Sotheby's (BID) 10-Q 7 Aug 15 2015 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2015	Jul. 31, 2015
Document And Entity Information [Abstract]
Entity Registrant Name	SOTHEBYS
Entity Central Index Key	823,094
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	Jun. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Common Stock, Shares Outstanding		69,496,777

Condensed Consolidated Income S

Condensed Consolidated Income Statements (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Revenues:
Agency commissions and fees	$ 310,377	$ 316,187	$ 438,259	$ 439,315
Inventory sales	7,005	8,733	19,988	34,734
Finance	11,970	8,140	24,657	13,822
License fees	2,468	2,462	4,442	4,159
Other	186	295	335	598
Total revenues	332,006	335,817	487,681	492,628
Expenses:
Agency direct costs	32,730	31,617	44,569	42,054
Cost of inventory sales	16,989	7,518	28,702	32,020
Cost of Finance revenues	3,874	2,024	7,262	2,734
Marketing	4,748	4,564	8,808	7,697
Salaries and related	108,182	97,833	171,112	163,589
General and administrative	44,731	38,210	79,460	75,542
Depreciation and amortization	4,781	5,066	9,563	10,213
CEO separation and transition costs	43	0	4,232	0
Restructuring charges, net	(530)	0	(889)	0
Special charges	0	18,554	0	24,257
Total expenses	215,548	205,386	352,819	358,106
Operating income	116,458	130,431	134,862	134,522
Interest income	630	402	759	818
Interest expense	(9,074)	(8,768)	(17,735)	(17,551)
Other income (expense)	245	694	(1,714)	(748)
Income before taxes	108,259	122,759	116,172	117,041
Equity in earnings of investees	1,982	230	3,126	384
Income tax expense	42,789	45,344	46,713	45,675
Net income	67,452	77,645	72,585	71,750
Less: Net (loss) income attributable to noncontrolling interest	(120)	13	(189)	232
Net income attributable to Sotheby's	$ 67,572	$ 77,632	$ 72,774	$ 71,518
Basic earnings per share - Sotheby’s common shareholders	$ 0.97	$ 1.12	$ 1.04	$ 1.02
Diluted earnings per share - Sotheby’s common shareholders	$ 0.96	$ 1.11	$ 1.04	$ 1.01
Weighted average basic shares outstanding (shares)	69,332	68,938	69,211	69,041
Weighted average diluted shares outstanding (shares)	69,884	69,491	69,794	69,619
Cash dividends paid per common share (usd per share)	$ 0.10	$ 0.1	$ 0.20	$ 4.54

Condensed Consolidated Statemen

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Statement of Comprehensive Income [Abstract]
Net income	$ 67,452	$ 77,645	$ 72,585	$ 71,750
Other comprehensive income:
Cumulative foreign currency translation adjustments, net of tax of $2,047 and $380 for the three and six months ended June 30, 2015	17,553	4,029	(1,716)	5,497
Reclassification of cumulative translation adjustment included in net income	0	0	0	2,058
Amortization of previously unrecognized net pension losses and prior service costs included in net income, net of tax of $217, $120, $432, and $237	867	479	1,725	951
Other comprehensive income	18,420	4,508	9	8,506
Comprehensive income	85,872	82,153	72,594	80,256
Less: Comprehensive (loss) income attributable to noncontrolling interest	(120)	13	(189)	232
Comprehensive income attributable to Sotheby's	$ 85,992	$ 82,140	$ 72,783	$ 80,024

Condensed Consolidated Stateme4

Condensed Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Statement of Comprehensive Income [Abstract]
Taxes - Foreign currency translation adjustment	$ 2,047	$ 380
Taxes - Amortization of previously unrecognized net pension losses	$ 217	$ 120	$ 432	$ 237

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014	Jun. 30, 2014
Current Assets:
Cash and cash equivalents	$ 613,688	$ 693,829	$ 576,445
Restricted cash	37,072	32,837	56,656
Accounts receivable, net of allowance for doubtful accounts of $7,854, $7,318, and $6,995	822,725	913,743	993,302
Notes receivable, net of allowance for credit losses of $1,359, $1,166, and $1,001	57,847	130,796	96,883
Inventory	257,993	217,132	218,878
Deferred income taxes and income tax receivable	32,509	17,078	41,336
Prepaid expenses and other current assets	34,266	34,107	27,633
Total Current Assets	1,856,100	2,039,522	2,011,133
Notes receivable	748,204	568,942	510,905
Fixed assets, net of accumulated depreciation and amortization of $200,181, $191,260, and $188,273	357,768	364,382	373,476
Goodwill and other intangible assets, net of accumulated amortization of $5,247, $5,760, and $6,415	14,153	14,341	14,914
Equity method investments	41,557	10,210	10,862
Deferred income taxes and income tax receivable	18,940	38,202	38,836
Trust assets related to deferred compensation liability	48,370	50,490	52,041
Pension asset	31,671	28,993	41,525
Other long-term assets	20,756	19,738	19,309
Total Assets	3,137,519	3,134,820	3,073,001
Current Liabilities:
Due to consignors	781,927	980,470	1,000,029
Accounts payable and accrued liabilities	101,255	111,639	129,071
Accrued salaries and related costs	69,011	88,915	56,174
York Property Mortgage	6,542	218,728	3,730
Accrued and deferred income taxes	35,547	13,828	46,808
Other current liabilities	15,684	15,627	16,068
Total Current Liabilities	1,009,966	1,429,207	1,251,880
Credit facility borrowings	593,000	445,000	345,000
Long-term debt, net	512,067	300,000	515,031
Accrued and deferred income taxes	18,621	21,192	21,182
Deferred compensation liability	48,269	49,633	51,350
Other long-term liabilities	8,915	11,550	11,413
Total Liabilities	$ 2,190,838	$ 2,256,582	$ 2,195,856
Commitments and contingencies
Shareholders’ Equity:
Common Stock, $0.01 par value, Authorized shares - 200,000,000, Issued shares - 70,054,948, 69,550,073, and 69,525,947, and Outstanding shares - 69,496,777, 68,991,902, and 68,967,776	$ 700	$ 695	$ 695
Additional paid-in capital	418,764	408,874	394,261
Treasury stock, at cost: 558,171 shares at June 30, 2015, December 31, 2014, and June 30, 2014	(25,000)	(25,000)	(25,000)
Retained earnings	628,626	569,894	537,565
Accumulated other comprehensive loss	(76,757)	(76,766)	(30,947)
Total Shareholders’ Equity	946,333	877,697	876,574
Noncontrolling interest	348	541	571
Total Equity	946,681	878,238	877,145
Total Liabilities and Shareholders’ Equity	$ 3,137,519	$ 3,134,820	$ 3,073,001

Condensed Consolidated Balance6

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014	Jun. 30, 2014
Statement of Financial Position [Abstract]
Allowance for doubtful accounts receivable	$ 7,854	$ 7,318	$ 6,995
Allowance for credit losses	1,359	1,166	1,001
Accumulated depreciation and amortization	200,181	191,260	188,273
Accumulated amortization, intangible assets	$ 5,247	$ 5,760	$ 6,415
Common stock, par value (usd per share)	$ 0.01	$ 0.01	$ 0.01
Common stock, shares authorized (shares)	200,000,000	200,000,000	200,000,000
Common stock, shares issued (shares)	70,054,948	69,550,073	69,525,947
Common stock, shares outstanding (shares)	69,496,777	68,991,902	68,967,776
Treasury stock, shares outstanding (shares)	558,171	558,171	558,171

Condensed Consolidated Stateme7

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Operating Activities:
Net income attributable to Sotheby's	$ 72,774	$ 71,518
Adjustments to reconcile net income attributable to Sotheby's to net cash used by operating activities:
Depreciation and amortization	9,563	10,213
Loss from cumulative translation adjustment upon liquidation of foreign subsidiary	0	2,058
Deferred income tax expense	14,360	11,980
Share-based payments	17,235	12,895
Net pension cost (benefit)	784	(350)
Inventory writedowns and bad debt provisions	13,825	3,316
Amortization of debt discount	1,782	1,782
Excess tax benefits from share-based payments	(1,067)	(3,625)
Equity in earnings of investees	(3,126)	(384)
Other	(222)	1,366
Changes in assets and liabilities:
Accounts receivable	81,662	(192,351)
Due to consignors	(194,480)	50,770
Inventory	(53,997)	(34,495)
Prepaid expenses and other current assets	(5,857)	(4,872)
Other long-term assets	3,251	(1,391)
Deferred income tax assets and income tax receivable	(10,512)	(22,405)
Accrued income taxes and deferred income tax liabilities	18,543	20,098
Accounts payable and accrued liabilities and other liabilities	(30,818)	10,318
Net cash used by operating activities	(66,300)	(63,559)
Investing Activities:
Funding of notes receivable	(262,060)	(297,903)
Collections of notes receivable	163,373	247,234
Capital expenditures	(2,785)	(3,634)
Funding of equity method investment	(30,725)	0
Distributions from equity investees	2,500	875
Proceeds from the sale of equity method investment	150	125
Increase in restricted cash	(6,434)	(24,822)
Net cash used by investing activities	(135,981)	(78,125)
Financing Activities:
Debt issuance and other borrowing costs	(2,572)	0
Proceeds from credit facility borrowings	162,000	345,000
Repayments of credit facility borrowings	(14,000)	0
Repayments of York Property Mortgage	(1,901)	(1,799)
Repurchase of common stock	0	(25,000)
Dividends paid	(16,439)	(317,702)
Proceeds from exercise of employee stock options	0	967
Excess tax benefits from share-based payments	1,067	3,625
Funding of employee tax obligations upon the vesting of share-based payments	(8,897)	(11,835)
Net cash provided (used) by financing activities	119,258	(6,744)
Effect of exchange rate changes on cash and cash equivalents	2,882	3,558
Decrease in cash and cash equivalents	(80,141)	(144,870)
Cash and cash equivalents at beginning of period	693,829	721,315
Cash and cash equivalents at end of period	$ 613,688	$ 576,445

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The Condensed Consolidated Financial Statements included herein have been prepared by Sotheby’s pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles (“GAAP”) in the United States of America (the “U.S.”) have been condensed or omitted from this report, as is permitted by such rules and regulations; however, the management of Sotheby’s believes that the disclosures herein are adequate to make the information presented not misleading and that all normal and recurring adjustments necessary for a fair presentation of the Condensed Consolidated Financial Statements are reflected in the interim periods presented. It is suggested that these Condensed Consolidated Financial Statements be read in conjunction with the financial statements and notes thereto included in Sotheby’s 2014 Annual Report on Form 10-K. The Condensed 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 in which Sotheby's has a controlling 80% ownership interest. The net (loss) income attributable to the minority owner of Sotheby's Beijing is reported as "Net (Loss) Income Attributable to Noncontrolling Interest" in the Condensed Consolidated Income Statements and the non-controlling 20% ownership interest is reported as "Noncontrolling Interest" within the Equity section of the Condensed Consolidated Balance Sheets. 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 within Equity in Earnings of Investees in the Condensed Consolidated Income Statements. Sotheby’s interest in the net assets of the investee is recorded within Equity Method Investments on the Condensed Consolidated Balance Sheets. Sotheby's equity method investees include RM Sotheby's (see Note 7) and Acquavella Modern Art.

Seasonality of Business

Seasonality of Business	6 Months Ended
	Jun. 30, 2015
Seasonality Of Business [Abstract]
Seasonality of Business	Seasonality of Business The worldwide art auction market has two principal selling seasons, which generally occur in the second and fourth quarters of the year. In the aggregate, second and fourth quarter Net Auction Sales 1 represented 79% and 83% of total Net Auction Sales in 2014 and 2013, respectively, with auction commission revenues comprising approximately 81% of Sotheby's total revenues in those years. Accordingly, Sotheby’s financial results are seasonal, with peak revenues and operating income generally occurring in the second and fourth quarters. Consequently, first and third quarter results have historically reflected lower revenues when compared to the second and fourth quarters and, typically, a net loss due to the fixed nature of many of Sotheby’s operating expenses.

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 2015
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 participating securities include unvested restricted stock units and restricted stock shares, which have non-forfeitable rights to dividends. (See Note 12 for information on Sotheby's share-based payment programs.) 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, the weighted average number of potential common shares outstanding during the period. Sotheby's potential common shares currently include unvested performance share units held by employees, incremental common shares issuable upon the exercise of employee stock options, and deferred stock units held by members of the Board of Directors. (See Note 12 for information on Sotheby's share-based payment programs.) ___________________________________________________________________ 1 Net Auction Sales represents the hammer or sale price of property sold at auction. For the three and six months ended June 30, 2015 , 0.9 million and 1 million potential common shares, respectively, related to unvested performance share units were excluded from the computation of diluted earnings per share because the profitability or stock price targets inherent in such awards were not achieved as of the balance sheet date. For the three and six months ended June 30, 2014 , 1.1 million and 1.2 million potential common shares, respectively, related to unvested performance share units were excluded from the computation of diluted earnings per share because the profitability targets inherent in such awards were not achieved as of the balance sheet date. The table below summarizes the computation of basic and diluted earnings per share for the three and six months ended June 30, 2015 and 2014 (in thousands, except per share amounts): Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Basic: Numerator: Net income attributable to Sotheby’s $ 67,572 $ 77,632 $ 72,774 $ 71,518 Less: Net income attributable to participating securities 590 256 485 1,001 Net income attributable to Sotheby’s common shareholders $ 66,982 $ 77,376 $ 72,289 $ 70,517 Denominator: Weighted average basic shares outstanding 69,332 68,938 69,211 69,041 Basic earnings per share - Sotheby’s common shareholders $ 0.97 $ 1.12 $ 1.04 $ 1.02 Diluted : Numerator: Net income attributable to Sotheby’s $ 67,572 $ 77,632 $ 72,774 $ 71,518 Less: Net income attributable to participating securities 590 256 485 1,001 Net income attributable to Sotheby’s common shareholders $ 66,982 $ 77,376 $ 72,289 $ 70,517 Denominator: Weighted average common shares outstanding 69,332 68,938 69,211 69,041 Weighted average effect of Sotheby's dilutive potential common shares: Performance share units 368 362 404 386 Deferred stock units 164 172 159 168 Stock options 20 19 20 24 Weighted average dilutive potential common shares outstanding 552 553 583 578 Weighted average diluted shares outstanding 69,884 69,491 69,794 69,619 Diluted earnings per share - Sotheby’s common shareholders $ 0.96 $ 1.11 $ 1.04 $ 1.01

