RSU’s, and PSU’s—In 2013, changes to the number of outstanding RSU’s and PSU’s were as follows (shares in thousands): | |||||||||||||
Restricted | Weighted | ||||||||||||
Stock Shares, RSU’s | Average | ||||||||||||
and PSU’s | Grant Date | ||||||||||||
Fair Value | |||||||||||||
Outstanding at January 1, 2013 | 1,912 | $ | 30.39 | ||||||||||
Granted | 696 | $ | 35.75 | ||||||||||
Vested | (703 | ) | $ | 21.97 | |||||||||
Canceled | (82 | ) | $ | 37.42 | |||||||||
Outstanding at December 31, 2013 | 1,823 | $ | 35.37 | ||||||||||
The aggregate fair value of Restricted Stock and RSU’s that vested during 2013, 2012, and 2011 was $26.9 million, $28.1 million, and $45.2 million, respectively, based on the closing stock price on the dates the shares vested. | |||||||||||||
On May 8, 2013, Sotheby's shareholders approved the Second Amended and Restated Sotheby's Restricted Stock Unit Plan, which, among other things, increased the maximum number of shares authorized for issuance by 3 million shares. As of December 31, 2013, 3.9 million shares were available for future awards pursuant to the Restricted Stock Unit Plan. | |||||||||||||
Stock Options—Stock options issued pursuant to the Sotheby's 1997 Stock Option Plan are exercisable into authorized but unissued shares of Common Stock. Stock options vest evenly over four years and generally expire ten years after the date of grant. | |||||||||||||
On February 9, 2010, the Compensation Committee approved a grant of 0.5 million stock options with a grant date fair value of $10.48 per share to five senior executives. These stock options have an exercise price of $22.11 and vest evenly over four years. Prior to this grant, no stock options were issued by Sotheby’s since 2005, and no stock options were granted in 2011, 2012, or 2013. As of December 31, 2013, 104,100 shares of Common Stock were available for the issuance of stock options under the Stock Option Plan. | |||||||||||||
In 2013, changes to the number of stock options outstanding were as follows (options and aggregate intrinsic value in thousands): | |||||||||||||
Options | Weighted Average | Weighted Average | Aggregate | ||||||||||
Exercise Price | Remaining | Intrinsic Value | |||||||||||
Contractual Term (in years) | |||||||||||||
Outstanding at January 1, 2013 | 348 | $ | 21.92 | ||||||||||
Canceled | (69 | ) | $ | 22.11 | |||||||||
Exercised | (186 | ) | $ | 21.75 | |||||||||
Outstanding at December 31, 2013 | 93 | $ | 22.11 | 5.2 | $ | 2,915 | |||||||
Exercisable at December 31, 2013 | 38 | $ | 22.11 | 6.1 | $ | 1,166 | |||||||
The aggregate intrinsic value of options exercised during 2013, 2012, and 2011 was $3.5 million, $0.6 million, and $3.2 million, respectively. Cash received from stock options that were exercised during 2013, 2012, and 2011 totaled $4 million, $1 million, and $2.6 million, respectively. In 2013, 2012, and 2011, the related excess tax benefit realized from the exercise of stock options was $0.7 million, $0.1 million, and $0.8 million, respectively. | |||||||||||||
Noortman Master Paintings—On June 7, 2006, Sotheby's entered into a sale and purchase agreement (the “Purchase Agreement”) with Arcimboldo S.A. (“Arcimboldo”) pursuant to which Sotheby's acquired all of the issued and outstanding shares of capital stock of NMP. Pursuant to the Purchase Agreement, Sotheby's paid initial consideration (the “Initial Consideration”) in the form of 1,946,849 shares of Sotheby's Common Stock. Pursuant to the Purchase Agreement, if NMP failed to achieve a minimum level of financial performance during the five years following the closing of the transaction, up to 20% of the Initial Consideration would be returned to Sotheby's. The minimum level of financial performance was not achieved and, as a result, 147,341 shares of Sotheby's Common Stock were returned to Sotheby's in the fourth quarter of 2011. In 2011, Sotheby's recognized a net benefit of $0.6 million in Salaries and Related Costs to reflect the final number of shares of common stock that were returned to Sotheby's. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Loss (Notes) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Other Comprehensive Income (Loss) [Abstract] | ' | ||||||||||||
Comprehensive Income (Loss) Note | ' | ||||||||||||
Accumulated Other Comprehensive Loss | |||||||||||||
The following is a summary of the changes in Accumulated Other Comprehensive Loss during the period January 1, 2011 to December 31, 2013 (in thousands of dollars): | |||||||||||||
Foreign Currency Items | Defined Benefit Pension Items | Total | |||||||||||
Balance at January 1, 2011 | $ | (25,979 | ) | $ | 7,031 | $ | (18,948 | ) | |||||
Foreign currency translation adjustments | (8,033 | ) | 1,027 | (7,006 | ) | ||||||||
Net unrealized losses related to defined benefit pension plan | — | (27,964 | ) | (27,964 | ) | ||||||||
Amounts reclassified from accumulated other comprehensive loss | — | — | — | ||||||||||
Net other comprehensive loss | (8,033 | ) | (26,937 | ) | (34,970 | ) | |||||||
Balance at December 31, 2011 | (34,012 | ) | (19,906 | ) | (53,918 | ) | |||||||
Foreign currency translation adjustments | 17,928 | (1,163 | ) | 16,765 | |||||||||
Net unrealized losses related to defined benefit pension plan | — | (13,222 | ) | (13,222 | ) | ||||||||
Amounts reclassified from accumulated other comprehensive loss | — | — | — | ||||||||||
Net other comprehensive income (loss) | 17,928 | (14,385 | ) | 3,543 | |||||||||
Balance at December 31, 2012 | (16,084 | ) | (34,291 | ) | (50,375 | ) | |||||||
Foreign currency translation adjustments | 14,732 | (858 | ) | 13,874 | |||||||||
Net unrealized losses related to defined benefit pension plan | — | (4,065 | ) | (4,065 | ) | ||||||||
Amounts reclassified from accumulated other comprehensive loss | — | 1,113 | 1,113 | ||||||||||
Net other comprehensive income (loss) | 14,732 | (3,810 | ) | 10,922 | |||||||||
Balance at December 31, 2013 | $ | (1,352 | ) | $ | (38,101 | ) | $ | (39,453 | ) |
Commitments_And_Contingencies
Commitments And Contingencies | 12 Months Ended |
Dec. 31, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies | ' |
Commitments and Contingencies | |
Employment Arrangements—As of December 31, 2013, Sotheby’s had employment arrangements with certain senior employees, which expire at various points between February 2014 and March 2017. Such arrangements may provide, among other benefits, for minimum salary levels and for compensation under Sotheby’s incentive compensation programs that is payable only if specified Company and individual goals are attained. Additionally, under certain circumstances, certain of these arrangements provide for annual share-based payments, severance payments, other cash compensation, and the continuation of benefits upon termination of employment. The aggregate remaining commitment for salaries and other cash compensation related to these employment arrangements, excluding any participation in Sotheby’s incentive compensation programs, was approximately $15.3 million as of December 31, 2013. | |
Indirect Tax Contingencies—Sotheby's is subject to laws and regulations in many countries involving sales, use, value-added, and other indirect taxes which are assessed by various governmental authorities and imposed on certain revenue-producing transactions between Sotheby's and its clients. The application of these laws and regulations to Sotheby's unique business and global client base, and the estimation of any related liabilities, is complex and requires a significant amount of judgment. These indirect tax liabilities are generally not those of Sotheby’s unless it fails to collect the correct amount of sales, value-added, or other indirect taxes. Failure to collect the correct amount of indirect tax on a transaction may require Sotheby’s to record a liability and corresponding charge to General and Administrative Expenses. As December 31, 2012, the total liability related to such tax contingencies was $4.9 million, representing Sotheby's estimate of the amounts owed for uncollected sales taxes. In January 2013, Sotheby’s paid approximately $4.7 million of this liability to the appropriate state taxing authority and the remainder of the liability was paid in June 2013. | |
Guarantee of Collection—A guarantee of collection is a guarantee to the consignor that, under certain conditions, Sotheby's will pay the consignor for property which has sold at auction but has not been paid for, within a certain amount of time, by the purchaser. It is not a guarantee that the property will be sold at a certain minimum price. | |
As of December 31, 2013, Sotheby's had guaranteed to a consignor the collection of up to approximately $131.3 million in potential sale proceeds related to property to be offered at auctions in London and New York primarily in the first and second quarters of 2014. In the event a purchaser has not paid for any item sold at auction by the settlement date (i.e., 35 days after the date of the auction or such other date agreed to by the consignor), Sotheby's will pay the consignor the net sale proceeds up to the final presale mid-estimate of the item, but Sotheby's would then take title to the property and have the right to pursue the defaulting buyer and/or reoffer the property at a future sale. If any of the property under this guarantee of collection fails to meet its reserve price and as a result, does not sell at the auction, or if the consignor elects to cancel a sale due to buyer default, Sotheby's has no obligation to pay the consignor for those items. As of February 14, 2014, Sotheby's had sold property with a guarantee of collection equal to $49.6 million. | |
As of December 31, 2013, Sotheby's had guaranteed to a consignor the collection of private sale proceeds in the amount of $35 million to be paid to the consignor on January 31, 2014. On January 27, 2014, all amounts due from the buyer were collected and all amounts due to the consignor were paid by Sotheby's. | |
Legal Contingencies—Sotheby’s becomes involved in various legal proceedings, lawsuits, and other claims incidental to the ordinary course of its business, including the two matters described below. Management is required to assess the likelihood of any adverse judgments or outcomes in these matters, as well as potential ranges of probable or reasonably possible losses. A determination of the amount of losses, if any, to be recorded or disclosed as a result of these contingencies is based on a careful analysis of each individual exposure with, in some cases, the assistance of outside legal counsel. The amount of losses recorded or disclosed for such contingencies may change in the future due to new developments in each matter or a change in management's settlement strategy. Management does not believe that the outcome of any of these pending claims or legal proceedings will have a material adverse effect on Sotheby’s consolidated results of operations, financial condition, and/or cash flows. | |
Sotheby's Inc. v. Halsey Minor was an action filed by a subsidiary of Sotheby's in September 2008 in the U.S. District Court for the Southern District of New York, seeking to collect amounts due for three paintings that Mr. Minor purchased in auctions conducted by Sotheby's in the spring of 2008. In March 2010, the court granted Sotheby's motions for summary judgment and entered a judgment in Sotheby's favor in the amount of $6.6 million, which was collected by Sotheby's in the second quarter of 2010. This judgment included $4.4 million for the shortfall resulting from the resale of the three paintings when compared to the original purchase prices and $2.2 million in interest and late charges owed to Sotheby's. The judgment also included an award of attorney's fees, in an amount that the court later determined to be $2.5 million. In February 2011, Mr. Minor and Sotheby's entered into a settlement agreement pursuant to which Mr. Minor dismissed his pending appeal and agreed to pay Sotheby's an additional $2.5 million in exchange for a release by Sotheby's of the uncollected $2.5 million judgment that it had against him and any claim for additional attorney's fees. As a result of the February 2011 settlement with Mr. Minor and the resolution of an outstanding claim related to the $6.6 million judgment, Sotheby's recognized a benefit of $3 million in its Consolidated Income Statement in the first quarter of 2011. This benefit relates to interest earned on Mr. Minor's overdue balance ($2.2 million), compensation for lost auction commissions ($0.4 million), and the partial reimbursement of legal fees ($0.4 million). As of December 31, 2013, $0.9 million of the $2.5 million settlement amount that was agreed to in February 2011 was paid by Mr. Minor and has been recognized in Sotheby's financial statements, with a benefit of $0.5 million recognized in 2013. It is uncertain how much of the remaining $1.6 million owed under the settlement will be paid and, as a result, this amount has not been recognized in Sotheby's financial statements. | |
Estate of Robert Graham, et al. v. Sotheby's, Inc. is a purported class action commenced in the U.S. District Court for the Central District of California in October 2011 on behalf of U.S. artists (and their estates) whose artworks were sold by Sotheby's in the State of California or at auction by California sellers and for which a royalty was allegedly due under the California Resale Royalties Act (the “Resale Royalties Act”). Plaintiffs seek unspecified damages, punitive damages and injunctive relief for alleged violations of the Resale Royalties Act and the California Unfair Competition Law. In January 2012, Sotheby’s filed a motion to dismiss the action on the grounds, among others, that the Resale Royalties Act violates the U.S. Constitution and is preempted by the U.S. Copyright Act of 1976. In February 2012, the plaintiffs filed their response to Sotheby's motion to dismiss. The court heard oral arguments on the motion to dismiss on March 12, 2012. On May 17, 2012, the court issued an order dismissing the action on the ground that the Resale Royalties Act violated the Commerce Clause of the U.S. Constitution. The plaintiffs have appealed this ruling. Sotheby's believes that there are meritorious defenses to the appeal. It is currently not possible to make an estimate of the amount or range of loss that could result from an unfavorable outcome of this matter. | |
(See Note 7, which discusses a contingent obligation related to Sotheby's interest in an equity method investment. See Note 10 for information related to Sotheby's long-term debt commitments. See Note 12, which discusses income tax contingencies. See Note 13 for information related to lease commitments. See Note 17 for information related to pension commitments. See Note 18, which discusses Sotheby's contingent obligations related to auction guarantees. ) |
Pension_Arrangements
Pension Arrangements | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | ' | |||||||||||||||
Pension Arrangements | ' | |||||||||||||||
Pension Arrangements | ||||||||||||||||
Retirement Savings Plan—Sotheby’s sponsors a qualified defined contribution plan for its U.S. employees who have met certain minimum length of service requirements (the “Retirement Savings Plan”). Participants in the Retirement Savings Plan may elect to contribute between 2% and 20% of their eligible pre-tax compensation, up to the maximum amount allowable under Internal Revenue Service (“IRS”) regulations. Participant savings are matched by a contribution from Sotheby’s of up to 3% of each participant’s eligible compensation. Sotheby’s may also contribute an annual discretionary amount to the Retirement Savings Plan, which varies as a percentage of each participant’s eligible compensation depending on Company profitability and subject to the maximum amount allowable under IRS regulations. In 2013, 2012, and 2011, Sotheby’s accrued discretionary contributions of $1.2 million, $1.2 million, and $1.7 million, respectively, to the Retirement Savings Plan, which is equal to 2%, 2%, and 3%, respectively, of each participant’s eligible compensation paid during those years. In 2013, 2012, and 2011, pension expense related to Sotheby's matching contributions (which includes discretionary contributions) to the Retirement Savings Plan, net of forfeitures, was $2.3 million, $2 million, and $3.6 million, respectively. | ||||||||||||||||
Deferred Compensation Plan—Sotheby’s sponsors the non-qualified Deferred Compensation Plan (the “DCP”) which is available to certain U.S. officers of Sotheby’s for whom contributions to the Retirement Savings Plan are limited by IRS regulations. The DCP provides participants with a menu of investment crediting options which track a portfolio of various deemed investment funds. Sotheby’s provides matching and discretionary contributions on the same basis as the Retirement Savings Plan, as discussed above. In 2013, 2012, and 2011, Sotheby’s accrued discretionary contributions of $0.4 million, $0.5 million, and $0.9 million, respectively, to the DCP, which is equal to 2%, 2%, and 3%, respectively, of each participant’s eligible compensation paid during those years. In 2013, 2012, and 2011, pension expense related to Sotheby's matching contributions (which includes discretionary contributions) to the DCP was $0.9 million, $1.0 million, and $1.4 million, respectively. | ||||||||||||||||
Employee deferrals and Sotheby’s contributions to the DCP are informally funded into a rabbi trust which provides benefit security by sheltering assets in the event of a change-in-control of the Company and certain other situations. DCP liabilities are financed through the trust almost entirely by using company-owned variable life insurance (“COLI”), and, to a much lesser extent, investments in mutual funds. As of December 31, 2013 and 2012, the DCP liability was $51.8 million and $45.2 million, respectively, and the assets held in the rabbi trust consisted of the following (in thousands of dollars): | ||||||||||||||||
31-Dec | 2013 | 2012 | ||||||||||||||
Company-owned variable life insurance | $ | 45,581 | $ | 41,861 | ||||||||||||
Mutual fund investments | 7,650 | 6,065 | ||||||||||||||
Total | $ | 53,231 | $ | 47,926 | ||||||||||||
The COLI and mutual fund investments are aggregated and recorded on the Consolidated Balance Sheets within Trust Assets Related to Deferred Compensation Liability. The COLI is reflected at its cash surrender value. The mutual fund investments are classified as trading securities and reflected at their fair value. | ||||||||||||||||
Changes in the fair value of the DCP liability, which result from gains and losses in deemed participant investments, are recognized in earnings within Salaries and Related costs in the period in which they occur. Gains in deemed participant investments increase the DCP liability, as well as Salaries and Related costs. Losses in deemed participant investments decrease the DCP liability, as well as Salaries and Related costs. In 2013, 2012, and 2011, net gains (losses) in deemed participant investments totaled $5.1 million, $3.2 million, and ($0.5) million, respectively. | ||||||||||||||||
Gains and losses resulting from changes in the fair value of the cash surrender value of the COLI and the mutual fund investments and related insurance expenses are recognized in earnings below Operating Income within Other Income (Expense) in the period in which they occur. In 2013, 2012, and 2011, net gains (losses) related to the COLI and the mutual fund investments were $3.7 million, $2.4 million, and ($1.3) million, respectively. | ||||||||||||||||
U.K. Defined Contribution Plan—Beginning on April 1, 2004, a defined contribution plan was made available to employees in the U.K. (the "U.K. Defined Contribution Plan"). In 2013, 2012, and 2011, pension expense related to the U.K. Defined Contribution Plan was $1.3 million, $1 million, and $0.8 million, respectively. | ||||||||||||||||
U.K. Defined Benefit Plan—Sotheby’s sponsors a defined benefit pension plan covering a portion of its U.K. employees (the “U.K. Pension Plan”). Effective April 1, 2004, the U.K. Pension Plan was closed to new employees. The tables below present detailed information related to the U.K. Pension Plan. | ||||||||||||||||
Benefit Obligation, Plan Assets, and Funded Status | ||||||||||||||||
The table below details the changes in the projected benefit obligation, plan assets and funded status of the U.K. Pension Plan, as well as the net pension asset recognized on the Consolidated Balance Sheets, as of December 31, 2013 and 2012 (in thousands of dollars): | ||||||||||||||||
31-Dec | 2013 | 2012 | ||||||||||||||
Reconciliation of benefit obligation | ||||||||||||||||
Benefit obligation at beginning of year | $ | 318,155 | $ | 270,660 | ||||||||||||
Service cost | 3,682 | 3,662 | ||||||||||||||
Interest cost | 13,359 | 13,143 | ||||||||||||||
Contributions by plan participants | 1,251 | 1,358 | ||||||||||||||
Actuarial loss | 23,410 | 25,157 | ||||||||||||||
Benefits paid | (8,168 | ) | (8,818 | ) | ||||||||||||
Foreign currency exchange rate changes | 8,496 | 12,993 | ||||||||||||||
Projected benefit obligation at end of year | 360,185 | 318,155 | ||||||||||||||
Reconciliation of plan assets | ||||||||||||||||
Fair value of plan assets at beginning of year | 336,189 | 297,854 | ||||||||||||||
Actual return on plan assets | 38,097 | 27,660 | ||||||||||||||
Employer contributions | 20,268 | 4,084 | ||||||||||||||
Contributions by plan participants | 1,251 | 1,358 | ||||||||||||||
Benefits paid | (8,168 | ) | (8,818 | ) | ||||||||||||
Foreign currency exchange rate changes | 9,832 | 14,051 | ||||||||||||||
Fair value of plan assets at end of year | 397,469 | 336,189 | ||||||||||||||
Funded Status | ||||||||||||||||
Net pension asset | $ | 37,284 | $ | 18,034 | ||||||||||||
As of December 31, 2013 and 2012, the accumulated benefit obligation for the U.K. Pension Plan was $344 million and $305.6 million. | ||||||||||||||||
Components of Net Pension Benefit | ||||||||||||||||
In 2013, 2012, and 2011, the components of the net pension benefit related to the U.K. Pension Plan were (in thousands of dollars): | ||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||
Service cost | $ | 3,682 | $ | 3,662 | $ | 4,087 | ||||||||||
Interest cost | 13,359 | 13,143 | 13,660 | |||||||||||||
Expected return on plan assets | (19,659 | ) | (19,609 | ) | (23,255 | ) | ||||||||||
Amortization of actuarial loss | 1,458 | — | — | |||||||||||||
Net pension benefit | $ | (1,160 | ) | $ | (2,804 | ) | $ | (5,508 | ) | |||||||
Net Loss Recognized in Other Comprehensive Income | ||||||||||||||||
The net loss related to the U.K. Pension Plan, which is recognized net of tax in Other Comprehensive Income (Loss), is generally the result of: (i) actual results being different from previous actuarial assumptions (for example, the expected return on plan assets) and/or (ii) changes in actuarial assumptions between balance sheet dates (for example, the discount rate). In 2013 and 2012, the net loss related to the U.K. Pension Plan was ($4.1) million and ($13.2) million, respectively. | ||||||||||||||||
Net Loss Included in Accumulated Other Comprehensive Loss | ||||||||||||||||
Net gains and (losses) related to the U.K. Pension Plan recognized in Other Comprehensive Income are recorded net of tax in the Shareholders' Equity section of the Consolidated Balance Sheets within Accumulated Other Comprehensive Loss. If the amount recorded in Accumulated Other Comprehensive Loss exceeds 10% of the greater of (i) the market-related value of plan assets or (ii) the benefit obligation, that excess amount is amortized as a component of future net pension expense or benefit over the average expected remaining service period of active plan participants, which is approximately 12.8 years. The market-related value of plan assets adjusts the market value of plan assets by recognizing changes in fair value over a period of five years. As of December 31, 2013 and 2012, the net loss related to the U.K. Pension Plan recorded in Accumulated Other Comprehensive Loss was ($38.6) million and ($34.8) million, respectively. It is expected that approximately $1.9 million ($2.3 million, pre-tax) of the ($38.6) million net loss will be recognized as a component of the net pension benefit for the year ended December 31, 2014. | ||||||||||||||||
Assumptions | ||||||||||||||||
In 2013, 2012, and 2011, the following assumptions were used in determining the benefit obligation and net pension benefit related to the U.K. Pension Plan: | ||||||||||||||||
Benefit Obligation | 2013 | 2012 | ||||||||||||||
Weighted average discount rate | 4.40% | 4.40% | ||||||||||||||
Weighted average rate of compensation increase | 4.60% | 4.20% | ||||||||||||||
Net Pension Benefit | 2013 | 2012 | 2011 | |||||||||||||
Weighted average discount rate | 4.40% | 4.80% | 5.50% | |||||||||||||
Weighted average rate of compensation increase | 4.20% | 5.00% | 5.50% | |||||||||||||
Weighted average expected long-term rate of return on plan assets | 6.20% | 6.30% | 7.70% | |||||||||||||
