Sotheby's (BID) 10-Q 9 May 16 2016 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2016	Apr. 29, 2016
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	Mar. 31, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Common Stock, Shares Outstanding		58,555,146

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Revenues:
Agency commissions and fees	$ 81,065	$ 127,882
Inventory sales	6,794	12,983
Finance	14,755	12,687
License fees	2,162	1,974
Other	1,755	149
Total revenues	106,531	155,675
Expenses:
Agency direct costs	9,539	11,839
Cost of inventory sales	10,738	11,713
Cost of Finance revenues	4,394	3,388
Marketing	5,013	4,060
Salaries and related	68,171	62,930
General and administrative	35,676	34,729
Depreciation and amortization	5,296	4,782
CEO separation and transition costs	0	4,189
Total expenses	138,520	137,271
Operating (loss) income	(31,989)	18,404
Interest income	396	129
Interest expense	(7,546)	(8,661)
Other income (expense)	47	(1,959)
(Loss) income before taxes	(39,092)	7,913
Equity in earnings of investees	396	1,144
Income tax (benefit) expense	(12,786)	3,924
Net (loss) income	(25,910)	5,133
Less: Net loss attributable to noncontrolling interest	(26)	(69)
Net (loss) income attributable to Sotheby's	$ (25,884)	$ 5,202
Basic and diluted (loss) earnings per share - Sotheby’s common shareholders (usd per share)	$ (0.41)	$ 0.07
Weighted average basic shares outstanding (shares)	63,022	69,090
Weighted average diluted shares outstanding (shares)	63,022	69,705
Cash dividends paid per common share (usd per share)	$ 0	$ 0.1
Voluntary separation incentive programs
Expenses:
Restructuring charges, net	$ (307)	$ 0
Fiscal 2014 Restructuring Plan
Expenses:
Restructuring charges, net	$ 0	$ (359)

Condensed Consolidated Stateme3

Condensed Consolidated Statements of Comprehensive (Loss) Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Statement of Comprehensive Income [Abstract]
Net (loss) income	$ (25,910)	$ 5,133
Other comprehensive loss:
Foreign currency translation adjustments, net of tax of ($995) and ($1,667)	(2,626)	(19,269)
Derivative financial instruments:
Unrealized losses on cash flow hedges, net of tax of ($2,920) and $0	(4,712)	0
Realized losses on cash flow hedges included in net (loss) income, net of tax of $138 and $0	223	0
Total derivative financial instruments	(4,489)	0
Defined benefit pension plan:
Net unrecognized gains, net of tax of ($81) and $0	81	0
Amortization of previously unrecognized net pension losses and prior service costs included in net (loss) income, net of tax of $0 and $215	0	858
Total defined benefit pension plan net gain	81	858
Total other comprehensive loss	(7,034)	(18,411)
Comprehensive loss	(32,944)	(13,278)
Less: Comprehensive loss attributable to noncontrolling interest	(26)	(69)
Comprehensive loss attributable to Sotheby's	$ (32,918)	$ (13,209)

Condensed Consolidated Stateme4

Condensed Consolidated Statements of Comprehensive (Loss) Income (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Statement of Comprehensive Income [Abstract]
Taxes - Foreign currency translation adjustment	$ (995)	$ (1,667)
Taxes - Unrealized losses on cash flow hedges	(2,920)	0
Taxes - Realized losses on cash flow hedges included in net (loss) income	138	0
Taxes - Net unrecognized gains	(81)	0
Taxes - Amortization of previously unrecognized net pension losses	$ 0	$ 215