Segment Reporting

Segment Reporting	6 Months Ended
	Jun. 30, 2015
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting Sotheby’s is a global art business whose operations are currently organized under two segments—Agency and Finance. The Agency segment earns commissions by matching buyers and sellers of authenticated fine art, decorative art, and jewelry (collectively, “art” or “works of art” or “artwork” or "property") through the auction or private sale process. To a much lesser extent, the Agency segment also earns revenues from the sale of artworks that have been purchased opportunistically by Sotheby’s. The Finance segment earns interest income through art-related financing activities by making loans that are secured by works of art. Prior to the second quarter of 2015, Sotheby's also separately reported the results of the Principal segment, which was comprised of its dealer activities and principally included the sale of artworks purchased opportunistically by Sotheby’s. In the second quarter of 2015, Sotheby's transitioned to its new CEO and Chief Operating Decision Maker, and the information regularly reviewed for the purpose of allocating resources and assessing performance changed, reflecting a simplified internal reporting structure which was implemented in the quarter. As a resuly, beginning in the second quarter of 2015, the sale of artworks purchased opportunistically by Sotheby’s is reported as part of the Agency segment. The remaining activities of the former Principal segment are reported within All Other. Such activities include Sotheby’s retail wine operations, Acquavella Modern Art ("AMA"), an equity investee, and sales of the remaining inventory of Noortman Master Paintings, an art dealer that was owned and operated by Sotheby's from its acquisition in June 2006 until its closure in December 2013. Prior period amounts have been restated to reflect this new segment presentation. The table below presents Sotheby’s revenues and income before taxes by segment for the three and six months ended June 30, 2015 and 2014 (in thousands of dollars): Three Months Ended June 30, 2015 Agency (a) Finance (a) All Other Reconciling items (a) Total Revenues $ 314,403 $ 16,339 $ 5,633 $ (4,369 ) $ 332,006 Segment income before taxes $ 106,189 $ 10,170 $ 3,426 $ (11,526 ) $ 108,259 Three Months Ended June 30, 2014 Revenues $ 322,873 $ 12,344 $ 4,804 $ (4,204 ) $ 335,817 Segment income before taxes $ 130,930 $ 8,891 (b) $ 1,910 $ (18,972 ) $ 122,759 Six Months Ended June 30, 2015 Revenues $ 454,092 $ 32,296 $ 8,932 $ (7,639 ) $ 487,681 Segment income before taxes $ 106,627 $ 20,990 $ 5,414 $ (16,859 ) $ 116,172 Six Months Ended June 30, 2014 Revenues $ 470,811 $ 21,291 $ 7,995 $ (7,469 ) $ 492,628 Segment income before taxes $ 123,901 $ 14,787 (b) $ 3,308 $ (24,955 ) $ 117,041 (a) The reconciling items related to Revenues consist principally of amounts charged by the Finance segment to the Agency segment, including interest and facility fees related to certain loans made to Agency segment clients, as well as, beginning on January 1, 2015, fees charged for term loan collateral sold at auction or privately through the Agency segment. For the three and six months ended June 30, 2015, such fees totaled $2.3 million and $4.3 million , respectively. Prior period segment results for the three and six months ended June 30, 2014 have been adjusted to include $2.2 million and $2.9 million of such fees, respectively. Each of the individual reconciling items related to segment income before taxes is listed in the table below. (b) For the three and six months ended June 30, 2014 , Finance segment income before taxes includes $0.7 million and $1.8 million , respectively, of intercompany charges from Sotheby's global treasury function. For the three and six months ended June 30, 2015 and 2014 , Agency segment revenues consist of the following (in thousands of dollars): Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Auction commissions $ 287,487 $ 299,167 $ 400,502 $ 403,840 Private sale commissions 22,292 16,876 33,750 29,931 Auction guarantees, net (7,508 ) (6,215 ) (8,259 ) (5,545 ) Other Agency revenues (a) 8,106 6,359 12,266 11,089 Total Agency commissions and fees 310,377 316,187 438,259 439,315 Inventory sales 4,026 6,686 15,833 31,496 Total Agency segment revenues $ 314,403 $ 322,873 $ 454,092 $ 470,811 (a) Includes commissions and other fees earned by Sotheby's on sales brokered by third parties, fees charged to consignors for property withdrawn prior to auction and for catalogue production and insurance, and catalogue subscription and advertising revenues. The table below presents a reconciliation of segment income before taxes to consolidated income before taxes for the three and six months ended June 30, 2015 and 2014 (in thousands of dollars): Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Agency $ 106,189 $ 130,930 $ 106,627 $ 123,901 Finance 10,170 8,891 20,990 14,787 All Other 3,426 1,910 5,414 3,308 Segment income before taxes 119,785 141,731 133,031 141,996 Reconciling items: CEO separation and transition costs (see Note 13) (43 ) — (4,232 ) Leadership transition severance costs (a) (9,501 ) — (9,501 ) — Special charges (see Note 15) — (18,554 ) — (24,257 ) Equity in earnings of investees (b) (1,982 ) (418 ) (3,126 ) (698 ) Income before taxes $ 108,259 $ 122,759 $ 116,172 $ 117,041 (a) In the second quarter of 2015, in conjunction with its leadership transition, Sotheby's incurred severance costs of $9.5 million associated with the termination of the employment of certain Executive Officers, including its Chief Operating Officer. (b) For segment reporting purposes, Sotheby's share of earnings related to its equity investees is included as part of income before taxes. However, such earnings are reported separately below income before taxes in the Condensed Consolidated Income Statements. For the three and six months ended June 30, 2015, Agency segment results include $1 million and $1.7 million , respectively, of equity earnings related to RM Sotheby's. For the three months ended June 30, 2015 and 2014, All Other includes $1 million and $0.4 million , respectively, of equity earnings related to Acquavella Modern Art. For the six months ended June 30, 2015 and 2014, All Other includes $1.4 million and $0.7 million , respectively, of equity earnings related to Acquavella Modern Art. The table below presents Sotheby's assets by segment, as well as a reconciliation of segment assets to consolidated assets as of June 30, 2015 , December 31, 2014 , and June 30, 2014 (in thousands of dollars): June 30, 2015 December 31, 2014 June 30, 2014 Agency $ 2,247,411 $ 2,391,763 $ 2,350,976 Finance 812,012 658,710 611,461 All Other 26,647 29,067 30,392 Total segment assets 3,086,070 3,079,540 2,992,829 Unallocated amounts: Deferred tax assets and income tax receivable 51,449 55,280 80,172 Consolidated assets $ 3,137,519 $ 3,134,820 $ 3,073,001

Receivables

Receivables	6 Months Ended
	Jun. 30, 2015
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 an auction or private sale, Sotheby's invoices the buyer for the purchase price of the property (including any commissions 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. 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 an auction or private sale buyer. For auctions, the extent to which extended payment terms are provided to buyers can vary considerably from selling season to selling season. Extended payment 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. All extended payment term arrangements are approved by management under Sotheby's internal corporate governance 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. In the limited circumstances when the payment due date is extended to a date that is beyond one year from the sale date, if the consignor does not provide Sotheby's matched payment terms, the receivable balance is reclassified from Accounts Receivable to Notes Receivable in the Condensed Consolidated Balance Sheets. As of June 30, 2015 and December 31, 2014, Notes Receivable within the Agency segment included $22.6 million and $22.7 million , respectively, of amounts reclassified from Accounts Receivable. As of June 30, 2014 , there were no such Notes Receivable outstanding. (See discussion of Agency segment Notes Receivable below.) 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 internal corporate governance 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 sales proceeds whether or not the buyer makes payment. As of June 30, 2015 , December 31, 2014 , and June 30, 2014 , Accounts Receivable (net) included $107.6 million , $116 million , and $126.6 million , respectively, 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 June 30, 2015 , December 31, 2014 , and June 30, 2014 , Accounts Receivable (net) also included $75.4 million , $96.5 million , and $48.9 million , respectively, related to situations when the buyer was allowed to take possession of the property before making payment to Sotheby’s. Notes Receivable (Finance Segment) —The Finance segment 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 Agency segment (a “consignor advance”) and (2) general purpose term loans secured by property not presently intended for sale (a “term loan”). Consignor advances allow sellers to receive funds upon consignment for an auction or private sale that will typically occur up to one year in the future and normally have short-term maturities. 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. As of June 30, 2015 , December 31, 2014 , and June 30, 2014 , Notes Receivable (net) related to the Finance segment consisted of the following (in thousands of dollars): June 30, December 31, June 30, Consignor advances $ 30,291 $ 25,994 $ 71,091 Term loans 743,749 618,447 523,279 Total $ 774,040 $ 644,441 $ 594,370 In certain situations, term loans are also made to refinance client auction and private sale purchases. For the six months ended June 30, 2015 and 2014 , the Finance segment made $32.6 million and $34.6 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 as the funding of Notes Receivable within Investing Activities in the Condensed Consolidated Statements of Cash Flows. Upon repayment, the cash received in settlement of such loans is classified within Operating Activities in the Condensed Consolidated Statements of Cash Flows. For the six months ended June 30, 2015 and 2014, such repayments totaled $ 16.4 million and $ 19.6 million , respectively. As of June 30, 2015 , December 31, 2014 , and June 30, 2014 , Notes Receivable (net) included $106.5 million , $90.4 million , and $87.9 million , respectively, of such loans. Prior to 2014, the lending activities of the Finance segment were funded primarily 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, in order to reduce the Finance segment's cost of capital and enhance returns, Sotheby's established a separate capital structure for the Finance segment through which client loans are predominantly funded with borrowings drawn from a dedicated revolving credit facility. The establishment of the Finance segment's dedicated revolving credit facility in February 2014 has allowed management to debt fund a substantial portion of pre-existing loans and fund further growth of the loan portfolio. Cash balances are also used to fund a portion of the Finance segment loan portfolio, as appropriate. (See Note 6 for information related to the Finance segment's dedicated revolving credit facility.) 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% , but loans are sometimes made with LTV ratios between 51% and 60% as the Finance segment credit facility permits borrowings on loans with an LTV of up to 60% . In rare circumstances, loans are also made at an initial LTV ratio higher than 60% . In addition, 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, the value of the collateral, the disposal plans for the collateral, or if an event of default occurs. 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 loan portfolio as of June 30, 2015 , December 31, 2014 , and June 30, 2014 (in thousands of dollars): June 30, December 31, June 30, Finance segment secured loans $ 774,040 $ 644,441 $ 594,370 Low auction estimate of collateral $ 1,539,092 $ 1,349,094 $ 1,299,433 Aggregate LTV ratio 50 % 48 % 46 % The table below provides the aggregate LTV ratio for Finance segment secured loans with an LTV ratio above 50% as of June 30, 2015 , December 31, 2014 , and June 30, 2014 (in thousands of dollars): June 30, December 31, June 30, Finance segment secured loans with an LTV ratio above 50% $ 441,246 $ 329,135 $ 294,956 Low auction estimate of collateral related to Finance segment secured loans with an LTV ratio above 50% $ 784,119 $ 556,662 $ 485,088 Aggregate LTV ratio of Finance segment secured loans with an LTV ratio above 50% 56 % 59 % 61 % The table below provides other credit quality information regarding Finance segment secured loans as of June 30, 2015 , December 31, 2014 , and June 30, 2014 (in thousands of dollars): June 30, December 31, June 30, Total secured loans $ 774,040 $ 644,441 $ 594,370 Loans past due $ 420 $ 22,409 $ 88,931 Loans more than 90 days past due $ — $ — $ 14,630 Non-accrual loans $ — $ — $ — Impaired loans $ — $ — $ — Allowance for credit losses: Allowance for credit losses for impaired loans $ — $ — $ — Allowance for credit losses based on historical data 1,359 1,166 1,001 Total allowance for credit losses - secured loans $ 1,359 $ 1,166 $ 1,001 Management considers a loan to be past due when principal payments are not paid in accordance with the stated terms of the loan. Sotheby's received a $0.2 million payment on the past due loan balance in July 2015 and intends to offer loan collateral at auction in the fourth quarter of 2015 to settle the remaining balance. 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 June 30, 2015 , December 31, 2014 , and June 30, 2014 , 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 June 30, 2015 , December 31, 2014 , and June 30, 2014 , there were no impaired loans outstanding. During the period January 1, 2015 to June 30, 2015 , activity related to the Allowance for Credit Losses was as follows (in thousands of dollars): Allowance for credit losses as of January 1, 2015 $ 1,166 Change in loan loss provision 193 Allowance for credit losses as of June 30, 2015 $ 1,359 As of June 30, 2015 , unfunded commitments to extend additional credit through Sotheby's Finance segment were $10.2 million . 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. In addition, in certain limited situations, the Agency segment will also provide advances to consignors that are secured by property scheduled to be offered at auction in the near term. Such auction guarantee and Agency segment consignor advances are recorded on the Condensed Consolidated Balance Sheets within Notes Receivable (net). As of June 30, 2015 , Agency segment consignor advances totaled $2.5 million and there were no auction guarantee advances outstanding. As of December 31, 2014 and June 30, 2014 , auction guarantee advances totaled $25 million and $5.5 million , respectively, and there were no Agency segment consignor advances outstanding. (See Note 10 for additional information related to auction guarantees.) In the limited circumstances when the payment due date for an auction or private sale receivable is extended to a date that is beyond one year from the sale date, if the consignor does not provide Sotheby's matched payment terms, the receivable balance is reclassified from Accounts Receivable to Notes Receivable in the Condensed Consolidated Balance Sheets. As of June 30, 2015 and December 31, 2014 , Notes Receivable within the Agency segment included $22.6 million and $22.7 million , respectively, of amounts reclassified from Accounts Receivable against which Sotheby's held $3.7 million of collateral. As of June 30, 2014 , there were no such Notes Receivable outstanding. These Notes Receivable 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 Condensed Consolidated Statements of Cash Flows. Upon repayment, the cash received in settlement of such Notes Receivable is classified within Operating Activities in the Condensed Consolidated Statements of Cash Flows. Under certain circumstances, Sotheby's provides loans to certain art dealers to finance the purchase of works of art. In these situations, Sotheby's acquires a partial ownership interest or a security interest in the purchased property in addition to providing the loan. Upon the eventual sale of the property acquired, the loan is repaid. As of June 30, 2015 , December 31, 2014 , and June 30, 2014 , such loans totaled $4.4 million , $4.9 million , and $5.0 million , respectively. Sotheby's is no longer accruing interest with respect to one of these loans with a balance of $2.1 million , but management believes that this balance is collectible. 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 . 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, has a variable market rate of interest, and requires monthly payments during the loan term. As of June 30, 2015 , December 31, 2014 , and June 30, 2014 the carrying value of this loan was approximately $2.6 million , $2.7 million , and $2.9 million , respectively.