The discount rate represents the approximate weighted average rate at which the obligations of the U.K. Pension Plan could be effectively settled and is based on a yield curve for a selection of high-quality corporate bonds with maturity dates approximating the length of time remaining until individual benefit payment dates. | ||||||||||||||||
The assumption for future annual compensation increases is determined after considering historical salary data for Sotheby's U.K. employees and management's expectations for future salary growth, as well as current economic data for inflation. | ||||||||||||||||
The expected long-term rate of return is weighted according to the composition of invested assets and is based on expected future appreciation, as well as dividend and interest yields currently available in the equity and bond markets. In particular, the expected rate of return for growth assets represents management's estimate of median annualized returns by asset class. The expected rate of return on debt securities is based on interest yields currently available on long-dated U.K. government bonds and highly-rated corporate bonds. No allowance is made in the expected rate of return for potential market out-performance by fund managers. | ||||||||||||||||
Plan Assets | ||||||||||||||||
The investment policy for the U.K. Pension Plan is established by the Trustees in consultation with the management of Sotheby’s. The Trustees’ investment objective is to maximize the return on assets while controlling the level of risk so as to ensure that sufficient assets are available to pay participants’ benefits as and when they arise. In order to avoid an undue concentration of risk, a diverse spread of assets is held within the portfolio. The diversification is both within and across asset categories. Target allocation percentages are established for different categories within each asset class; actual allocation percentages are permitted to fall within a reasonable range of these targets. In setting specific asset allocation targets, the Trustees take advice as required from professional investment advisors and require that the majority of the assets be realizable at short notice. | ||||||||||||||||
The Trustees have agreed that a relatively high concentration of growth securities is appropriate. The investment strategy through December 31, 2013 included target allocation percentages of approximately 68% for growth assets and approximately 32% for debt securities and cash. | ||||||||||||||||
In the first quarter of 2014, the Trustees notified management that they will alter the asset allocation percentages so that approximately 60% will be allocated to growth assets and approximately 40% will be allocated to debt securities and cash. A small holding in real estate is retained, which is not subject to this allocation methodology. This change in asset allocation, which takes into account the funded status of the plan and the age profile of participants, is intended to reduce the level of risk and volatility associated with the U.K. Pension Plan while minimizing the necessity for significant future deficit contributions from the Company. | ||||||||||||||||
The investment managers for the U.K. Pension Plan have full discretion in making investment decisions, subject to broad guidelines established by the Trustees. It is the Trustees’ policy not to invest in shares of Sotheby’s or any of its subsidiaries. The performance of the investment managers is benchmarked against suitable indices. | ||||||||||||||||
The table below presents the fair value of U.K. Pension Plan assets, by investment category, as of December 31, 2013 and 2012 (in thousands of dollars): | ||||||||||||||||
31-Dec | 2013 | % of Total | 2012 | % of Total | ||||||||||||
Growth assets | $ | 280,019 | 70.5 | % | $ | 227,140 | 67.6 | % | ||||||||
Debt securities: | ||||||||||||||||
Government | — | — | % | 22,702 | 6.8 | % | ||||||||||
Corporate | 30,774 | 7.7 | % | 28,267 | 8.4 | % | ||||||||||
Index-linked | 82,619 | 20.8 | % | 53,392 | 15.9 | % | ||||||||||
Total debt securities | 113,393 | 28.5 | % | 104,361 | 31 | % | ||||||||||
Real estate mutual funds | 2,746 | 0.7 | % | 2,479 | 0.7 | % | ||||||||||
Cash and cash equivalents | 1,311 | 0.3 | % | 2,209 | 0.7 | % | ||||||||||
Total fair value of plan assets | $ | 397,469 | $ | 336,189 | ||||||||||||
Assets measured at fair value are classified and disclosed according to one of the following categories: | ||||||||||||||||
• | Level 1—Quoted prices are available in active markets for identical assets or liabilities as of the reporting date. Level 1 inputs generally provide the most reliable evidence of fair value. | |||||||||||||||
• | Level 2—Pricing inputs are other than quoted prices in active markets, which are either directly or indirectly observable as of the reporting date, and fair value may be determined through the use of models or other valuation methodologies. | |||||||||||||||
• | Level 3—Pricing inputs are unobservable for the asset or liability and include situations where there is little, if any, market activity for the investment. The inputs into the determination of fair value require significant management judgment or estimation. | |||||||||||||||
The table below provides fair value measurement information for the U.K. Pension Plan assets as of December 31, 2013 (in thousands of dollars): | ||||||||||||||||
Fair Value Measurements Using: | ||||||||||||||||
Total Fair | Quoted Prices | Significant Other | Significant | |||||||||||||
Value | in Active | Observable | Unobservable | |||||||||||||
Markets (Level 1) | Inputs (Level 2) | Inputs | ||||||||||||||
(Level 3) | ||||||||||||||||
Growth assets | $ | 280,019 | $ | 189,430 | $ | 90,589 | $ | — | ||||||||
Debt securities: | ||||||||||||||||
Government | — | — | — | — | ||||||||||||
Corporate | 30,774 | 11,377 | 19,397 | — | ||||||||||||
Index-linked | 82,619 | 82,619 | — | — | ||||||||||||
Total debt securities | 113,393 | 93,996 | 19,397 | — | ||||||||||||
Real estate mutual funds | 2,746 | — | 2,746 | — | ||||||||||||
Cash and cash equivalents | 1,311 | 1,311 | — | — | ||||||||||||
Total fair value of plan assets | $ | 397,469 | $ | 284,737 | $ | 112,732 | $ | — | ||||||||
As of December 31, 2013, the following U.K. Pension Plan assets are classified as Level 1 fair value measurements: | ||||||||||||||||
Growth Assets—Includes investments in publicly-traded mutual funds and other publicly-traded stocks, the fair values of which are based on exchange quoted prices in active markets. | ||||||||||||||||
Debt Securities—Includes investments in publicly-traded bond mutual funds and other publicly-traded bonds, the fair values of which are based on exchange quoted prices in active markets. | ||||||||||||||||
Cash and Cash Equivalents—Includes investments in cash and money market instruments that are highly liquid and for which book value approximates fair value. | ||||||||||||||||
As of December 31, 2013, the following U.K. Pension Plan assets are classified as Level 2 fair value measurements: | ||||||||||||||||
Growth Assets—Includes investments in pooled funds which do not have directly observable quoted market prices, but for which the underlying value is determined by publicly-traded stocks that have directly observable exchange quoted prices in active markets. | ||||||||||||||||
Debt Securities—Includes investments in pooled funds which do not have directly observable quoted market prices, but for which the underlying value is determined by publicly-traded bonds that have directly observable exchange quoted prices in active markets. | ||||||||||||||||
Real Estate Mutual Funds—Includes investments in real estate mutual funds, the fair value of which are based on directly and indirectly observable real estate prices, including comparable prices. | ||||||||||||||||
Estimated Future Benefit Payments | ||||||||||||||||
Estimated future benefit payments related to the U.K. Pension Plan, which reflect expected future service, as appropriate, are as follows (in thousands of dollars): | ||||||||||||||||
Year | Benefit | |||||||||||||||
Payments | ||||||||||||||||
2014 | $ | 9,193 | ||||||||||||||
2015 | $ | 9,824 | ||||||||||||||
2016 | $ | 12,537 | ||||||||||||||
2017 | $ | 11,657 | ||||||||||||||
2018 | $ | 12,651 | ||||||||||||||
2019 to 2023 | $ | 72,751 | ||||||||||||||
Contributions | ||||||||||||||||
In 2013, Sotheby’s contributed $20.3 million to the U.K. Pension Plan, including $18 million contributed in October 2013 in respect to the recently completed statutory triennial funding valuation of the plan. This contribution satisfied the resulting statutory funding deficit in full. Sotheby's currently expects to contribute approximately $3.1 million to the U.K. Pension Plan in 2014. |
Auction_Guarantees
Auction Guarantees | 12 Months Ended |
Dec. 31, 2013 | |
Auction Guarantees [Abstract] | ' |
Auction Guarantees | ' |
Auction Guarantees | |
From time-to-time in the ordinary course of its business, Sotheby’s will guarantee to a consignor a minimum sale price in connection with the sale of property at auction (an “auction guarantee”). In the event that the property sells for less than the guaranteed price, Sotheby’s must perform under the auction guarantee by funding the difference between the sale price at auction and the amount of the auction guarantee. Sotheby’s is generally entitled to a share of the excess proceeds (the “overage”) if the property under the auction guarantee sells above the guaranteed price. If the property does not sell, the amount of the auction guarantee must be paid, but Sotheby’s has the right to recover such amount through the future sale of the property. In these situations, the guaranteed property is recorded as Inventory on the Consolidated Balance Sheets at the lower of cost (i.e., the amount paid under the auction guarantee) or management’s estimate of the property's net realizable value (i.e., expected sale price upon disposition). The sale proceeds ultimately realized by Sotheby’s in these situations may equal, exceed or be less than the amount recorded as Inventory on the Consolidated Balance Sheets. | |
Sotheby’s may reduce its financial exposure under auction guarantees through contractual risk and reward sharing arrangements under which a counterparty commits to bid a predetermined price on the guaranteed property (an “irrevocable bid”). If the irrevocable bid is the winning bid, the counterparty purchases the property at the predetermined price plus the applicable buyer’s premium, which is the same amount that any other successful bidder would pay at that price. If the irrevocable bid is not the winning bid, the counterparty is generally entitled to receive a share of the auction commission earned on the sale and/or a share of any overage. Sotheby's irrevocable bid counterparties are typically major international art dealers or major art collectors. Sotheby’s could be exposed to losses in the event any of these counterparties do not perform according to the terms of these contractual arrangements. In the first quarter of 2013, Sotheby's recorded $1.7 million as a client goodwill gesture within General and Administrative Expenses as a result of an accommodation made to an irrevocable bid counterparty. | |
Although irrevocable bids may be used to reduce the risk associated with auction guarantees, Sotheby's may also enter into auction guarantees without securing irrevocable bids. To the extent that auction guarantees are issued without securing irrevocable bids, auction commission margins and Sotheby's share of any auction guarantee overage could potentially improve, as the buyer's premium and any overage would not be shared with an irrevocable bid counterparty, but Sotheby's could also be exposed to auction guarantee losses and/or deterioration in auction commission margins if the underlying property fails to sell at the minimum guaranteed price. Furthermore, in such situations, Sotheby's liquidity could be reduced. | |
As discussed in Note 10, Sotheby's credit agreement has a covenant that imposes a $300 million limitation on net outstanding auction guarantees (i.e., auction guarantees less the impact of related risk and reward sharing arrangements). In addition to compliance with this covenant, Sotheby's use of auction guarantees is also subject to management and, in some cases, Board of Directors, approval. | |
As of December 31, 2013, Sotheby’s had outstanding auction guarantees totaling $61.5 million. Each of the outstanding auction guarantees had a minimum guaranteed price that was within the range of the pre-sale auction estimates for the underlying property. The property related to these auction guarantees will be offered at auctions in the first half of 2014. | |
Sotheby's is obligated under the terms of certain auction guarantees to advance all or a portion of the guaranteed amount prior to auction. As of December 31, 2013, $28 million of the guaranteed amount had been advanced by Sotheby's in the U.K. and is recorded on the Consolidated Balance Sheets within Notes Receivable and Consignor Advances (see Note 5). As of December 31, 2013 and December 31, 2012, the carrying value of the liability representing the estimated fair value of Sotheby’s obligation to perform under its auction guarantees totaled $2.9 million and $3.3 million, respectively, and is recorded on the Consolidated Balance Sheets within Accounts Payable and Accrued Liabilities. | |
As of February 14, 2014, Sotheby's had outstanding auction guarantees totaling $73.7 million. As of February 14, 2014, Sotheby's financial exposure under these auction guarantees is reduced by irrevocable bids totaling $37.2 million. Each of the outstanding auction guarantees had a minimum guaranteed price that was within the range of the pre-sale auction estimates for the underlying property. The property related to these auction guarantees will be offered at auctions in the first half of 2014. As of February 14, 2014, $8.7 million of the guaranteed amount had been advanced by Sotheby's. |
Derivative_Financial_Instrumen
Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 2013 | |
Summary of Derivative Instruments [Abstract] | ' |
Derivative Financial Instruments | ' |
Derivative Financial Instruments | |
Sotheby’s utilizes forward exchange contracts to hedge cash flow exposures related to foreign currency exchange rate movements, which primarily arise from short-term foreign currency denominated intercompany balances and, to a much lesser extent, foreign currency denominated client payable balances. Such forward exchange contracts are typically short-term with settlement dates less than six months from their inception. Additionally, on rare occasions, Sotheby’s may purchase foreign currency option contracts to hedge risks associated with foreign currency denominated client payable balances. All derivative financial instruments are entered into by Sotheby’s global treasury function, which is responsible for monitoring and managing Sotheby's exposure to foreign currency exchange rate movements. | |
As of December 31, 2013, the notional value of outstanding forward exchange contracts was $37.4 million. Notional values do not quantify risk or represent assets or liabilities of Sotheby’s, but are used to calculate cash settlements under outstanding forward exchange contracts. Sotheby’s is exposed to credit-related risks in the event of nonperformance by the three counterparties to its outstanding forward exchange contracts. Sotheby’s does not expect any of these counterparties to fail to meet their obligations, given their high short-term (A1/P1) credit ratings. | |
As of December 31, 2013 and December 31, 2012, the aggregate carrying value of Sotheby's outstanding forward exchange contracts was $0.2 million and less than $0.1 million, respectively, which were recorded as liabilities on the Consolidated Balance Sheets within Accounts Payable and Accrued Liabilities. These carrying values reflect the aggregate fair values of the outstanding derivative instruments on each balance sheet date based on referenced market rates. |
Related_Party_Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2013 | |
Related Party Transactions [Abstract] | ' |
Related Party Transactions | ' |
Related Party Transactions | |
From time-to-time, in the ordinary course of business, related parties such as members of the Board of Directors and employees transact with Sotheby's to buy and sell property at auction and through private sales. For the years ended December 31, 2013, 2012, and 2011, Sotheby’s recognized Agency Revenues of $4.8 million, $10 million, and $21.8 million, respectively, related to property consigned or purchased by related parties. | |
As of December 31, 2013 and 2012, Accounts Receivable (net) included $2.7 million and $3.9 million, respectively, associated with auction or private sale purchases made by related parties and an affiliate of a related party (see Note 5 and Note 7). The related party receivable balance outstanding as of December 31, 2013 was collected in the first quarter of 2014. |
Recently_Issued_Accounting_Sta
Recently Issued Accounting Standards | 12 Months Ended |
Dec. 31, 2013 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | ' |
Recently Issued Accounting Standards | ' |
Recently Issued Accounting Standards | |
In February 2013, the Financial Accounting Standards Board ("FASB") issued ASU 2013-02, which requires entities to disclose additional information regarding changes within its accumulated other comprehensive income, but does not change the manner in which entities account for items included in accumulated other comprehensive income. Sotheby's adopted ASU 2013-02 upon its effective date in the first quarter of 2013 (see Note 15). | |
In February 2013, the FASB issued ASU 2013-04, which provides new accounting and disclosure guidance for joint-and-several obligations. ASU 2013-04 is effective for public entities in fiscal years beginning on or after December 15, 2013 and is to be applied retrospectively to obligations with joint-and-several liabilities existing at the beginning of an entity's fiscal year of adoption. Management is currently assessing the potential impact of this standard on Sotheby's financial statements. | |
In July 2013, the FASB issued ASU 2013-11, which provides guidance on the financial statement presentation of an unrecognized tax benefit when a net operating loss ("NOL") carryforward, a similar tax loss, or a tax credit carryforward exists. ASU 2013-11 requires the presentation of unrecognized tax benefits in the financial statements as a reduction to a same-jurisdiction deferred tax asset for an NOL carryforward, a similar tax loss, or a tax carryforward except when (i) an NOL carryforward, a similar tax loss or a tax credit carryforward is not available as of the reporting date under the governing tax law to settle taxes that would result from the disallowance of the tax position or (ii) the entity does not intend to use the deferred tax asset for this purpose (provided that the tax law permits a choice). If either of these conditions exist, an entity should present an unrecognized tax benefit in the financial statements as a liability and should not net the unrecognized tax benefit with a deferred tax asset. This standard does not affect the recognition or measurement of uncertain tax positions. ASU 2013-11 is effective prospectively for public entities in fiscal years beginning after December 15, 2013. Sotheby's will adopt this standard for the quarter ending March 31, 2014. Management is currently assessing the potential impact of this standard on Sotheby's financial statements. |
Quarterly_Results_Unaudited
Quarterly Results (Unaudited) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | |||||||||||||||
Quarterly Results (Unaudited) | ' | |||||||||||||||
Quarterly Results (Unaudited) | ||||||||||||||||
The worldwide art auction market has two principal selling seasons, which generally occur in the second and fourth quarters of the year. Collectively, second and fourth quarter Net Auction Sales (as defined below) represented 83% and 84% of total annual Net Auction Sales in 2013 and 2012, respectively, with auction commission revenues comprising approximately 81% of Sotheby's total revenues in these years. Accordingly, Sotheby’s financial results are seasonal, with peak revenues and operating income generally occurring in those quarters. Consequently, first and third quarter results have historically reflected lower revenues when compared to the second and fourth quarters and, typically, net losses due to the fixed nature of many of Sotheby’s operating expenses. | ||||||||||||||||
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | |||||||||||||
(In thousands, except per share data) | ||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||
Net Auction Sales (a) | $ | 523,386 | $ | 1,654,088 | $ | 228,587 | $ | 1,932,887 | ||||||||
Income Statement Data: | ||||||||||||||||
Revenues: | ||||||||||||||||
Agency | $ | 94,175 | $ | 294,943 | $ | 76,929 | $ | 327,592 | ||||||||
Principal | 1,083 | 2,122 | 23,491 | 3,942 | ||||||||||||
Finance | 4,933 | 5,561 | 5,164 | 5,619 | ||||||||||||
License fees | 1,186 | 2,090 | 1,902 | 1,724 | ||||||||||||
Other | 368 | 152 | 378 | 324 | ||||||||||||
Total revenues | $ | 101,745 | $ | 304,868 | $ | 107,864 | $ | 339,201 | ||||||||
Net (loss) income | $ | (22,345 | ) | $ | 91,729 | $ | (30,131 | ) | $ | 90,753 | ||||||
Per Share Amounts: | ||||||||||||||||
Basic (loss) earnings per share - Sotheby’s common shareholders | $ | (0.33 | ) | $ | 1.34 | $ | (0.44 | ) | $ | 1.32 | ||||||
Diluted (loss) earnings per share - Sotheby’s common shareholders | $ | (0.33 | ) | $ | 1.33 | $ | (0.44 | ) | $ | 1.3 | ||||||
Shares Outstanding: | ||||||||||||||||
Basic | 67,951 | 68,306 | 68,361 | 68,876 | ||||||||||||
Diluted | 67,951 | 68,889 | 68,361 | 69,826 | ||||||||||||
Year Ended December 31, 2012 | ||||||||||||||||
Net Auction Sales (a) | $ | 425,829 | $ | 1,679,253 | $ | 192,874 | $ | 1,511,700 | ||||||||
Income Statement Data: | ||||||||||||||||
Revenues: | ||||||||||||||||
Agency | $ | 97,410 | $ | 290,151 | $ | 59,711 | $ | 269,959 | ||||||||
Principal | 2,678 | 7,394 | 1,815 | 14,293 | ||||||||||||
Finance | 3,575 | 4,580 | 4,572 | 4,980 | ||||||||||||
License fees | 901 | 1,592 | 2,046 | 1,585 | ||||||||||||
Other | 395 | 232 | 317 | 306 | ||||||||||||
Total revenues | $ | 104,959 | $ | 303,949 | $ | 68,461 | $ | 291,123 | ||||||||
Net income (loss) | $ | (10,664 | ) | $ | 85,430 | $ | (32,565 | ) | $ | 66,091 | ||||||
Per Share Amounts: | ||||||||||||||||
Basic earnings (loss) per share - Sotheby’s common shareholders | $ | (0.16 | ) | $ | 1.26 | $ | (0.48 | ) | $ | 0.97 | ||||||
Diluted earnings (loss) per share - Sotheby’s common shareholders | $ | (0.16 | ) | $ | 1.24 | $ | (0.48 | ) | $ | 0.96 | ||||||
Shares Outstanding: | ||||||||||||||||
Basic | 67,457 | 67,753 | 67,771 | 67,779 | ||||||||||||
Diluted | 67,457 | 68,416 | 67,771 | 68,621 | ||||||||||||
Legend: | ||||||||||||||||
(a) Net Auction Sales represents the hammer price of property sold at auction. |
Schedule_II_Valuation_and_Qual
Schedule II Valuation and Qualifying Accounts | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | ' | ||||||||||||||||||||
Schedule II Valuation and Qualifying Accounts | ' | ||||||||||||||||||||
SCHEDULE II | |||||||||||||||||||||
SOTHEBY’S | |||||||||||||||||||||
VALUATION AND QUALIFYING ACCOUNTS | |||||||||||||||||||||
YEARS ENDED DECEMBER 31, 2013, 2012, AND 2011 | |||||||||||||||||||||
Column A | Column B | Column C | Column D | Column E | |||||||||||||||||
Description | Balance at | Charged to | Charged to | Deductions | Balance | ||||||||||||||||
Beginning | Costs and | Other | at End of | ||||||||||||||||||
of Period | Expenses | Accounts | Period | ||||||||||||||||||
(Thousands of dollars) | |||||||||||||||||||||
Valuation reserve deducted in the balance sheet from the asset to which it applies: | |||||||||||||||||||||
Receivables: | |||||||||||||||||||||
2013 Allowance for doubtful accounts and credit losses | $ | 7,969 | $ | 1,444 | $ | — | $ | 728 | $ | 8,685 | |||||||||||
2012 Allowance for doubtful accounts and credit losses | $ | 8,038 | $ | 1,296 | $ | — | $ | 1,365 | $ | 7,969 | |||||||||||
2011 Allowance for doubtful accounts and credit losses | $ | 5,687 | $ | 2,951 | $ | 388 | $ | 988 | $ | 8,038 | |||||||||||
Deferred tax assets: | |||||||||||||||||||||
2013 Valuation allowance | $ | 10,235 | $ | 1,735 | $ | 66 | $ | 8,809 | $ | 3,227 | |||||||||||
2012 Valuation allowance | $ | 6,000 | $ | 4,333 | $ | — | $ | 98 | $ | 10,235 | |||||||||||
2011 Valuation allowance | $ | 19,106 | $ | 675 | $ | — | $ | 13,781 | $ | 6,000 | |||||||||||
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2013 | |
Accounting Policies [Abstract] | ' |
Principles of Consolidation | ' |
Principles of Consolidation—The Consolidated Financial Statements include the accounts of Sotheby’s wholly-owned subsidiaries and Sotheby's Beijing Auction Co., Ltd. ("Sotheby's Beijing"), a joint venture formed in September 2012 in which Sotheby's has a controlling 80% ownership interest. The net income or loss attributable to the minority owner of Sotheby's Beijing is not reported separately because it is not material and the non-controlling 20% ownership interest is recorded as a reduction to Total Equity on the Consolidated Balance Sheets. Intercompany transactions and balances among Sotheby's subsidiaries have been eliminated. | |