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015	Mar. 31, 2015
Current Assets:
Cash and cash equivalents	$ 414,018	$ 848,697	$ 381,065
Restricted cash	5,347	29,568	11,467
Accounts receivable, net of allowance for doubtful accounts of $8,120, $8,587, and $7,198	501,136	875,265	476,228
Notes receivable, net of allowance for credit losses of $1,445, $1,458, and $1,252	77,044	101,441	83,564
Inventory	205,475	215,020	258,828
Income tax receivables	29,671	5,819	17,752
Deferred income taxes (see Note 1)	0	0	15,406
Prepaid expenses and other current assets	34,824	33,929	37,470
Total Current Assets	1,267,515	2,109,739	1,281,780
Notes receivable	566,065	611,899	671,595
Fixed assets, net of accumulated depreciation and amortization of $205,494, $203,487, and $192,048	350,775	354,494	357,498
Goodwill	47,848	13,621	13,581
Intangible assets, net	13,952	324	324
Equity method investments	42,137	41,744	41,476
Trust assets related to deferred compensation liability	35,485	37,843	50,684
Pension asset	66,300	66,859	28,664
Income tax receivable	624	3,178	2,959
Deferred income taxes (see Note 1)	7,383	7,916	29,040
Other long-term assets (see Note 1)	15,913	15,696	14,553
Total Assets	2,413,997	3,263,313	2,492,154
Current Liabilities:
Due to consignors	350,475	692,606	401,560
Due to related party consignors (see Note 21)	54,712	285,418	0
Accounts payable and accrued liabilities	126,072	192,049	117,180
Current portion of York Property Mortgage, net (see Note 1)	6,409	6,292	218,554
Accrued income taxes	3,187	11,095	8,417
Deferred income taxes (see Note 1)	0	0	359
Other current liabilities	13,231	9,113	13,137
Total Current Liabilities	554,086	1,196,573	759,207
Credit facility borrowings	521,000	541,500	501,500
Long-term debt, net (see Note 1)	603,409	604,961	295,324
Deferred compensation liability	34,795	39,013	50,326
Accrued income taxes	15,555	18,529	17,995
Deferred income taxes	45,819	40,424	968
Other long-term liabilities	20,266	15,609	8,800
Total Liabilities	1,794,930	2,456,609	1,634,120
Shareholders’ Equity:
Common Stock, $0.01 par value, Authorized shares - 200,000,000, Issued shares - 70,342,213, 70,054,948, and 70,046,306, and Outstanding shares - 59,552,965, 65,791,119, and 69,488,135	703	700	700
Additional paid-in capital	435,507	435,696	408,938
Treasury stock, at cost: 10,789,248 shares; 4,263,829 shares; and 558,171 shares	(304,508)	(150,000)	(25,000)
Retained earnings	560,351	586,235	568,105
Accumulated other comprehensive loss	(73,238)	(66,204)	(95,177)
Total Shareholders’ Equity	618,815	806,427	857,566
Noncontrolling interest	252	277	468
Total Equity	619,067	806,704	858,034
Total Liabilities and Shareholders’ Equity	$ 2,413,997	$ 3,263,313	$ 2,492,154

Condensed Consolidated Balance6

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015	Mar. 31, 2015
Statement of Financial Position [Abstract]
Allowance for doubtful accounts receivable	$ 8,120	$ 8,587	$ 7,198
Allowance for credit losses	1,445	1,458	1,252
Accumulated depreciation and amortization	$ 205,494	$ 203,487	$ 192,048
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)	70,342,213	70,054,948	70,046,306
Common stock, shares outstanding (shares)	59,552,965	65,791,119	69,488,135
Treasury stock, shares outstanding (shares)	10,789,248	4,263,829	558,171

Condensed Consolidated Stateme7

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Operating Activities:
Net (loss) income attributable to Sotheby's	$ (25,884)	$ 5,202
Adjustments to reconcile net (loss) income attributable to Sotheby's to net cash used by operating activities:
Depreciation and amortization	5,296	4,782
Deferred income tax expense	9,990	4,685
Share-based payments	5,530	7,653
Net pension (benefit) cost	(1,253)	390
Inventory writedowns and bad debt provisions	4,766	3,175
Amortization of debt discount and issuance costs (see Note 1)	381	1,151
Excess tax benefits from share-based payments	0	(1,086)
Equity in earnings of investees	(396)	(1,144)
Other	127	(92)
Changes in assets and liabilities:
Accounts receivable	368,958	427,023
Due to consignors	(340,036)	(574,931)
Due to related party consignors (see Note 21)	(230,974)	0
Inventory	4,048	(47,172)
Prepaid expenses and other current assets	(1,163)	(2,419)
Other long-term assets	2,364	(262)
Income tax receivables and deferred income tax assets	(26,377)	(12,878)
Accrued income taxes and deferred income tax liabilities	(5,629)	(7,030)
Accounts payable and accrued liabilities and other liabilities	(72,986)	(84,410)
Net cash used by operating activities	(303,238)	(277,363)
Investing Activities:
Funding of notes receivable	(90,818)	(125,714)
Collections of notes receivable	169,148	74,186
Capital expenditures	(3,912)	(1,311)
Acquisition, net of cash acquired (see Note 6)	(50,597)	0
Funding of equity method investment	0	(30,725)
Distributions from equity investees	0	600
Proceeds from the sale of equity method investment	100	75
Decrease in restricted cash	25,138	17,806
Net cash provided (used) by investing activities	49,059	(65,083)
Financing Activities:
Proceeds from credit facility borrowings	31,500	70,500
Repayments of credit facility borrowings	(52,000)	(14,000)
Repayments of York Property Mortgage	(1,815)	(976)
Repurchases of Common Stock	(147,586)	0
Dividends paid	(1,743)	(9,460)
Excess tax benefits from share-based payments	0	1,086
Funding of employee tax obligations upon the vesting of share-based payments	(4,589)	(8,897)
Net cash (used) provided by financing activities	(176,233)	38,253
Effect of exchange rate changes on cash and cash equivalents	(4,267)	(8,571)
Decrease in cash and cash equivalents	(434,679)	(312,764)
Cash and cash equivalents at beginning of period	848,697	693,829
Cash and cash equivalents at end of period	$ 414,018	$ 381,065