Debt

Debt	6 Months Ended
	Jun. 30, 2015
Debt Instruments [Abstract]
Debt	Debt Revolving Credit Facilities —Sotheby's and certain of its wholly-owned subsidiaries are parties to a credit agreement with an international syndicate of lenders led by General Electric Capital Corporation, which provides for separate dedicated revolving credit facilities for the Agency segment (the “Agency Credit Agreement”) and the Finance segment (the “Finance Credit Agreement”) (collectively, the “Credit Agreements”). On June 15, 2015, the Credit Agreements were amended to increase the commitments under the Finance Credit Agreement in order to support the continued growth of the Finance segment's loan portfolio and to extend the maturity date of the Credit Agreements by one year to August 22, 2020. The Agency Credit Agreement provides for an asset-based revolving credit facility the proceeds of which may be used primarily for the working capital and other general corporate needs of the Agency segment. The Finance Credit Agreement provides for an asset-based revolving credit facility the proceeds of which may be used primarily for the working capital and other general corporate needs of the Finance segment, including the funding of client loans. The Credit Agreements allow Sotheby's to transfer the proceeds of borrowings under each of the revolving credit facilities between the Agency and Finance segments. The maximum aggregate borrowing capacity of the Credit Agreements, which is subject to a borrowing base, is approximately $1.335 billion , with $300 million committed to the Agency segment and $1.035 billion committed to the Finance segment, including a $485 million increase that was secured for the Finance segment in conjunction with the June 2015 amendment. The borrowing capacity of the Agency Credit Agreement includes a $50 million incremental revolving credit facility with higher advance rates against certain assets and higher commitment and borrowing costs (the "Incremental Facility"). As a result of the June 2015 amendment of the Credit Agreements, the Incremental Facility has a maturity date of August 22, 2016, which may be extended for an additional 365 days on an annual basis with the consent of the lenders who agree to extend their commitments under the Incremental Facility. Prior to the amendment, the maturity date of the Incremental Facility was August 21, 2015. The Credit Agreements have a sub-limit of $400 million for borrowings in the U.K. and Hong Kong, with up to $50 million available for foreign borrowings under the Agency Credit Agreement and up to $350 million available for foreign borrowings under the Finance Credit Agreement. The Credit Agreements also include an accordion feature, which allows Sotheby’s to seek an increase to the combined borrowing capacity of the Credit Agreements until February 23, 2020 by an amount not to exceed $150 million in the aggregate. Though new commitments would need to be obtained, the uncommitted accordion feature permits Sotheby’s to seek an increase to the aggregate commitments of either or both of the Agency and Finance credit facilities under an expedited arrangement process. 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 certain inventory, a percentage of the carrying value of certain extended payment term receivables arising from auction or private sale transactions, and the fair value of certain of Sotheby's trademarks. 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 the fair value of certain of Sotheby's trademarks. The borrowing base of the Incremental Facility is determined by a calculation that is based on a percentage of the carrying value of certain inventory and the fair value of certain of Sotheby's trademarks. The obligations under the Credit Agreements are cross-guaranteed and cross-collateralized. Domestic borrowers are jointly and severally liable for all obligations under the Credit Agreements and, subject to certain limitations, borrowers in the U.K. and Sotheby's Hong Kong Limited, are jointly and severally liable for all obligations of the foreign borrowers under the Credit Agreements. In addition, the obligations of the borrowers under the Credit Agreements are guaranteed by certain of their subsidiaries. Sotheby's obligations under the Credit Agreements are secured by liens on all or substantially all of the personal property of the entities that are borrowers and guarantors under the Credit Agreements. The Credit Agreements contain certain customary affirmative and negative covenants including, but not limited to, limitations on capital expenditures, a $600 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 Credit Agreements. However, the 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 available borrowing capacity equals or exceeds $100 million , and (iii) the Liquidity Amount, as defined in the Credit Agreements, equals or exceeds $200 million . The Credit Agreements also contain certain financial covenants, which are only applicable during certain defined compliance periods. These financial covenants were not applicable for the twelve month period ended June 30, 2015. Since August 2009, Sotheby’s has incurred aggregate fees of approximately $21.2 million in conjunction with the establishment of and subsequent amendments to its credit agreement with General Electric Capital Corporation. These fees are being amortized on a straight-line basis through the August 22, 2020 maturity date of the Credit Agreements. The following tables summarize information relevant to the Credit Agreements as of and for the periods ended June 30, 2015 , December 31, 2014, and June 30, 2014 (in thousands of dollars): As of and for the three and six months ended June 30, 2015 Agency Credit Agreement Finance Credit Agreement Total Maximum borrowing capacity (a) $ 300,000 $ 1,035,000 $ 1,335,000 Borrowing base $ 221,812 $ 622,849 $ 844,661 Borrowings outstanding $ — $ 593,000 $ 593,000 Available borrowing capacity (b) $ 221,812 $ 29,849 $ 251,661 Average Borrowings Outstanding: Three months ended June 30, 2015 $ — $ 538,868 $ 538,868 Six months ended June 30, 2015 $ — $ 506,052 $ 506,052 Borrowing Costs: Three months ended June 30, 2015 $ 751 $ 3,874 $ 4,625 Six months ended June 30, 2015 $ 1,457 $ 7,262 $ 8,719 As of and for the year ended December 31, 2014 Agency Credit Agreement Finance Credit Agreement Total Maximum borrowing capacity (a) $ 300,000 $ 550,000 $ 850,000 Borrowing base $ 237,830 $ 519,255 $ 757,085 Borrowings outstanding $ — $ 445,000 $ 445,000 Available borrowing capacity (b) $ 237,830 $ 74,255 $ 312,085 Average borrowings outstanding $ — $ 306,448 $ 306,448 Borrowing Costs $ 2,240 $ 8,740 $ 10,980 As of and for the three and six months ended June 30, 2014 Agency Credit Agreement Finance Credit Agreement Total Maximum borrowing capacity (a) $ 150,000 $ 450,000 $ 600,000 Borrowing base $ 61,647 $ 451,057 $ 512,704 Borrowings outstanding $ — $ 345,000 $ 345,000 Available borrowing capacity (b) $ 61,647 $ 105,000 $ 166,647 Average Borrowings Outstanding: Three months ended June 30, 2014 $ — $ 284,176 $ 284,176 Six months ended June 30, 2014 $ — $ 188,591 $ 188,591 Borrowing Costs: Three months ended June 30, 2014 $ 371 $ 2,024 $ 2,395 Six months ended June 30, 2014 $ 968 $ 2,734 $ 3,702 (a) In August 2014, the Credit Agreements were amended and restated to, among other things, increase the maximum borrowing capacity of the Credit Agreements from $600 million to $850 million . In June 2015, the Credit Agreements were amended to, among other things, increase the maximum borrowing capacity of the Credit Agreements from $850 million to approximately $1.335 billion . (b) The available borrowing capacity is calculated as the borrowing base less borrowings outstanding. For the three months ended June 30, 2015 and 2014 , borrowing costs related to the Finance Credit Agreement include interest of $3.7 million and $1.7 million , respectively, and fee amortization of $0.2 million and $0.3 million , respectively. For the six months ended June 30, 2015 and 2014 , borrowing costs related to the Finance Credit Agreement include interest of $6.8 million and $2.2 million , respectively, and fee amortization of $0.4 million and $0.5 million , respectively. For the year ended December 31, 2014, borrowing costs related to the Finance Credit Agreement include interest of $7.7 million and fee amortization of $1 million . Such borrowing costs are reflected in the Condensed Consolidated Income Statements as the Cost of Finance Revenues. The weighted average cost of borrowing related to the Finance Credit Agreement was approximately 2.9% for all periods presented. Borrowing costs related to the Agency Credit Agreement, which include interest and fee amortization, are reflected in the Condensed Consolidated Income Statements as Interest Expense. Long-Term Debt —As of June 30, 2015 , December 31, 2014 , and June 30, 2014 , Long-Term Debt consisted of the following (in thousands of dollars): June 30, December 31, June 30, York Property Mortgage, net of unamortized discount of $0, $1,782, and $3,564 $ 218,609 $ 218,728 $ 218,761 2022 Senior Notes 300,000 300,000 300,000 Less current portion: York Property Mortgage (6,542 ) (218,728 ) (3,730 ) Total Long-Term Debt, net $ 512,067 $ 300,000 $ 515,031 (See the captioned sections below for information related to the York Property Mortgage and the 2022 Senior 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 the Finance segment, as well as Sotheby's 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 a $235 million mortgage that carried an initial annual rate of interest of approximately 5.6% (the "York Property Mortgage"). The York Property Mortgage was due to mature on July 1, 2035, but had an optional pre-payment date of July 1, 2015, after which the annual rate of interest was scheduled to increase to 10.6% . As of June 30, 2015 , the carrying value and fair value of York Property Mortgage was approximately $218.6 million . On July 1, 2015, Sotheby's entered into a seven -year, $325 million mortgage loan (the "New Mortgage") to refinance the York Property Mortgage. After the repayment of the York Property Mortgage and the funding of all closing costs, reserves, and expenses, Sotheby's received net cash proceeds of approximately $98 million . The interest rate for the New Mortgage is the one -month LIBOR rate (the "LIBOR rate") plus a spread of 2.25% . The New Mortgage amortizes based on a 25 -year mortgage-style amortization schedule. In connection with the New Mortgage, Sotheby's entered into interest rate protection agreements secured by the York Property, consisting of a two -year swap and a five -year collar, both of which have a notional amount equal to the applicable principal balance of the New Mortgage and have an identical amortization schedule. These interest rate protection agreements effectively hedge the LIBOR rate on the entire outstanding principal balance of the New Mortgage at a rate equal to 0.877% per annum for the first two years and no more than 3.75% per annum for the remainder of the seven -year term. Therefore, after taking into account the interest rate protection agreements, the interest rate for the first two years of the New Mortgage will be approximately 3.13% per annum and no more than 6% per annum for the remainder of the seven-year term. The loan agreement governing the New Mortgage contains the following financial covenants, which are subject to additional terms and conditions as provided in the underlying loan agreement: • As of July 1, 2020, the LTV ratio may not exceed 65% (the “Maximum LTV”) based on the then-outstanding principal balance of the New Mortgage. If the LTV ratio exceeds the Maximum LTV, Sotheby's may, at its option, post cash or a letter of credit or pay down the New Mortgage without any prepayment penalty or premium, in an amount that will cause the LTV ratio not to exceed the Maximum LTV. • At all times during the term of the New Mortgage, the Debt Yield (as defined in the loan agreement governing the New Mortgage) will not be less than 8.5% (the “Minimum Debt Yield”). If the Debt Yield falls below the Minimum Debt Yield, Sotheby's has the option to post cash or a letter of credit or prepay the New Mortgage without any prepayment penalty or premium, in an amount that will cause the Debt Yield to exceed the Minimum Debt Yield. • If Sotheby’s corporate credit rating from Standard & Poor’s Rating Services is downgraded to “BB-”, Sotheby's must establish a cash management account (the "Cash Management Account") under the control of the lender, whereby any excess cash remaining after the monthly payment of debt service, insurance, and taxes would remain in the account. If the rating is downgraded to “B+” or “B”, Sotheby's must deposit a certain amount of debt service into the Cash Management Account. If the rating is downgraded to lower than “B”, Sotheby's must make principal payments on the New Mortgage such that the LTV ratio does not exceed 65% . • At all times during the term of the New Mortgage, Sotheby’s will, subject to a cure period, maintain a net worth of at least $425 million . If, however, Sotheby's fails to maintain the required minimum net worth, it will have 60 days to cure such default. As a result of the refinancing of the York Property Mortgage, $212.7 million of its $218.6 million carrying value as of June 30, 2015 is classified within Long-Term Debt on Sotheby's Condensed Consolidated Balance Sheets. The $6.5 million recorded within current liabilities represents the principal payments due on the New Mortgage within one year from the June 30, 2015 balance sheet date. The York Property and the related 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"). 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 of 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 previously outstanding debt. 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 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 June 30, 2015 , the $300 million principal amount of 2022 Senior Notes had a fair value of approximately $294 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 Accounting Standards Codification 820, Fair Value Measurements ("ASC 820"). Future Principal and Interest Payments —The aggregate future payments due under the York Property Mortgage and the 2022 Senior Notes during the five-year period after the June 30, 2015 balance sheet date are as follows (in thousands of dollars): July 2015 to June 2016 $ 28,586 July 2016 to June 2017 $ 29,867 July 2017 to June 2018 $ 32,084 July 2018 to June 2019 $ 32,110 July 2019 to June 2020 $ 32,120 Interest Expense —For the three and six months ended June 30, 2015 and 2014 , Interest Expense consisted of the following (in thousands of dollars): Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 Agency Credit Agreement: Amortization of amendment and arrangement fees $ 314 $ 181 $ 629 $ 505 Commitment fees 437 190 828 463 Sub-total 751 371 1,457 968 York Property Mortgage 4,064 4,115 8,075 8,175 2022 Senior Notes 4,098 4,098 8,196 8,196 Other interest expense 161 184 7 212 Total Interest Expense $ 9,074 $ 8,768 $ 17,735 $ 17,551 In the table above, Interest Expense related to the York Property Mortgage and the 2022 Senior Notes includes the amortization of debt issuance costs and, when applicable, the amortization of discount.

Investments in RM Sotheby's

Investments in RM Sotheby's	6 Months Ended
	Jun. 30, 2015
Equity Method Investments and Joint Ventures [Abstract]
Investments in RM Sotheby's	Investment in RM Sotheby's On February 18, 2015, Sotheby's acquired a 25% ownership interest in RM Auctions, an auction house for investment-quality automobiles, for $30.7 million . Following this investment, RM Auctions is now known as RM Sotheby's. In addition to the initial 25% ownership interest, Sotheby’s has governance participation and a comprehensive partnership agreement to work together to drive growth in the business. Over time, Sotheby’s will have opportunities to increase its ownership stake as the partnership evolves and grows. For the three and six months ended June 30, 2015, Sotheby's results include $1 million and $1.7 million , respectively, of equity earnings related to RM Sotheby's.

Defined Benefit Pension Plan

Defined Benefit Pension Plan	6 Months Ended
	Jun. 30, 2015
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract]
Defined Benefit Pension Plan	Defined Benefit Pension Plan Sotheby’s sponsors a defined benefit pension plan covering U.K. employees who entered service prior to April 1, 2004 (the “U.K. Pension Plan”). The table below summarizes the components of the net pension cost (benefit) related to the U.K. Pension Plan for the three and six months ended June 30, 2015 and 2014 (in thousands of dollars): Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Service cost $ 1,126 $ 1,149 $ 2,241 $ 2,279 Interest cost 3,237 3,993 6,442 7,920 Expected return on plan assets (5,053 ) (5,918 ) (10,057 ) (11,737 ) Amortization of previously unrecognized net pension losses 993 599 1,977 1,188 Amortization of prior service cost 91 — 181 — Net pension cost (benefit) $ 394 $ (177 ) $ 784 $ (350 ) For the six months ended June 30, 2015 , Sotheby's contributed $1.2 million to the U.K. Pension Plan, and total contributions for the year ending December 31, 2015 are expected to be approximately $2.2 million .

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Compensation Arrangements —Sotheby’s has compensation arrangements with certain senior employees, which expire at various points between August 31, 2015 and March 31, 2020 . 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 annual share-based payments, severance payments, and other cash compensation. The aggregate remaining commitment for salaries and other cash compensation related to these compensation arrangements, excluding any participation in Sotheby’s incentive compensation programs, was approximately $27.4 million as of June 30, 2015 . Legal Actions —Sotheby’s becomes involved in various claims and lawsuits incidental to the ordinary course of its business, including the 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 settlement strategy. Management does not believe that the outcome of any of these pending claims or proceedings, individually and in the aggregate, will have a material adverse effect on Sotheby’s consolidated results of operations, financial condition and/or cash flows. 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 appealed this ruling. On May 5, 2015, an en banc panel of the U.S. Court of Appeals for the Ninth Circuit issued a decision affirming the lower court decision that the Resale Royalties Act was unconstitutional insofar as it sought to apply to sales outside of the state of California. (See Note 5 for information related to unfunded commitments to extend additional credit through Sotheby's Finance segment. See Note 6 for information related to Sotheby's debt commitments. See Note 10 for information related to Sotheby's auction guarantees. See Note 17 for information related to Sotheby's income tax contingencies.)