Equity investments through which Sotheby’s exercises significant influence over the investee, but does not control, are accounted for using the equity method. Under the equity method, Sotheby’s share of investee earnings or losses is recorded, net of taxes, within Equity in Earnings of Investees in the Consolidated Income Statements. Sotheby’s interest in the net assets of these investees is recorded within Equity Method Investments on the Consolidated Balance Sheets. (See Note 7 for information related to Sotheby’s equity method investments.) | |
Foreign Currency Translation | ' |
Foreign Currency Translation—Assets and liabilities recorded in foreign currencies are translated at the exchange rate on the balance sheet date. Revenues, expenses, gains, and losses recorded in foreign currencies are translated using the monthly average exchange rates prevailing during the period in which they are recognized. Translation adjustments resulting from this process are recorded to Other Comprehensive Income (Loss) and reported on the Consolidated Balance Sheets within Accumulated Other Comprehensive Income (Loss) until the subsidiary is sold or liquidated. | |
Restricted Cash | ' |
Restricted Cash—Restricted Cash includes net auction proceeds owed to consignors in certain foreign jurisdictions where such funds are legally required to be maintained in segregated bank accounts, as well as other cash deposits whose use is restricted by law, contract or management statement of intention. | |
Valuation of Art | ' |
Valuation of Inventory and Loan Collateral—The market for fine art, decorative art, and high-end jewelry is not a highly liquid trading market. As a result, the valuation of these items is inherently subjective and their realizable value often fluctuates over time. In estimating the realizable value of the property held in inventory and the property pledged as collateral for Finance segment loans, management relies on the opinions of Sotheby’s specialists, who consider the following complex array of factors when valuing these items: (i) whether the property is expected to be offered at auction or sold privately, in the ordinary course of business; (ii) the supply and demand for the property, taking into account economic conditions and, where relevant, changing trends in the art market as to which collecting categories and artists are most sought after; and (iii) recent sale prices achieved for comparable items within a particular collecting category and/or by a particular artist. Due to the inherent subjectivity involved in estimating the realizable value of the property held in inventory and the property pledged as collateral for Finance segment loans, management’s estimates of realizable value may prove, with the benefit of hindsight, to be different than the amount ultimately realized upon sale. (See below for a discussion of Sotheby’s accounting policies with respect to Notes Receivable and Inventory.) | |
Accounts Receivable and Allowance for Doubtful Accounts | ' |
Accounts Receivable and Allowance for Doubtful Accounts—Accounts Receivable principally includes amounts due from buyers as a result of auction and private sale transactions. The recorded amount reflects the purchase price of the property, including the commission owed by the buyer. The Allowance for Doubtful Accounts principally includes estimated losses associated with situations when Sotheby's has paid the net sale proceeds to the seller (also known as a consignor) and it is probable that payment will not be collected from the buyer. The Allowance for Doubtful Accounts also includes an estimate of probable losses inherent in the remainder of the Accounts Receivable balance. The amount of the required allowance is based on the facts available to management, including the value of any property held as collateral, and is reevaluated and adjusted as additional facts become known. Based on all available information, management believes that the Allowance for Doubtful Accounts is adequate as of December 31, 2013; however, actual losses may ultimately exceed the recorded allowance. As of December 31, 2013 and 2012, the allowance for doubtful accounts was $6.8 million and $6.6 million, respectively. (See Note 5 for information related to Accounts Receivable.) | |
Notes Receivable and Allowance for Credit Losses | ' |
Notes Receivable and Allowance for Credit Losses—Notes Receivable principally includes secured loans issued by Sotheby’s Finance segment. The determination of whether a specific loan is impaired and the amount of any required allowance is based on the facts available to management and is reevaluated and adjusted as additional facts become known. A loan is considered to be impaired when management determines that it is probable that a portion of the principal and interest owed by the borrower will not be recovered after taking into account the estimated realizable value of the collateral securing the loan, as well as the ability of the borrower to repay any shortfall between the value of the collateral and the amount of the loan. An allowance is also established for probable losses inherent in the remainder of the loan portfolio based on historical data related to loan losses. (See Note 5 for information related to Notes Receivable.) | |
Inventory | ' |
Inventory—Inventory consists of works of fine art, decorative art, and high-end jewelry owned by Sotheby's through its Principal and Agency segments. The inventory of the Principal segment consists of property purchased for the purpose of resale, including the remaining inventory of Noortman Master Paintings (see Note 4). The inventory of the Agency segment consists principally of items obtained as a result of the failure of guaranteed property to sell at auction (see Note 18). To a lesser extent, Agency segment inventory also includes property obtained as a result of buyer defaults in situations when Sotheby's has paid the consignor and property acquired in connection with the settlement of authenticity claims. | |
Inventory is valued on a specific identification basis at the lower of cost or management’s estimate of realizable value. If there is evidence that the estimated realizable value of a specific item held in Inventory is less than its carrying value, a writedown is recorded to reflect management's revised estimate of realizable value. Writedowns to the carrying value of Principal segment inventory are recorded in the Consolidated Income Statements within Cost of Principal Revenues. Writedowns to the carrying value of Agency segment inventory are recorded in the Consolidated Income Statements as a reduction to Agency Revenues (see discussion below under “Auction Guarantee and Inventory Activities”). | |
Although all of the items held in Inventory are available for immediate sale, the timing of eventual sale is difficult to predict due to the high value and unique nature of each item, as well as the cyclical nature of the global art market. Management expects that the items held in Inventory will be sold in the ordinary course of Sotheby's business during the normal operating cycle for such items. | |
(See Note 6 for information related to Inventory.) | |
Fixed Assets | ' |
Fixed Assets—Fixed Assets are stated at cost less accumulated depreciation and amortization. Depreciation is calculated using the straight-line method over the estimated useful life of the asset. Buildings are depreciated over a useful life of up to 50 years. Building improvements are depreciated over a useful life of up to 20 years. Furniture and fixtures are depreciated over a useful life of up to 7 years. Leasehold improvements are amortized using the straight-line method over the lesser of the term of the related lease or the estimated useful life of the improvement. Computer software consists of the capitalized cost of purchased computer software, as well as direct external and internal computer software development costs incurred in the acquisition or development of software for internal use. These costs are amortized on a straight-line basis over the estimated useful life of the software, which is typically 10 years for enterprise systems and 3 years for other types of software. (See Note 8 for information related to Fixed Assets.) | |
Goodwill and Other Intangible Assets | ' |
Goodwill and Other Intangible Assets—Goodwill represents the excess of the purchase price paid over the fair value of net assets acquired in a business combination. Goodwill is not amortized, but it is tested annually for impairment at the reporting unit level as of October 31 and between annual tests if indicators of potential impairment exist. These indicators could include a decline in Sotheby’s stock price and market capitalization, a significant change in the outlook for the reporting unit’s business, lower than expected operating results, increased competition, legal factors, or the sale or disposition of a significant portion of a reporting unit. An impairment loss is recognized for any amount by which the carrying value of a reporting unit’s goodwill exceeds its fair value. The fair value of a reporting unit is estimated by management using a discounted cash flow methodology. Goodwill is attributable to reporting units in the Agency segment and totaled $14.5 million and $14.3 million as of December 31, 2013 and 2012, respectively, with the changes in the carrying value being attributable solely to foreign currency exchange rate movements. Other intangible assets include an indefinite lived license obtained in conjunction with Sotheby's purchase of a retail wine business in 2008. As of December 31, 2013 and 2012, the accumulated amortization related to other intangible assets was $6.5 million and $6.2 million, respectively. | |
Impairment of Long-Lived Assets | ' |
Impairment of Long-Lived Assets—Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. In such situations, long-lived assets are considered impaired when estimated future cash flows (undiscounted and without interest charges) resulting from the use of the asset and its eventual disposition are less than the asset’s carrying amount. In such situations, the asset is written down to the present value of the estimated future cash flows. Factors that are considered when evaluating long-lived assets for impairment include a current expectation that it is more likely than not that the long-lived asset will be sold significantly before the end of its useful life, a significant decrease in the market price of the long-lived asset, and a significant change in the extent or manner in which the long-lived asset is being used. | |
Valuation of Deferred Tax Assets | ' |
Valuation of Deferred Tax Assets—A valuation allowance is recorded to reduce Sotheby’s deferred tax assets to the amount that is more likely than not to be realized. In assessing the need for the valuation allowance, management considers, among other things, previous losses in certain jurisdictions, projections of future taxable income, and ongoing prudent and feasible tax planning strategies. | |
If management determines that sufficient negative evidence exists (for example, if Sotheby's experiences cumulative three-year losses in a certain jurisdiction), then management will consider recording a valuation allowance against a portion or all of the deferred tax assets in that jurisdiction. If, after recording a valuation allowance, management's projections of future taxable income and other positive evidence considered in evaluating the need for a valuation allowance prove, with the benefit of hindsight, to be inaccurate, it will be more difficult to support the realization of its deferred tax assets. As a result, an additional valuation allowance may be required. | |
Conversely, if, after recording a valuation allowance, management determines that sufficient positive evidence exists in the jurisdiction in which it recorded the valuation allowance (for example, if Sotheby's is no longer in a three-year cumulative loss position in the jurisdiction, and management expects to have future taxable income in that jurisdiction based upon its forecasts and the expected timing of deferred tax asset reversals), management may reverse a portion or all of the valuation allowance in that jurisdiction. | |
(See Note 11 for information related to Income Taxes.) | |
Auction Guarantees | ' |
Auction Guarantees—From time to time in the ordinary course of its business, Sotheby’s will guarantee to a consignor a minimum sale price in connection with the sale of property at auction (an “auction guarantee”). In the event that the property sells for less than the guaranteed price, Sotheby’s must perform under the auction guarantee by funding the difference between the sale price at auction and the amount of the auction guarantee. If the property does not sell, the amount of the auction guarantee must be paid, but Sotheby’s has the right to recover such amount through the future sale of the property. The estimated fair value of Sotheby’s obligation to perform under its auction guarantees is recorded on the Consolidated Balance Sheets within Accounts Payable and Accrued Liabilities. This estimated fair value is based on an analysis of historical loss experience related to auction guarantees and does not include the impact of risk-sharing arrangements that may have mitigated all or a portion of any historical losses. (See Note 18 for information related to Auction Guarantees.) | |
Financial Instruments | ' |
Financial Instruments—Sotheby’s material financial instruments include Cash and Cash Equivalents, Restricted Cash, Notes Receivable, the Deferred Compensation Liability, the Trust Assets related to the Deferred Compensation Liability, Long-Term Debt, and forward exchange contracts. The carrying amounts of Cash and Cash Equivalents, Restricted Cash, and Notes Receivable do not materially differ from their estimated fair values due to their nature and the variable interest rates associated with each of these financial instruments. (See Notes 10, 17, and 19 for information on the fair value of Sotheby's other financial instruments.) | |
Revenue Recognition | ' |
Revenue Recognition (Agency Revenues)—Through its Agency segment, Sotheby’s accepts property on consignment, stimulates buyer interest through professional marketing techniques, and matches sellers (also known as consignors) to buyers through the auction or private sale process. Prior to offering a work of art for sale, Sotheby’s specialists perform significant due diligence activities to authenticate and determine the ownership history of the property being sold. The revenue recognition policy for each of the principal components of Agency Revenues is described below. | |
(1) Auction Commission Revenues—In its role as auctioneer, Sotheby’s accepts property on consignment and matches sellers to buyers through the auction process. Sotheby’s invoices the buyer for the purchase price of the property (including the commission owed by the buyer), collects payment from the buyer, and remits to the consignor the net sale proceeds after deducting its commissions, expenses and applicable taxes and royalties. Sotheby’s auction commissions include those paid by the buyer (“buyer’s premium”) and those paid by the seller (“seller’s commission”) (collectively, “auction commission revenue”), both of which are calculated as a percentage of the hammer price of the property sold at auction. | |
On the fall of the auctioneer’s hammer, the highest bidder becomes legally obligated to pay the full purchase price, which includes the hammer price of the property purchased plus the buyer’s premium, and the seller is legally obligated to relinquish the property in exchange for the hammer price less any seller’s commissions. Auction commission revenue is recognized on the date of the auction sale upon the fall of the auctioneer’s hammer, which is the point in time when Sotheby’s has substantially accomplished what it must do to be entitled to the benefits represented by the auction commission revenue. Subsequent to the date of the auction sale, Sotheby’s remaining obligations for its auction services relate only to the collection of the purchase price from the buyer and the remittance of the net sale proceeds to the seller. These remaining service obligations are not an essential part of the auction services provided by Sotheby’s. | |
Under the standard terms and conditions of its auction sales, Sotheby’s is not obligated to pay the consignor for property that has not been paid for by the buyer, provided that the property has not been released to the buyer. If a buyer defaults on payment, the sale may be cancelled, and the property will be returned to the consignor. Management continually evaluates the collectability of amounts due from individual buyers and only recognizes auction commission revenue when the collection of the amount due from the buyer is reasonably assured. If management determines that it is probable that the buyer will default, a cancelled sale is recorded in the period in which that determination is made and the associated Accounts Receivable balance, including Sotheby's auction commission, is reversed. Management's judgments regarding the collectability of accounts receivable are based on an assessment of the buyer's payment history, discussions with the buyer, and the value of any property held as security against the buyer's payment obligation. Management's judgments with respect to the collectability of amounts due from buyers for auction and private sale purchases may prove, with the benefit of hindsight, to be incorrect. Historically, cancelled sales have not been material in relation to the aggregate hammer price of property sold at auction. | |
Auction commission revenues are recorded net of commissions owed to third parties, which are principally the result of situations when the buyer’s premium is shared with a consignor or with the counterparty in an auction guarantee risk and reward sharing arrangement (see Note 18). Additionally, in certain situations, auction commissions are shared with third parties who introduce Sotheby’s to consignors who sell property at auction or otherwise facilitate the sale of property at auction. | |
(2) Private Sale Commission Revenues—Private sale commission revenues are earned through the direct brokering of purchases and sales of art. Similar to auction sales, the primary service that Sotheby’s provides in a private sale transaction is the matching of the seller to a buyer in a legally binding transaction. Private sales are initiated either by a client wishing to sell property with Sotheby’s acting as its exclusive agent in the transaction or a prospective buyer who is interested in purchasing a certain work of art privately. Such arrangements are evidenced by a legally binding agreement between Sotheby’s and the seller (a “Seller Agreement”), which outlines the terms of the arrangement, including the desired sale price and the amount or rate of commission to be earned. In certain situations, Sotheby’s may also execute a legally binding agreement with the buyer stipulating the terms of the transaction (a “Buyer Agreement”). | |
The timing of revenue recognition for private sale commissions is evaluated on a case-by-case basis, and in large part, is dependent upon whether a Buyer Agreement has been executed. Additionally, a careful analysis of the individual facts and circumstances is performed for each transaction to fully understand Sotheby’s obligations and performance requirements related to the transaction. | |
In transactions with a Buyer Agreement, Sotheby’s services are performed on the date that the Buyer Agreement is executed. At this point, any remaining service obligations are considered to be inconsequential and perfunctory. Such remaining service obligations normally relate only to the collection of the purchase price from the buyer and the remittance of the net sale proceeds to the seller. These remaining service obligations are not an essential part of the services that Sotheby’s provides in a private sale transaction. In the absence of an executed Buyer Agreement, revenue recognition is deferred until Sotheby’s has performed its substantive service obligations in the transaction and the buyer has paid the full purchase price thereby evidencing the terms of the arrangement. | |
Private sale commission revenues are recorded within Agency Revenues in the Consolidated Income Statements. Private sale commission revenues are recorded net of commissions owed to third parties. In certain situations, commissions are shared with third parties who introduce Sotheby’s to consignors who sell property through a private sale transaction. | |
(3) Auction Guarantee and Inventory Activities—This component of Agency Revenues consists mainly of gains and losses related to auction guarantees including: (i) Sotheby's share of overage or shortfall related to guaranteed property offered or sold at auction, (ii) writedowns to the carrying value of previously guaranteed property that failed to sell at auction, and (iii) recoveries and losses on the eventual sale of previously guaranteed property that failed to sell at auction. | |
The overage or shortfall related to guaranteed property is generally recognized in the period in which the property is offered at auction. However, a shortfall is recognized prior to the date of the auction if management determines that a loss related to an auction guarantee is probable. In such situations, the amount of the loss is estimated by management based on the difference between the amount of the auction guarantee and the expected selling price of the property, including buyer’s premium. | |
Writedowns to the carrying value of previously guaranteed property that is held in Inventory are recognized in the period in which management determines that the estimated realizable value of the item is less than its carrying value. Recoveries or losses resulting from the eventual sale of previously guaranteed property are recognized in the period in which the sale is completed, title to the property passes to the purchaser, and Sotheby’s has fulfilled its obligations with respect to the transaction, including, but not limited to, delivery of the property. The amount of any such recovery or loss, which is recorded on a net basis, is calculated as the difference between the proceeds received from the eventual sale and the carrying value of the property held in Inventory. | |
Revenue Recognition (Principal Revenues)—Principal revenues predominantly include the proceeds from the sale of Principal segment Inventory and are recognized in the period in which the sale is completed, title to the property passes to the purchaser and Sotheby’s has fulfilled any other obligations that may be relevant to the transaction, including, but not limited to, delivery of the property. The carrying value of Principal segment Inventory sold during a period is recorded within Cost of Principal Revenues. | |
Revenue Recognition (Finance Revenues)—Finance revenues consist principally of interest income earned on Notes Receivable. Such interest income is recognized when earned, based on the amount of the outstanding loan, the applicable interest rate on the loan, and the length of time the loan is outstanding during the period. A non-accrual loan is a loan for which future Finance revenue is not recorded due to management’s determination that it is probable that future interest on the loan is not collectible. Any cash receipts subsequently received on non-accrual loans are first applied to reduce the recorded principal balance of the loan, with any proceeds in excess of the principal balance then applied to interest owed by the borrower. The recognition of Finance revenue may resume on a non-accrual loan if sufficient additional collateral is provided by the borrower or if management becomes aware of other circumstances that indicate that it is probable that the borrower will make future interest payments on the loan. | |
Sales, Use and Value-Added Taxes | ' |
Sales, Use and Value-Added Taxes—Sales, use and value-added taxes assessed by governmental authorities that are both imposed on and concurrent with revenue-producing transactions between Sotheby’s and its clients are reported on a net basis within revenues. | |
Direct Costs of Services | ' |
Agency Direct Costs—A large portion of Agency Direct Costs relate to sale-specific marketing costs such as catalogue production and distribution expenses, advertising and promotion costs, and traveling exhibition costs. Such costs are deferred and recorded on the Consolidated Balance Sheets within Prepaid Expenses and Other Current Assets until the date of the sale when they are recognized in the Consolidated Income Statements. | |
Share-Based Payments | ' |