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation Accounting Principles —The unaudited Condensed Consolidated Financial Statements included herein have been prepared by Sotheby’s (the "Company" or "Sotheby's") in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") and 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 U.S. GAAP have been condensed or omitted from this report, as is permitted by such rules and regulations. In the opinion of management, the unaudited Condensed Consolidated Financial Statements reflect all adjustments of a normal recurring nature that are necessary for a fair presentation of the results for the interim periods presented. Interim results are not necessarily indicative of results for a full year (see Note 2). It is suggested that these Condensed Consolidated Financial Statements be read in conjunction with the information included in Sotheby’s 2015 Form 10-K filed with the SEC on February 26, 2016. Principles of Consolidation —The unaudited 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 formed in 2012 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 Statements of Operations and the non-controlling 20% ownership interest is reported as "Noncontrolling Interest" within the Equity section of the Condensed Consolidated Balance Sheets. Intercompany transactions and balances among Sotheby's subsidiaries have been eliminated. Equity investments through which Sotheby’s exercises significant influence over the investee, but does not control, are accounted for using the equity method. Under the equity method, Sotheby’s share of investee earnings or losses is recorded within Equity in Earnings of Investees in the Condensed Consolidated Statements of Operations. Sotheby’s interest in the net assets of its investees is recorded within Equity Method Investments on the Condensed Consolidated Balance Sheets. Sotheby's equity method investees include Acquavella Modern Art and RM Sotheby's (formerly RM Auctions), an auction house for investment-quality automobiles. Sotheby's acquired a 25% ownership interest in RM Auctions on February 18, 2015 for $30.7 million . In addition to the initial 25% ownership interest in RM Sotheby's, 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 months ended March 31, 2016 and 2015, Sotheby's results include $0.3 million and $0.7 million , respectively, of equity earnings related to RM Sotheby's. Estimates and Assumptions —The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Adoption of Recently Issued Accounting Standards —In November 2015, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2015-17, Balance Sheet Classification of Deferred Taxes , which requires entities to present deferred tax assets and liabilities as non-current in a classified balance sheet, instead of separating them into current and non-current amounts. ASU 2015-17 is effective for financial statements issued for annual periods beginning after December 15, 2016, with early adoption permitted in any intervening interim or annual period. Sotheby's early adopted ASU 2015-17 as of December 31, 2015 on a prospective basis. Accordingly, prior period information presented in this report has not been adjusted to reflect the updated presentation of deferred tax assets and liabilities. In April 2015, the FASB issued ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs , and in August 2015 issued ASU 2015-15, Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements. These standards require unamortized debt issuance costs to be included as a direct deduction from the related debt liability on the balance sheet, but permit companies to continue to record unamortized debt issuance costs related to revolving credit facility arrangements as assets. Under previous guidance, all unamortized debt issuance costs were reported as assets on the balance sheet. Sotheby's adopted and applied ASU 2015-03 on a retrospective basis on its January 1, 2016 effective date. As permitted by ASU 2015-15, Sotheby's will continue to present debt issuance costs related to revolving credit facility arrangements as an asset on its balance sheet, regardless of whether there are any outstanding borrowings under the arrangement. The following tables summarize the effect of adopting ASU 2015-03 on Sotheby's previously issued financial statements (in thousands of dollars): As of December 31, 2015 Condensed Consolidated Balance Sheets: As Previously Reported ASU 2015-03 Adjustments As Adjusted Other long-term assets $ 26,512 $ (10,816 ) $ 15,696 York Property Mortgage, current $ 7,302 $ (1,010 ) $ 6,292 Long-term debt, net $ 614,767 $ (9,806 ) $ 604,961 As of March 31, 2015 Condensed Consolidated Balance Sheets: As Previously Reported ASU 2015-03 Adjustments As Adjusted Other long-term assets $ 19,317 $ (4,764 ) $ 14,553 York Property Mortgage, current $ 218,642 $ (88 ) $ 218,554 Long-term debt, net $ 300,000 $ (4,676 ) $ 295,324 Three Months Ended March 31, 2015 Condensed Consolidated Statements of Cash Flows: As Previously Reported ASU 2015-03 Adjustments As Adjusted Operating Activities: Adjustments to reconcile net income attributable to Sotheby's to net cash used by operating activities: Amortization of debt discount and issuance costs $ 891 $ 260 $ 1,151 Changes in assets and liabilities: Other long-term assets $ (2 ) $ (260 ) $ (262 ) Net cash used by operating activities $ (277,363 ) $ — $ (277,363 )