Auction Guarantees

Auction Guarantees	6 Months Ended
	Jun. 30, 2015
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”). 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. 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. Depending on the mix of items subject to a guarantee, in advance of peak selling seasons, a small number of guaranteed items may represent a substantial portion of the aggregate amount of outstanding auction guarantees. In situations when the guaranteed property does not sell, the property is recorded as Inventory on the Condensed 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., the 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. Sotheby’s may reduce its financial exposure under auction guarantees through contractual risk and reward sharing arrangements. Such auction guarantee risk and reward sharing arrangements include irrevocable bids and partner sharing arrangements. An irrevocable bid is an arrangement under which a counterparty commits to bid a predetermined price on the guaranteed property. 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. In a partner sharing arrangement, a counterparty commits to fund: (i) a share of the difference between the sale price at auction and the amount of the auction guarantee if the property sells for less than the minimum guaranteed price or (ii) a share of the minimum guaranteed price if the property does not sell while taking ownership of a proportionate share of the unsold property. In exchange for accepting a share of the financial exposure under the auction guarantee, the counterparty in a partner sharing arrangement is generally entitled to receive a share of the auction commission earned if the property sells and/or a share of any overage. The counterparties to Sotheby's auction guarantee risk and reward sharing arrangements 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. Although irrevocable bid and partner sharing arrangements may be used to reduce the risk associated with auction guarantees, Sotheby's may also enter into auction guarantees without securing such arrangements. In these circumstances, Sotheby's could 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. Sotheby's credit agreement has a covenant that imposes a $600 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 and related risk and reward sharing arrangements is also subject to management and, in some cases, Board of Directors, approval. As of June 30, 2015 , Sotheby’s had outstanding auction guarantees totaling $16.2 million . Sotheby's financial exposure under these auction guarantees is reduced by irrevocable bids totaling $11.9 million . Each of these auction guarantees has a minimum guaranteed price that is within the range of the pre-sale auction estimates for the underlying property. A substantial portion of the property related to these auction guarantees was offered at an auction in July 2015 with the remainder scheduled to be offered in the fourth quarter of 2015. 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 June 30, 2015 , December 31, 2014 , and June 30, 2014 , the carrying value of the liability representing the estimated fair value of Sotheby’s obligation to perform under its auction guarantees totaled $0.5 million , $5.3 million , and $1.5 million , respectively, and is recorded on the Condensed Consolidated Balance Sheets within Accounts Payable and Accrued Liabilities. As of July 30, 2015, Sotheby's had outstanding auction guarantees totaling $3.8 million and, as of that date, Sotheby's financial exposure was reduced by risk and reward sharing arrangements totaling $3.3 million . Each of the auction guarantees outstanding as of July 30, 2015 had a minimum guaranteed price that was within the range of the pre-sale auction estimates for the underlying property. All of the property related to these auction guarantees is being offered at auctions in the fourth quarter of 2015. As of July 30, 2015, $0.2 million of the guaranteed amount had been advanced by Sotheby's.

Shareholders' Equity and Divide

Shareholders' Equity and Dividend	6 Months Ended
	Jun. 30, 2015
Shareholders' Equity and Dividends [Abstract]
Shareholders' Equity and Dividends	Shareholders' Equity and Dividends Special Dividend and Common Stock Repurchase Program —In January 2014, Sotheby's completed a review of its capital allocation and financial policies and as a result: (i) established separate capital structures and financial policies for its Agency and Finance segments, (ii) declared a special dividend of $300 million ( $4.34 per share), and (iii) authorized a 5 -year, $150 million Common Stock repurchase program principally to offset the annual vesting of employee share-based payments. The $300 million special dividend was paid on March 17, 2014 and was 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. In conjunction with this special dividend, dividend equivalents of approximately $11 million were accrued on share-based payments to Sotheby's employees and charged against retained earnings, of which approximately $2 million and $4 million was paid in March 2015 and March 2014, respectively. (See Note 12 for information related to Sotheby's share-based payment programs.) In conjunction with the Common Stock repurchase program, Sotheby's repurchased 558,171 shares of its Common Stock for an aggregate purchase price of $25 million ( $44.79 per share) pursuant to an accelerated stock buyback agreement that was concluded in March 2014. Quarterly Cash Dividends —On February 26, 2015, Sotheby's Board of Directors declared a quarterly dividend of $0.10 per share (approximately $6.9 million ) that was paid on March 16, 2015 to shareholders of record as of March 9, 2015. On May 7, 2015, the Board of Directors declared a quarterly cash dividend of $0.10 per share (approximately $6.9 million ) that was paid on June 15, 2015 to shareholders of record as of June 1, 2015. On August 6, 2015, the Board of Directors declared a quarterly cash dividend of $0.10 per share (approximately $6.9 million ) payable on September 15, 2015 to shareholders of record as of September 1, 2015. On February 27, 2014, the Board of Directors declared a quarterly dividend of $0.10 per share (approximately $6.9 million ) that was paid on March 17, 2014 to shareholders of record as of March 10, 2014. On May 6, 2014, the Board of Directors declared a quarterly cash dividend of $0.10 per share (approximately $6.9 million ) that was paid on June 16, 2014 to shareholders of record as of June 2, 2014. Subsequent Event —On August 6, 2015, Sotheby’s Board of Directors approved an increase of $125 million to Sotheby's remaining share repurchase authorization of $125 million , resulting in a total share repurchase authorization of $250 million . The Board of Directors has concluded that this share repurchase program, which is expected to be funded from existing cash balances, provides a balance between preserving capital for growth, downside risk protection, and returning available capital to shareholders. Sotheby’s intends to repurchase $125 million of its Common Stock from shareholders in the near term via an Accelerated Share Repurchase (“ASR”) Program. Management expects that the balance of the share repurchase program will be executed in the next 12 months to 18 months, via open market transactions and/or additional ASR Programs.

Share-Based Payments

Share-Based Payments	6 Months Ended
	Jun. 30, 2015
Share-based Compensation [Abstract]
Share-Based Payments	Share-Based Payments Share-based payments to employees include performance-based stock unit awards, market-based stock unit awards, restricted stock units, restricted stock shares, and stock options. A description of each of these share-based payments is provided below. Compensation expense related to share-based payments is generally recorded as a component of Salaries and Related Costs in the Condensed Consolidated Income Statements. However, share-based payment expense of $2 million recognized in the first quarter of 2015 related to fully vested restricted stock units granted to Thomas S. Smith, Jr. upon the commencement of his employment as Sotheby's President and Chief Executive Officer ("CEO") is reported within CEO Separation and Transition Costs (see Note 13). For the three and six months ended June 30, 2015 and 2014 , compensation expense related to share-based payments, including the $2 million charge recognized and classified within CEO Separation and Transition Costs in the first quarter of 2015, was as follows (in thousands of dollars): Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Pre-Tax $ 9,582 $ 6,648 $ 17,235 $ 12,895 After-Tax $ 6,623 $ 4,503 $ 11,453 $ 8,655 For the six months ended June 30, 2015 and 2014 , Sotheby's recognized $1.1 million and $3.6 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 Sotheby's financial statements upon the amortization of compensation expense for these awards. Such excess tax benefits are recognized on the Condensed Consolidated Balance Sheets as an increase to Additional Paid-in Capital and are classified within Financing Activities in the Condensed Consolidated Statements of Cash Flows. As of June 30, 2015 , unrecognized compensation expense related to the unvested portion of share-based payments was $43.9 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 —Sotheby's Second Amended and Restated 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 issued under the Restricted Stock Unit Plan generally vest evenly over a three -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 generally 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. As discussed in more detail below, in the first quarter of 2015, Sotheby's granted Thomas S. Smith, Jr., its new President and CEO, PSU's under the Restricted Stock Unit Plan with a single vesting opportunity after a five -year service period contingent upon the achievement of pre-determined levels of Sotheby's stock price appreciation. These PSU's do not have any voting or dividend equivalent rights. In addition, as discussed in more detail below under "CEO Share-Based Payment Awards," in the first quarter of 2015, Sotheby's also granted Mr. Smith 158,638 restricted stock shares and 47,070 fully vested RSU's outside of the Restricted Stock Unit Plan. For the six months ended June 30, 2015 , in addition to the PSU's granted to Mr. Smith, Sotheby's issued share-based payment awards under the Restricted Stock Unit Plan with a total fair value of $28.7 million , as follows: • 384,664 PSU's with a fair value of $16.9 million and a single vesting opportunity after a three -year service period, including: ◦ 304,882 PSU's with a fair value of $13.4 million , related almost entirely to Sotheby's incentive compensation programs, and ◦ 79,782 PSU's with a fair value of $3.5 million issued to William F. Ruprecht, Sotheby's former President and CEO. In accordance with the terms of his amended employment agreement, upon the termination of his employment on March 31, 2015, Mr. Ruprecht forfeited 60,109 PSU's from this award. Accordingly, Mr. Ruprecht ultimately retained 19,673 PSU's with a fair value of $0.9 million . • 268,865 RSU's with annual vesting over a three -year service period and a fair value of $11.8 million , related almost entirely to Sotheby's incentive compensation programs. CEO Share-Based Payment Awards —In the first quarter of 2015, share-based payment awards with a fair value of $16.5 million were granted to Thomas S. Smith, Jr., Sotheby's new President and CEO, upon the commencement of his employment on March 31, 2015. These awards consist of the following: • An inducement award of 158,638 shares of restricted stock with a fair value of $6.5 million , with periodic vesting opportunities between March 4, 2016 and September 1, 2017, which substantially correspond to the times when forfeited opportunities at Mr. Smith's previous employer would otherwise have become eligible to vest. These restricted stock shares were not issued pursuant to the Restricted Stock Unit Plan and have not been registered with the Securities and Exchange Commission. These shares have voting rights and a non-forfeitable right to dividends. • An inducement award of 47,070 fully vested RSU's with a fair value of $2 million aw arded to Mr. Smith to compensate him for a portion of the annual bonus that he would have received from his previous employer. The Common Stock shares associated with this award will be distributed in three approximately equal installments on the third, fourth, and fifth anniversaries of the grant date. These RSU's were not issued pursuant to the Restricted Stock Unit Plan and have not been registered with the Securities and Exchange Commission. These RSU's will be credited with dividend equivalents based on the dividends paid on the underlying number of shares of Common Stock. • An award of 94,140 PSU's under the Restricted Stock Unit Plan with a fair value of $8 million and with a single vesting opportunity after a five -year service period contingent upon the achievement of pre-determined levels of Sotheby's stock price appreciation. This award provides opportunities to vest in incremental PSU's up to 350% of the initial award, such that the maximum number of shares that may be payable with respect to this award is 329,490 shares. These PSU's do not have a right to earn dividend equivalents. Summary of Outstanding Share-Based Payment Awards —For the six months ended June 30, 2015 , changes to the number of outstanding RSU’s, PSU’s, and Restricted Stock shares were as follows (shares in thousands): Number of RSU’s, PSU’s, and Restricted Stock Shares Weighted Average Grant Date Fair Value Outstanding at January 1, 2015 1,806 $ 40.32 Granted 953 47.36 Vested (549 ) 39.31 Canceled (190 ) 42.48 Outstanding at June 30, 2015 2,020 $ 43.72 As of June 30, 2015 , 3.2 million units were available for future awards pursuant to the Restricted Stock Unit Plan. The aggregate fair value of RSU’s and PSU's that vested during the six months ended June 30, 2015 and 2014 was $22.9 million and $28.1 million , respectively, based on the closing price of Sotheby's Common Stock on the dates the shares vested. Stock Options —Stock options issued pursuant to the Sotheby's 1997 Stock Option Plan are exercisable into authorized, but unissued shares of Sotheby's Common Stock. Stock options vest evenly over four years and expire ten years after the date of grant. As of June 30, 2015 , 104,100 shares of Common Stock were available for the issuance of stock options under the Stock Option Plan. As of June 30, 2015 , 50,000 stock options were outstanding and exercisable with a weighted average exercise price of $22.11 per share, a weighted average remaining contractual term of 4.6 years, and an aggregate intrinsic value of $1.2 million . No stock options were exercised or granted during the six months ended June 30, 2015 . For the six months ended June 30, 2014, the aggregate intrinsic value of options exercised was $1.2 million , the cash proceeds received as a result of these exercises was $1 million , and the associated excess tax benefit recognized was $0.3 million .

CEO Separation and Transition C

CEO Separation and Transition Costs	6 Months Ended
	Jun. 30, 2015
Compensation Related Costs [Abstract]
CEO Separation and Transition Costs	CEO Separation and Transition Costs In the first quarter of 2015, Sotheby's recognized $4.2 million in costs associated with the hiring of Thomas S. Smith, Jr. as its President and Chief Executive Officer which are classified within CEO Separation and Transition Costs. These costs principally relate to compensation of $3.1 million owed to Mr. Smith to replace incentive compensation that he expected to receive from his previous employer, consisting of a fully vested restricted stock unit award with a fair value of $2 million granted on March 31, 2015 and a $1.1 million cash payment due in September 2015. There is no required service period associated with this compensation. CEO Separation and Transition Costs also include approximately $1.1 million in recruitment and other professional fees associated with the CEO hiring process.

Restructuring Charges

Restructuring Charges	6 Months Ended
	Jun. 30, 2015
Restructuring and Related Activities [Abstract]
Restructuring Charges	Restructuring Charges On July 16, 2014, Sotheby's Board of Directors approved a restructuring plan (the "2014 Restructuring Plan") principally impacting Sotheby's operations in the United States and the U.K. The 2014 Restructuring Plan resulted in Restructuring Charges (net) of approximately $14.2 million in 2014, consisting of $13.9 million in employee termination benefits recognized in the second half of 2014 and approximately $0.3 million of lease exit costs recognized in the fourth quarter of 2014. Substantially all of the headcount reductions resulting from the 2014 Restructuring Plan have been completed. For the three and six months ended June 30, 2015, Sotheby's recognized benefits in Restructuring Charges (net) of $0.5 million and $0.9 million , respectively, related to adjustments to the accrual for employee termination benefits. As of June 30, 2015 , Sotheby's has made payments of approximately $9.6 million related to the 2014 Restructuring Plan, and the related accrued liability has been reduced by $0.9 million as a result of foreign currency exchange rate changes. Accordingly, as of June 30, 2015 , the remaining accrued liability related to the 2014 Restructuring Plan recorded on the Condensed Consolidated Balance Sheets within Accounts Payable and Accrued Liabilities was $2.8 million . This liability is expected to be settled through cash payments to be made in the third quarter of 2015.

Special Charges

Special Charges	6 Months Ended
	Jun. 30, 2015
Special Charges [Abstract]
Special Charges	Special Charges For the three and six months ended June 30, 2014 , Sotheby's recognized special charges of $18.6 million and $24.3 million , respectively, related to third party advisory, legal, and other professional service fees directly associated with issues related to shareholder activism, the resulting proxy contest with Third Point LLC ("Third Point"), and the litigation concerning Sotheby's former shareholder rights plan and the change in control provision in its credit agreement. Included in these amounts is $10 million for the reimbursement by Sotheby's of Third Point's documented, out-of-pocket expenses incurred in connection with the proxy contest and the litigation concerning Sotheby's former shareholder rights plan. This reimbursement was part of a support agreement Sotheby's entered into with Third Point, Daniel S. Loeb, Olivier Reza, Harry J. Wilson and other entities affiliated with Third Point (together with Third Point, the “Third Point Entities”) on May 4, 2014 pursuant to which Sotheby's and Third Point settled the previously pending proxy contest for the election of directors (the "Support Agreement"). Pursuant to the Support Agreement, Mr. Loeb, Mr. Reza and Mr. Wilson (the “Third Point Nominees”) were appointed to Sotheby's Board of Directors. The Support Agreement also contains various other terms and provisions, including with respect to standstill and voting commitments entered into by Third Point, Third Point's withdrawal of the litigation concerning Sotheby's former shareholder rights plan, and the accelerated expiration of Sotheby's former shareholder rights plan.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	6 Months Ended
	Jun. 30, 2015
Equity [Abstract]
Accumulated Other Comprehensive Loss	Accumulated Other Comprehensive Loss The following is a summary of the changes in Accumulated Other Comprehensive Loss for the three and six months ended June 30, 2015 and 2014 (in thousands of dollars): Three Months Ended June 30, 2015 Foreign Currency Items Defined Benefit Pension Items Total Balance at March 31, 2015 $ (54,681 ) $ (40,496 ) $ (95,177 ) Other comprehensive income (loss) before reclassifications 20,079 (2,526 ) 17,553 Amounts reclassified from accumulated other comprehensive loss — 867 867 Net other comprehensive income (loss) 20,079 (1,659 ) 18,420 Balance at June 30, 2015 $ (34,602 ) $ (42,155 ) $ (76,757 ) Three Months Ended June 30, 2014 Foreign Currency Items Defined Benefit Pension Items Total Balance at March 31, 2014 $ 2,572 $ (38,027 ) $ (35,455 ) Other comprehensive income (loss) before reclassifications 4,880 (851 ) 4,029 Amounts reclassified from accumulated other comprehensive loss — 479 479 Net other comprehensive income (loss) 4,880 (372 ) 4,508 Balance at June 30, 2014 $ 7,452 $ (38,399 ) $ (30,947 ) Six Months Ended June 30, 2015 Foreign Currency Items Defined Benefit Pension Items Total Balance at January 1, 2015 $ (33,223 ) $ (43,543 ) $ (76,766 ) Other comprehensive income (loss) before reclassifications (1,379 ) (337 ) (1,716 ) Amounts reclassified from accumulated other comprehensive loss — 1,725 1,725 Net other comprehensive (loss) income (1,379 ) 1,388 9 Balance at June 30, 2015 $ (34,602 ) $ (42,155 ) $ (76,757 ) Six Months Ended June 30, 2014 Foreign Currency Items Defined Benefit Pension Items Total Balance at January 1, 2014 $ (1,352 ) $ (38,101 ) $ (39,453 ) Other comprehensive income (loss) before reclassifications 6,746 (1,249 ) 5,497 Amounts reclassified from accumulated other comprehensive loss 2,058 951 3,009 Net other comprehensive income (loss) 8,804 (298 ) 8,506 Balance at June 30, 2014 $ 7,452 $ (38,399 ) $ (30,947 ) Other Comprehensive Income (Loss) reflects the change in the foreign currency translation adjustment account during the period, including the change in the foreign currency translation adjustment account related to the U.K. Pension Plan. Such amounts are reported on a cumulative basis in Accumulated Other Comprehensive Loss on the Condensed Consolidated Balance Sheets. For the three and six months ended June 30, 2015 , $0.9 million and $1.7 million (respectively, net of taxes) was reclassified from Accumulated Other Comprehensive Loss and recorded on a pre-tax basis to Salaries and Related Costs in the Condensed Consolidated Income Statements as a result of the amortization of previously unrecognized U.K. Pension Plan losses and prior service costs. For the three and six months ended June 30, 2014 , $0.5 million and $1 million (respectively, net of taxes) was reclassified from Accumulated Other Comprehensive Loss and recorded on a pre-tax basis to Salaries and Related Costs in the Condensed Consolidated Income Statements as a result of the amortization of previously unrecognized U.K. Pension Plan losses. (See Note 8 for information related to the U.K. Pension Plan.) For the six months ended June 30, 2014, $2.1 million was reclassified from Accumulated Other Comprehensive Loss to Other Expense in the Condensed Consolidated Income Statements as a result of the cumulative translation adjustment that was recognized upon the liquidation of a foreign subsidiary.