Share-Based Payments—Sotheby’s grants share-based payment awards as compensation to certain employees. The amount of compensation expense recognized for share-based payments is based on management’s estimate of the number of shares ultimately expected to vest as a result of employee service. For share-based payment awards that vest annually over a multi-year period of service, compensation expense is amortized over the requisite service period according to a graded vesting schedule. For share-based payment awards that vest at the end of a service period, compensation expense is amortized on a straight-line basis over the requisite service period. | |
A substantial portion of the share-based payment awards vest only if Sotheby’s achieves established profitability targets. The amount and timing of compensation expense recognized for such performance-based awards is dependent upon management's quarterly assessment of the likelihood and timing of achieving these future profitability targets. Accordingly, if management's projections of future profitability prove, with the benefit of hindsight, to be inaccurate, the amount of life-to-date and future compensation expense related to share-based payments could significantly increase or decrease. | |
(See Note 14 for information related to share-based payments.) | |
Use of Estimates | ' |
Use of Estimates—The preparation of financial statements in conformity with accounting principles generally accepted in the U.S. requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of revenues and expenses during the reporting period. Actual results could differ materially from those estimates and could change in the short-term. | |
Segment Reporting, Policy | ' |
Sotheby’s operations are organized under three segments: Agency, Principal, and Finance. Until the fourth quarter of 2013, the Agency segment was referred to as the Auction segment and the Principal segment was referred to as the Dealer segment. In the fourth quarter of 2013, the names of these segments were updated to better reflect the nature of each of their activities. | |
The Agency segment accepts property on consignment, stimulates buyer interest through professional marketing techniques, and matches sellers (also known as consignors) to buyers through the auction or private sale process. Prior to offering a work of art for sale, Sotheby’s specialists perform significant due diligence activities to authenticate and determine the ownership history of the property being sold. The Agency segment is an aggregation of Sotheby's auction and private sale activities in North America and South America, Europe, and Asia, which have similar economic characteristics and are similar in their services, customers, and the manner in which their services are provided. Sotheby’s chief operating decision making group, which consists of its Chief Executive Officer, Chief Financial Officer, and Chief Operating Officer, regularly evaluates financial information about each operating segment in deciding how to allocate resources and assess performance. The performance of each segment is measured based on its pre-tax income (loss), excluding the unallocated items highlighted below. | |
The activities of the Principal segment include the sale of artworks that have been purchased opportunistically by Sotheby's and, to a lesser extent, retail wine sales and the activities of Acquavella Modern Art, an equity investee (see Note 7). Under certain circumstances, the Principal segment provides secured loans to certain art dealers to finance the purchase of works of art. In these situations, Sotheby's acquires a partial ownership interest in the purchased property in addition to providing the loan. Upon its eventual sale, the loan is repaid and any profit or loss is shared by Sotheby's and the art dealer according to their respective ownership interests. | |
The Principal segment also holds the remaining inventory of Noortman Master Paintings (or "NMP"), an art dealer that was acquired by Sotheby's in June 2006. In recent years, NMP was adversely impacted by shifts in the collecting tastes of its clients and faced increased challenges in sourcing and successfully selling the categories of Old Master Paintings that traditionally formed the heart of its business. In the third quarter of 2011, management initiated a plan to restructure NMP’s business and sales strategy, but those efforts were not successful in reversing this trend. As a result, on December 31, 2013, NMP’s remaining office in London was closed. Management is currently executing its sale plans for NMP’s remaining inventory. As of December 31, 2013, the carrying value of NMP's remaining inventory was $11.1 million. | |
The Finance segment conducts art-related financing activities by providing certain collectors and dealers with loans secured by works of art. (see Note 5). | |
All Other primarily includes the results of Sotheby’s brand licensing activities and other ancillary businesses, which are not material to Sotheby’s consolidated financial statements. | |
The accounting policies of Sotheby’s segments are the same as those described in the summary of significant accounting policies (see Note 2). For auction commissions, Agency segment revenues are attributed to geographic areas based on the location of the auction. For private sale commissions, Agency segment revenues are attributed to geographic areas based on the location of the entities which significantly contributed to the completion of the sale. Principal segment revenues are attributed to geographic areas based on the location of the entity that holds legal title to the property sold. Finance segment revenues are attributed to geographic areas based on the location of the entity that originated the loan. | |
Earnings Per Share, Policy | ' |
Basic earnings per share—Basic earnings per share attributable to Sotheby's common shareholders is computed under the two-class method using the weighted average number of common shares outstanding during the period. The two-class method requires that the amount of net income attributable to participating securities be deducted from consolidated net income in the computation of basic earnings per share. In periods with a net loss, the net loss attributable to participating securities is not deducted from consolidated net loss in the computation of basic loss per share as the impact would be anti-dilutive. Sotheby's only participating securities are restricted stock units, which have non-forfeitable rights to dividends. | |
Diluted earnings per share—Diluted earnings per share attributable to Sotheby's common shareholders is computed in a similar manner to basic earnings per share under the two-class method, using the weighted average number of common shares outstanding during the period and, if dilutive, potential common shares outstanding during the period. |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||
Computation Of Basic And Diluted Earnings Per Share | ' | |||||||||||
The table below summarizes the computation of basic and diluted earnings per share for 2013, 2012, and 2011 (in thousands of dollars, except per share amounts): | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Basic: | ||||||||||||
Numerator: | ||||||||||||
Net income attributable to Sotheby’s | $ | 130,006 | $ | 108,292 | $ | 171,416 | ||||||
Less: Net income attributable to participating securities | 60 | 450 | 1,988 | |||||||||
Net income attributable to Sotheby’s common shareholders | $ | 129,946 | $ | 107,842 | $ | 169,428 | ||||||
Denominator: | ||||||||||||
Weighted average common shares outstanding | 68,374 | 67,691 | 67,282 | |||||||||
Basic earnings per share - Sotheby’s common shareholders | $ | 1.9 | $ | 1.59 | $ | 2.52 | ||||||
Diluted: | ||||||||||||
Numerator: | ||||||||||||
Net income attributable to Sotheby’s | $ | 130,006 | $ | 108,292 | $ | 171,416 | ||||||
Less: Net income attributable to participating securities | 60 | 446 | 1,949 | |||||||||
Net income attributable to Sotheby’s common shareholders | $ | 129,946 | $ | 107,846 | $ | 169,467 | ||||||
Denominator: | ||||||||||||
Weighted average common shares outstanding | 68,374 | 67,691 | 67,282 | |||||||||
Weighted average effect of Sotheby's dilutive potential common shares: | ||||||||||||
Convertible Notes | 97 | 92 | 858 | |||||||||
Performance share units | 428 | 486 | 436 | |||||||||
Deferred stock units | 150 | 163 | 157 | |||||||||
Stock options | 77 | 95 | 102 | |||||||||
Warrants | 49 | — | 15 | |||||||||
Weighted average dilutive potential common shares outstanding | 801 | 836 | 1,568 | |||||||||
Denominator for calculation of diluted earnings per share | 69,175 | 68,527 | 68,850 | |||||||||
Diluted earnings per share - Sotheby’s common shareholders | $ | 1.88 | $ | 1.57 | $ | 2.46 | ||||||
Segment_Reporting_Tables
Segment Reporting (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Segment Reporting, Measurement Disclosures [Abstract] | ' | ||||||||||||||||||||||||
Schedule of Agency Segment Revenue [Table Text Block] | ' | ||||||||||||||||||||||||
2013, 2012, and 2011 Agency segment revenues consisted of the following (in thousands of dollars): | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Auction commissions | $ | 687,853 | $ | 622,391 | $ | 701,776 | |||||||||||||||||||
Private sale commissions | 88,711 | 74,632 | 67,848 | ||||||||||||||||||||||
Auction guarantee and inventory activities | (2,186 | ) | (1,623 | ) | 125 | ||||||||||||||||||||
Other Agency revenues* | 19,801 | 21,831 | 21,989 | ||||||||||||||||||||||
Total Agency segment revenues | 794,179 | 717,231 | 791,738 | ||||||||||||||||||||||
Reconciling item | (540 | ) | — | — | |||||||||||||||||||||
Total Agency revenues | $ | 793,639 | $ | 717,231 | $ | 791,738 | |||||||||||||||||||
* | Includes commissions and other fees earned by Sotheby's on sales brokered by third parties, fees charged to clients for catalogue production and insurance, catalogue subscription revenues, and advertising revenues. | ||||||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment | ' | ||||||||||||||||||||||||
The following table presents Sotheby’s segment information for 2013, 2012, and 2011 (in thousands of dollars): | |||||||||||||||||||||||||
Year ended December 31, 2013 | Agency | Principal | Finance | All Other | Reconciling items | Total | |||||||||||||||||||
Revenues | $ | 794,179 | $ | 30,638 | $ | 31,228 | $ | 8,124 | $ | (10,491 | ) | $ | 853,678 | ||||||||||||
Interest income | $ | 3,860 | $ | — | $ | — | $ | 31 | $ | (1,090 | ) | $ | 2,801 | ||||||||||||
Interest expense | $ | 42,636 | $ | — | $ | 67 | $ | 9 | $ | — | $ | 42,712 | |||||||||||||
Depreciation and amortization | $ | 19,072 | $ | 202 | $ | 125 | $ | 36 | $ | — | $ | 19,435 | |||||||||||||
Segment income (loss) before taxes | $ | 163,196 | $ | (4,854 | ) | $ | 21,411 | $ | 5,967 | $ | (27 | ) | $ | 185,693 | |||||||||||
Year ended December 31, 2012 | |||||||||||||||||||||||||
Revenues | $ | 717,231 | $ | 26,180 | $ | 25,486 | $ | 7,374 | $ | (7,779 | ) | $ | 768,492 | ||||||||||||
Interest income | $ | 2,465 | $ | 6 | $ | — | $ | — | $ | (921 | ) | $ | 1,550 | ||||||||||||
Interest expense | $ | 44,425 | $ | 4 | $ | — | $ | — | $ | — | $ | 44,429 | |||||||||||||
Depreciation and amortization | $ | 17,325 | $ | 463 | $ | 120 | $ | 34 | $ | — | $ | 17,942 | |||||||||||||
Segment income (loss) before taxes | $ | 152,240 | $ | (1,423 | ) | $ | 18,595 | $ | 5,338 | $ | (15,314 | ) | $ | 159,436 | |||||||||||
Year ended December 31, 2011 | |||||||||||||||||||||||||
Revenues | $ | 791,738 | $ | 21,790 | $ | 16,265 | $ | 6,270 | $ | (4,227 | ) | $ | 831,836 | ||||||||||||
Interest income | $ | 4,622 | $ | — | $ | — | $ | — | $ | (620 | ) | $ | 4,002 | ||||||||||||
Interest expense | $ | 41,492 | $ | 6 | $ | — | $ | — | $ | — | $ | 41,498 | |||||||||||||
Depreciation and amortization | $ | 17,228 | $ | 231 | $ | 113 | $ | 32 | $ | — | $ | 17,604 | |||||||||||||
Segment income (loss) before taxes | $ | 225,600 | $ | (9,289 | ) | $ | 12,110 | $ | 4,604 | $ | (1,636 | ) | $ | 231,389 | |||||||||||
Reconciliation of Operating Profit (Loss) from Segments to Consolidated | ' | ||||||||||||||||||||||||
The table below details the unallocated amounts and reconciling items related to segment income before taxes and provides a reconciliation of segment income before taxes to consolidated income before taxes for 2013, 2012, and 2011 (in thousands of dollars): | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Agency | $ | 163,196 | $ | 152,240 | $ | 225,600 | |||||||||||||||||||
Principal | (4,854 | ) | (1,423 | ) | (9,289 | ) | |||||||||||||||||||
Finance | 21,411 | 18,595 | 12,110 | ||||||||||||||||||||||
All Other | 5,967 | 5,338 | 4,604 | ||||||||||||||||||||||
Segment income before taxes | 185,720 | 174,750 | 233,025 | ||||||||||||||||||||||
Unallocated amounts and reconciling items: | |||||||||||||||||||||||||
Extinguishment of debt (see Note 10) | — | (15,020 | ) | (1,529 | ) | ||||||||||||||||||||
Equity in earnings of investees | (27 | ) | (294 | ) | (107 | ) | |||||||||||||||||||
Income before taxes | $ | 185,693 | $ | 159,436 | $ | 231,389 | |||||||||||||||||||
Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area | ' | ||||||||||||||||||||||||
The table below presents geographic information about revenues in 2013, 2012, and 2011 for all countries which exceeded 5% of total revenues (in thousands of dollars): | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
United States | $ | 352,450 | $ | 338,162 | $ | 319,364 | |||||||||||||||||||
United Kingdom | 230,304 | 221,716 | 243,032 | ||||||||||||||||||||||
China | 153,909 | 108,399 | 156,361 | ||||||||||||||||||||||
Switzerland | 41,150 | 41,061 | 36,258 | ||||||||||||||||||||||
France | 46,891 | 40,972 | 49,688 | ||||||||||||||||||||||
Other Countries | 39,465 | 25,961 | 31,360 | ||||||||||||||||||||||
Reconciling item: | |||||||||||||||||||||||||
Intercompany revenue | (10,491 | ) | (7,779 | ) | (4,227 | ) | |||||||||||||||||||
Total | $ | 853,678 | $ | 768,492 | $ | 831,836 | |||||||||||||||||||
Reconciliation Of Segment Assets To Consolidated Assets | ' | ||||||||||||||||||||||||
The table below presents assets for Sotheby’s segments, as well as a reconciliation of segment assets to consolidated assets as of December 31, 2013 and 2012 (in thousands of dollars): | |||||||||||||||||||||||||
31-Dec | 2013 | 2012 | |||||||||||||||||||||||
Agency | $ | 2,261,482 | $ | 1,977,620 | |||||||||||||||||||||
Principal | 82,560 | 85,748 | |||||||||||||||||||||||
Finance | 480,103 | 427,871 | |||||||||||||||||||||||
All Other | 1,496 | 1,224 | |||||||||||||||||||||||
Total segment assets | 2,825,641 | 2,492,463 | |||||||||||||||||||||||
Unallocated amounts: | |||||||||||||||||||||||||
Deferred tax assets and income tax receivable | 67,905 | 82,632 | |||||||||||||||||||||||
Consolidated assets | $ | 2,893,546 | $ | 2,575,095 | |||||||||||||||||||||
Substantially all of Sotheby's capital expenditures in 2013, 2012, and 2011 were attributable to the Agency segment. |
Receivables_Tables
Receivables (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Accounts and Notes Receivable, Net [Abstract] | ' | ||||||||
Schedule Of Notes Receivable by Segment | ' | ||||||||
As of December 31, 2013 and 2012, Notes Receivable (net) consisted of the following (in thousands of dollars): | |||||||||
31-Dec | 2013 | 2012 | |||||||
Finance segment: | |||||||||
Consignor advances | $ | 139,007 | $ | 110,341 | |||||
Term loans | 335,426 | 314,797 | |||||||
Total Finance segment secured loans | 474,433 | 425,138 | |||||||
Agency segment: | |||||||||
Auction guarantee advances | 28,000 | 16,224 | |||||||
Unsecured loan | 2,142 | 2,142 | |||||||
Principal segment: | |||||||||
Secured loan | 5,825 | 3,536 | |||||||
Other: | |||||||||
Unsecured loan | 3,025 | — | |||||||
Total Notes Receivable (net) | $ | 513,425 | $ | 447,040 | |||||
Financing Receivable Credit Quality Indicators | ' | ||||||||
The table below provides the aggregate LTV ratio for the Finance segment portfolio of secured loans as of December 31, 2013 and 2012 (in thousands of dollars): | |||||||||
31-Dec | 2013 | 2012 | |||||||
Finance segment secured loans | $ | 474,433 | $ | 425,138 | |||||
Low auction estimate of collateral | $ | 1,180,406 | $ | 891,096 | |||||
Aggregate LTV ratio | 40% | 48% | |||||||
The table below provides the aggregate LTV ratio for Finance segment secured loans with an LTV above 50% as of December 31, 2013 and 2012 (in thousands of dollars): | |||||||||
31-Dec | 2013 | 2012 | |||||||
Finance segment secured loans with an LTV above 50% | $ | 181,027 | $ | 120,662 | |||||
Low auction estimate of collateral related to Finance segment secured loans with an LTV above 50% | $ | 295,255 | $ | 184,205 | |||||
Aggregate LTV ratio of Finance segment secured loans with an LTV above 50% | 61% | 66% | |||||||
The t | |||||||||
Summary Of Other Credit Quality Information Regarding Finance Segment Secured Loans | ' | ||||||||
The table below provides other credit quality information regarding Finance segment secured loans as of December 31, 2013 and 2012 (in thousands of dollars): | |||||||||
31-Dec | 2013 | 2012 | |||||||
Total secured loans | $ | 474,433 | $ | 425,138 | |||||
Loans past due | $ | 24,129 | $ | 33,737 | |||||
Loans more than 90 days past due | $ | 1,266 | $ | 32,665 | |||||
Non-accrual loans | $ | — | $ | — | |||||
Impaired loans | $ | — | $ | — | |||||
Allowance for credit losses: | |||||||||
Allowance for credit losses - impaired loans | $ | — | $ | — | |||||
Allowance for credit losses based on historical data | 1,746 | 1,341 | |||||||
Total Allowance for Credit Losses | $ | 1,746 | $ | 1,341 | |||||
Activity Related To Allowance For Credit Losses | ' | ||||||||
During the period January 1, 2012 to December 31, 2013, activity related to the Allowance for Credit Losses was as follows (in thousands of dollars): | |||||||||
Allowance for Credit Losses as of January 1, 2012 | $ | 875 | |||||||
Change in loan loss provision | 466 | ||||||||
Allowance for Credit Losses as of December 31, 2012 | 1,341 | ||||||||
Change in loan loss provision | 405 | ||||||||
Allowance for Credit Losses as of December 31, 2013 | $ | 1,746 | |||||||
Inventory_Tables
Inventory (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Inventory Disclosure [Abstract] | ' | |||||||||||
Schedule of Inventory | ' | |||||||||||
As of December 31, 2013 and 2012, Inventory consisted of the following balances by segment (in thousands of dollars): | ||||||||||||
31-Dec | 2013 | 2012 | ||||||||||
Agency | $ | 130,665 | $ | 31,672 | ||||||||
Principal | 61,475 | 60,515 | ||||||||||
Total | $ | 192,140 | $ | 92,187 | ||||||||
Schedule of Inventory Writedowns By Segment | ' | |||||||||||
In 2013, 2012, and 2011, Inventory writedowns by segment were as follows (in thousands of dollars): | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Agency | $ | 3,954 | $ | 4,203 | $ | 4,101 | ||||||
Principal | 4,848 | 1,933 | 8,375 | |||||||||
Total | $ | 8,802 | $ | 6,136 | $ | 12,476 | ||||||
Fixed_Assets_Tables
Fixed Assets (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||
Summary Of Fixed Assets | ' | ||||||||
As of December 31, 2013 and 2012, Fixed Assets consisted of the following (in thousands of dollars): | |||||||||
31-Dec | 2013 | 2012 | |||||||
Land | $ | 93,679 | $ | 93,556 | |||||
Buildings and building improvements | 226,604 | 217,399 | |||||||
Leasehold improvements | 84,855 | 77,737 | |||||||
Computer hardware and software | 71,021 | 72,708 | |||||||
Furniture, fixtures and equipment | 78,574 | 74,371 | |||||||
Construction in progress | 2,136 | 2,683 | |||||||
Other | 1,371 | 2,424 | |||||||
Sub-total | 558,240 | 540,878 | |||||||
Less: Accumulated Depreciation and Amortization | (178,841 | ) | (165,847 | ) | |||||
Total Fixed Assets, net | $ | 379,399 | $ | 375,031 | |||||
Debt_Tables
Debt (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Debt Instruments [Abstract] | ' | |||||||||||
Schedule of Debt | ' | |||||||||||
s of December 31, 2013 and 2012, Long-Term Debt consisted of the following (in thousands of dollars): | ||||||||||||
31-Dec | 2013 | 2012 | ||||||||||
York Property Mortgage, net of unamortized discount of $5,346 and $8,911 | $ | 218,778 | $ | 218,375 | ||||||||
2022 Senior Notes | 300,000 | 300,000 | ||||||||||
Convertible Notes, net of unamortized discount of $0 and $3,796 | — | 178,072 | ||||||||||
Less current portion: | ||||||||||||
York Property Mortgage | (3,630 | ) | (3,178 | ) | ||||||||
Convertible Notes | — | (178,072 | ) | |||||||||
Total Long-Term Debt, net | $ | 515,148 | $ | 515,197 | ||||||||
Aggregate Future Principal And Interest Payments | ' | |||||||||||
he aggregate future principal and interest payments due under Sotheby's Long-Term Debt during the five year period after the December 31, 2013 balance sheet date are as follows (in thousands of dollars): | ||||||||||||
2014 | $ | 31,754 | ||||||||||
2015 | $ | 243,268 | ||||||||||
2016 | $ | 15,750 | ||||||||||
2017 | $ | 15,750 | ||||||||||
2018 | $ | 15,750 | ||||||||||
Components Of Interest Expense | ' | |||||||||||
n 2013, 2012, and 2011, Interest Expense consisted of the following (in thousands of dollars): | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Revolving credit facility: | ||||||||||||
Amortization of amendment and arrangement fees | $ | 1,279 | $ | 1,764 | $ | 1,737 | ||||||
Commitment fees | 1,532 | 1,277 | 1,267 | |||||||||
Sub-total | 2,811 | 3,041 | 3,004 | |||||||||
York Property Mortgage | 16,512 | 16,770 | 16,868 | |||||||||
2022 Senior Notes and 2015 Senior Notes | 15,750 | 9,775 | 6,342 | |||||||||
Convertible Notes | 6,417 | 13,470 | 13,689 | |||||||||
Other interest expense | 1,222 | 1,373 | 1,595 | |||||||||
Total Interest Expense | $ | 42,712 | $ | 44,429 | $ | 41,498 | ||||||
Convertible Note Interest Expenses | ' | |||||||||||
n 2013, 2012, and 2011, Interest Expense related to the Convertible Notes consisted of the following (in thousands of dollars): | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Contractual coupon interest expense | $ | 2,621 | $ | 5,683 | $ | 6,038 | ||||||
Discount amortization | 3,796 | 7,787 | 7,651 | |||||||||
Total | $ | 6,417 | $ | 13,470 | $ | 13,689 | ||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||
Schedule of Components of Income Tax Expense (Benefit) | ' | |||||||||||
In 2013, 2012, and 2011, the significant components of income tax expense consisted of the following (in thousands of dollars): | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Income before taxes: | ||||||||||||
Domestic | $ | 45,093 | $ | 36,060 | $ | 44,876 | ||||||
Foreign | 140,600 | 123,376 | 186,513 | |||||||||
Total | $ | 185,693 | $ | 159,436 | $ | 231,389 | ||||||
Income tax expense—current: | ||||||||||||
Domestic | $ | 8,131 | $ | 21,536 | $ | 13,051 | ||||||
State and local | 8,301 | 1,020 | 7,397 | |||||||||
Foreign | 29,602 | 29,775 | 44,760 | |||||||||
Sub-total | 46,034 | 52,331 | 65,208 | |||||||||
Income tax expense (benefit)—deferred: | ||||||||||||
Domestic | 2,543 | 800 | 12,467 | |||||||||
State and local | (241 | ) | (2,016 | ) | (18,428 | ) | ||||||
Foreign | 7,366 | 280 | 785 | |||||||||
Sub-total | 9,668 | (936 | ) | (5,176 | ) | |||||||
Total | $ | 55,702 | $ | 51,395 | $ | 60,032 | ||||||
Schedule of Deferred Tax Assets and Liabilities | ' | |||||||||||
As of December 31, 2013 and 2012, the components of Deferred Tax Assets and Deferred Tax Liabilities consisted of the following (in thousands of dollars): | ||||||||||||
31-Dec | 2013 | 2012 | ||||||||||
Deferred Tax Assets: | ||||||||||||
Inventory writedowns, asset provisions and liabilities | $ | 19,893 | $ | 23,004 | ||||||||
Tax loss and credit carryforwards | 19,215 | 11,306 | ||||||||||
Difference between book and tax basis of depreciable and amortizable assets | 21,093 | 20,836 | ||||||||||
Share-based payments and deferred compensation | 37,737 | 33,028 | ||||||||||
Sub-total | 97,938 | 88,174 | ||||||||||
Valuation allowance | (3,227 | ) | (10,235 | ) | ||||||||
Total deferred tax assets | 94,711 | 77,939 | ||||||||||
Deferred Tax Liabilities: | ||||||||||||
Difference between book and tax basis of other assets and liabilities | 6,636 | 6,273 | ||||||||||
Step up in acquired assets | 28 | 27 | ||||||||||
Pension obligations | 4,391 | 3,553 | ||||||||||
Basis differences in equity method investments | 4,745 | 4,684 | ||||||||||
Undistributed earnings of foreign subsidiaries | 26,462 | 113 | ||||||||||
Total deferred tax liabilities | 42,262 | 14,650 | ||||||||||
Total | $ | 52,449 | $ | 63,289 | ||||||||
Schedule of Effective Income Tax Rate Reconciliation | ' | |||||||||||
In 2013, 2012, and 2011, the effective income tax rate varied from the statutory tax rate as follows: | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Statutory federal income tax rate | 35 | % | 35 | % | 35 | % | ||||||
State and local taxes, net of federal tax benefit | 2.8 | % | (0.1 | %) | (3.1 | %) | ||||||
Foreign taxes at rates different from U.S. rates | (11.1 | %) | (9.7 | %) | (9.7 | %) | ||||||
Deemed income from foreign subsidiaries, net | 2.2 | % | 2.8 | % | 2 | % | ||||||
Tax reserves | (1.1 | %) | 0.2 | % | 0.7 | % | ||||||
Corporate-owned life insurance | (0.7 | %) | (0.5 | %) | 0.2 | % | ||||||
Valuation allowance | (4.5 | %) | 2.6 | % | 0.3 | % | ||||||
Other non-deductible expenses | 0.4 | % | 0.5 | % | 0.3 | % | ||||||
Non-deductible compensation | 0.5 | % | 0.5 | % | 0.3 | % | ||||||