Seasonality of Business

Seasonality of Business	3 Months Ended
	Mar. 31, 2016
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 78% and 79% of total Net Auction Sales in 2015 and 2014, respectively, with auction commission revenues comprising approximately 75% and 81% , respectively, 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. ___________________________________________________________________ 1 Net Auction Sales represents the hammer (sale) price of property sold at auction.

(Loss) Earnings Per Share

(Loss) Earnings Per Share	3 Months Ended
	Mar. 31, 2016
Earnings Per Share [Abstract]
(Loss) Earnings Per Share	(Loss) Earnings Per Share Basic (loss) earnings per share —Basic (loss) 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 unvested restricted stock shares held by employees, both of which have non-forfeitable rights to dividends. See Note 13 for information on Sotheby's share-based payment programs. Diluted (loss) earnings per share —Diluted (loss) earnings per share attributable to Sotheby's common shareholders is computed in a similar manner to basic (loss) 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 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 13 for information on Sotheby's share-based payment programs. For the three months ended March 31, 2016 , 2.6 million potential common shares related to share-based payment awards were excluded from the computation of diluted loss per share because their inclusion in the computation would be anti-dilutive in a loss period. For the three months ended March 31, 2015 , 1.3 million potential common shares related to unvested performance share units were excluded from the computation of diluted earnings per share because the financial performance or stock price targets inherent in such awards were not achieved as of the balance sheet date. The table below summarizes the computation of basic and diluted (loss) earnings per share for the three months ended March 31, 2016 and 2015 (in thousands, except per share amounts): Three Months Ended March 31, 2016 2015 Basic: Numerator: Net (loss) income attributable to Sotheby’s $ (25,884 ) $ 5,202 Less: Net income attributable to participating securities — 41 Net (loss) income attributable to Sotheby’s common shareholders $ (25,884 ) $ 5,161 Denominator: Weighted average basic shares outstanding 63,022 69,090 Basic (loss) earnings per share - Sotheby’s common shareholders $ (0.41 ) $ 0.07 Diluted : Numerator: Net (loss) income attributable to Sotheby’s $ (25,884 ) $ 5,202 Less: Net income attributable to participating securities — 41 Net (loss) income attributable to Sotheby’s common shareholders $ (25,884 ) $ 5,161 Denominator: Weighted average common shares outstanding 63,022 69,090 Weighted average effect of Sotheby's dilutive potential common shares: Performance share units — 440 Deferred stock units — 155 Stock options — 20 Weighted average dilutive potential common shares outstanding — 615 Weighted average diluted shares outstanding 63,022 69,705 Diluted (loss) earnings per share - Sotheby’s common shareholders $ (0.41 ) $ 0.07 The decrease in weighted average basic and diluted shares outstanding between the two reporting periods is due to Common Stock repurchases executed during the twelve month period ended March 31, 2016. See Note 12 for additional information on Sotheby's share repurchase program.