Uncertain Tax Positions

Uncertain Tax Positions	6 Months Ended
	Jun. 30, 2015
Income Tax Uncertainties [Abstract]
Uncertain Tax Positions	Uncertain Tax Positions As of June 30, 2015 , Sotheby’s liability for unrecognized tax benefits, excluding interest and penalties, was $20.5 million , representing a net decrease of $2.3 million when compared to the liability of $22.8 million as of December 31, 2014 . This net decrease is primarily the result of both the expiration of the statute of limitations for certain tax years and the closing of tax audits for certain tax years, partially offset by the accrual of tax reserves related to transfer pricing. As of June 30, 2014 , Sotheby’s liability for unrecognized tax benefits, excluding interest and penalties, was $23.9 million . As of June 30, 2015 , December 31, 2014 , and June 30, 2014 , the total amount of unrecognized tax benefits that, if recognized, would favorably affect Sotheby’s effective tax rate was $12.7 million , $12.3 million , and $12.5 million , respectively. Sotheby’s believes it is reasonably possible that a decrease of $4.7 million in the balance of unrecognized tax benefits can occur within 12 months of the June 30, 2015 balance sheet date as a result of the expiration of statutes of limitations and the expected settlements of ongoing tax audits. 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 is currently under examination by various U.S. state and foreign taxing authorities. The earliest open tax year for the major jurisdictions in which Sotheby's does business, which include the U.S. (including various state and local jurisdictions), the U.K., and Hong Kong, is 2007. Sotheby’s recognizes interest expense and penalties related to unrecognized tax benefits as a component of Income Tax Expense. The accrual for such interest and penalties decreased by $0.2 million for the six months ended June 30, 2015 . Sotheby’s policy is to record interest expense related to sales, value added and other non-income based taxes as Interest Expense in its Condensed Consolidated Income Statements. Penalties related to such taxes are recorded as General and Administrative Expenses in its Condensed Consolidated Income Statements. Interest expense and penalties related to income taxes are recorded as a component of Income Tax (Benefit) Expense in Sotheby’s Condensed Consolidated Income Statements.

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2015
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 management transact with Sotheby's to buy and sell property at auction and through private sales. For the three and six months ended June 30, 2015 , Sotheby’s recognized Agency Revenues of $1.3 million and $2 million , respectively, related to the sale and purchase of property by related parties. For the three and six months ended June 30, 2014 , Sotheby’s recognized Agency Revenues of $2.1 million and $2.7 million , respectively, related to the sale and purchase of property by related parties. As of June 30, 2015 , December 31, 2014 , and June 30, 2014 , Accounts Receivable (net) included $0.3 million , $1.1 million , and $9.8 million , respectively, associated with auction or private sale purchases made by related parties.

Recently Issued Accounting Stan

Recently Issued Accounting Standards	6 Months Ended
	Jun. 30, 2015
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
Recently Issued Accounting Standards	Recently Issued Accounting Standards In May 2014, the Financial Accounting Standards Board ("FASB") issued ASU 2014-09, which introduces a new five-step framework for revenue recognition. The core principal of the standard is that entities should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration for which the entity expects to be entitled in exchange for those goods or services. This ASU also requires enhanced disclosures regarding the nature, amount, timing, and uncertainty of revenue and cash flows arising from an entity’s contracts with customers. This standard can be applied either retrospectively to each period presented or as a cumulative-effect adjustment as of the date of adoption. In July 2015, the FASB voted to defer the effective date of ASU 2014-09 to January 1, 2018 with early adoption beginning January 1, 2017. Management is currently assessing the potential impact of adopting this new accounting standard on Sotheby’s financial statements. In February 2015, the FASB issued ASU 2015-02 which eliminates the deferral of the requirements of ASU 2009-17 for certain interests in investment funds and provides a scope exception from Accounting Standards Codification Topic 810 for certain investments in money market funds. ASU 2015-02 also makes several modifications to the consolidation guidance for variable interest entities ("VIEs") and general partners’ investments in limited partnerships, as well as modifications to the evaluation of whether limited partnerships are VIEs or voting interest entities. ASU 2015-02 is effective for interim and annual reporting periods beginning after December 15, 2015. Early adoption is permitted. Management is currently assessing the potential impact of adopting this new accounting standard on Sotheby’s financial statements. In March 2015, the FASB issued ASU 2015-03, which changes the presentation of debt issuance costs in the balance sheet. ASU 2015-03 requires debt issuance costs to be included as a direct deduction from the related debt liability in the balance sheet. Under the current guidance, unamortized debt issuance costs are reported as assets in the balance sheet, but under the new standard, debt issuance costs will no longer be reported as assets. ASU 2015-03 will be effective for Sotheby’s beginning January 1, 2016 and must be applied retrospectively to each period presented. Management is currently assessing the potential impact of adopting this new accounting standard on Sotheby’s financial statements.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2015
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 the three and six months ended June 30, 2015 and 2014 (in thousands, except per share amounts): Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Basic: Numerator: Net income attributable to Sotheby’s $ 67,572 $ 77,632 $ 72,774 $ 71,518 Less: Net income attributable to participating securities 590 256 485 1,001 Net income attributable to Sotheby’s common shareholders $ 66,982 $ 77,376 $ 72,289 $ 70,517 Denominator: Weighted average basic shares outstanding 69,332 68,938 69,211 69,041 Basic earnings per share - Sotheby’s common shareholders $ 0.97 $ 1.12 $ 1.04 $ 1.02 Diluted : Numerator: Net income attributable to Sotheby’s $ 67,572 $ 77,632 $ 72,774 $ 71,518 Less: Net income attributable to participating securities 590 256 485 1,001 Net income attributable to Sotheby’s common shareholders $ 66,982 $ 77,376 $ 72,289 $ 70,517 Denominator: Weighted average common shares outstanding 69,332 68,938 69,211 69,041 Weighted average effect of Sotheby's dilutive potential common shares: Performance share units 368 362 404 386 Deferred stock units 164 172 159 168 Stock options 20 19 20 24 Weighted average dilutive potential common shares outstanding 552 553 583 578 Weighted average diluted shares outstanding 69,884 69,491 69,794 69,619 Diluted earnings per share - Sotheby’s common shareholders $ 0.96 $ 1.11 $ 1.04 $ 1.01

Segment Reporting (Tables)

Segment Reporting (Tables)	6 Months Ended
	Jun. 30, 2015
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	The table below presents Sotheby’s revenues and income before taxes by segment for the three and six months ended June 30, 2015 and 2014 (in thousands of dollars): Three Months Ended June 30, 2015 Agency (a) Finance (a) All Other Reconciling items (a) Total Revenues $ 314,403 $ 16,339 $ 5,633 $ (4,369 ) $ 332,006 Segment income before taxes $ 106,189 $ 10,170 $ 3,426 $ (11,526 ) $ 108,259 Three Months Ended June 30, 2014 Revenues $ 322,873 $ 12,344 $ 4,804 $ (4,204 ) $ 335,817 Segment income before taxes $ 130,930 $ 8,891 (b) $ 1,910 $ (18,972 ) $ 122,759 Six Months Ended June 30, 2015 Revenues $ 454,092 $ 32,296 $ 8,932 $ (7,639 ) $ 487,681 Segment income before taxes $ 106,627 $ 20,990 $ 5,414 $ (16,859 ) $ 116,172 Six Months Ended June 30, 2014 Revenues $ 470,811 $ 21,291 $ 7,995 $ (7,469 ) $ 492,628 Segment income before taxes $ 123,901 $ 14,787 (b) $ 3,308 $ (24,955 ) $ 117,041 (a) The reconciling items related to Revenues consist principally of amounts charged by the Finance segment to the Agency segment, including interest and facility fees related to certain loans made to Agency segment clients, as well as, beginning on January 1, 2015, fees charged for term loan collateral sold at auction or privately through the Agency segment. For the three and six months ended June 30, 2015, such fees totaled $2.3 million and $4.3 million , respectively. Prior period segment results for the three and six months ended June 30, 2014 have been adjusted to include $2.2 million and $2.9 million of such fees, respectively. Each of the individual reconciling items related to segment income before taxes is listed in the table below. (b) For the three and six months ended June 30, 2014 , Finance segment income before taxes includes $0.7 million and $1.8 million , respectively, of intercompany charges from Sotheby's global treasury function.
Schedule of Agency Segment Revenue	For the three and six months ended June 30, 2015 and 2014 , Agency segment revenues consist of the following (in thousands of dollars): Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Auction commissions $ 287,487 $ 299,167 $ 400,502 $ 403,840 Private sale commissions 22,292 16,876 33,750 29,931 Auction guarantees, net (7,508 ) (6,215 ) (8,259 ) (5,545 ) Other Agency revenues (a) 8,106 6,359 12,266 11,089 Total Agency commissions and fees 310,377 316,187 438,259 439,315 Inventory sales 4,026 6,686 15,833 31,496 Total Agency segment revenues $ 314,403 $ 322,873 $ 454,092 $ 470,811 (a) Includes commissions and other fees earned by Sotheby's on sales brokered by third parties, fees charged to consignors for property withdrawn prior to auction and for catalogue production and insurance, and catalogue subscription and advertising revenues.
Reconciliation of Other Significant Reconciling Items from Segments to Consolidated	The table below presents a reconciliation of segment income before taxes to consolidated income before taxes for the three and six months ended June 30, 2015 and 2014 (in thousands of dollars): Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Agency $ 106,189 $ 130,930 $ 106,627 $ 123,901 Finance 10,170 8,891 20,990 14,787 All Other 3,426 1,910 5,414 3,308 Segment income before taxes 119,785 141,731 133,031 141,996 Reconciling items: CEO separation and transition costs (see Note 13) (43 ) — (4,232 ) Leadership transition severance costs (a) (9,501 ) — (9,501 ) — Special charges (see Note 15) — (18,554 ) — (24,257 ) Equity in earnings of investees (b) (1,982 ) (418 ) (3,126 ) (698 ) Income before taxes $ 108,259 $ 122,759 $ 116,172 $ 117,041 (a) In the second quarter of 2015, in conjunction with its leadership transition, Sotheby's incurred severance costs of $9.5 million associated with the termination of the employment of certain Executive Officers, including its Chief Operating Officer. (b) For segment reporting purposes, Sotheby's share of earnings related to its equity investees is included as part of income before taxes. However, such earnings are reported separately below income before taxes in the Condensed Consolidated Income Statements. For the three and six months ended June 30, 2015, Agency segment results include $1 million and $1.7 million , respectively, of equity earnings related to RM Sotheby's. For the three months ended June 30, 2015 and 2014, All Other includes $1 million and $0.4 million , respectively, of equity earnings related to Acquavella Modern Art. For the six months ended June 30, 2015 and 2014, All Other includes $1.4 million and $0.7 million , respectively, of equity earnings related to Acquavella Modern Art.
Reconciliation of Segment Assets to Consolidated Assets	The table below presents Sotheby's assets by segment, as well as a reconciliation of segment assets to consolidated assets as of June 30, 2015 , December 31, 2014 , and June 30, 2014 (in thousands of dollars): June 30, 2015 December 31, 2014 June 30, 2014 Agency $ 2,247,411 $ 2,391,763 $ 2,350,976 Finance 812,012 658,710 611,461 All Other 26,647 29,067 30,392 Total segment assets 3,086,070 3,079,540 2,992,829 Unallocated amounts: Deferred tax assets and income tax receivable 51,449 55,280 80,172 Consolidated assets $ 3,137,519 $ 3,134,820 $ 3,073,001

Receivables (Tables)

Receivables (Tables)	6 Months Ended
	Jun. 30, 2015
Accounts and Notes Receivable, Net [Abstract]
Schedule of Notes Receivable (Net) by Segment	As of June 30, 2015 , December 31, 2014 , and June 30, 2014 , Notes Receivable (net) related to the Finance segment consisted of the following (in thousands of dollars): June 30, December 31, June 30, Consignor advances $ 30,291 $ 25,994 $ 71,091 Term loans 743,749 618,447 523,279 Total $ 774,040 $ 644,441 $ 594,370
Financing Receivable Credit Quality Indicators	The table below provides the aggregate LTV ratio for the Finance segment loan portfolio as of June 30, 2015 , December 31, 2014 , and June 30, 2014 (in thousands of dollars): June 30, December 31, June 30, Finance segment secured loans $ 774,040 $ 644,441 $ 594,370 Low auction estimate of collateral $ 1,539,092 $ 1,349,094 $ 1,299,433 Aggregate LTV ratio 50 % 48 % 46 % The table below provides the aggregate LTV ratio for Finance segment secured loans with an LTV ratio above 50% as of June 30, 2015 , December 31, 2014 , and June 30, 2014 (in thousands of dollars): June 30, December 31, June 30, Finance segment secured loans with an LTV ratio above 50% $ 441,246 $ 329,135 $ 294,956 Low auction estimate of collateral related to Finance segment secured loans with an LTV ratio above 50% $ 784,119 $ 556,662 $ 485,088 Aggregate LTV ratio of Finance segment secured loans with an LTV ratio above 50% 56 % 59 % 61 %
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 June 30, 2015 , December 31, 2014 , and June 30, 2014 (in thousands of dollars): June 30, December 31, June 30, Total secured loans $ 774,040 $ 644,441 $ 594,370 Loans past due $ 420 $ 22,409 $ 88,931 Loans more than 90 days past due $ — $ — $ 14,630 Non-accrual loans $ — $ — $ — Impaired loans $ — $ — $ — Allowance for credit losses: Allowance for credit losses for impaired loans $ — $ — $ — Allowance for credit losses based on historical data 1,359 1,166 1,001 Total allowance for credit losses - secured loans $ 1,359 $ 1,166 $ 1,001
Activity Related to Allowance For Credit Losses	During the period January 1, 2015 to June 30, 2015 , activity related to the Allowance for Credit Losses was as follows (in thousands of dollars): Allowance for credit losses as of January 1, 2015 $ 1,166 Change in loan loss provision 193 Allowance for credit losses as of June 30, 2015 $ 1,359