Undistributed earnings of foreign subsidiaries | 11 | % | 0 | % | (0.2 | %) | ||||||
Worthless stock deduction | (3.7 | %) | 0 | % | 0 | % | ||||||
Other | (0.8 | %) | 0.9 | % | 0.1 | % | ||||||
Effective income tax rate | 30 | % | 32.2 | % | 25.9 | % |
Uncertain_Tax_Positions_Tables
Uncertain Tax Positions (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Uncertainties [Abstract] | ' | ||||||||||||
Long Term Liability Unrecognized Tax Benefits | ' | ||||||||||||
As of December 31, 2013, 2012, and 2011, the liability for unrecognized tax benefits, excluding interest and penalties, was $25.4 million, $35.4 million, and $34.7 million, respectively, consisting of the following (in thousands of dollars): | |||||||||||||
31-Dec | 2013 | 2012 | 2011 | ||||||||||
Deferred income taxes (contra assets) | $ | — | $ | 12,445 | $ | 12,445 | |||||||
Accrued income taxes (current) | — | 482 | — | ||||||||||
Accrued income taxes (long-term) | 25,423 | 22,473 | 22,244 | ||||||||||
Total liability for unrecognized tax benefits | $ | 25,423 | $ | 35,400 | $ | 34,689 | |||||||
Summary of Income Tax Contingencies | ' | ||||||||||||
The table below presents a reconciliation of the beginning and ending balances of the liability for unrecognized tax benefits, excluding interest and penalties, for the years ended December 31, 2013, 2012, and 2011 (in thousands of dollars): | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Balance at January 1 | $ | 35,400 | $ | 34,689 | $ | 29,194 | |||||||
Increases in unrecognized tax benefits related to the current year | 8,999 | 2,484 | 5,928 | ||||||||||
Increases in unrecognized tax benefits related to prior years | 9 | 1,689 | 1,488 | ||||||||||
Decreases in unrecognized tax benefits related to prior years | (16,651 | ) | (3,350 | ) | (1,317 | ) | |||||||
Decreases in unrecognized tax benefits related to settlements | (555 | ) | — | (350 | ) | ||||||||
Decreases in unrecognized tax benefits due to the lapse of the applicable statute of limitations | (1,779 | ) | (112 | ) | (254 | ) | |||||||
Balance at December 31 | $ | 25,423 | $ | 35,400 | $ | 34,689 | |||||||
Lease_Commitments_Tables
Lease Commitments (Tables) | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Leases, Operating [Abstract] | ' | |||
Schedule of Future Minimum Rental Payments for Operating Leases | ' | |||
Future minimum lease payments due under non-cancellable operating leases in effect at December 31, 2013 were as follows (in thousands of dollars): | ||||
2014 | $ | 17,436 | ||
2015 | 15,981 | |||
2016 | 14,144 | |||
2017 | 12,013 | |||
2018 | 5,673 | |||
Thereafter | 39,291 | |||
Total future minimum lease payments | $ | 104,538 | ||
Shareholders_Equity_Dividends_1
Shareholders' Equity, Dividends and Share-based Payments (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Dividends, Share-based Compensation [Abstract] | ' | ||||||||||||
Schedule of Dividends Declared and Paid | ' | ||||||||||||
The following table summarizes cash dividends declared and paid in 2013, 2012, and 2011 (in thousands of dollars, except per share amounts): | |||||||||||||
Year | Dividends Per Common Share | Total Dividends | |||||||||||
2013 | $ | 0.2 | $ | 13,754 | |||||||||
2012 | $ | 0.52 | $ | 35,223 | |||||||||
2011 | $ | 0.23 | $ | 14,851 | |||||||||
Compensation Expense Related To Share-Based Payments | ' | ||||||||||||
In 2013, 2012, and 2011, compensation expense related to share-based payments was as follows (in thousands of dollars): | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Pre-Tax | $ | 22,350 | $ | 19,240 | $ | 18,918 | |||||||
After-Tax | $ | 15,299 | $ | 13,078 | $ | 12,536 | |||||||
Changes In Number Of Outstanding Restricted Stock, RSU's And PSU's | ' | ||||||||||||
In 2013, changes to the number of outstanding RSU’s and PSU’s were as follows (shares in thousands): | |||||||||||||
Restricted | Weighted | ||||||||||||
Stock Shares, RSU’s | Average | ||||||||||||
and PSU’s | Grant Date | ||||||||||||
Fair Value | |||||||||||||
Outstanding at January 1, 2013 | 1,912 | $ | 30.39 | ||||||||||
Granted | 696 | $ | 35.75 | ||||||||||
Vested | (703 | ) | $ | 21.97 | |||||||||
Canceled | (82 | ) | $ | 37.42 | |||||||||
Outstanding at December 31, 2013 | 1,823 | $ | 35.37 | ||||||||||
Changes In Number Of Stock Options Outstanding | ' | ||||||||||||
In 2013, changes to the number of stock options outstanding were as follows (options and aggregate intrinsic value in thousands): | |||||||||||||
Options | Weighted Average | Weighted Average | Aggregate | ||||||||||
Exercise Price | Remaining | Intrinsic Value | |||||||||||
Contractual Term (in years) | |||||||||||||
Outstanding at January 1, 2013 | 348 | $ | 21.92 | ||||||||||
Canceled | (69 | ) | $ | 22.11 | |||||||||
Exercised | (186 | ) | $ | 21.75 | |||||||||
Outstanding at December 31, 2013 | 93 | $ | 22.11 | 5.2 | $ | 2,915 | |||||||
Exercisable at December 31, 2013 | 38 | $ | 22.11 | 6.1 | $ | 1,166 | |||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Other Comprehensive Income (Loss) [Abstract] | ' | ||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | ' | ||||||||||||
The following is a summary of the changes in Accumulated Other Comprehensive Loss during the period January 1, 2011 to December 31, 2013 (in thousands of dollars): | |||||||||||||
Foreign Currency Items | Defined Benefit Pension Items | Total | |||||||||||
Balance at January 1, 2011 | $ | (25,979 | ) | $ | 7,031 | $ | (18,948 | ) | |||||
Foreign currency translation adjustments | (8,033 | ) | 1,027 | (7,006 | ) | ||||||||
Net unrealized losses related to defined benefit pension plan | — | (27,964 | ) | (27,964 | ) | ||||||||
Amounts reclassified from accumulated other comprehensive loss | — | — | — | ||||||||||
Net other comprehensive loss | (8,033 | ) | (26,937 | ) | (34,970 | ) | |||||||
Balance at December 31, 2011 | (34,012 | ) | (19,906 | ) | (53,918 | ) | |||||||
Foreign currency translation adjustments | 17,928 | (1,163 | ) | 16,765 | |||||||||
Net unrealized losses related to defined benefit pension plan | — | (13,222 | ) | (13,222 | ) | ||||||||
Amounts reclassified from accumulated other comprehensive loss | — | — | — | ||||||||||
Net other comprehensive income (loss) | 17,928 | (14,385 | ) | 3,543 | |||||||||
Balance at December 31, 2012 | (16,084 | ) | (34,291 | ) | (50,375 | ) | |||||||
Foreign currency translation adjustments | 14,732 | (858 | ) | 13,874 | |||||||||
Net unrealized losses related to defined benefit pension plan | — | (4,065 | ) | (4,065 | ) | ||||||||
Amounts reclassified from accumulated other comprehensive loss | — | 1,113 | 1,113 | ||||||||||
Net other comprehensive income (loss) | 14,732 | (3,810 | ) | 10,922 | |||||||||
Balance at December 31, 2013 | $ | (1,352 | ) | $ | (38,101 | ) | $ | (39,453 | ) |
Pension_Arrangements_Tables
Pension Arrangements (Tables) | 12 Months Ended | ||||||||||||||
Dec. 31, 2013 | |||||||||||||||
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | ' | ||||||||||||||
Trust assets related to deferred compensation liability | ' | ||||||||||||||
As of December 31, 2013 and 2012, the DCP liability was $51.8 million and $45.2 million, respectively, and the assets held in the rabbi trust consisted of the following (in thousands of dollars): | |||||||||||||||
31-Dec | 2013 | 2012 | |||||||||||||
Company-owned variable life insurance | $ | 45,581 | $ | 41,861 | |||||||||||
Mutual fund investments | 7,650 | 6,065 | |||||||||||||
Total | $ | 53,231 | $ | 47,926 | |||||||||||
The COLI and mutual fund investments are aggregated and recorded on the Consolidated Balance Sheets within Trust Assets Related to Deferred Compensation Liability. The COLI is reflected at its cash surrender value. The mutual fund investments are classified as trading securities and reflected at their fair value. | |||||||||||||||
Change In Benefit Obligation, Change in Fair Value of Plan Assets, and Funded Status | ' | ||||||||||||||
The table below details the changes in the projected benefit obligation, plan assets and funded status of the U.K. Pension Plan, as well as the net pension asset recognized on the Consolidated Balance Sheets, as of December 31, 2013 and 2012 (in thousands of dollars): | |||||||||||||||
31-Dec | 2013 | 2012 | |||||||||||||
Reconciliation of benefit obligation | |||||||||||||||
Benefit obligation at beginning of year | $ | 318,155 | $ | 270,660 | |||||||||||
Service cost | 3,682 | 3,662 | |||||||||||||
Interest cost | 13,359 | 13,143 | |||||||||||||
Contributions by plan participants | 1,251 | 1,358 | |||||||||||||
Actuarial loss | 23,410 | 25,157 | |||||||||||||
Benefits paid | (8,168 | ) | (8,818 | ) | |||||||||||
Foreign currency exchange rate changes | 8,496 | 12,993 | |||||||||||||
Projected benefit obligation at end of year | 360,185 | 318,155 | |||||||||||||
Reconciliation of plan assets | |||||||||||||||
Fair value of plan assets at beginning of year | 336,189 | 297,854 | |||||||||||||
Actual return on plan assets | 38,097 | 27,660 | |||||||||||||
Employer contributions | 20,268 | 4,084 | |||||||||||||
Contributions by plan participants | 1,251 | 1,358 | |||||||||||||
Benefits paid | (8,168 | ) | (8,818 | ) | |||||||||||
Foreign currency exchange rate changes | 9,832 | 14,051 | |||||||||||||
Fair value of plan assets at end of year | 397,469 | 336,189 | |||||||||||||
Funded Status | |||||||||||||||
Net pension asset | $ | 37,284 | $ | 18,034 | |||||||||||
Pension Benefit Plan | ' | ||||||||||||||
In 2013, 2012, and 2011, the components of the net pension benefit related to the U.K. Pension Plan were (in thousands of dollars): | |||||||||||||||
2013 | 2012 | 2011 | |||||||||||||
Service cost | $ | 3,682 | $ | 3,662 | $ | 4,087 | |||||||||
Interest cost | 13,359 | 13,143 | 13,660 | ||||||||||||
Expected return on plan assets | (19,659 | ) | (19,609 | ) | (23,255 | ) | |||||||||
Amortization of actuarial loss | 1,458 | — | — | ||||||||||||
Net pension benefit | $ | (1,160 | ) | $ | (2,804 | ) | $ | (5,508 | ) | ||||||
Benefit Obligation And Net Pension Benefit | ' | ||||||||||||||
In 2013, 2012, and 2011, the following assumptions were used in determining the benefit obligation and net pension benefit related to the U.K. Pension Plan: | |||||||||||||||
Benefit Obligation | 2013 | 2012 | |||||||||||||
Weighted average discount rate | 4.40% | 4.40% | |||||||||||||
Weighted average rate of compensation increase | 4.60% | 4.20% | |||||||||||||
Net Pension Benefit | 2013 | 2012 | 2011 | ||||||||||||
Weighted average discount rate | 4.40% | 4.80% | 5.50% | ||||||||||||
Weighted average rate of compensation increase | 4.20% | 5.00% | 5.50% | ||||||||||||
Weighted average expected long-term rate of return on plan assets | 6.20% | 6.30% | 7.70% | ||||||||||||
Components Of Net Pension Benefits Related To U.K. Pension Plan Assets | ' | ||||||||||||||
The table below presents the fair value of U.K. Pension Plan assets, by investment category, as of December 31, 2013 and 2012 (in thousands of dollars): | |||||||||||||||
31-Dec | 2013 | % of Total | 2012 | % of Total | |||||||||||
Growth assets | $ | 280,019 | 70.5 | % | $ | 227,140 | 67.6 | % | |||||||
Debt securities: | |||||||||||||||
Government | — | — | % | 22,702 | 6.8 | % | |||||||||
Corporate | 30,774 | 7.7 | % | 28,267 | 8.4 | % | |||||||||
Index-linked | 82,619 | 20.8 | % | 53,392 | 15.9 | % | |||||||||
Total debt securities | 113,393 | 28.5 | % | 104,361 | 31 | % | |||||||||
Real estate mutual funds | 2,746 | 0.7 | % | 2,479 | 0.7 | % | |||||||||
Cash and cash equivalents | 1,311 | 0.3 | % | 2,209 | 0.7 | % | |||||||||
Total fair value of plan assets | $ | 397,469 | $ | 336,189 | |||||||||||
Fair Value Measurement Information U.K. Pension Plan Assets | ' | ||||||||||||||
• | Level 3—Pricing inputs are unobservable for the asset or liability and include situations where there is little, i | ||||||||||||||
Estimated Future Benefit Payments | ' | ||||||||||||||
Estimated future benefit payments related to the U.K. Pension Plan, which reflect expected future service, as appropriate, are as follows (in thousands of dollars): | |||||||||||||||
Year | Benefit | ||||||||||||||
Payments | |||||||||||||||
2014 | $ | 9,193 | |||||||||||||
2015 | $ | 9,824 | |||||||||||||
2016 | $ | 12,537 | |||||||||||||
2017 | $ | 11,657 | |||||||||||||
2018 | $ | 12,651 | |||||||||||||
2019 to 2023 | $ | 72,751 | |||||||||||||
Quarterly_Results_Unaudited_Ta
Quarterly Results (Unaudited) (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | |||||||||||||||
Schedule Of Quarterly Results | ' | |||||||||||||||
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | |||||||||||||
(In thousands, except per share data) | ||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||
Net Auction Sales (a) | $ | 523,386 | $ | 1,654,088 | $ | 228,587 | $ | 1,932,887 | ||||||||
Income Statement Data: | ||||||||||||||||
Revenues: | ||||||||||||||||
Agency | $ | 94,175 | $ | 294,943 | $ | 76,929 | $ | 327,592 | ||||||||
Principal | 1,083 | 2,122 | 23,491 | 3,942 | ||||||||||||
Finance | 4,933 | 5,561 | 5,164 | 5,619 | ||||||||||||
License fees | 1,186 | 2,090 | 1,902 | 1,724 | ||||||||||||
Other | 368 | 152 | 378 | 324 | ||||||||||||
Total revenues | $ | 101,745 | $ | 304,868 | $ | 107,864 | $ | 339,201 | ||||||||
Net (loss) income | $ | (22,345 | ) | $ | 91,729 | $ | (30,131 | ) | $ | 90,753 | ||||||
Per Share Amounts: | ||||||||||||||||
Basic (loss) earnings per share - Sotheby’s common shareholders | $ | (0.33 | ) | $ | 1.34 | $ | (0.44 | ) | $ | 1.32 | ||||||
Diluted (loss) earnings per share - Sotheby’s common shareholders | $ | (0.33 | ) | $ | 1.33 | $ | (0.44 | ) | $ | 1.3 | ||||||
Shares Outstanding: | ||||||||||||||||
Basic | 67,951 | 68,306 | 68,361 | 68,876 | ||||||||||||
Diluted | 67,951 | 68,889 | 68,361 | 69,826 | ||||||||||||
Year Ended December 31, 2012 | ||||||||||||||||
Net Auction Sales (a) | $ | 425,829 | $ | 1,679,253 | $ | 192,874 | $ | 1,511,700 | ||||||||
Income Statement Data: | ||||||||||||||||
Revenues: | ||||||||||||||||
Agency | $ | 97,410 | $ | 290,151 | $ | 59,711 | $ | 269,959 | ||||||||
Principal | 2,678 | 7,394 | 1,815 | 14,293 | ||||||||||||
Finance | 3,575 | 4,580 | 4,572 | 4,980 | ||||||||||||
License fees | 901 | 1,592 | 2,046 | 1,585 | ||||||||||||
Other | 395 | 232 | 317 | 306 | ||||||||||||
Total revenues | $ | 104,959 | $ | 303,949 | $ | 68,461 | $ | 291,123 | ||||||||
Net income (loss) | $ | (10,664 | ) | $ | 85,430 | $ | (32,565 | ) | $ | 66,091 | ||||||
Per Share Amounts: | ||||||||||||||||
Basic earnings (loss) per share - Sotheby’s common shareholders | $ | (0.16 | ) | $ | 1.26 | $ | (0.48 | ) | $ | 0.97 | ||||||
Diluted earnings (loss) per share - Sotheby’s common shareholders | $ | (0.16 | ) | $ | 1.24 | $ | (0.48 | ) | $ | 0.96 | ||||||
Shares Outstanding: | ||||||||||||||||
Basic | 67,457 | 67,753 | 67,771 | 67,779 | ||||||||||||
Diluted | 67,457 | 68,416 | 67,771 | 68,621 | ||||||||||||
Legend: | ||||||||||||||||
(a) Net Auction Sales represents the hammer price of property sold at auction. |
Business_Business_Details
Business Business (Details) | 12 Months Ended |
Dec. 31, 2013 | |
segment | |
Business [Abstract] | ' |
Number of Operating Segments | 3 |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Narrative) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Equity Method Investment, Ownership Percentage | 80.00% | ' | ' |
Noncontrolling Interest, Ownership Percentage by Parent | 20.00% | ' | ' |
Allowance for Doubtful Accounts Receivable | $6,800,000 | $6,600,000 | ' |
Goodwill | 14,500,000 | 14,300,000 | ' |
Finite-Lived Intangible Assets, Accumulated Amortization | 6,500,000 | 6,200,000 | ' |
Goodwill and other intangible assets, net | 14,850,000 | 14,660,000 | ' |
Private sale commission revenue | $88,711,000 | $74,632,000 | $67,848,000 |
Building [Member] | ' | ' | ' |
Property, Plant and Equipment, Useful Life | '50 years | ' | ' |
Building Improvements [Member] | ' | ' | ' |
Property, Plant and Equipment, Useful Life | '20 years | ' | ' |
Furniture and Fixtures [Member] | ' | ' | ' |
Property, Plant and Equipment, Useful Life | '7 years | ' | ' |
Enterprise Systems [Member] | ' | ' | ' |
Property, Plant and Equipment, Useful Life | '10 years | ' | ' |
Software [Member] | ' | ' | ' |
Property, Plant and Equipment, Useful Life | '3 years | ' | ' |
Earnings_Per_Share_Narrative_D
Earnings Per Share (Narrative) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Jun. 14, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Earnings Per Share [Abstract] | ' | ' | ' | ' | ' |
Debt instrument stated interest percentage | 3.13% | ' | 3.13% | ' | ' |
Repayments of Pricncipal Amount of Convertible Debt | ' | $181.90 | ' | ' | ' |
Stock Issued During Period, Shares, Other | 722,288 | ' | ' | ' | ' |
Potential common share excluded from computation of diluted earnings per share (shares) | ' | ' | 1,000,000 | 1,000,000 | 500,000 |
Earnings_Per_Share_Computation
Earnings Per Share (Computation Of Basic And Diluted Earnings Per Share) (Details) (USD $) | 0 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Jun. 11, 2008 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Earnings Per Share [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | ' | $90,753 | ($30,131) | $91,729 | ($22,345) | $66,091 | ($32,565) | $85,430 | ($10,664) | $130,006 | $108,292 | $171,416 |
Less: Net income attributable to participating securities | ' | ' | ' | ' | ' | ' | ' | ' | ' | 60 | 450 | 1,988 |
Net income attributable to Sotheby's common shareholders | ' | ' | ' | ' | ' | ' | ' | ' | ' | 129,946 | 107,842 | 169,428 |
Weighted average common shares outstanding (shares) | ' | 68,876 | 68,361 | 68,306 | 67,951 | 67,779 | 67,771 | 67,753 | 67,457 | 68,374 | 67,691 | 67,282 |
Basic earnings per share - Sothebybs common shareholders (usd per share) | ' | $1.32 | ($0.44) | $1.34 | ($0.33) | $0.97 | ($0.48) | $1.26 | ($0.16) | $1.90 | $1.59 | $2.52 |
Less: Net income attributable to participating securities | ' | ' | ' | ' | ' | ' | ' | ' | ' | 60 | 446 | 1,949 |
Net income attributable to Sotheby's common shareholders | ' | ' | ' | ' | ' | ' | ' | ' | ' | $129,946 | $107,846 | $169,467 |
Convertible Notes (shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 97 | 92 | 858 |
Performance share units (shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 428 | 486 | 436 |
Non-employee director share deferrals (shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 150 | 163 | 157 |
Stock options (shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 77 | 95 | 102 |
Warrants (shares) | 5,900 | ' | ' | ' | ' | ' | ' | ' | ' | 49 | ' | 15 |
Weighted average dilutive potential common shares outstanding (shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 801 | 836 | 1,568 |
Denominator for calculation of diluted earnings per share (shares) | ' | 69,826 | 68,361 | 68,889 | 67,951 | 68,621 | 67,771 | 68,416 | 67,457 | 69,175 | 68,527 | 68,850 |
Diluted earnings (loss) per share - Sothebybs common shareholders (usd per share) | ' | $1.30 | ($0.44) | $1.33 | ($0.33) | $0.96 | ($0.48) | $1.24 | ($0.16) | $1.88 | $1.57 | $2.46 |
Segment_Reporting_Schedule_Of_
Segment Reporting (Schedule Of Revenue And (Loss) Income Before Taxes by Segment) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
segment | |||||||||||
Segment Reporting [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of operating segments | ' | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' |
Revenues | $339,201 | $107,864 | $304,868 | $101,745 | $291,123 | $68,461 | $303,949 | $104,959 | $853,678 | $768,492 | $831,836 |
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | 2,801 | 1,550 | 4,002 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 42,712 | 44,429 | 41,498 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 19,435 | 17,942 | 17,604 |
Segment income (loss) before taxes | ' | ' | ' | ' | ' | ' | ' | ' | 185,693 | 159,436 | 231,389 |
Finance [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 31,228 | 25,486 | 16,265 |
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 67 | ' | ' |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 125 | 120 | 113 |
Segment income (loss) before taxes | ' | ' | ' | ' | ' | ' | ' | ' | 21,411 | 18,595 | 12,110 |
All Other [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 8,124 | 7,374 | 6,270 |
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | 31 | ' | 0 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 9 | 0 | ' |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 36 | 34 | 32 |
Segment income (loss) before taxes | ' | ' | ' | ' | ' | ' | ' | ' | 5,967 | 5,338 | 4,604 |
Reconciling Items [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | -10,491 | -7,779 | -4,227 |
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | -1,090 | -921 | -620 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment income (loss) before taxes | ' | ' | ' | ' | ' | ' | ' | ' | -27 | -15,314 | -1,636 |
Agency [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 794,179 | 717,231 | 791,738 |
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | 3,860 | 2,465 | 4,622 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 42,636 | 44,425 | 41,492 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 19,072 | 17,325 | 17,228 |
Segment income (loss) before taxes | ' | ' | ' | ' | ' | ' | ' | ' | 163,196 | 152,240 | 225,600 |
Principal [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 30,638 | 26,180 | 21,790 |
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6 | ' |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 4 | 6 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 202 | 463 | 231 |
Segment income (loss) before taxes | ' | ' | ' | ' | ' | ' | ' | ' | ($4,854) | ($1,423) | ($9,289) |
Maximum [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Short-term interest-free advance maturity term | ' | ' | ' | ' | ' | ' | ' | ' | '6 months | ' | ' |
Segment_Reporting_Reconciliati
Segment Reporting (Reconciliation Of Segment (Loss) Income Before Taxes) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Segment Reporting [Line Items] | ' | ' | ' |
Segment (loss) income before taxes | $185,720 | $174,750 | $233,025 |
Extinguishment of debt (see Note 10) | 0 | -15,020 | -1,529 |
Equity in losses of investees | -27 | -294 | -107 |
Income before taxes | 185,693 | 159,436 | 231,389 |
Inventory write-down | 8,802 | 6,136 | 12,476 |
Agency [Member] | ' | ' | ' |
Segment Reporting [Line Items] | ' | ' | ' |
Segment (loss) income before taxes | 163,196 | 152,240 | 225,600 |
Income before taxes | 163,196 | 152,240 | 225,600 |
Inventory write-down | 3,954 | 4,203 | 4,101 |
Principal [Member] | ' | ' | ' |
Segment Reporting [Line Items] | ' | ' | ' |
Segment (loss) income before taxes | -4,854 | -1,423 | -9,289 |
Income before taxes | -4,854 | -1,423 | -9,289 |
Inventory write-down | 4,848 | 1,933 | 8,375 |
Finance [Member] | ' | ' | ' |
Segment Reporting [Line Items] | ' | ' | ' |
Segment (loss) income before taxes | 21,411 | 18,595 | 12,110 |
Income before taxes | 21,411 | 18,595 | 12,110 |
All Other [Member] | ' | ' | ' |
Segment Reporting [Line Items] | ' | ' | ' |
Segment (loss) income before taxes | 5,967 | 5,338 | 4,604 |
Income before taxes | $5,967 | $5,338 | $4,604 |
Recovered_Sheet1
Segment Reporting (Schedule of Revenues by Geographic Region) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | $339,201 | $107,864 | $304,868 | $101,745 | $291,123 | $68,461 | $303,949 | $104,959 | $853,678 | $768,492 | $831,836 |
Intercompany revenue earned by Finance from Auction | -339,201 | -107,864 | -304,868 | -101,745 | -291,123 | -68,461 | -303,949 | -104,959 | -853,678 | -768,492 | -831,836 |
Revenue from external customers as a percentage of total revenue | ' | ' | ' | ' | ' | ' | ' | ' | 5.00% | ' | ' |
United States [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 352,450 | 338,162 | 319,364 |
Intercompany revenue earned by Finance from Auction | ' | ' | ' | ' | ' | ' | ' | ' | -352,450 | -338,162 | -319,364 |
United Kingdom [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 230,304 | 221,716 | 243,032 |
Intercompany revenue earned by Finance from Auction | ' | ' | ' | ' | ' | ' | ' | ' | -230,304 | -221,716 | -243,032 |
China [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 153,909 | 108,399 | 156,361 |
Intercompany revenue earned by Finance from Auction | ' | ' | ' | ' | ' | ' | ' | ' | -153,909 | -108,399 | -156,361 |
Switzerland | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 41,150 | 41,061 | 36,258 |
Intercompany revenue earned by Finance from Auction | ' | ' | ' | ' | ' | ' | ' | ' | -41,150 | -41,061 | -36,258 |
France [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 46,891 | 40,972 | 49,688 |
Intercompany revenue earned by Finance from Auction | ' | ' | ' | ' | ' | ' | ' | ' | -46,891 | -40,972 | -49,688 |
Other Countries - Revenue [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 39,465 | 25,961 | 31,360 |
Intercompany revenue earned by Finance from Auction | ' | ' | ' | ' | ' | ' | ' | ' | -39,465 | -25,961 | -31,360 |
Reconciling Items Member | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 10,491 | 7,779 | 4,227 |
Intercompany revenue earned by Finance from Auction | ' | ' | ' | ' | ' | ' | ' | ' | ($10,491) | ($7,779) | ($4,227) |
Segment_Reporting_Reconciliati1