Segment Reporting

Segment Reporting	3 Months Ended
	Mar. 31, 2016
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting Sotheby’s is a global art business whose operations are organized under two segments—the Agency segment and the Finance segment, which does business as and is referred to in this report as Sotheby's Financial Services (or "SFS"). The Agency segment earns commissions by matching buyers and sellers of authenticated fine art, decorative art, jewelry, wine, and collectibles (collectively, "art" or "works of art" or "artwork" or "property") through the auction or private sale process. To a much lesser extent, Agency segment activities also include the sale of artworks that are principally acquired as a consequence of the auction process, as well as the activities of RM Sotheby's, an equity investee that operates as an auction house for investment-quality automobiles. Sotheby's Financial Services earns interest income through art-related financing activities by making loans that are secured by works of art (see Note 5). 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 primarily included the sale of artworks purchased opportunistically by Sotheby’s. In the second quarter of 2015, Sotheby's transitioned to its new Chief Executive Officer ("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 that quarter. As a result, 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, 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. On January 11, 2016, Sotheby's acquired certain entities comprising the business of Art Agency, Partners, a firm that provides a range of art-related services to art collectors. Through this acquisition, Sotheby's aims to grow its auction and private sale revenues within the Agency segment by enhancing its relationships with art collectors and improving its position in the fine art market, particularly in Impressionist, Modern and Contemporary Art. Also, as a result of this acquisition, Sotheby's will add a new revenue stream by integrating AAP's existing art advisory business, which is classified within All Other for segment reporting purposes. See Note 6 for additional information related to the acquisition of Art Agency, Partners. The table below presents Sotheby’s revenues and (loss) income before taxes by segment for the three months ended March 31, 2016 and 2015 (in thousands of dollars): Three Months Ended March 31, 2016 Agency SFS All Other Reconciling items (a) Total Revenues $ 85,775 $ 16,480 $ 6,001 $ (1,725 ) $ 106,531 Segment (loss) income before taxes $ (50,292 ) $ 10,265 $ 1,331 $ (396 ) (b) $ (39,092 ) Three Months Ended March 31, 2015 Revenues $ 139,689 $ 15,957 $ 3,299 $ (3,270 ) $ 155,675 Segment income (loss) before taxes $ 438 $ 10,820 $ 1,988 $ (5,333 ) (b) $ 7,913 (a) The reconciling items related to Revenues consist principally of amounts charged by SFS to the Agency segment, including interest and facility fees related to certain loans made to Agency segment clients, as well as fees charged for term loan collateral sold at auction or privately through the Agency segment. (b) The reconciling items related to segment (loss) income before taxes are detailed in the table below. The table below presents a reconciliation of segment (loss) income before taxes to consolidated (loss) income before taxes for the three months ended March 31, 2016 and 2015 (in thousands of dollars): Three Months Ended March 31, 2016 2015 Agency $ (50,292 ) $ 438 SFS 10,265 10,820 All Other 1,331 1,988 Segment (loss) income before taxes (38,696 ) 13,246 Reconciling items: CEO separation and transition costs (see Note 15) — (4,189 ) Equity in earnings of investees (a) (396 ) (1,144 ) (Loss) income before taxes $ (39,092 ) $ 7,913 (a) For segment reporting purposes, Sotheby's share of earnings related to its equity investees is included as part of segment (loss) income before taxes. However, such earnings are reported separately below (loss) income before taxes in the Condensed Consolidated Statements of Operations. For the three months ended March 31, 2016 and 2015 , Agency segment results include $0.3 million and $0.7 million , respectively, of equity earnings related to RM Sotheby's. For the three months ended March 31, 2016 and 2015 , All Other includes $0.1 million and $0.4 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 March 31, 2016 , December 31, 2015 , and March 31, 2015 (in thousands of dollars): March 31, 2016 December 31, 2015 March 31, 2015 Agency $ 1,721,815 $ 2,499,441 $ 1,687,248 SFS 627,330 721,781 711,862 All Other 27,174 25,178 27,887 Total segment assets 2,376,319 3,246,400 2,426,997 Unallocated amounts: Deferred tax assets and income tax receivable 37,678 16,913 65,157 Consolidated assets $ 2,413,997 $ 3,263,313 $ 2,492,154 In April 2015, the FASB issued ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs , and in August 2015 issued ASU 2015-15, Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements. These standards require unamortized debt issuance costs to be included as a direct deduction from the related debt liability on the balance sheet, but permit companies to continue to record unamortized debt issuance costs related to revolving credit facility arrangements as assets. Under previous guidance, all unamortized debt issuance costs were reported as assets on the balance sheet. Sotheby's adopted and applied ASU 2015-03 on a retrospective basis on its January 1, 2016 effective date. As permitted by ASU 2015-15, Sotheby's will continue to present debt issuance costs related to revolving credit facility arrangements as an asset on its balance sheet, regardless of whether there are any outstanding borrowings under the arrangement. Prior period balances of Agency segment assets presented in the table above, which previously included unamortized debt issuance costs related to long-term debt, have been adjusted to conform to the current period presentation. See Note 1 for additional information on the effects of the retrospective adoption of ASU 2015-03.