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2015
Debt Instruments [Abstract]
Schedule of Line of Credit Facilities	The following tables summarize information relevant to the Credit Agreements as of and for the periods ended June 30, 2015 , December 31, 2014, and June 30, 2014 (in thousands of dollars): As of and for the three and six months ended June 30, 2015 Agency Credit Agreement Finance Credit Agreement Total Maximum borrowing capacity (a) $ 300,000 $ 1,035,000 $ 1,335,000 Borrowing base $ 221,812 $ 622,849 $ 844,661 Borrowings outstanding $ — $ 593,000 $ 593,000 Available borrowing capacity (b) $ 221,812 $ 29,849 $ 251,661 Average Borrowings Outstanding: Three months ended June 30, 2015 $ — $ 538,868 $ 538,868 Six months ended June 30, 2015 $ — $ 506,052 $ 506,052 Borrowing Costs: Three months ended June 30, 2015 $ 751 $ 3,874 $ 4,625 Six months ended June 30, 2015 $ 1,457 $ 7,262 $ 8,719 As of and for the year ended December 31, 2014 Agency Credit Agreement Finance Credit Agreement Total Maximum borrowing capacity (a) $ 300,000 $ 550,000 $ 850,000 Borrowing base $ 237,830 $ 519,255 $ 757,085 Borrowings outstanding $ — $ 445,000 $ 445,000 Available borrowing capacity (b) $ 237,830 $ 74,255 $ 312,085 Average borrowings outstanding $ — $ 306,448 $ 306,448 Borrowing Costs $ 2,240 $ 8,740 $ 10,980 As of and for the three and six months ended June 30, 2014 Agency Credit Agreement Finance Credit Agreement Total Maximum borrowing capacity (a) $ 150,000 $ 450,000 $ 600,000 Borrowing base $ 61,647 $ 451,057 $ 512,704 Borrowings outstanding $ — $ 345,000 $ 345,000 Available borrowing capacity (b) $ 61,647 $ 105,000 $ 166,647 Average Borrowings Outstanding: Three months ended June 30, 2014 $ — $ 284,176 $ 284,176 Six months ended June 30, 2014 $ — $ 188,591 $ 188,591 Borrowing Costs: Three months ended June 30, 2014 $ 371 $ 2,024 $ 2,395 Six months ended June 30, 2014 $ 968 $ 2,734 $ 3,702 (a) In August 2014, the Credit Agreements were amended and restated to, among other things, increase the maximum borrowing capacity of the Credit Agreements from $600 million to $850 million . In June 2015, the Credit Agreements were amended to, among other things, increase the maximum borrowing capacity of the Credit Agreements from $850 million to approximately $1.335 billion . (b) The available borrowing capacity is calculated as the borrowing base less borrowings outstanding.
Schedule of Debt	Long-Term Debt —As of June 30, 2015 , December 31, 2014 , and June 30, 2014 , Long-Term Debt consisted of the following (in thousands of dollars): June 30, December 31, June 30, York Property Mortgage, net of unamortized discount of $0, $1,782, and $3,564 $ 218,609 $ 218,728 $ 218,761 2022 Senior Notes 300,000 300,000 300,000 Less current portion: York Property Mortgage (6,542 ) (218,728 ) (3,730 ) Total Long-Term Debt, net $ 512,067 $ 300,000 $ 515,031
Aggregate Future Principal And Interest Payments	The aggregate future payments due under the York Property Mortgage and the 2022 Senior Notes during the five-year period after the June 30, 2015 balance sheet date are as follows (in thousands of dollars): July 2015 to June 2016 $ 28,586 July 2016 to June 2017 $ 29,867 July 2017 to June 2018 $ 32,084 July 2018 to June 2019 $ 32,110 July 2019 to June 2020 $ 32,120
Components of Interest Expense	For the three and six months ended June 30, 2015 and 2014 , Interest Expense consisted of the following (in thousands of dollars): Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 Agency Credit Agreement: Amortization of amendment and arrangement fees $ 314 $ 181 $ 629 $ 505 Commitment fees 437 190 828 463 Sub-total 751 371 1,457 968 York Property Mortgage 4,064 4,115 8,075 8,175 2022 Senior Notes 4,098 4,098 8,196 8,196 Other interest expense 161 184 7 212 Total Interest Expense $ 9,074 $ 8,768 $ 17,735 $ 17,551

Defined Benefit Pension Plan (T

Defined Benefit Pension Plan (Tables)	6 Months Ended
	Jun. 30, 2015
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract]
Pension Benefit Plan	The table below summarizes the components of the net pension cost (benefit) related to the U.K. Pension Plan for the three and six months ended June 30, 2015 and 2014 (in thousands of dollars): Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Service cost $ 1,126 $ 1,149 $ 2,241 $ 2,279 Interest cost 3,237 3,993 6,442 7,920 Expected return on plan assets (5,053 ) (5,918 ) (10,057 ) (11,737 ) Amortization of previously unrecognized net pension losses 993 599 1,977 1,188 Amortization of prior service cost 91 — 181 — Net pension cost (benefit) $ 394 $ (177 ) $ 784 $ (350 )

Share-Based Payments (Tables)

Share-Based Payments (Tables)	6 Months Ended
	Jun. 30, 2015
Share-based Compensation [Abstract]
Compensation Expense Related to Share-Based Payments	For the three and six months ended June 30, 2015 and 2014 , compensation expense related to share-based payments, including the $2 million charge recognized and classified within CEO Separation and Transition Costs in the first quarter of 2015, was as follows (in thousands of dollars): Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Pre-Tax $ 9,582 $ 6,648 $ 17,235 $ 12,895 After-Tax $ 6,623 $ 4,503 $ 11,453 $ 8,655
Changes in Number of Outstanding Restricted Stock, RSU's and PSU's	For the six months ended June 30, 2015 , changes to the number of outstanding RSU’s, PSU’s, and Restricted Stock shares were as follows (shares in thousands): Number of RSU’s, PSU’s, and Restricted Stock Shares Weighted Average Grant Date Fair Value Outstanding at January 1, 2015 1,806 $ 40.32 Granted 953 47.36 Vested (549 ) 39.31 Canceled (190 ) 42.48 Outstanding at June 30, 2015 2,020 $ 43.72

Accumulated Other Comprehensi33

Accumulated Other Comprehensive Loss (Tables)	6 Months Ended
	Jun. 30, 2015
Equity [Abstract]
Schedule of Accumulated Other Comprehensive Income (Loss)	The following is a summary of the changes in Accumulated Other Comprehensive Loss for the three and six months ended June 30, 2015 and 2014 (in thousands of dollars): Three Months Ended June 30, 2015 Foreign Currency Items Defined Benefit Pension Items Total Balance at March 31, 2015 $ (54,681 ) $ (40,496 ) $ (95,177 ) Other comprehensive income (loss) before reclassifications 20,079 (2,526 ) 17,553 Amounts reclassified from accumulated other comprehensive loss — 867 867 Net other comprehensive income (loss) 20,079 (1,659 ) 18,420 Balance at June 30, 2015 $ (34,602 ) $ (42,155 ) $ (76,757 ) Three Months Ended June 30, 2014 Foreign Currency Items Defined Benefit Pension Items Total Balance at March 31, 2014 $ 2,572 $ (38,027 ) $ (35,455 ) Other comprehensive income (loss) before reclassifications 4,880 (851 ) 4,029 Amounts reclassified from accumulated other comprehensive loss — 479 479 Net other comprehensive income (loss) 4,880 (372 ) 4,508 Balance at June 30, 2014 $ 7,452 $ (38,399 ) $ (30,947 ) Six Months Ended June 30, 2015 Foreign Currency Items Defined Benefit Pension Items Total Balance at January 1, 2015 $ (33,223 ) $ (43,543 ) $ (76,766 ) Other comprehensive income (loss) before reclassifications (1,379 ) (337 ) (1,716 ) Amounts reclassified from accumulated other comprehensive loss — 1,725 1,725 Net other comprehensive (loss) income (1,379 ) 1,388 9 Balance at June 30, 2015 $ (34,602 ) $ (42,155 ) $ (76,757 ) Six Months Ended June 30, 2014 Foreign Currency Items Defined Benefit Pension Items Total Balance at January 1, 2014 $ (1,352 ) $ (38,101 ) $ (39,453 ) Other comprehensive income (loss) before reclassifications 6,746 (1,249 ) 5,497 Amounts reclassified from accumulated other comprehensive loss 2,058 951 3,009 Net other comprehensive income (loss) 8,804 (298 ) 8,506 Balance at June 30, 2014 $ 7,452 $ (38,399 ) $ (30,947 )

Basis of Presentation (Details)

Basis of Presentation (Details)	Jun. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Ownership percentage by parent	80.00%
Ownership percentage by non controlling interest	20.00%

Seasonality of Business (Schedu

Seasonality of Business (Schedule of Seasonality) (Details) - principal_selling_season	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Jun. 30, 2015
Seasonality Of Business [Abstract]
Number of principal selling seasons			2
Q2 and Q4 Net Auction Sales as a percentage of total auction sales	79.00%	83.00%
Auction commission revenues as percentage of total revenues	81.00%	81.00%

Earnings Per Share (Narrative)

Earnings Per Share (Narrative) (Details) - shares shares in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Earnings Per Share [Abstract]
Potential common share excluded from computation of diluted earnings per share	0.9	1.1	1	1.2

Earnings Per Share (Computation

Earnings Per Share (Computation of Basic and Diluted Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Earnings Per Share [Abstract]
Net income attributable to Sotheby’s	$ 67,572	$ 77,632	$ 72,774	$ 71,518
Less: Net income attributable to participating securities	590	256	485	1,001
Net income attributable to Sotheby’s common shareholders	$ 66,982	$ 77,376	$ 72,289	$ 70,517
Weighted average basic shares outstanding (shares)	69,332	68,938	69,211	69,041
Basic (loss) earnings per share - Sotheby’s common shareholders (usd per share)	$ 0.97	$ 1.12	$ 1.04	$ 1.02
Net income attributable to Sotheby's	$ 67,572	$ 77,632	$ 72,774	$ 71,518
Less: Net income attributable to participating securities	590	256	485	1,001
Net income attributable to Sotheby’s common shareholders	$ 66,982	$ 77,376	$ 72,289	$ 70,517
Weighted average common shares outstanding (shares)	69,332	68,938	69,211	69,041
Weighted average effect of Sotheby's dilutive potential common shares:
Performance share units (shares)	368	362	404	386
Deferred stock units (shares)	164	172	159	168
Stock options (shares)	20	19	20	24
Weighted average dilutive potential common shares outstanding (shares)	552	553	583	578
Weighted average diluted shares outstanding (shares)	69,884	69,491	69,794	69,619
Diluted (loss) earnings per share - Sotheby’s common shareholders (usd per share)	$ 0.96	$ 1.11	$ 1.04	$ 1.01

Segment Reporting (Schedule of

Segment Reporting (Schedule of Revenue and (Loss) Income before Taxes by Segment) (Details) $ in Thousands		3 Months Ended			6 Months Ended
		Jun. 30, 2015USD ($)	Jun. 30, 2014USD ($)		Jun. 30, 2015USD ($)segment	Jun. 30, 2014USD ($)
Segment Reporting [Line Items]
Income (Loss) from Equity Method Investments		$ 1,982	$ 230		$ 3,126	$ 384
Number of operating segments | segment					2
Revenues		332,006	335,817		$ 487,681	492,628
Segment income before taxes		108,259	122,759		116,172	117,041
Intersegment Revenue		2,300	2,200		4,300	2,900
Intercompany Charge			700			1,800
Agency [Member]
Segment Reporting [Line Items]
Revenues	[1]	314,403	322,873		454,092	470,811
Segment income before taxes	[1]	106,189	130,930		106,627	123,901
Finance [Member]
Segment Reporting [Line Items]
Revenues	[1]	16,339	12,344		32,296	21,291
Segment income before taxes	[1]	10,170	8,891	[2]	20,990	14,787	[2]
All Other [Member]
Segment Reporting [Line Items]
Revenues		5,633	4,804		8,932	7,995
Segment income before taxes		3,426	1,910		5,414	3,308
Reconciling Items [Member]
Segment Reporting [Line Items]
Revenues	[1]	(4,369)	(4,204)		(7,639)	(7,469)
Segment income before taxes	[1]	$ (11,526)	$ (18,972)		$ (16,859)	$ (24,955)
[1]	The reconciling items related to Revenues consist principally of amounts charged by the Finance segment to the Agency segment, including interest and facility fees related to certain loans made to Agency segment clients, as well as, beginning on January 1, 2015, fees charged for term loan collateral sold at auction or privately through the Agency segment. For the three and six months ended June 30, 2015, such fees totaled $2.3 million and $4.3 million, respectively. Prior period segment results for the three and six months ended June 30, 2014 have been adjusted to include $2.2 million and $2.9 million of such fees, respectively. Each of the individual reconciling items related to segment income before taxes is listed in the table below.
[2]	For the three and six months ended June 30, 2014, Finance segment income before taxes includes $0.7 million and $1.8 million, respectively, of intercompany charges from Sotheby's global treasury function.

Segment Reporting (Schedule o39

Segment Reporting (Schedule of Agency Segment Revenue) (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Segment Reporting [Line Items]
Agency and Related Revenues		$ 310,377	$ 316,187	$ 438,259	$ 439,315
Inventory sales		7,005	8,733	19,988	34,734
Total revenues		332,006	335,817	487,681	492,628
Agency [Member]
Segment Reporting [Line Items]
Auction commissions		287,487	299,167	400,502	403,840
Private sale commissions		22,292	16,876	33,750	29,931
Auction guarantee and inventory activities		(7,508)	(6,215)	(8,259)	(5,545)
Other Agency revenues	[1]	8,106	6,359	12,266	11,089
Agency and Related Revenues		310,377	316,187	438,259	439,315
Inventory sales		4,026	6,686	15,833	31,496
Total revenues	[1]	$ 314,403	$ 322,873	$ 454,092	$ 470,811
[1]	The reconciling items related to Revenues consist principally of amounts charged by the Finance segment to the Agency segment, including interest and facility fees related to certain loans made to Agency segment clients, as well as, beginning on January 1, 2015, fees charged for term loan collateral sold at auction or privately through the Agency segment. For the three and six months ended June 30, 2015, such fees totaled $2.3 million and $4.3 million, respectively. Prior period segment results for the three and six months ended June 30, 2014 have been adjusted to include $2.2 million and $2.9 million of such fees, respectively. Each of the individual reconciling items related to segment income before taxes is listed in the table below.