Segment Reporting (Reconciliation Of Segment Assets To Consolidated Assets) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Segment Reporting [Line Items] | ' | ' |
Assets | $2,893,546 | $2,575,095 |
Deferred tax assets and income tax receivable | 67,905 | 82,632 |
Agency [Member] | ' | ' |
Segment Reporting [Line Items] | ' | ' |
Assets | 2,261,482 | 1,977,620 |
Principal [Member] | ' | ' |
Segment Reporting [Line Items] | ' | ' |
Assets | 82,560 | 85,748 |
Finance [Member] | ' | ' |
Segment Reporting [Line Items] | ' | ' |
Assets | 480,103 | 427,871 |
All Other [Member] | ' | ' |
Segment Reporting [Line Items] | ' | ' |
Assets | 1,496 | 1,224 |
Total segment assets [Member] | ' | ' |
Segment Reporting [Line Items] | ' | ' |
Assets | $2,825,641 | $2,492,463 |
Segment_Reporting_Narrative_De
Segment Reporting (Narrative) (Details) (USD $) | 12 Months Ended | 3 Months Ended | ||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2013 | Mar. 31, 2012 | Mar. 31, 2011 | Dec. 31, 2013 | |
segment | Principal [Member] | Principal [Member] | Principal [Member] | Reconciling Items [Member] | Maximum [Member] | Principal Segment Component [Member] | Principal Segment Component [Member] | Principal Segment Component [Member] | Principal Segment Component [Member] | |||
Principal [Member] | Principal [Member] | Principal [Member] | Principal [Member] | |||||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of operating segments | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Short-term interest-free advance maturity term | ' | ' | ' | ' | ' | ' | ' | '6 months | ' | ' | ' | ' |
Inventory write-down | $8,802,000 | $6,136,000 | $12,476,000 | $4,848,000 | $1,933,000 | $8,375,000 | ' | ' | $4,400,000 | $400,000 | $8,400,000 | ' |
Revenue from external customers as a percentage of total revenue | 5.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Special Reconciling Items | ' | ' | ' | ' | ' | ' | 500,000 | ' | ' | ' | ' | ' |
Inventory Held by Equity Method Investment, Carrying Value | $192,140,000 | $92,187,000 | ' | $61,475,000 | $60,515,000 | ' | ' | ' | ' | ' | ' | $11,100,000 |
Segment_Reporting_Schedule_of_1
Segment Reporting (Schedule of Auction Segment Revenues) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Auction Commission Revenues | ' | ' | ' | ' | ' | ' | ' | ' | $687,853 | $622,391 | $701,776 | |||
Private sale commission revenue | ' | ' | ' | ' | ' | ' | ' | ' | 88,711 | 74,632 | 67,848 | |||
Principal Activities Revenue | ' | ' | ' | ' | ' | ' | ' | ' | -2,186 | -1,623 | 125 | |||
Other Agency and Related Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 19,801 | [1] | 21,831 | [1] | 21,989 | [1] |
Revenues | 339,201 | 107,864 | 304,868 | 101,745 | 291,123 | 68,461 | 303,949 | 104,959 | 853,678 | 768,492 | 831,836 | |||
Agency and Related Revenues | 327,592 | 76,929 | 294,943 | 94,175 | 269,959 | 59,711 | 290,151 | 97,410 | 793,639 | 717,231 | 791,738 | |||
Reconciling Items Member | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | -10,491 | -7,779 | -4,227 | |||
Agency and Related Revenues | ' | ' | ' | ' | ' | ' | ' | ' | -540 | 0 | 0 | |||
Agency [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | $794,179 | $717,231 | $791,738 | |||
[1] | *Includes commissions and other fees earned by Sotheby's on sales brokered by third parties, fees charged to clients for catalogue production and insurance, catalogue subscription revenues, and advertising revenues. |
Receivables_Narrative_Details
Receivables (Narrative) (Details) (USD $) | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | |||||||||||||||||||||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2013 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Feb. 14, 2014 | Jun. 30, 2013 | Jun. 30, 2013 | |
type_of_secured_loan | loan | type_of_secured_loan | loan | Principal [Member] | Principal [Member] | Other Segments [Member] | Other Segments [Member] | Finance [Member] | Finance [Member] | Finance [Member] | Finance [Member] | Agency [Member] | Agency [Member] | Accounts Rec, Consignor Paid [Member] | Accounts Rec, Consignor Paid [Member] | Transfer Of Possession Without Payment [Member] | Transfer Of Possession Without Payment [Member] | Notes receivable past due [Member] | Notes Receivable 90 Days Past Due [Member] | Minimum [Member] | Maximum [Member] | Subsequent Event [Member] | Unsecured Loan [Member] | Up-front Payment Arrangement [Member] | ||||||||
loan | loan | Agency [Member] | ||||||||||||||||||||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Buyer payment term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '30 days | ' | ' | ' | ' |
Consignor Payment Term | ' | ' | ' | ' | ' | ' | ' | ' | '35 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Types of Secured Loans | 2 | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Years for Consignor Advance Sale | ' | ' | ' | '1 year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Buyer receivables classified within other long term assets | $16,000,000 | ' | ' | ' | $36,600,000 | ' | ' | ' | $16,000,000 | $36,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Consignor payables classified within other long term liabilities | 15,300,000 | ' | ' | ' | 31,400,000 | ' | ' | ' | 15,300,000 | 31,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net accounts receivable | 812,582,000 | ' | ' | ' | 597,487,000 | ' | ' | ' | 812,582,000 | 597,487,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 130,500,000 | 170,000,000 | 92,100,000 | 83,700,000 | ' | ' | ' | ' | ' | ' | ' |
Related party receivable | 2,700,000 | ' | ' | ' | 3,900,000 | ' | ' | ' | 2,700,000 | 3,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Short-term interest-free advance maturity term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '6 months | ' | ' | ' |
Term loan, maturity | ' | ' | ' | ' | ' | ' | ' | ' | '2 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Secured loan issued to refinance auction or private sale receivable | ' | ' | ' | ' | ' | ' | ' | ' | 62,200,000 | 95,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Collections of Notes Receivable Originally Issued to Finance Auction or Private Sale Receivables | ' | ' | ' | ' | ' | ' | ' | ' | 66,400,000 | 54,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance of secured loan to refinance auction or private sale receivable | 72,900,000 | ' | ' | ' | 77,400,000 | ' | ' | ' | 72,900,000 | 77,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loan-to-value ratio | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 40.00% | 48.00% | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' |
Loans past due | 24,129,000 | ' | ' | ' | 33,737,000 | ' | ' | ' | 24,129,000 | 33,737,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loans more than 90 days past due accruing interest | 1,266,000 | ' | ' | ' | 32,665,000 | ' | ' | ' | 1,266,000 | 32,665,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Receivables past due over 90 | '90 days | ' | ' | ' | ' | ' | ' | ' | '90 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Low auction estimate of collateral | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,180,406,000 | 891,096,000 | ' | ' | ' | ' | ' | ' | 57,500,000 | 2,800,000 | ' | ' | ' | ' | ' |
Finance | 5,619,000 | 5,164,000 | 5,561,000 | 4,933,000 | 4,980,000 | 4,572,000 | 4,580,000 | 3,575,000 | 21,277,000 | 17,707,000 | 12,038,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loans and Leases Receivable, Nonperforming, Nonaccrual of Interest | 0 | ' | ' | ' | 0 | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Impaired Financing Receivable, Recorded Investment | 0 | ' | ' | ' | 0 | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unfunded lending commitment to extend additional credit | 27,300,000 | ' | ' | ' | ' | ' | ' | ' | 27,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notes receivable | 176,529,000 | ' | ' | ' | 129,972,000 | ' | ' | ' | 176,529,000 | 129,972,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Auction guarantee advances outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 28,000,000 | 16,224,000 | ' | ' | ' | ' | ' | ' | ' | ' | 8,700,000 | ' | ' |
Number of Significant Unsecured Loans Used to Finance the Purchase of Works of Art Through Private Sales | 1 | ' | ' | ' | 1,000 | ' | ' | ' | 1 | 1,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unsecured loan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,025,000 | 0 | ' | ' | ' | ' | 2,142,000 | 2,142,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Secured loans | 474,433,000 | ' | ' | ' | 425,138,000 | ' | ' | ' | 474,433,000 | 425,138,000 | ' | 5,825,000 | 3,536,000 | ' | ' | ' | ' | 474,433,000 | 425,138,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales Price of Disposal of Equity Method Investment | ' | ' | 4,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,500,000 | ' |
Equity Method Investment, Realized Gain (Loss) on Disposal | ' | ' | 300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from the sale of equity method investments | ' | ' | ' | ' | ' | ' | ' | ' | $1,225,000 | $0 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $800,000 |
Notes receivable weighted average interest rate | ' | ' | ' | ' | ' | ' | ' | ' | 4.70% | 5.10% | ' | ' | ' | ' | ' | 4.90% | 5.30% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Receivables_Schedule_of_Notes_
Receivables Schedule of Notes Receivable by Segment (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Secured loans | $474,433 | $425,138 |
Total Notes Receivable (net) | 513,425 | 447,040 |
Finance [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Advanced Guaranteed Amount Recorded As Notes Receivable And Consignor Advances | 139,007 | 110,341 |
Secured loans | 474,433 | 425,138 |
Term Loans | 335,426 | 314,797 |
Agency [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Auction guarantee advances | 28,000 | 16,224 |
Unsecured loan | 2,142 | 2,142 |
Principal [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Secured loans | 5,825 | 3,536 |
Other Segments [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Unsecured loan | $3,025 | $0 |
Receivables_Schedule_of_Financ
Receivables Schedule of Financing Receivable Credit Quality Indicators (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Loan To Value Ratio Above Fifty Percent Member | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Aggregate LTV ratio of Finance segment secured loans | 61.00% | 66.00% |
Finance segment secured loans | $181,027 | $120,662 |
Low auction estimate of collateral | 295,255 | 184,205 |
Finance [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Aggregate LTV ratio of Finance segment secured loans | 40.00% | 48.00% |
Finance segment secured loans | 474,433 | 425,138 |
Low auction estimate of collateral | $1,180,406 | $891,096 |
Receivables_Summary_Of_Other_C
Receivables (Summary Of Other Credit Quality Information Regarding Finance Segment Secured Loans) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Accounts and Notes Receivable, Net [Abstract] | ' | ' | ' |
Total secured loans | $474,433 | $425,138 | ' |
Loans past due | 24,129 | 33,737 | ' |
Loans more than 90 days past due | 1,266 | 32,665 | ' |
Non-accrual loans | 0 | 0 | ' |
Impaired loan | 0 | 0 | ' |
Allowance for credit losses - impaired loans | 0 | 0 | ' |
Allowance for credit losses based on historical data | 1,746 | 1,341 | ' |
Total Allowance for Credit Losses - secured loans | $1,746 | $1,341 | $875 |
Receivables_Activity_Related_T
Receivables (Activity Related To Allowance For Credit Losses) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Allowance for Loan and Lease Losses [Roll Forward] | ' | ' |
Allowance for credit losses, beginning balance | $1,341 | $875 |
Change in loan loss provision | 405 | 466 |
Allowance for credit losses, ending balance | $1,746 | $1,341 |
Inventory_Schedule_of_Inventor
Inventory (Schedule of Inventory) (Details) (USD $) | 12 Months Ended | 3 Months Ended | ||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Mar. 31, 2013 | Mar. 31, 2012 | Mar. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | |
item | Agency [Member] | Agency [Member] | Agency [Member] | Principal [Member] | Principal [Member] | Principal [Member] | Principal Segment Component [Member] | Principal Segment Component [Member] | Principal Segment Component [Member] | Principal Segment Component [Member] | One Item of Inventory [Member] | |||
carat | Principal [Member] | Principal [Member] | Principal [Member] | Principal [Member] | Agency [Member] | |||||||||
Inventory [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Inventory | $192,140,000 | $92,187,000 | ' | $130,665,000 | $31,672,000 | ' | $61,475,000 | $60,515,000 | ' | ' | ' | ' | $11,100,000 | $72,000,000 |
Number of Inventory Items Related To Receivables Reductions | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase (Decrease) in Inventories | 83,237,000 | -12,513,000 | 883,000 | 100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Diamond Weight Held in Inventory | 59.6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Inventory write-down | 8,802,000 | 6,136,000 | 12,476,000 | 3,954,000 | 4,203,000 | 4,101,000 | 4,848,000 | 1,933,000 | 8,375,000 | 4,400,000 | 400,000 | 8,400,000 | ' | ' |
NonCash Additions to Inventory | 19,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Inventory in Exchange for Customer Receivable Reduction | 5,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Inventory in Exchange for Note Receivable Reduction | $14,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Recovered_Sheet2
Inventory (Schedule Of Inventory Writedowns By Segment) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Inventory [Line Items] | ' | ' | ' |
Inventory write-down | $8,802 | $6,136 | $12,476 |
Agency [Member] | ' | ' | ' |
Inventory [Line Items] | ' | ' | ' |
Inventory write-down | 3,954 | 4,203 | 4,101 |
Principal [Member] | ' | ' | ' |
Inventory [Line Items] | ' | ' | ' |
Inventory write-down | $4,848 | $1,933 | $8,375 |
Equity_Method_Investments_Deta
Equity Method Investments (Details) (USD $) | 3 Months Ended | 12 Months Ended | 3 Months Ended | ||||||||
Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | 23-May-90 | Dec. 31, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | |
AMA [Member] | AMA [Member] | Companybs Investment in Another Affiliate [Member] | Matisse [Member] | Matisse Inventory To AMA [Member] | Unsecured Debt [Member] | Up-front Payment Arrangement [Member] | |||||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock purchased | ' | ' | ' | ' | ' | ' | ' | $153,000,000 | ' | ' | ' |
Inventory exchange rate of interest in partnership | ' | 80.00% | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' |
Period of AMA Partnership Agreement | ' | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Carrying value of the Matisse Inventory | ' | 46,600,000 | 46,900,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Carrying value of the Sotheby's investment | ' | 11,040,000 | 15,136,000 | ' | 11,000,000 | 11,200,000 | 3,900,000 | ' | ' | ' | ' |
Sales Price of Disposal of Equity Method Investment | 4,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | 3,500,000 | ' |
Equity Method Investment, Realized Gain (Loss) on Disposal | 300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Sale of Equity Method Investments | ' | $1,225,000 | $0 | $0 | ' | ' | ' | ' | ' | ' | $800,000 |
Fixed_Assets_Details
Fixed Assets (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Land | $93,679 | $93,556 | ' |
Buildings and building improvements | 226,604 | 217,399 | ' |
Leasehold improvements | 84,855 | 77,737 | ' |
Computer hardware and software | 71,021 | 72,708 | ' |
Furniture, fixtures and equipment | 78,574 | 74,371 | ' |
Construction in progress | 2,136 | 2,683 | ' |
Other | 1,371 | 2,424 | ' |
Sub-total | 558,240 | 540,878 | ' |
Less: Accumulated depreciation and amortization | -178,841 | -165,847 | ' |
Total Fixed Assets, net | 379,399 | 375,031 | ' |
Depreciation and amortization | 19,435 | 17,942 | 17,604 |
Fixed Assets [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Depreciation and amortization | $19,400 | $17,900 | $17,200 |
Restructuring_Charges_Net_Narr
Restructuring Charges, Net (Narrative) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Restructuring Charges, Net [Line Items] | ' | ' | ' |
Restructuring charges, net | $0 | ($2,000) | $4,830,000 |
Headcount In Italy And The Netherlands [Member] | ' | ' | ' |
Restructuring Charges, Net [Line Items] | ' | ' | ' |
Percentage of staff reduction related to restructuring plan | ' | ' | 46.00% |
Global Headcount [Member] | ' | ' | ' |
Restructuring Charges, Net [Line Items] | ' | ' | ' |
Percentage of staff reduction related to restructuring plan | ' | ' | 2.00% |
2011 Restructuring Plan [Member] | ' | ' | ' |
Restructuring Charges, Net [Line Items] | ' | ' | ' |
Other restructuring costs | ' | ' | 2,800,000 |
Severance costs | ' | ' | $2,000,000 |
2011 Restructuring Plan [Member] | Scenario, Forecast [Member] | ' | ' | ' |
Restructuring Charges, Net [Line Items] | ' | ' | ' |
Restructuring plan staff reduction | ' | ' | 24 |
Debt_Narrative_Details
Debt (Narrative) (Details) (USD $) | 0 Months Ended | 1 Months Ended | 2 Months Ended | 3 Months Ended | 12 Months Ended | 60 Months Ended | 0 Months Ended | 3 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | 2 Months Ended | 12 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 60 Months Ended | 12 Months Ended | 1 Months Ended | 1 Months Ended | 3 Months Ended | 53 Months Ended | 0 Months Ended | |||||||||||||||||||||||||||||||||||
Jun. 20, 2008 | Jun. 11, 2008 | Jun. 30, 2013 | Aug. 31, 2011 | Jun. 30, 2011 | Jun. 30, 2008 | Nov. 25, 2013 | Dec. 31, 2013 | Jun. 14, 2013 | Mar. 31, 2013 | Jun. 30, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Oct. 01, 2017 | Sep. 30, 2013 | Jun. 28, 2013 | Jun. 26, 2013 | Feb. 06, 2009 | Nov. 25, 2012 | Jun. 20, 2008 | Dec. 31, 2012 | Dec. 31, 2013 | Nov. 23, 2012 | Jun. 17, 2008 | Jun. 20, 2008 | Jun. 30, 2011 | Jun. 18, 2008 | Aug. 16, 2011 | Dec. 31, 2013 | Dec. 31, 2008 | Jun. 17, 2008 | Jun. 30, 2008 | Dec. 31, 2013 | Feb. 06, 2009 | Sep. 28, 2012 | Dec. 31, 2013 | Oct. 01, 2017 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 11, 2008 | Feb. 06, 2009 | Feb. 28, 2009 | Feb. 06, 2009 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2011 | Jun. 14, 2013 | Sep. 30, 2011 | Dec. 31, 2013 | Feb. 13, 2014 | Feb. 13, 2014 | Feb. 27, 2014 | Feb. 13, 2014 | Feb. 13, 2014 | Feb. 13, 2014 | Feb. 13, 2014 | |
warrant | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Convertible Notes Member | Convertible Notes Member | Convertible Notes Member | Convertible Notes Member | Convertible Notes Member | Convertible Notes Member | Convertible Notes Member | Convertible Note Hedge And Warrant Transactions [Member] | York Property Mortgage Member [Member] | York Property Mortgage Member [Member] | 2022 Senior Notes | 2022 Senior Notes | 2022 Senior Notes | Maximum [Member] | Convertible Notes Member | Convertible Notes Member | Signing Of Related Purchase And Sale Agreement On January 11, 2008 [Member] | Purchase Consummated On February 6, 2009 [Member] | Assumption Of Existing Mortgage [Member] | Assumption Of Existing Mortgage [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Convertible Notes Member | Convertible Notes Member | Convertible Notes Member | Prior Credit Agreement [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | |||||||||||||||||||
Minimum [Member] | New Credit Agreement [Member] | New Credit Agreement [Member] | New Credit Agreement [Member] | Finance Segment Credit Agreement [Member] | Agency Segment Credit Agreement [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Letter of Credit [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Maximum [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Current borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $300,000,000 | ' | ' | ' | $600,000,000 | $30,000,000 | $450,000,000 | $150,000,000 |
Maximum Amount of Net Auction Guarantees Permissible | ' | ' | ' | ' | ' | ' | ' | 300,000,000 | ' | ' | ' | 300,000,000 | ' | ' | ' | ' | 300,000,000 | 100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 300,000,000 | ' | ' | ' | ' | ' | ' |
Line of credit, amount outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit, remaining borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 300,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase in borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000,000 | ' | ' | ' |
Line of credit, sub limit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000,000 | ' | ' | ' | 200,000,000 | ' | 150,000,000 | 50,000,000 |
Covenants, aggregate borrowing availability | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 75,000,000 | ' | ' | ' | ' | ' |
Covenant, total liquidity amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 150,000,000 | ' | ' | ' | ' | ' |
Total facility fees paid | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16,000,000 | ' | 3,000,000 | ' | ' | ' | ' |
Property acquisition price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 370,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Components of purchase price of land and buildings | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50,000,000 | 85,000,000 | ' | 235,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
York mortgage property maturity date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'JulyB 1, 2035 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument stated interest percentage | ' | ' | ' | ' | ' | ' | ' | 3.13% | ' | ' | ' | 3.13% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7.75% | ' | ' | ' | ' | ' | ' | ' | ' | 5.60% | ' | 5.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 226,000,000 | 212,100,000 | ' | 283,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization of debt discount to interest expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 22,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fees paid in conjunction with assumption of mortgage property | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate principal value of debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 150,000,000 | ' | ' | ' | ' | ' | ' | 200,000,000 | ' | ' | ' | ' | 300,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument maturity date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'June 15, 2015 | ' | ' | ' | ' | ' | ' | 'JuneB 15, 2013 | ' | ' | ' | ' | ' | ' | 'OctoberB 1, 2022 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net proceeds from issuance of long term debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 293,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of senior notes principal as part of redemption price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of principal amount debt as component of premium price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum percentage of redeemable 2022 senior note | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 35.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Redemption price percentage of 2022 Senior Notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 105.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from issuance of senior notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 300,000,000 | 0 | ' | ' | ' | ' | ' | ' | 145,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Effective interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt, Gross | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 80,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Early repayment of senior debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 97,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest payable, current | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Redemption Premium | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Extinguishment of debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -15,020,000 | -1,529,000 | ' | ' | ' | ' | ' | ' | ' | 15,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Write-off of unamortized discount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stated interest rate of convertible debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.13% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net proceeds from convertible notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 194,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Convertible notes conversion ratio | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 29.592 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Conversion per principal value of convertible notes | 1,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Convertible notes conversion price (usd per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $33.79 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Convertible notes payable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 161,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated debt rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7.75% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reclassification to equity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 38,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Adjustments to Additional Paid in Capital, Equity Component of Convertible Debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 21,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repayments of Principal Amount of Convertible Debt | ' | ' | ' | ' | ' | ' | ' | ' | 181,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of trading days out of 30 consecutive trading days for determining closing price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '30 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Conversion Request, Waiting Period for Weighted Average Stock Price Calculation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repayments of Convertible Debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 197,371,000 | 0 | 22,465,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 22,500,000 | 197,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Convertible, Beneficial Conversion Feature | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,400,000 | 15,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Liability for Conversion Option Reclassified to Stockholders Equity | ' | ' | ' | ' | ' | ' | ' | ' | ' | 21,800,000 | 8,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Embedded net of tax | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12,000,000 | 5,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments for (Proceeds from) Derivative Instrument, Financing Activities | ' | ' | 15,500,000 | 4,400,000 | ' | 40,600,000 | ' | ' | ' | ' | ' | -15,503,000 | 0 | -4,350,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Write off of Deferred Debt Issuance Cost | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,500,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Unamortized discount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 3,796,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 178,072,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Carrying value of convertible note hedge recorded in equity, net of taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 22,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Convertible note hedge reclassification | ' | ' | ' | ' | 8,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Convertible note hedge reclassification net of taxes | ' | ' | ' | ' | 5,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Carrying Value Of Convertible Note Hedge Reclassified to Other Current Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | 21,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Incremental common shares attributable to call options and warrants (shares) | ' | 5,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 49,000 | ' | 15,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock price per share to be acquired through warrant (usd per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 44.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Warrant exercise price (usd per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 44.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net proceeds from sale of warrant | ' | 22,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Warrant Exercise Daily Limit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 118,348 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Warrant Exercise Daily Limit Time Period | ' | ' | ' | ' | ' | ' | '50 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred Finance Costs, Net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,800,000 | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Shares, Other | ' | ' | ' | ' | ' | ' | ' | 722,288 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