Receivables

Receivables	3 Months Ended
	Mar. 31, 2016
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. 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. All extended payment term arrangements are approved by management under Sotheby's internal corporate governance policy. 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 (i.e., Sotheby's pays the consignor prior to receiving payment from the buyer), the receivable balance is reclassified from Accounts Receivable to Notes Receivable in the Condensed Consolidated Balance Sheets. As of March 31, 2016 , December 31, 2015 , and March 31, 2015 , Notes Receivable within the Agency segment included $23.9 million , $24.3 million , and $22.9 million respectively, of such balances that have been reclassified from Accounts Receivable. 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 March 31, 2016 , December 31, 2015 , and March 31, 2015 , Accounts Receivable (net) included $141.1 million , $165.2 million , and $134.2 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 March 31, 2016 , December 31, 2015 , and March 31, 2015 , Accounts Receivable (net) also included $38.8 million , $93.1 million , and $48.7 million , respectively, related to situations when the buyer was allowed to take possession of the property before making payment to Sotheby’s. Notes Receivable (Sotheby's Financial Services) —SFS 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. SFS 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. In certain situations, term loans are also made to reference accounts receivable generated by clients' auction and private sale purchases. Term loans normally have initial maturities of up to two years and typically carry a variable market rate of interest. The lending activities of SFS are predominantly funded with borrowings drawn from a dedicated revolving credit facility. Cash balances are also used to fund a portion of the SFS loan portfolio. See Note 8 for information related to the SFS Credit Facility. As of March 31, 2016 , December 31, 2015 , and March 31, 2015 , Notes Receivable (net) related to SFS consisted of the following (in thousands of dollars): March 31, December 31, March 31, Consignor advances $ 23,149 $ 30,180 $ 38,190 Term loans 587,509 652,078 661,657 Total $ 610,658 $ 682,258 $ 699,847 As of March 31, 2016 , December 31, 2015 , and March 31, 2015 , the table above includes $110.2 million , $108.8 million , and $112 million , respectively of term loans made by SFS to refinance clients' auction and private sale purchases. For the three months ended March 31, 2016 and March 31, 2015 , SFS made $6.1 million and $32.3 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 three months ended March 31, 2016 and March 31, 2015 , such repayments totaled $4.7 million and $10.7 million , respectively. The collection of secured loans can be adversely impacted by a decline in the art market in general or in the value of the collateral, which is concentrated within certain collecting categories. 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. Management aims to mitigate the risks associated with potential collateral devaluation by targeting a 50% loan to value ("LTV") ratio (i.e., the principal loan amount divided by the low auction estimate of the collateral). Loans may also be made with LTV ratios between 51% and 60% as the SFS 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 a semi-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 a critical credit quality indicator for the secured loans made by SFS. The table below provides the aggregate LTV ratio for the SFS loan portfolio as of March 31, 2016 , December 31, 2015 , and March 31, 2015 (in thousands of dollars): March 31, December 31, March 31, Secured loans $ 610,658 $ 682,258 $ 699,847 Low auction estimate of collateral $ 1,327,493 $ 1,380,022 $ 1,444,468 Aggregate LTV ratio 46 % 49 % 48 % The table below provides the aggregate LTV ratio for secured loans made by SFS with an LTV ratio above 50% as of March 31, 2016 , December 31, 2015 , and March 31, 2015 (in thousands of dollars): March 31, December 31, March 31, Secured loans with an LTV ratio above 50% $ 268,348 $ 354,049 $ 432,967 Low auction estimate of collateral related to secured loans with an LTV ratio above 50% $ 490,103 $ 626,829 $ 781,387 Aggregate LTV ratio of secured loans with an LTV ratio above 50% 55 % 56 % 55 % The table below provides other credit quality information regarding secured loans made by SFS as of March 31, 2016 , December 31, 2015 , and March 31, 2015 (in thousands of dollars): March 31, December 31, March 31, Total secured loans $ 610,658 $ 682,258 $ 699,847 Loans past due $ 5,310 $ 11,819 $ 16,269 Loans more than 90 days past due $ 1,328 $ 7,828 $ 10,000 Non-accrual loans $ — $ — $ — Impaired loans $ — $ — $ — Allowance for credit losses: Allowance for credit losses for impaired loans $ — $ — $ — Allowance for credit losses based on historical data 1,445 1,458 1,252 Total allowance for credit losses - secured loans $ 1,445 $ 1,458 $ 1,252 Management considers a loan to be past due when principal payments are not paid in accordance with the stated terms of the loan. As of March 31, 2016 , $5.3 million of the Notes Receivable (net) balance was considered to be past due, of which $1.3 million was more than 90 days past due. The collateral securing these loans has low auction estimates of approximately $22.7 million and $7.5 million , respectively, resulting in an LTV ratio of approximately 23% and 18% , respectively. Sotheby's is continuing to accrue interest on these past due loans. In consideration of payments received to-date in the second quarter of 2016, the collateral value related to these loans, current collateral disposal plans, and negotiations with the borrowers, management believes that the principal and interest amounts due for these loans will be collected. A non-accrual loan is a loan for which future Finance revenue is not recorded due to management’s determination that it is probable that future interest on the loan is not collectible. Any cash receipts subsequently received on non-accrual loans are first applied to reduce the recorded principal balance of the loan, with any proceeds in excess of the principal balance then applied to interest owed by the borrower. The recognition of Finance revenue may resume on a non-accrual loan if sufficient additional collateral is provided by the borrower or if management becomes aware of other circumstances that indicate that it is probable that the borrower will make future interest payments on the loan. As of March 31, 2016 , December 31, 2015 , and March 31, 2015 , 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 March 31, 2016 , December 31, 2015 , and March 31, 2015 , there were no impaired loans outstanding. During the period January 1, 2016 to March 31, 2016 , activity related to the Allowance for Credit Losses was as follows (in thousands of dollars): Allowance for credit losses as of January 1, 2016 $ 1,458 Change in loan loss provision (13 ) Allowance for credit losses as of March 31, 2016 $ 1,445 As of March 31, 2016 , unfunded commitments to extend additional credit through SFS were approximately $10 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 March 31, 2016 and March 31, 2015 , auction guarantee advances outstanding totaled $2 million and $25 million , respectively. There were no auction guarantee advances outstanding as of December 31, 2015. There were no Agency segment consignor advances outstanding for any of the reporting periods. See Note 11 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 (net) to Notes Receivable (net) in the Condensed Consolidated Balance Sheets. As of March 31, 2016 , and December 31, 2015 , Notes Receivable (net) within the Agency segment included $23.9 million and $24.3 million , respectively, of such amounts reclassified from Accounts Receivable (net), against which Sotheby's holds approximately $7 million of collateral. As of March 31, 2015 , Notes Receivable (net) within the Agency segment included $22.9 million , against which Sotheby's held $3.7 million of collateral. 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 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 March 31, 2016 , December 31, 2015 , and March 31, 2015 , such loans totaled $4.2 million , $4.2 million , and $4.7 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 . 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 March 31, 2016 , December 31, 2015 , and March 31, 2015 , the carrying value of this loan was approximately $2.4 million , $2.4 million , and $2.7 million , respectively.