Segment Reporting (Reconciliati

Segment Reporting (Reconciliation of Segment Income (Loss) Before Taxes) (Details) - USD ($) $ in Thousands		3 Months Ended				6 Months Ended
		Jun. 30, 2015	Mar. 31, 2015	Jun. 30, 2014		Jun. 30, 2015	Jun. 30, 2014
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Segment income before taxes		$ 108,259		$ 122,759		$ 116,172	$ 117,041
CEO separation and transition costs (see Note 13)		(43)	$ (4,200)	0		(4,232)	0
Special charges (see Note 15)		0		(18,554)		0	(24,257)
Equity in earnings of investees		(1,982)		(230)		(3,126)	(384)
Segment Reconciling Items [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
CEO separation and transition costs (see Note 13)		(43)		0		(4,232)
Leadership transition severance costs	[1]	(9,501)		0		(9,501)	0
Special charges (see Note 15)		0		(18,554)		0	(24,257)
Equity in earnings of investees	[2]	(1,982)		(418)		(3,126)	(698)
Agency [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Segment income before taxes	[3]	106,189		130,930		106,627	123,901
Agency [Member] | RM Sotheby's [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Equity in earnings of investees		(1,000)				(1,700)
Finance [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Segment income before taxes	[3]	10,170		8,891	[4]	20,990	14,787	[4]
All Other Segments [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Segment income before taxes		3,426		1,910		5,414	3,308
All Other Segments [Member] | Acquavella Modern Art [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Equity in earnings of investees		(1,000)		(400)		(1,400)	(700)
All Segments [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Segment income before taxes		$ 119,785		$ 141,731		$ 133,031	$ 141,996
[1]	In the second quarter of 2015, in conjunction with its leadership transition, Sotheby's incurred severance costs of $9.5 million associated with the termination of the employment of certain Executive Officers, including its Chief Operating Officer.
[2]	For segment reporting purposes, Sotheby's share of earnings related to its equity investees is included as part of income before taxes. However, such earnings are reported separately below income before taxes in the Condensed Consolidated Income Statements. For the three and six months ended June 30, 2015, Agency segment results include $1 million and $1.7 million, respectively, of equity earnings related to RM Sotheby's. For the three months ended June 30, 2015 and 2014, All Other includes $1 million and $0.4 million, respectively, of equity earnings related to Acquavella Modern Art. For the six months ended June 30, 2015 and 2014, All Other includes $1.4 million and $0.7 million, respectively, of equity earnings related to Acquavella Modern Art.
[3]	The reconciling items related to Revenues consist principally of amounts charged by the Finance segment to the Agency segment, including interest and facility fees related to certain loans made to Agency segment clients, as well as, beginning on January 1, 2015, fees charged for term loan collateral sold at auction or privately through the Agency segment. For the three and six months ended June 30, 2015, such fees totaled $2.3 million and $4.3 million, respectively. Prior period segment results for the three and six months ended June 30, 2014 have been adjusted to include $2.2 million and $2.9 million of such fees, respectively. Each of the individual reconciling items related to segment income before taxes is listed in the table below.
[4]	For the three and six months ended June 30, 2014, Finance segment income before taxes includes $0.7 million and $1.8 million, respectively, of intercompany charges from Sotheby's global treasury function.

Segment Reporting (Reconcilia41

Segment Reporting (Reconciliation of Segment Assets to Consolidated Assets) (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014	Jun. 30, 2014
Segment Reporting [Line Items]
Consolidated assets	$ 3,137,519	$ 3,134,820	$ 3,073,001
Deferred tax assets and income tax receivable	51,449	55,280	80,172
Total Segment Assets [Member]
Segment Reporting [Line Items]
Consolidated assets	3,086,070	3,079,540	2,992,829
Agency [Member]
Segment Reporting [Line Items]
Consolidated assets	2,247,411	2,391,763	2,350,976
Finance [Member]
Segment Reporting [Line Items]
Consolidated assets	812,012	658,710	611,461
All Other [Member]
Segment Reporting [Line Items]
Consolidated assets	$ 26,647	$ 29,067	$ 30,392

Receivables (Narrative) (Detail

Receivables (Narrative) (Details)	1 Months Ended	3 Months Ended	6 Months Ended
	Jul. 31, 2015USD ($)	Jun. 30, 2013USD ($)	Jun. 30, 2015USD ($)type_of_secured_loan	Jun. 30, 2014USD ($)loan	Jul. 30, 2015USD ($)	Dec. 31, 2014USD ($)loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Consignor payment term			35 days
Buyer receivables			$ 22,600,000	$ 0		$ 22,700,000
Net accounts receivable			$ 822,725,000	993,302,000		913,743,000
Number of types of secured loans | type_of_secured_loan			2
Number of years for consignor advance sale			1 year
Term loans maturity			2 years
Secured loan issued to refinance auction or private sale receivable			$ 32,600,000	34,600,000
Collections of Notes Receivable Originally Issued to Finance Auction or Private Sale Receivables			16,400,000	19,600,000
Balance of secured loan to refinance auction or private sale receivable			106,500,000	87,900,000		$ 90,400,000
Collections of notes receivable			163,373,000	$ 247,234,000
Unfunded lending commitment to extend additional credit			10,200,000
Number of significant unsecured loans used to finance the purchase of works of art through private sales | loan				1		1
Equity Method Investment, Realized Gain (Loss) on Disposal		$ 300,000
Sales Price of Disposal of Equity Method Investment		4,300,000
Proceeds from the sale of equity method investment			$ 150,000	$ 125,000
Up-front Payment Arrangement [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Proceeds from the sale of equity method investment		800,000
Unsecured Loan [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Sales Price of Disposal of Equity Method Investment		$ 3,500,000
Subsequent Event [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Collections of notes receivable	$ 200,000
Minimum [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Buyer payment term			30 days
Loan to Value (LTV) Ratio			51.00%
Maximum [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan to Value (LTV) Ratio			60.00%
Accounts Rec, Consignor Paid [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Net accounts receivable			$ 107,600,000	126,600,000		$ 116,000,000
Transfer of Possession Without Payment [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Net accounts receivable			75,400,000	$ 48,900,000		$ 96,500,000
Finance [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Buyer receivables			$ 0
Loan-to-value ratio			50.00%	46.00%		48.00%
Loan to Value (LTV) Ratio			60.00%
Finance segment secured loans			$ 774,040,000	$ 594,370,000		$ 644,441,000
Loans past due			420,000	88,931,000		22,409,000
Loans more than 90 days past due			0	14,630,000		0
Low auction estimate of collateral			1,539,092,000	1,299,433,000		1,349,094,000
Secured loans			774,040,000	594,370,000		644,441,000
All Other Segments [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Other loans			2,600,000	2,900,000		2,700,000
Agency [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Low auction estimate of collateral			3,700,000
Guarantee advances			2,500,000	5,500,000		25,000,000
Secured loans			4,400,000	5,000,000		4,900,000
Agency [Member] | Non Accrual Loans [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Other loans			$ 2,100,000	$ 2,100,000		$ 2,100,000
Agency [Member] | Subsequent Event [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Guarantee advances					$ 200,000

Receivables (Notes Receivable,

Receivables (Notes Receivable, Net) (Details) - Finance [Member] - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014	Jun. 30, 2014
Accounts, Notes, Loans and Financing Receivable [Line Items]
Consignor advances	$ 30,291	$ 25,994	$ 71,091
Term loans	743,749	618,447	523,279
Total Notes Receivable (net)	$ 774,040	$ 644,441	$ 594,370

Receivables (Summary of Other C

Receivables (Summary of Other Credit Quality Information Regarding Finance Segment Secured Loans) (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014	Jun. 30, 2014
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Allowance for Credit Losses - secured loans	$ 1,359	$ 1,166
Finance [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Finance segment secured loans	774,040	644,441	$ 594,370
Low auction estimate of collateral	$ 1,539,092	$ 1,349,094	$ 1,299,433
Aggregate LTV ratio	50.00%	48.00%	46.00%
Secured loans	$ 774,040	$ 644,441	$ 594,370
Loans past due	420	22,409	88,931
Loans more than 90 days past due	0	0	14,630
Non-accrual loans	0	0	0
Impaired loans	0	0	0
Allowance for credit losses - impaired loans	0	0	0
Allowance for credit losses based on historical data	1,359	1,166	1,001
Total Allowance for Credit Losses - secured loans	1,359	1,166	1,001
Finance [Member] | Loan to Value Ratio Above 50% [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Finance segment secured loans	441,246	329,135	294,956
Low auction estimate of collateral	$ 784,119	$ 556,662	$ 485,088
Aggregate LTV ratio	56.00%	59.00%	61.00%

Receivables (Activity Related t

Receivables (Activity Related to Allowance for Credit Losses) (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2015USD ($)
Allowance for Loan and Lease Losses [Roll Forward]
Allowance for credit losses, beginning balance	$ 1,166
Change in loan loss provision	193
Allowance for credit losses, ending balance	$ 1,359

Debt (Narrative) (Details)

Debt (Narrative) (Details)		Jul. 01, 2015USD ($)	Sep. 27, 2012USD ($)	Jun. 30, 2015USD ($)		Jun. 30, 2014USD ($)		Jun. 30, 2015USD ($)		Jun. 30, 2014USD ($)		Dec. 31, 2014USD ($)		Jun. 30, 2015USD ($)		Sep. 01, 2014USD ($)	Aug. 31, 2014USD ($)	Feb. 06, 2009USD ($)	Jan. 11, 2008USD ($)
Debt [Line Items]
Incremental credit facility additional extension period								365 days
Maximum amount of net auction guarantees permissible				$ 600,000,000				$ 600,000,000						$ 600,000,000
MinimumNetWorthGracePeriod		60 days
Percentage of principal amount of debt as component of premium price			1.00%
Maximum percentage of redeemable 2022 Senior notes principal			35.00%
Redemption price percentage of 2022 Senior Notes			105.25%
Senior Notes 2022 [Member]
Debt [Line Items]
Debt instrument maturity date								October 1, 2022
Debt instrument stated interest percentage			5.25%
Long-term debt, fair value				294,000,000				$ 294,000,000						294,000,000
Aggregate principal value of debt			$ 300,000,000	300,000,000				300,000,000						300,000,000
Proceeds from issuance of debt			$ 293,700,000
Percentage of senior notes principal as part of redemption price			100.00%
York Property Mortgage Member [Member]
Debt [Line Items]
Long-term debt, fair value				218,600,000				218,600,000						218,600,000
Purchase Consummated On February 6, 2009 [Member]
Debt [Line Items]
Property acquisition price																		$ 370,000,000
Components of purchase price of land and buildings																		85,000,000
Signing Of Related Purchase And Sale Agreement On January 11, 2008 [Member]
Debt [Line Items]
Components of purchase price of land and buildings																			$ 50,000,000
Assumption Of Existing Mortgage [Member]
Debt [Line Items]
Components of purchase price of land and buildings																		$ 235,000,000
York Property Mortgage [Member]
Debt [Line Items]
Short-term debt before reclassification				218,609,000		$ 218,761,000		218,609,000		$ 218,761,000		$ 218,728,000		218,609,000
Current maturities under new debt agreement				6,542,000		3,730,000		6,542,000		3,730,000		218,728,000		6,542,000
York Property Mortgage [Member] | Subsequent Event [Member]
Debt [Line Items]
Short-term debt reclassified to long-term debt		$ 212,700,000
Mortgages [Member] | New Mortgage Loan [Member]
Debt [Line Items]
Proceeds from issuance of debt		$ 98,000,000
Amortization period		25 years
Derivative contract term		7 years
Effective interest rate		3.13%
Maximum LTV ratio under agreement		0.65
Minimum debt yield under agreement		0.085
Minimum net worth under agreement		$ 425,000,000
Mortgages [Member] | New Mortgage Loan [Member] | Subsequent Event [Member]
Debt [Line Items]
Debt instrument term		7 years
Aggregate principal value of debt		$ 325,000,000
Mortgages [Member] | New Mortgage Loan [Member] | Swap [Member]
Debt [Line Items]
Derivative contract term		2 years
Fixed interest rate on hedge		0.877%
Mortgages [Member] | New Mortgage Loan [Member] | Collar [Member]
Debt [Line Items]
Derivative contract term		5 years
Fixed interest rate on hedge		3.75%
Mortgages [Member] | New Mortgage Loan [Member] | One-Month LIBOR [Member]
Debt [Line Items]
Spread on variable rate		2.25%
Minimum [Member]
Debt [Line Items]
Covenant, aggregate borrowing availability				100,000,000				100,000,000						100,000,000
Covenant, total liquidity amount				$ 200,000,000				$ 200,000,000						$ 200,000,000
Minimum [Member] | York Property Mortgage Member [Member]
Debt [Line Items]
Debt instrument stated interest percentage				5.60%				5.60%						5.60%
Maximum [Member] | York Property Mortgage Member [Member]
Debt [Line Items]
Debt instrument stated interest percentage				10.60%				10.60%						10.60%
Maximum [Member] | Mortgages [Member] | New Mortgage Loan [Member]
Debt [Line Items]
Effective interest rate		6.00%
New Credit Agreement [Member]
Debt [Line Items]
Line of credit facility, maximum borrowing capacity				$ 1,335,000,000	[1]	600,000,000	[1]	$ 1,335,000,000	[1]	600,000,000	[1]	850,000,000	[1]	$ 1,335,000,000	[1]	$ 850,000,000	$ 600,000,000
Increase in borrowing capacity, credit facility								485,000,000
Incremental revolving credit facility				844,661,000		512,704,000		844,661,000		512,704,000		757,085,000		844,661,000
Line of credit facility, sub-limit				400,000,000				400,000,000						400,000,000
Maximum available increase in borrowing capacity				150,000,000				$ 150,000,000						150,000,000
Total life-to-date credit facility fees paid														21,200,000
Debt instrument maturity date								August 22, 2020
Agency Segment Credit Agreement [Member]
Debt [Line Items]
Line of credit facility, maximum borrowing capacity	[1]			300,000,000		150,000,000		$ 300,000,000		150,000,000		300,000,000		300,000,000
Incremental revolving credit facility				221,812,000		61,647,000		221,812,000		61,647,000		237,830,000		221,812,000
Line of credit facility, sub-limit				50,000,000				50,000,000						50,000,000
Incremental Credit Facility [Member]
Debt [Line Items]
Incremental revolving credit facility				50,000,000				50,000,000						50,000,000
Finance Segment Credit Agreement [Member]
Debt [Line Items]
Line of credit facility, maximum borrowing capacity	[1]			1,035,000,000		450,000,000		1,035,000,000		450,000,000		550,000,000		1,035,000,000
Incremental revolving credit facility				622,849,000		451,057,000		622,849,000		451,057,000		519,255,000		622,849,000
Line of credit facility, sub-limit				350,000,000				350,000,000						$ 350,000,000
Interest expense				3,700,000		1,700,000		6,800,000		2,200,000		7,700,000
Amortization of financing costs				$ 200,000		$ 300,000		$ 400,000		$ 500,000		$ 1,000,000
Weighted average interest rate				2.90%				2.90%						2.90%
[1]	In August 2014, the Credit Agreements were amended and restated to, among other things, increase the maximum borrowing capacity of the Credit Agreements from $600 million to $850 million. In June 2015, the Credit Agreements were amended to, among other things, increase the maximum borrowing capacity of the Credit Agreements from $850 million to approximately $1.335 billion.