York mortgage annual interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.60% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest paid | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $33,200,000 | $34,900,000 | $26,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt_Summary_Of_LongTerm_Debt_
Debt (Summary Of Long-Term Debt) (Details) (USD $) | 3 Months Ended | |||
Mar. 31, 2013 | Jun. 30, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | |
Debt [Line Items] | ' | ' | ' | ' |
Liability for Conversion Option Reclassified to Stockholders Equity | $21,800,000 | $8,200,000 | ' | ' |
Less current portion | ' | ' | -3,630,000 | -181,250,000 |
Total Long-Term Debt | ' | ' | 515,148,000 | 515,197,000 |
York Property Mortgage, net of unamortized discount of $5,346 and $8,911 | ' | ' | ' | ' |
Debt [Line Items] | ' | ' | ' | ' |
Unamortized discount | ' | ' | 5,346,000 | 8,911,000 |
Convertible notes, net of discount | ' | ' | 218,778,000 | 218,375,000 |
Less current portion | ' | ' | -3,630,000 | -3,178,000 |
Senior Notes [Member] | ' | ' | ' | ' |
Debt [Line Items] | ' | ' | ' | ' |
Unamortized discount | ' | ' | 0 | 0 |
2022 Senior Notes | ' | ' | ' | ' |
Debt [Line Items] | ' | ' | ' | ' |
Convertible notes, net of discount | ' | ' | 300,000,000 | 300,000,000 |
Convertible Notes, net of unamortized discount of $0 and $3,796 | ' | ' | ' | ' |
Debt [Line Items] | ' | ' | ' | ' |
Unamortized discount | ' | ' | 0 | 3,796,000 |
Convertible notes, net of discount | ' | ' | 0 | 178,072,000 |
Less current portion | ' | ' | 0 | -178,072,000 |
Revolving Credit Facility [Member] | ' | ' | ' | ' |
Debt [Line Items] | ' | ' | ' | ' |
Line of Credit Facility, Amount Outstanding | ' | ' | $0 | $0 |
Debt_Aggregate_Future_Principa
Debt (Aggregate Future Principal And Interest Payments) (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Debt Instruments [Abstract] | ' |
2014 | $31,754 |
2015 | 243,268 |
2016 | 15,750 |
2017 | 15,750 |
2018 | $15,750 |
Debt_Components_Of_Interest_Ex
Debt (Components Of Interest Expense) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Debt [Line Items] | ' | ' | ' |
Amortization of amendment and arrangement fees | $1,279 | $1,764 | $1,737 |
Commitment fees | 1,532 | 1,277 | 1,267 |
Sub-total | 2,811 | 3,041 | 3,004 |
Interest expense | 42,712 | 44,429 | 41,498 |
Other interest expense | 1,222 | 1,373 | 1,595 |
York Property Mortgage [Member] | ' | ' | ' |
Debt [Line Items] | ' | ' | ' |
Interest expense | 16,512 | 16,770 | 16,868 |
Senior Notes [Member] | ' | ' | ' |
Debt [Line Items] | ' | ' | ' |
Interest expense | 15,750 | 9,775 | 6,342 |
Convertible Notes Member | ' | ' | ' |
Debt [Line Items] | ' | ' | ' |
Interest expense | $6,417 | $13,470 | $13,689 |
Debt_Convertible_Note_Interest
Debt (Convertible Note Interest Expenses) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Debt Conversion [Line Items] | ' | ' | ' |
Discount amortization | $7,361 | $11,489 | $11,359 |
Convertible Notes Member | ' | ' | ' |
Debt Conversion [Line Items] | ' | ' | ' |
Contractual coupon interest expense | 2,621 | 5,683 | 6,038 |
Contractual coupon interest expense | 6,417 | 13,470 | 13,689 |
Discount amortization | $3,796 | $7,787 | $7,651 |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) (USD $) | 3 Months Ended | 12 Months Ended | 3 Months Ended | |||||||||
Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |
Repatriation Total Impact on All Financial Statements [Member] | Repatriation Impact on Income Statement [Member] | Repatriation Impact on Other Comprehensive Income Statement [Member] | All Countries [Domain] | Switzerland [Member] | U.K. [Member] | Hong Kong [Member] | Special Dividend [Member] | |||||
Income tax expense related to equity in earnings of investees | ' | $10,000 | $100,000 | $100,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred tax assets, foreign and state loss and tax credit carryforwards | ' | 19,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Valuation Allowance, Amount | ' | 3,227,000 | 10,235,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Effective Income Tax Rate Reconciliation, Percent | ' | 30.00% | 32.20% | 25.90% | ' | ' | ' | ' | ' | ' | ' | ' |
Net Income Tax Benefit Deduction Foreign Subsidiary | 6,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income Tax Expense (Benefit) | ' | 55,702,000 | 51,395,000 | 60,032,000 | 11,100,000 | 8,700,000 | 2,400,000 | ' | ' | ' | ' | ' |
Foreign Earnings Repatriated | ' | ' | ' | ' | ' | ' | ' | 250,000,000 | 120,000,000 | 105,000,000 | 25,000,000 | ' |
Deferred Tax Liabilities, Temporary Tax Differences from Undistributed Earnings of Foreign Subsidiaries | ' | 26,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income Taxes On Undistributed Earnings Of Certain Foreign Subsidiaries | ' | 26,462,000 | 113,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends, Common Stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 300,000,000 |
Undistributed foreign earnings intended for indefinite reinvestment outside the U.S. | ' | 498,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred tax liabilities, Net | ' | 174,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income tax payments | ' | $36,200,000 | $61,400,000 | $56,600,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Income_Taxes_Summary_Of_Signif
Income Taxes (Summary Of Significant Components Of Income Tax Expense) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Income before taxes, Domestic | $45,093 | $36,060 | $44,876 |
Income before taxes, Foreign | 140,600 | 123,376 | 186,513 |
Income before taxes | 185,693 | 159,436 | 231,389 |
Income tax expense- current, Domestic | 8,131 | 21,536 | 13,051 |
Income tax expense- current, State and local | 8,301 | 1,020 | 7,397 |
Income tax expense- current, Foreign | 29,602 | 29,775 | 44,760 |
Income tax expense- current, Sub-total | 46,034 | 52,331 | 65,208 |
Income tax expense (benefit)-deferred, Domestic | 2,543 | 800 | 12,467 |
Income tax expense (benefit)-deferred, State and local | -241 | -2,016 | -18,428 |
Income tax expense (benefit)-deferred, Foreign | 7,366 | 280 | 785 |
Income tax expense (benefit)-deferred, Total | 9,668 | -936 | -5,176 |
Income tax expense, Total | $55,702 | $51,395 | $60,032 |
Income_Taxes_Summary_Of_Compon
Income Taxes (Summary Of Components Of Deferred Tax Assets And Liabilities) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Income Tax Disclosure [Abstract] | ' | ' |
Asset provisions and accrued liabilities | $19,893 | $23,004 |
Tax loss and credit carryforwards | 19,215 | 11,306 |
Difference between book and tax basis of depreciable and amortizable assets | 21,093 | 20,836 |
Deferred Tax Liability Not Recognized, Amount of Unrecognized Deferred Tax Liability, Undistributed Earnings of Foreign Subsidiaries | 37,737 | 33,028 |
Sub-total | 97,938 | 88,174 |
Valuation allowance | -3,227 | -10,235 |
Total deferred tax assets | 94,711 | 77,939 |
Deferred Tax Liabilities, Other | 6,636 | 6,273 |
Step up in acquired assets | 28 | 27 |
Pension obligations | 4,391 | 3,553 |
Basis differences in equity method investments | 4,745 | 4,684 |
Income Taxes On Undistributed Earnings Of Certain Foreign Subsidiaries | 26,462 | 113 |
Total deferred tax liabilities | 42,262 | 14,650 |
Total | $52,449 | $63,289 |
Income_Taxes_Summary_Of_Effect
Income Taxes (Summary Of Effective Income Tax Rate) (Details) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' |
Statutory federal income tax rate | ' | 35.00% | 35.00% | 35.00% |
State and local taxes, net of federal tax benefit | ' | 2.80% | -0.10% | -3.10% |
Foreign taxes at rates different from U.S. rates | ' | -11.10% | -9.70% | -9.70% |
Deemed income from foreign subsidiaries, net | ' | 2.20% | 2.80% | 2.00% |
Tax Reserves | ' | -1.10% | 0.20% | 0.70% |
Corporate-Owned Life Insurance | ' | -0.70% | -0.50% | 0.20% |
Valuation Allowance | ' | -4.50% | 2.60% | 0.30% |
Other-Non Deductible Expenses | ' | 0.40% | 0.50% | 0.30% |
Non-Deductible Compensation | ' | 0.50% | 0.50% | 0.30% |
Effective Income Tax Rate Reconciliation, Repatriation of Foreign Earnings, Percent | 0.00% | 11.00% | ' | -0.20% |
Effective Income Tax Rate Reconciliation, Deduction, Other, Percent | 0.00% | -3.70% | ' | 0.00% |
Other | ' | -0.80% | 0.90% | 0.10% |
Effective income tax rate | ' | 30.00% | 32.20% | 25.90% |
Uncertain_Tax_Positions_Narrat
Uncertain Tax Positions (Narrative) (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |
Income Tax Uncertainties [Abstract] | ' | ' | ' | ' |
Unrecognized tax benefits | $25,423,000 | $35,400,000 | $34,689,000 | $29,194,000 |
Unrecognized tax benefits that would impact effective tax rate | 11,700,000 | 17,400,000 | ' | ' |
Unrecognized tax benefits, income tax and interest penalties (benefits) | -200,000 | 500,000 | 600,000 | ' |
Unrecognized tax benefits, income tax penalties and interest accrued | 1,600,000 | 1,800,000 | 1,300,000 | ' |
Decrease in unrecognized tax benefits within 12 months | $4,500,000 | ' | ' | ' |
Uncertain_Tax_Positions_LongTe
Uncertain Tax Positions (Long-Term Liability For Unrecognized Tax Benefits, Excluding Interest And Penalties) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Thousands, unless otherwise specified | ||||
Income Tax Uncertainties [Abstract] | ' | ' | ' | ' |
Deferred income taxes (contra assets) | $0 | $12,445 | $12,445 | ' |
Accrued income taxes (current) | 0 | 482 | 0 | ' |
Accrued income taxes (long-term) | 25,423 | 22,473 | 22,244 | ' |
Total liability for unrecognized tax benefits | $25,423 | $35,400 | $34,689 | $29,194 |
Uncertain_Tax_Positions_Reconc
Uncertain Tax Positions (Reconciliation Of Beginning And Ending Balances Of Liability For Unrecognized Tax Benefits, Excluding Interest And Penalties) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ' | ' | ' |
Balance at January 1 | $35,400 | $34,689 | $29,194 |
Increases in unrecognized tax benefits related to the current year | 8,999 | 2,484 | 5,928 |
Increases in unrecognized tax benefits related to prior years | 9 | 1,689 | 1,488 |
Decreases in unrecognized tax benefits related to prior years | -16,651 | -3,350 | -1,317 |
Decreases in unrecognized tax benefits related to settlements | -555 | 0 | -350 |
Decreases in unrecognized tax benefits due to lapse of the applicable statute of limitations | -1,779 | -112 | -254 |
Balance at December 31 | $25,423 | $35,400 | $34,689 |
Lease_Commitments_Narrative_De
Lease Commitments (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Leases, Operating [Abstract] | ' | ' | ' |
Rental expense under operating leases | $17.80 | $17.40 | $14.70 |
Future minimum sublease rental receipts | $2.90 | ' | ' |
Lease_Commitments_Schedule_Of_
Lease Commitments (Schedule Of Future Minimum Rental Payments For Operating Leases) (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Leases [Abstract] | ' |
2014 | $17,436 |
2015 | 15,981 |
2016 | 14,144 |
2017 | 12,013 |
2018 | 5,673 |
Thereafter | 39,291 |
Total future minimum lease payments | $104,538 |
Shareholders_Equity_Dividends_2
Shareholders' Equity, Dividends and Share-based Payments (Narrative) (Details) (USD $) | 0 Months Ended | 1 Months Ended | 3 Months Ended | 12 Months Ended | 49 Months Ended | 12 Months Ended | 0 Months Ended | 3 Months Ended | 0 Months Ended | 0 Months Ended | 12 Months Ended | 3 Months Ended | 0 Months Ended | 3 Months Ended | 0 Months Ended | 3 Months Ended | |||||||||||||||||||||||
Feb. 09, 2010 | Jun. 07, 2006 | Dec. 31, 2012 | Jun. 30, 2013 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Feb. 09, 2010 | Oct. 04, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Feb. 06, 2013 | Mar. 31, 2013 | Feb. 06, 2013 | Feb. 27, 2014 | Feb. 11, 2014 | Feb. 11, 2014 | Feb. 11, 2014 | Feb. 06, 2013 | Feb. 11, 2014 | Feb. 09, 2010 | Dec. 31, 2013 | 8-May-13 | Feb. 11, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Oct. 04, 2013 | Oct. 04, 2013 | Dec. 31, 2013 | Feb. 27, 2014 | Feb. 27, 2014 | Dec. 31, 2013 | Feb. 27, 2014 | Jun. 30, 2013 | Jun. 30, 2013 | |
senior_executive | vote | Minimum [Member] | Maximum [Member] | Sotheby S Incentive Compensation Programs Member | Sotheby S Incentive Compensation Programs Member | Mr Ruprecht September2010 Employment Agreement Member | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Performance Shares [Member] | Performance Shares [Member] | Equity Option [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Restricted Stock Unit And Performance Share Unit Member | Restricted Stock Restricted Stock Unit And Performance Share Unit Member | Restricted Stock Restricted Stock Unit And Performance Share Unit Member | Equity Option [Member] | Series A Junior Participating Preferred Stock [Member] | Series A Junior Participating Preferred Stock [Member] | Preferred Stock [Member] | Special Dividend [Member] | Special Dividend [Member] | Quarterly Dividend [Member] | All Countries [Domain] | All Countries [Domain] | Unsecured Loan [Member] | Up-front Payment Arrangement [Member] | |||||||||
Sotheby S Incentive Compensation Programs Member | Mr Ruprecht September2010 Employment Agreement Member | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | |||||||||||||||||||||||||||||||||
Sotheby S Incentive Compensation Programs Member | |||||||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, par value (usd per share) | ' | ' | $0.01 | ' | ' | $0.01 | $0.01 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of votes per common share of stock | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred Stock, Shares Outstanding (shares) | ' | ' | 0 | ' | 0 | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock, shares authorized (shares) | ' | ' | ' | ' | ' | 50,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividend Declared of Preferred Share Purchase Right | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' |
Exercise Price of Series A Junior Participating Preferred Stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $200 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Common Stock Share Equivalents of Stockholders Rights Plan Preferred Shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stockholders Rights Plan Waiting Period | ' | ' | ' | ' | ' | '10 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Beneficial Ownership Percentage of Acquiring Person under Stockholders Rights Plan | ' | ' | ' | ' | ' | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Beneficial Ownership Percentage of 13G Investor under Stockholders Rights Plan | ' | ' | ' | ' | ' | 20.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum Acquiring Person Ownership Percentage for Board Participation in Stockholders Rights Plan | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Common Stock Shares Board Members May Exchange for each Right under Stockholders Rights Plan | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity Method Investment, Realized Gain (Loss) on Disposal | ' | ' | ' | 300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments of Ordinary Dividends, Common Stock | ' | ' | ' | ' | ' | 13,754,000 | 35,223,000 | 14,851,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash dividends declared, per common share (usd per share) | ' | ' | ' | ' | ' | $0.20 | $0.52 | $0.23 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $4.34 | $0.10 | ' | ' | ' | ' |
Stock Repurchase Program, Period in Force | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Repurchase Program, Authorized Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 150,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash dividends per common share (usd per share) | ' | ' | ' | ' | ' | $0.20 | $0.52 | $0.23 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accelerated dividend declared | ' | ' | 13,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accelerated dividend declared (usd per share) | ' | ' | $0.20 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Excess tax benefits related to share-based payment arrangements | ' | ' | ' | ' | ' | 3,521,000 | 2,792,000 | 6,982,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized compensation expense related to the unvested portion of share-based payments | ' | ' | ' | ' | ' | 20,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Compensation expense is expected to be amortized over a weighted-average period | ' | ' | ' | ' | ' | '2 years 8 months 18 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Award vesting period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | '4 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Granted (shares) | ' | ' | ' | ' | ' | 696,000 | ' | ' | ' | ' | ' | ' | 600,702 | ' | 95,786 | ' | ' | 336,999 | 78,511 | 696,488 | 415,510 | ' | ' | ' | 220,243 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Granted During Period, Value, Share-based Compensation, Net of Forfeitures | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 21,500,000 | 3,400,000 | ' | 28,300,000 | 15,000,000 | 3,500,000 | 24,900,000 | 18,500,000 | ' | ' | ' | 9,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of share vested | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 26,900,000 | 28,100,000 | 45,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase in Restricted Stock Shares Authorized for Issuance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares available for future awards (shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,900,000 | ' | ' | ' | ' | ' | 104,100 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock options, expiration term | ' | ' | ' | ' | ' | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Granted (stock options) | 500,000 | ' | ' | ' | ' | 0 | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Grant value (usd per share) | $10.48 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of senior executives | 5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Granted, weighted average exercise price (usd per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $22.11 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allocated share-based compensation expense | ' | ' | ' | ' | ' | 22,350,000 | 19,240,000 | 18,918,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate intrinsic value of option exercised | ' | ' | ' | ' | ' | 3,500,000 | 600,000 | 3,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from exercise of employee stock options | ' | ' | ' | ' | ' | 4,049,000 | 966,000 | 2,566,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employee Service Share-based Compensation, Tax Benefit Realized from Exercise of Stock Options | ' | ' | ' | ' | ' | 700,000 | 100,000 | 800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Initial consideration (shares) | ' | 1,946,849 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Period for Reviewing NMP Financial Performance | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of initial consideration transferred back | ' | 20.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock transferred (shares) | ' | ' | ' | ' | 147,341 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based compensation benefit | ' | ' | ' | ' | ' | ' | ' | 600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Qualifying Offer Commencement Period Related to Stockholders Rights Plan | ' | ' | ' | ' | ' | '100 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Qualifying Offer Purchase Percentage under Stockholders Rights Plan | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred Stock Shares Designated as Series A Junior Participating Preferred Stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,000,000 | ' | ' | ' | ' | ' | ' | ' |
Preferred Stock, Par or Stated Value Per Share | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.01 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends, Common Stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 300,000,000 | 300,000,000 | 6,900,000 | ' | ' | ' | ' |
Funding of Dividend by Repatriation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 250,000,000 | 250,000,000 | ' | ' |
Funding of Dividend by Domestic Cash | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50,000,000 | ' | ' | ' | ' | ' |
Proceeds from the sale of equity method investments | ' | ' | ' | ' | ' | 1,225,000 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 800,000 |
Sales Price of Disposal of Equity Method Investment | ' | ' | ' | $4,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $3,500,000 | ' |
Share_Based_Payments_and_Divid
Share Based Payments and Dividends (Dividends Declared and Paid) (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Dividends, Share-based Compensation [Abstract] | ' | ' | ' |
Dividends Per Common Share | $0.20 | $0.52 | $0.23 |
Total Dividends | $13,754 | $35,223 | $14,851 |
ShareBased_Payments_And_Divide
Share-Based Payments And Dividends (Compensation Expense Related To Share-Based Payments) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Dividends, Share-based Compensation [Abstract] | ' | ' | ' |
Pre-Tax | $22,350 | $19,240 | $18,918 |
After-Tax | $15,299 | $13,078 | $12,536 |
ShareBased_Payments_And_Divide1
Share-Based Payments And Dividends (Changes In Number Of Outstanding Restricted Stock, RSU's And PSU's) (Details) (USD $) | 12 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ' |
Outstanding beginning balance, Shares | 1,912 |
Granted, Shares | 696 |
Vested, Shares | -703 |
Canceled, Shares | -82 |
Outstanding ending balance, Shares | 1,823 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ' |
Outstanding beginning balance, Weighted Average Grant Date Fair Value (usd per share) | $30.39 |
Granted, Weighted Average Grant Date Fair Value (usd per share) | $35.75 |