Acquisition of Art Agency, Part

Acquisition of Art Agency, Partners	3 Months Ended
	Mar. 31, 2016
Business Combinations [Abstract]
Acquisition of Art Agency, Partners	Acquisition of Art Agency, Partners On January 11, 2016, Sotheby's acquired certain entities comprising the business of Art Agency, Partners ("AAP"), a firm that provides a range of art-related services to art collectors, for initial cash consideration of $50 million . This initial cash payment is subject to customary adjustment pursuant to the terms of the underlying purchase agreement. Through this acquisition, Sotheby's aims to grow its auction and private sale revenues by enhancing its relationships with art collectors and improving its position in the fine art market, particularly in Impressionist, Modern and Contemporary Art. Also, as a result of this acquisition, Sotheby's will add a new revenue stream by integrating AAP's existing art advisory business, providing a new avenue for growth. Sotheby's has agreed to make earn-out payments to the former owners of AAP not to exceed $35 million in the aggregate over the next four to five years , contingent on the achievement of a minimum level of financial performance in the Agency segment within the Impressionist, Modern and Contemporary Art collecting categories, as well as from AAP's existing art advisory business. For accounting purposes, the earn-out payments are recorded as compensation expense within Salaries and Related Costs and are being expensed on a pro-rata basis over the periods during which the financial performance targets are expected to be met. For the three months ended March 31, 2016, Sotheby's recognized $2.2 million of compensation expense related to this earn-out arrangement. In connection with this acquisition, each of the former owners of AAP entered into a five -year employment agreement with Sotheby’s. Each employment agreement includes non-competition and non-solicitation covenants that will continue in effect for twelve months following the end of the period of employment. In the first quarter of 2016, Sotheby's substantially completed the purchase price allocation related to the acquisition of AAP and will finalize the attribution of the resulting goodwill between the Agency segment and the acquired art advisory business in the second quarter of 2016 (see Note 7). The goodwill is tax deductible over a period of 15 years. The table below summarizes the allocation of the total purchase price paid to the assets acquired and liabilities assumed as of March 31, 2016 (in thousands of dollars): Purchase price: Initial cash consideration $ 50,000 Working capital adjustment 1,066 Total purchase price $ 51,066 Allocation of purchase price: Net working capital acquired $ 1,572 Fixed assets and other long-term assets 173 Goodwill 34,225 Intangible assets - Customer relationships (see Note 7) 11,000 Intangible assets - Non-compete agreements (see Note 7) 3,100 Deferred tax assets 996 Total purchase price $ 51,066 Sotheby's incurred $0.8 million of transaction costs in connection with the acquisition of AAP, which were recognized within General and Administrative Expenses in the fourth quarter of 2015 ( $0.6 million ) and the first quarter of 2016 ( $0.2 million ). Revenue and earnings attributable to the acquired art advisory business during the period since the acquisition date are not material. It is impracticable to compute the amount of revenues and earnings contributed to the Agency segment as a result of the acquisition because the related activities have been integrated into the segment. Disclosure of proforma revenues and earnings attributable to the acquisition is also excluded because it is impracticable to determine since AAP was a closely-held private entity and its historical financial records are not available in U.S. GAAP.