Debt (Schedule of Line of Credi

Debt (Schedule of Line of Credit Facilities) (Details) - USD ($)		3 Months Ended				6 Months Ended				12 Months Ended
		Jun. 30, 2015		Jun. 30, 2014		Jun. 30, 2015		Jun. 30, 2014		Dec. 31, 2014		Sep. 01, 2014	Aug. 31, 2014
Line of Credit Facility [Line Items]
Borrowings outstanding		$ 593,000,000		$ 345,000,000		$ 593,000,000		$ 345,000,000		$ 445,000,000
Agency Segment Credit Agreement [Member]
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity	[1]	300,000,000		150,000,000		300,000,000		150,000,000		300,000,000
Borrowing base		221,812,000		61,647,000		221,812,000		61,647,000		237,830,000
Borrowings outstanding		0		0		0		0		0
Available borrowing capacity	[2]	221,812,000		61,647,000		221,812,000		61,647,000		237,830,000
Average Borrowings Outstanding:		0		0		0		0		0
Borrowing Costs:		751,000		371,000		1,457,000		968,000		2,240,000
Finance Segment Credit Agreement [Member]
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity	[1]	1,035,000,000		450,000,000		1,035,000,000		450,000,000		550,000,000
Borrowing base		622,849,000		451,057,000		622,849,000		451,057,000		519,255,000
Borrowings outstanding		593,000,000		345,000,000		593,000,000		345,000,000		445,000,000
Available borrowing capacity	[2]	29,849,000		105,000,000		29,849,000		105,000,000		74,255,000
Average Borrowings Outstanding:		538,868,000		284,176,000		506,052,000		188,591,000		306,448,000
Borrowing Costs:		3,874,000		2,024,000		7,262,000		2,734,000		8,740,000
Total [Member]
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity		1,335,000,000	[1]	600,000,000	[1]	1,335,000,000	[1]	600,000,000	[1]	850,000,000	[1]	$ 850,000,000	$ 600,000,000
Borrowing base		844,661,000		512,704,000		844,661,000		512,704,000		757,085,000
Borrowings outstanding		593,000,000		345,000,000		593,000,000		345,000,000		445,000,000
Available borrowing capacity	[2]	251,661,000		166,647,000		251,661,000		166,647,000		312,085,000
Average Borrowings Outstanding:		538,868,000		284,176,000		506,052,000		188,591,000		306,448,000
Borrowing Costs:		$ 4,625,000		$ 2,395,000		$ 8,719,000		$ 3,702,000		$ 10,980,000
[1]	In August 2014, the Credit Agreements were amended and restated to, among other things, increase the maximum borrowing capacity of the Credit Agreements from $600 million to $850 million. In June 2015, the Credit Agreements were amended to, among other things, increase the maximum borrowing capacity of the Credit Agreements from $850 million to approximately $1.335 billion.
[2]	The available borrowing capacity is calculated as the borrowing base less borrowings outstanding.

Debt (Summary of Long-Term Debt

Debt (Summary of Long-Term Debt) (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014	Jun. 30, 2014
Debt [Line Items]
Total Long-Term Debt, net	$ 512,067	$ 300,000	$ 515,031
York Property Mortgage [Member]
Debt [Line Items]
Long-term debt	218,609	218,728	218,761
Less current portion	(6,542)	(218,728)	(3,730)
Unamortized discount	891	1,782	4,455
Senior Notes 2022 [Member]
Debt [Line Items]
Long-term debt	$ 300,000	$ 300,000	$ 300,000

Debt (Aggregate Future Principa

Debt (Aggregate Future Principal and Interest Payments) (Details) $ in Thousands	Jun. 30, 2015USD ($)
Debt Instruments [Abstract]
July 2015 to June 2016	$ 28,586
July 2016 to June 2017	29,867
July 2017 to June 2018	32,084
July 2018 to June 2019	32,110
July 2019 to June 2020	$ 32,120

Debt (Components of Interest Ex

Debt (Components of Interest Expense) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Debt [Line Items]
Amortization of amendment and arrangement fees	$ 314	$ 181	$ 629	$ 505
Commitment fees	437	190	828	463
Sub-total	751	371	1,457	968
Interest expense	9,074	8,768	17,735	17,551
Other interest expense	161	184	7	212
York Property Mortgage [Member]
Debt [Line Items]
Interest expense	4,064	4,115	8,075	8,175
Senior Notes 2022 [Member]
Debt [Line Items]
Interest expense	$ 4,098	$ 4,098	$ 8,196	$ 8,196

Investments in RM Auctions (Det

Investments in RM Auctions (Details) - USD ($) $ in Thousands	Feb. 18, 2015	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Schedule of Equity Method Investments [Line Items]
Funding of equity method investment				$ 30,725	$ 0
Equity in earnings of investees		$ 1,982	$ 230	3,126	$ 384
RM Auctions [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investments	25.00%
Funding of equity method investment	$ 30,700
RM Auctions [Member] | Agency [Member]
Schedule of Equity Method Investments [Line Items]
Equity in earnings of investees		$ 1,000		$ 1,700

Defined Benefit Pension Plan (C

Defined Benefit Pension Plan (Components of Net Pension Benefits Related to U.K. Pension Plan Assets) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]
Service cost	$ 1,126	$ 1,149	$ 2,241	$ 2,279
Interest cost	3,237	3,993	6,442	7,920
Expected return on plan assets	(5,053)	(5,918)	(10,057)	(11,737)
Amortization of previously unrecognized net pension losses	993	599	1,977	1,188
Amortization of prior service cost	91	0	181	0
Net pension cost (benefit)	$ 394	$ (177)	$ 784	$ (350)

Defined Benefit Pension Plan (N

Defined Benefit Pension Plan (Narrative) (Details) - Jun. 30, 2015 - USD ($) $ in Millions	Total	Total
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract]
Contributions	$ 1.2	$ 1.2
Estimated future contributions in 2015		$ 2.2

Commitments and Contingencies (

Commitments and Contingencies (Details) - Jun. 30, 2015 - USD ($) $ in Millions	Total
Commitments and Contingencies Disclosure [Abstract]
Employment arrangement expiration date range start	August 31, 2015
Employment arrangement expiration date range end	March 31, 2020
Commitment for salaries and other cash compensation under employment arrangement	$ 27.4

Auction Guarantees (Details)

Auction Guarantees (Details) - USD ($)	Jul. 30, 2015	Jun. 30, 2015	Dec. 31, 2014	Jun. 30, 2014
Guarantor Obligations [Line Items]
Maximum amount of net auction guarantees permissible		$ 600,000,000
Outstanding guarantee		16,200,000
Irrevocable bids		11,900,000
Estimated fair value of obligation to perform under auction guarantees		500,000	$ 5,300,000	$ 1,500,000
Agency [Member]
Guarantor Obligations [Line Items]
Guarantee advances		$ 2,500,000	$ 25,000,000	$ 5,500,000
Subsequent Event [Member]
Guarantor Obligations [Line Items]
Outstanding guarantee	$ 3,800,000
Reduction in exposure from risk and reward sharing arrangement	3,300,000
Subsequent Event [Member] | Agency [Member]
Guarantor Obligations [Line Items]
Guarantee advances	$ 200,000

Shareholders' Equity and Divi56

Shareholders' Equity and Dividend (Details) - USD ($)	Aug. 06, 2015	May. 07, 2015	Feb. 27, 2015	May. 06, 2014	Mar. 17, 2014	Feb. 27, 2014	Mar. 31, 2015	Mar. 31, 2014	Jan. 31, 2014	Jun. 30, 2015
Dividends, common stock		$ 6,900,000	$ 6,900,000	$ 6,900,000		$ 6,900,000
Dividends declared (usd per share)		$ 0.10	$ 0.1	$ 0.10		$ 0.1
Stock repurchase program, period in force									5 years
Stock repurchase program, authorized amount									$ 150,000,000
Dividend equivalents accrued					$ 11,000,000
Dividend equivalents paid							$ 2,000,000	$ 4,000,000
Stock repurchased during period, shares								558,171
Stock repurchased during period, value								$ 25,000,000
Share price of stock repurchased (usd per share)								$ 44.79
Stock Repurchase Program, Remaining Authorized Repurchase Amount										$ 125,000,000
Subsequent Event [Member]
Dividends, common stock	$ 6,900,000
Dividends declared (usd per share)	$ 0.10
Stock repurchase program, authorized amount	$ 250,000,000
Payments for Repurchase of Equity	125,000,000
Increase,ShareRepurchaseAuthorization	$ 125,000,000
Special Dividend [Member]
Dividends, common stock					300,000,000				$ 300,000,000
Dividends declared (usd per share)									$ 4.34
Funding of dividend by domestic cash					50,000,000
All Countries [Domain]
Foreign earnings repatriated					$ 250,000,000
Minimum [Member] | Subsequent Event [Member]
Period Over Which Common Stock Will Be Repurchased	12 months
Maximum [Member] | Subsequent Event [Member]
Period Over Which Common Stock Will Be Repurchased	18 months

Share-Based Payments (Narrative

Share-Based Payments (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	6 Months Ended
	Mar. 31, 2015	Jun. 30, 2015	Jun. 30, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Excess tax benefits related to share-based payment arrangements		$ 1,100	$ 3,600
Unrecognized compensation expense related to the unvested portion of share-based payments		$ 43,900
Compensation expense is expected to be amortized over a weighted-average period		2 years 8 months 12 days
Shares granted (shares)		953,000
Maximum percentage of performance shares that can be earned based off of initial award	350.00%
Stock options expiration period		10 years
Options outstanding and exercisable (shares)		50,000
Weighted average exercise price of options outstanding and exercisable (usd per share)		$ 22.11
Weighted average remaining contractual term of outstanding stock options		4 years 7 months 6 days
Aggregate intrinsic value of options outstanding		$ 1,200
Aggregate intrinsic value of option exercised			1,200
Proceeds from exercise of employee stock options		0	967
Excess tax benefits realized from the exercise of stock options			300
Company S Incentive Compensation Programs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of shares issued		$ 28,700
CEO September 2010 Employment Agreement [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (shares)		79,782
Fair value of shares issued		$ 3,500
New CEO 2015 Agreement [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of shares issued	$ 16,500
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for future awards (shares)		3,200,000
Restricted Stock, RSU's And PSU's [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of share vested		$ 22,900	$ 28,100
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		3 years
Restricted Stock Units (RSUs) [Member] | Company S Incentive Compensation Programs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (shares)		268,865
Fair value of shares issued		$ 11,800
Restricted Stock Units (RSUs) [Member] | New CEO 2015 Agreement [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (shares)	47,070
Fair value of shares issued	$ 2,000
Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (shares)		384,664
Fair value of shares issued		$ 16,900
Performance Shares [Member] | Company S Incentive Compensation Programs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (shares)		304,882
Fair value of shares issued		$ 13,400
Performance Shares [Member] | CEO September 2010 Employment Agreement [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (shares)		19,673
Fair value of shares issued		$ 900
Shares forfeited (shares)		60,109
Performance Shares [Member] | New CEO 2015 Agreement [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Requisite service period	5 years
Shares granted (shares)	94,140
Fair value of shares issued	$ 8,000
Restricted Stock [Member] | New CEO 2015 Agreement [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Requisite service period	5 years
Shares granted (shares)	158,638
Fair value of shares issued	$ 6,500
Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		4 years
Shares available for future awards (shares)		104,100
Stock options granted (shares)		0
Stock options exercised (shares)		0
Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		3 years
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		4 years
Maximum [Member] | Performance Shares [Member] | New CEO 2015 Agreement [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (shares)	329,490
Chief Executive Officer [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Accelerated compensation expense related to fully vested RSUs	$ 2,000
Fair value of share vested		$ 2,000

Share-Based Payments (Compensat

Share-Based Payments (Compensation Expense Related to Share-Based Payments) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Share-based Compensation [Abstract]
Pre-Tax	$ 9,582	$ 6,648	$ 17,235	$ 12,895
After-Tax	$ 6,623	$ 4,503	$ 11,453	$ 8,655

Share-Based Payments (Changes i

Share-Based Payments (Changes in Number of Outstanding Restricted Stock, RSU's And PSU's) (Details) - $ / shares shares in Thousands	6 Months Ended
	Jun. 30, 2015
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward]
Outstanding at January 1, 2015, Number of RSU's and PSU's, Shares	1,806
Granted, Number of RSU's and PSU's, Shares	953
Vested, Number of RSU's and PSU's, Shares	(549)
Canceled, Number of RSU's and PSU's, Shares	(190)
Outstanding at June 30, 2015, Number of RSU's and PSU's, Shares	2,020
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward]
Outstanding at January 1, 2015, Weighted Average Grant Date Fair Value (in usd per share)	$ 40.32
Granted, Weighted Average Grant Date Fair Value (in usd per share)	47.36
Vested, Weighted Average Grant Date Fair Value (in usd per share)	39.31
Canceled, Weighted Average Grant Date Fair Value (in usd per share)	42.48
Outstanding at June 30, 2015, Weighted Average Grant Date Fair Value (in usd per share)	$ 43.72

CEO Separation and Transition60

CEO Separation and Transition Costs (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2015	Mar. 31, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
CEO separation and transition costs	$ 43	$ 4,200	$ 0	$ 4,232	$ 0
Chief Executive Officer [Member]
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
CEO separation and transition costs				3,100
Fair value of share vested				2,000
Compensation				1,100
Professional fees				$ 1,100

Restructuring Charges (Details)

Restructuring Charges (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended		12 Months Ended
	Jun. 30, 2015	Dec. 31, 2014	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Dec. 31, 2014
Restructuring Cost and Reserve [Line Items]
Restructuring charges, net	$ 530		$ 0	$ 889	$ 0		$ (14,200)
Payments for restructuring						$ 9,600
Reduction in restructuring reserve						(900)
Restructuring reserve	$ 2,800			$ 2,800		$ 2,800
Employee Severance [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges, net							$ (13,900)
Lease Exit Costs [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges, net		$ (300)

Special Charges (Details)

Special Charges (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Loss Contingencies [Line Items]
Special charges	$ 0	$ 18,554	$ 0	$ 24,257
Proxy Contest [Member]
Loss Contingencies [Line Items]
Reimbursement of Third Point's documented out-of-pocket expenses				$ 10,000

Accumulated Other Comprehensi63

Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning period	$ (95,177)	$ (35,455)	$ (76,766)	$ (39,453)
Other comprehensive income (loss) before reclassifications	17,553	4,029	(1,716)	5,497
Amounts reclassified from accumulated other comprehensive loss	867	479	1,725	3,009
Other comprehensive income	18,420	4,508	9	8,506
Balance, ending period	(76,757)	(30,947)	(76,757)	(30,947)
Foreign Currency Items [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning period	(54,681)	2,572	(33,223)	(1,352)
Other comprehensive income (loss) before reclassifications	20,079	4,880	(1,379)	6,746
Amounts reclassified from accumulated other comprehensive loss	0	0	0	2,058
Other comprehensive income	20,079	4,880	(1,379)	8,804
Balance, ending period	(34,602)	7,452	(34,602)	7,452
Defined Benefit Pension Items [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning period	(40,496)	(38,027)	(43,543)	(38,101)
Other comprehensive income (loss) before reclassifications	(2,526)	(851)	(337)	(1,249)
Amounts reclassified from accumulated other comprehensive loss	867	479	1,725	951
Other comprehensive income	(1,659)	(372)	1,388	(298)
Balance, ending period	$ (42,155)	$ (38,399)	$ (42,155)	$ (38,399)

Uncertain Tax Positions (Narrat

Uncertain Tax Positions (Narrative) (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2015	Dec. 31, 2014	Jun. 30, 2014
Income Tax Uncertainties [Abstract]
Unrecognized tax benefits	$ 20.5	$ 22.8	$ 23.9
Unrecognized tax benefits, period decrease	2.3
Unrecognized tax benefits that would impact effective tax rate	12.7	$ 12.3	$ 12.5
Decrease in unrecognized tax benefits within 12 months	4.7
Decrease in accrual for interest & penalties related to unrecognized tax benefits	$ 0.2

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Related Party Transactions [Abstract]
Revenue from Related Parties	$ 1.3	$ 2.1	$ 2	$ 2.7
Net accounts receivable from related party transaction	$ 0.3	$ 9.8	$ 0.3	$ 9.8	$ 1.1