Vested, Weighted Average Grant Date Fair Value (usd per share) | $21.97 |
Canceled, Weighted Average Grant Date Fair Value (usd per share) | $37.42 |
Outstanding ending balance, Weighted Average Grant Date Fair Value (usd per share) | $35.37 |
ShareBased_Payments_And_Divide2
Share-Based Payments And Dividends (Changes In Number Of Stock Options Outstanding) (Details) (USD $) | 12 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ' |
Outstanding beginning balance, Options | 348 |
Canceled, Options | -69 |
Exercised, Options | -186 |
Outstanding ending balance, Options | 93 |
Exercisable, Options | 38 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | ' |
Outstanding beginning balance, Weighted Average Exercise Price (usd per share) | $21.92 |
Canceled, Weighted Average Exercise Price | $22.11 |
Exercised, Weighted Average Exercise Price (usd per share) | $21.75 |
Outstanding ending balance, Weighted Average Exercise Price (usd per share) | $22.11 |
Exercisable, Weighted Average Exercise Price (usd per share) | $22.11 |
Outstanding ending balance, Weighted Average Remaining Contractual Term | '5 years 2 months 18 days |
Exercisable, Weighted Average Remaining Contractual Term | '6 years 1 month 18 days |
Outstanding ending balance, Aggregate Intrinsic Value | $2,915 |
Exercisable, Aggregate Intrinsic Value | $1,166 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Loss (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax | ($39,453) | ($50,375) | ($53,918) | ($18,948) |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | 13,874 | 16,765 | -7,006 | ' |
Net unrealized losses related to defined benefit pension plan | -4,065 | -13,222 | -27,964 | ' |
Amortization of previously unrecognized net losses into net income, net of tax of $335, $0, and $0 | 1,113 | 0 | 0 | ' |
Other comprehensive income (loss) | 10,922 | 3,543 | -34,970 | ' |
Accumulated Translation Adjustment [Member] | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax | -1,352 | -16,084 | -34,012 | -25,979 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | 14,732 | 17,928 | -8,033 | ' |
Net unrealized losses related to defined benefit pension plan | 0 | 0 | 0 | ' |
Amortization of previously unrecognized net losses into net income, net of tax of $335, $0, and $0 | 0 | 0 | 0 | ' |
Other comprehensive income (loss) | 14,732 | 17,928 | -8,033 | ' |
Accumulated Defined Benefit Plans Adjustment [Member] | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax | -38,101 | -34,291 | -19,906 | 7,031 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | -858 | -1,163 | 1,027 | ' |
Net unrealized losses related to defined benefit pension plan | -4,065 | -13,222 | -27,964 | ' |
Amortization of previously unrecognized net losses into net income, net of tax of $335, $0, and $0 | 1,113 | 0 | 0 | ' |
Other comprehensive income (loss) | ($3,810) | ($14,385) | ($26,937) | ' |
Commitments_And_Contingencies_
Commitments And Contingencies (Details) (USD $) | 1 Months Ended | 12 Months Ended | 36 Months Ended | 1 Months Ended | 3 Months Ended | 12 Months Ended | 0 Months Ended | |||||||||||||
In Millions, unless otherwise specified | Jan. 31, 2013 | Feb. 28, 2011 | Mar. 31, 2010 | Sep. 30, 2008 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2010 | Mar. 31, 2010 | Mar. 31, 2010 | Feb. 28, 2011 | Mar. 31, 2010 | Mar. 31, 2011 | Mar. 31, 2011 | Mar. 31, 2011 | Mar. 31, 2011 | Dec. 31, 2013 | Feb. 14, 2014 | Dec. 31, 2013 | Dec. 31, 2013 |
painting | painting | Total Amount Awarded In Legal Settlement [Member] | Award Attributable to Auction Sale Shortfall [Member] | Award Attributable To Interest and Late Charges [Member] | Award Attributable to Attorney Fees [Member] | Award Attributable to Attorney Fees [Member] | Total Amount Recognized [Member] | Amount Recognized Attributable To Interest [Member] | Amount Recognized Attributable To Lost Auction Commissions [Member] | Amount Recognized Attributable to Reimbursement of Legal Fees [Member] | Amount Recognized Attributable to Reimbursement of Legal Fees [Member] | Subsequent Event [Member] | Customer 1 [Member] | Customer 2 [Member] | ||||||
Agency [Member] | Agency [Member] | Principal [Member] | ||||||||||||||||||
Commitments And Contingencies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employment arrangement expiration date range start | ' | ' | ' | ' | 'February 2014 | 'February 2014 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employment arrangement expiration date range end | ' | ' | ' | ' | 'March 2017 | 'March 2017 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commitment for salaries and other cash compensation under employment arrangement | ' | ' | ' | ' | $15.30 | $15.30 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimate of possible loss | ' | ' | ' | ' | ' | ' | 4.9 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss Contingency, payments on accrual | 4.7 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Guarantee of Collection | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 131.3 | 35 |
Settlement date | ' | ' | ' | ' | '35 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sale Price of Property Sold Under Guarantee of Collection | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 49.6 | ' | ' |
Number of paintings | ' | ' | 3 | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gross litigation settlement | ' | 2.5 | ' | ' | ' | ' | ' | 6.6 | 4.4 | 2.2 | 2.5 | 2.5 | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Legal Settlements | ' | 6.6 | ' | ' | ' | 0.9 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain (loss) on litigation settlement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | 2.2 | 0.4 | 0.4 | 0.5 | ' | ' | ' |
Unrecorded amount on loss contingency | ' | ' | ' | ' | $1.60 | $1.60 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Pension_Arrangements_Narrative
Pension Arrangements (Narrative) (Details) (USD $) | 1 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | ||||||||||||||
Oct. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Feb. 27, 2014 | Dec. 31, 2013 | Feb. 27, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |
Growth assets | Growth assets | Debt Securities and Cash [Member] | Debt Securities and Cash [Member] | Retirement Savings Plan [Member] | Retirement Savings Plan [Member] | Retirement Savings Plan [Member] | Deferred Compensation Plan [Member] | Deferred Compensation Plan [Member] | Deferred Compensation Plan [Member] | U.K. Pension Plan [Member] | U.K. Pension Plan [Member] | U.K. Pension Plan [Member] | Post May 2009 [Member] | Minimum [Member] | Maximum [Member] | |||||
Subsequent Event [Member] | Subsequent Event [Member] | Retirement Savings Plan [Member] | Retirement Savings Plan [Member] | Retirement Savings Plan [Member] | ||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Pre-tax compensation, percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.00% | ' |
Maximum Annual Contribution Per Employee, Percent | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20.00% |
Employer Matching | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.00% | ' | ' |
Accrued discretionary contribution | ' | ' | ' | ' | ' | ' | ' | ' | $1,200,000 | $1,200,000 | $1,700,000 | $400,000 | $500,000 | $900,000 | ' | ' | ' | ' | ' | ' |
Accrued discretionary contribution, percentage | ' | ' | ' | ' | ' | ' | ' | ' | 2.00% | ' | 3.00% | 2.00% | 2.00% | 3.00% | ' | ' | ' | ' | ' | ' |
Pension (expense) benefit | ' | ' | ' | ' | ' | ' | ' | ' | 2,300,000 | 2,000,000 | 3,600,000 | 900,000 | 1,000,000 | 1,400,000 | 1,300,000 | 1,000,000 | 800,000 | ' | ' | ' |
DCP Liability | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 51,800,000 | 45,200,000 | ' | ' | ' | ' | ' | ' | ' |
Gains (losses) in deemed participant investments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -5,100,000 | -3,200,000 | 500,000 | ' | ' | ' | ' | ' | ' |
Accumulated Benefit Obligation | ' | 344,000,000 | 305,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net (losses) gains related to COLI and mutual fund investments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,700,000 | 2,400,000 | -1,300,000 | ' | ' | ' | ' | ' | ' |
Net unrealized losses related to defined benefit pension plan | ' | -4,065,000 | -13,222,000 | -27,964,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Threshold For Recognizing net actuarial gains (losses) | ' | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected Remaining Service Lives | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '12 years 9 months 18 days | ' | ' | ' | ' | ' |
Accumulated Other Comprehensive Loss, net of taxes not yet recognized | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -38,600,000 | -34,800,000 | ' | ' | ' | ' |
Pre tax amount expected to be recognized in following year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,300,000 | ' | ' | ' | ' | ' |
Expected amount of net loss (gain) related to pension | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,900,000 | ' | ' | ' | ' | ' |
Contributions to U.K. pension plan | ' | ' | ' | ' | 68.00% | 60.00% | 32.00% | 40.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employer contributions | ' | 20,268,000 | 4,084,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Statutory funding valuation | 18,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected contributions to U.K. pension plan | ' | $3,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Pension_Arrangements_Assets_He
Pension Arrangements (Assets Held In Rabbi Trust) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Assets held in rabbi trust | $53,231 | $47,926 |
Company-owned variable life insurance | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Assets held in rabbi trust | 45,581 | 41,861 |
Mutual fund investments | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Assets held in rabbi trust | $7,650 | $6,065 |
Pension_Arrangements_Change_In
Pension Arrangements (Change In Benefit Obligation, Change In Fair Value Of Plan Assets, Funded Status And Amounts Recognized In Consolidated Balance Sheets) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ' | ' | ' |
Benefit obligation at beginning of year | $318,155 | $270,660 | ' |
Service cost | 3,682 | 3,662 | 4,087 |
Interest cost | 13,359 | 13,143 | 13,660 |
Contributions by plan participants | 1,251 | 1,358 | ' |
Actuarial loss (gain) | 23,410 | 25,157 | ' |
Benefits paid | -8,168 | -8,818 | ' |
Foreign currency exchange rate changes | 8,496 | 12,993 | ' |
Benefit obligation at end of year | 360,185 | 318,155 | 270,660 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ' |
Fair value of plan assets at beginning of year | 336,189 | 297,854 | ' |
Actual return on plan assets | 38,097 | 27,660 | ' |
Employer contributions | 20,268 | 4,084 | ' |
Contributions by plan participants | 1,251 | 1,358 | ' |
Benefits paid | -8,168 | -8,818 | ' |
Foreign currency exchange rate changes | 9,832 | 14,051 | ' |
Fair value of plan assets at end of year | 397,469 | 336,189 | 297,854 |
Net pension asset recognized | $37,284 | $18,034 | ' |
Pension_Arrangements_Component
Pension Arrangements (Components Of Net Pension Benefits Related To U.K. Pension Plan Assets) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] | ' | ' | ' |
Service cost | $3,682 | $3,662 | $4,087 |
Interest cost | 13,359 | 13,143 | 13,660 |
Expected return on plan assets | -19,659 | -19,609 | -23,255 |
Expected return on plan assets | 19,659 | 19,609 | 23,255 |
Amortization of actuarial loss | -1,458 | 0 | 0 |
Net pension benefit | ($1,160) | ($2,804) | ($5,508) |
Pension_Arrangements_Benefit_O
Pension Arrangements (Benefit Obligation And Net Pension Benefit) (Details) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | ' | ' | ' |
Benefit Obligation, Weighted average discount rate | 4.40% | 4.40% | ' |
Benefit Obligation, Weighted average rate of compensation increase | 4.60% | 4.20% | ' |
Net Pension Benefit, Weighted average discount rate | 4.40% | 4.80% | 5.50% |
Net Pension Benefit, Weighted average rate of compensation increase | 4.20% | 5.00% | 5.50% |
Net Pension Benefit, Weighted average expected long-term rate of return on plan assets | 6.20% | 6.30% | 7.70% |
Pension_Arrangements_Component1
Pension Arrangements (Components Of U.K. Pension Plan Assets) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Total fair value of plan assets | $397,469 | $336,189 | $297,854 |
Growth assets | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Total fair value of plan assets | 280,019 | 227,140 | ' |
Total debt securities, % of total | 70.50% | 67.60% | ' |
Debt securities | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Total fair value of plan assets | 113,393 | 104,361 | ' |
Total debt securities, % of total | 28.50% | 31.00% | ' |
Debt securities | Government [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Total fair value of plan assets | 0 | 22,702 | ' |
Total debt securities, % of total | 0.00% | 6.80% | ' |
Debt securities | Corporate [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Total fair value of plan assets | 30,774 | 28,267 | ' |
Total debt securities, % of total | 7.70% | 8.40% | ' |
Debt securities | Index-Linked [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Total fair value of plan assets | 82,619 | 53,392 | ' |
Total debt securities, % of total | 20.80% | 15.90% | ' |
Real estate mutual funds | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Total fair value of plan assets | 2,746 | 2,479 | ' |
Total debt securities, % of total | 0.70% | 0.70% | ' |
Cash and cash equivalents | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Total fair value of plan assets | $1,311 | $2,209 | ' |
Total debt securities, % of total | 0.30% | 0.70% | ' |
Pension_Arrangements_Fair_Valu
Pension Arrangements (Fair Value Measurement Information U.K. Pension Plan Assets) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Total fair value of plan assets | $397,469 | $336,189 | $297,854 |
Total Fair Value [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Total fair value of plan assets | 397,469 | ' | ' |
Quoted Pricesin Active Markets (Level 1) [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Total fair value of plan assets | 284,737 | ' | ' |
Significant Other Observable Inputs (Level 2) [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Total fair value of plan assets | 112,732 | ' | ' |
Significant Unobservable Inputs (Level 3) [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Total fair value of plan assets | 0 | ' | ' |
Growth assets | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Total fair value of plan assets | 280,019 | 227,140 | ' |
Growth assets | Total Fair Value [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Total fair value of plan assets | 280,019 | ' | ' |
Growth assets | Quoted Pricesin Active Markets (Level 1) [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Total fair value of plan assets | 189,430 | ' | ' |
Growth assets | Significant Other Observable Inputs (Level 2) [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Total fair value of plan assets | 90,589 | ' | ' |
Growth assets | Significant Unobservable Inputs (Level 3) [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Total fair value of plan assets | 0 | ' | ' |
Debt securities: | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Total fair value of plan assets | 113,393 | 104,361 | ' |
Debt securities: | Total Fair Value [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Total fair value of plan assets | 113,393 | ' | ' |
Debt securities: | Quoted Pricesin Active Markets (Level 1) [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Total fair value of plan assets | 93,996 | ' | ' |
Debt securities: | Significant Other Observable Inputs (Level 2) [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Total fair value of plan assets | 19,397 | ' | ' |
Debt securities: | Significant Unobservable Inputs (Level 3) [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Total fair value of plan assets | 0 | ' | ' |
Debt securities: | Government [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Total fair value of plan assets | 0 | 22,702 | ' |
Debt securities: | Government [Member] | Total Fair Value [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Total fair value of plan assets | 0 | ' | ' |
Debt securities: | Government [Member] | Quoted Pricesin Active Markets (Level 1) [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Total fair value of plan assets | 0 | ' | ' |
Debt securities: | Government [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Total fair value of plan assets | 0 | ' | ' |
Debt securities: | Government [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Total fair value of plan assets | 0 | ' | ' |
Debt securities: | Corporate [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Total fair value of plan assets | 30,774 | 28,267 | ' |
Debt securities: | Corporate [Member] | Total Fair Value [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Total fair value of plan assets | 30,774 | ' | ' |
Debt securities: | Corporate [Member] | Quoted Pricesin Active Markets (Level 1) [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Total fair value of plan assets | 11,377 | ' | ' |
Debt securities: | Corporate [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Total fair value of plan assets | 19,397 | ' | ' |
Debt securities: | Corporate [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Total fair value of plan assets | 0 | ' | ' |
Debt securities: | Index-Linked [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Total fair value of plan assets | 82,619 | 53,392 | ' |
Debt securities: | Index-Linked [Member] | Total Fair Value [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Total fair value of plan assets | 82,619 | ' | ' |
Debt securities: | Index-Linked [Member] | Quoted Pricesin Active Markets (Level 1) [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Total fair value of plan assets | 82,619 | ' | ' |
Debt securities: | Index-Linked [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Total fair value of plan assets | 0 | ' | ' |
Debt securities: | Index-Linked [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Total fair value of plan assets | 0 | ' | ' |
Real estate mutual funds | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Total fair value of plan assets | 2,746 | 2,479 | ' |
Real estate mutual funds | Total Fair Value [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Total fair value of plan assets | 2,746 | ' | ' |
Real estate mutual funds | Quoted Pricesin Active Markets (Level 1) [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Total fair value of plan assets | 0 | ' | ' |
Real estate mutual funds | Significant Other Observable Inputs (Level 2) [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Total fair value of plan assets | 2,746 | ' | ' |
Real estate mutual funds | Significant Unobservable Inputs (Level 3) [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Total fair value of plan assets | 0 | ' | ' |
Cash and cash equivalents | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Total fair value of plan assets | 1,311 | 2,209 | ' |
Cash and cash equivalents | Total Fair Value [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Total fair value of plan assets | 1,311 | ' | ' |
Cash and cash equivalents | Quoted Pricesin Active Markets (Level 1) [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Total fair value of plan assets | 1,311 | ' | ' |
Cash and cash equivalents | Significant Other Observable Inputs (Level 2) [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Total fair value of plan assets | 0 | ' | ' |
Cash and cash equivalents | Significant Unobservable Inputs (Level 3) [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Total fair value of plan assets | $0 | ' | ' |
Pension_Arrangements_Estimated
Pension Arrangements (Estimated Future Benefit Payments) (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | ' |
2014 | $9,193 |
2015 | 9,824 |
2016 | 12,537 |
2017 | 11,657 |
2018 | 12,651 |
2019 to 2023 | $72,751 |
Auction_Guarantees_Details
Auction Guarantees (Details) (USD $) | 3 Months Ended | |||||||||
Mar. 31, 2013 | Dec. 31, 2013 | Jun. 28, 2013 | Jun. 26, 2013 | Dec. 31, 2012 | Feb. 14, 2014 | Feb. 13, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Feb. 14, 2014 | |
Subsequent Event [Member] | Subsequent Event [Member] | Agency [Member] | Agency [Member] | Agency [Member] | ||||||
Subsequent Event [Member] | ||||||||||
Client Goodwill Gesture | $1,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum Amount of Net Auction Guarantees Permissible | ' | 300,000,000 | 300,000,000 | 100,000,000 | ' | ' | 300,000,000 | ' | ' | ' |
Outstanding guarantee maximum exposure | ' | 61,500,000 | ' | ' | ' | 73,700,000 | ' | ' | ' | ' |
Auction guarantee advances | ' | ' | ' | ' | ' | ' | ' | 28,000,000 | 16,224,000 | 8,700,000 |
Irrevocable Bids | ' | ' | ' | ' | ' | 37,200,000 | ' | ' | ' | ' |
Estimated fair value of obligation to perform under auction guarantees | ' | $2,900,000 | ' | ' | $3,300,000 | ' | ' | ' | ' | ' |
Derivative_Financial_Instrumen1
Derivative Financial Instruments (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Summary of Derivative Instruments [Abstract] | ' | ' |
Notional Amount of Derivatives | $37.40 | ' |
Derivative Liabilities (less than) | $0.20 | $0.10 |
Related_Party_Transactions_Det
Related Party Transactions (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Related Party Transactions [Abstract] | ' | ' | ' |
Auction commission revenues | $4.80 | $10 | $21.80 |
Net accounts receivable from related party transaction | $2.70 | $3.90 | ' |
Quarterly_Results_Unaudited_Sc
Quarterly Results (Unaudited) (Schedule Of Quarterly Results) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||||||
principal_selling_season | principal_selling_season | ||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Number of principal selling seasons | 2 | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ||||||||
Q2 and Q4 Net Auction Sales as Percentage of Total Net Auction Sales | ' | ' | ' | ' | ' | ' | ' | ' | 83.00% | 84.00% | ' | ||||||||
Auction Commission Revenues as Percentage of Total Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 81.00% | 81.00% | ' | ||||||||
Net Auction Sales | $1,932,887 | [1] | $228,587 | [1] | $1,654,088 | [1] | $523,386 | [1] | $1,511,700 | [1] | $192,874 | [1] | $1,679,253 | [1] | $425,829 | [1] | ' | ' | ' |
Agency | 327,592 | 76,929 | 294,943 | 94,175 | 269,959 | 59,711 | 290,151 | 97,410 | 793,639 | 717,231 | 791,738 | ||||||||
Principal | 3,942 | 23,491 | 2,122 | 1,083 | 14,293 | 1,815 | 7,394 | 2,678 | 30,638 | 26,180 | 21,790 | ||||||||
Finance | 5,619 | 5,164 | 5,561 | 4,933 | 4,980 | 4,572 | 4,580 | 3,575 | 21,277 | 17,707 | 12,038 | ||||||||
License fees | 1,724 | 1,902 | 2,090 | 1,186 | 1,585 | 2,046 | 1,592 | 901 | 6,902 | 6,124 | 5,228 | ||||||||
Other | 324 | 378 | 152 | 368 | 306 | 317 | 232 | 395 | 1,222 | 1,250 | 1,042 | ||||||||
Total revenues | 339,201 | 107,864 | 304,868 | 101,745 | 291,123 | 68,461 | 303,949 | 104,959 | 853,678 | 768,492 | 831,836 | ||||||||
Net income (loss) | $90,753 | ($30,131) | $91,729 | ($22,345) | $66,091 | ($32,565) | $85,430 | ($10,664) | $130,006 | $108,292 | $171,416 | ||||||||
Basic (loss) earnings per share - Sothebybs common shareholders (usd per share) | $1.32 | ($0.44) | $1.34 | ($0.33) | $0.97 | ($0.48) | $1.26 | ($0.16) | $1.90 | $1.59 | $2.52 | ||||||||
Diluted earnings (loss) per share - Sothebybs common shareholders (usd per share) | $1.30 | ($0.44) | $1.33 | ($0.33) | $0.96 | ($0.48) | $1.24 | ($0.16) | $1.88 | $1.57 | $2.46 | ||||||||
Weighted average basic shares outstanding (shares) | 68,876 | 68,361 | 68,306 | 67,951 | 67,779 | 67,771 | 67,753 | 67,457 | 68,374 | 67,691 | 67,282 | ||||||||
Weighted average diluted shares outstanding (shares) | 69,826 | 68,361 | 68,889 | 67,951 | 68,621 | 67,771 | 68,416 | 67,457 | 69,175 | 68,527 | 68,850 | ||||||||
[1] | Net Auction Sales represents the hammer price of property sold at auction. |
Valuation_And_Qualifying_Accou
Valuation And Qualifying Accounts (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Receivables [Member] | ' | ' | ' |
Movement in Valuation Allowances and Reserves [Roll Forward] | ' | ' | ' |
Valuation Allowances and Reserves, Beginning of Period | $7,969 | $8,038 | $5,687 |
Valuation Allowances and Reserves, Charged to Cost and Expense | 1,444 | 1,296 | 2,951 |
Valuation Allowances and Reserves, Charged to Other Accounts | 0 | 0 | 388 |
Valuation Allowances and Reserves, Deductions | 728 | 1,365 | 988 |
Valuation Allowances and Reserves, End of Period | 8,685 | 7,969 | 8,038 |
Deferred Tax Assets [Member] | ' | ' | ' |
Movement in Valuation Allowances and Reserves [Roll Forward] | ' | ' | ' |
Valuation Allowances and Reserves, Beginning of Period | 10,235 | 6,000 | 19,106 |
Valuation Allowances and Reserves, Charged to Cost and Expense | 1,735 | 4,333 | 675 |
Valuation Allowances and Reserves, Charged to Other Accounts | 66 | 0 | 0 |
Valuation Allowances and Reserves, Deductions | 8,809 | 98 | 13,781 |
Valuation Allowances and Reserves, End of Period | $3,227 | $10,235 | $6,000 |