Goodwill and Intangible Assets

Goodwill and Intangible Assets	3 Months Ended
	Mar. 31, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	Goodwill and Intangible Assets Goodwill —As of March 31, 2015, all goodwill was attributable to the Agency segment. On January 11, 2016, Sotheby's acquired certain entities comprising the business of AAP, a firm that provides a range of art-related services to art collectors. In the first quarter of 2016, Sotheby's substantially completed the purchase price allocation related to the acquisition of AAP and will finalize the attribution of the resulting goodwill between the Agency segment and the acquired art advisory business in the second quarter of 2016. As of March 31, 2016, the goodwill associated with the acquisition of AAP was provisionally attributed to the Agency segment. For the three months ended March 31, 2016 and 2015, changes in the carrying value of Goodwill were as follows (in thousands of dollars): Three Months Ended March 31, 2016 2015 Balance as of January 1 $ 13,621 $ 14,017 Goodwill acquired (see Note 6) 34,225 — Foreign currency exchange rate changes 2 (436 ) Balance as of March 31 $ 47,848 $ 13,581 Intangible Assets —As of March 31, 2016, December 31, 2015, and March 31, 2015, intangible assets consisted of the following (in thousands of dollars): Amortization Period March 31, December 31, March 31, Indefinite lived intangible assets: License (a) N/A $ 324 $ 324 $ 324 Intangible assets subject to amortization: Customer relationships - AAP (see Note 6) 8 years 11,000 — — Non-compete agreements - AAP (see Note 6) 6 years 3,100 — — Total intangible assets subject to amortization 14,100 — — Accumulated amortization (472 ) — — Total amortizable intangible assets (net) 13,628 — — Total intangible assets (net) $ 13,952 $ 324 $ 324 (a) Relates to a license obtained in conjunction with the purchase of a retail wine business in 2008. For the three months ended March 31, 2016 , amortization expense related to intangible assets was approximately $0.5 million . No such amortization expense was recorded in the prior year period. The estimated aggregate amortization expense for the remaining useful lives of intangible assets subject to amortization during the five-year period succeeding the March 31, 2016 balance sheet date are as follows (in thousands of dollars): Period Amount April 2016 to March 2017 $ 1,892 April 2017 to March 2018 $ 1,892 April 2018 to March 2019 $ 1,892 April 2019 to March 2020 $ 1,892 April 2020 to March 2021 $ 1,892

Debt

Debt	3 Months Ended
	Mar. 31, 2016
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 which provides for separate dedicated revolving credit facilities for the Agency segment (the "Agency Credit Facility") and SFS (the "SFS Credit Facility") (the "Credit Agreement"). On June 15, 2015, the Credit Agreement was amended to increase the commitments under the SFS Credit Facility in order to support the lending activities of SFS and to extend the maturity date of the Credit Agreement by one year to August 22, 2020. The Agency Credit Facility is an asset-based revolving credit facility of which the proceeds may be used primarily for the working capital and other general corporate needs of the Agency segment. The SFS Credit Facility is an asset-based revolving credit facility of which the proceeds may be used primarily for the working capital and other general corporate needs of SFS, including the funding of client loans. The Credit Agreement allows Sotheby's to transfer the proceeds of borrowings under each of the revolving credit facilities between the Agency segment and SFS. The maximum aggregate borrowing capacity of the Credit Agreement, 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 SFS, including a $485 million increase that was secured for SFS in conjunction with the June 2015 amendment. The borrowing capacity of the Agency Credit Facility includes a $50 million incremental revolving credit facility with higher advance rates against certain assets and higher commitment and borrowing costs (the "Incremental Facility"). 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. The Credit Agreement has 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 Facility and up to $350 million available for foreign borrowings under the SFS Credit Facility. The Credit Agreement also includes an accordion feature, which allows Sotheby’s to seek an increase to the combined borrowing capacity of the Credit Agreement 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 SFS credit facilities under an expedited arrangement process. The borrowing base under the Agency Credit Facility is determined by a calculation that is primarily based upon a percentage of the carrying values of certain auction guarantee advances (see Note 5), 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 (see Note 5), 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 borrowing base under the SFS Credit Facility is determined by a calculation that is primarily based upon a percentage of the carrying values of certain loans in the SFS loan portfolio 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 Agreement 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 Agreement. In addition, the obligations of the borrowers under the Credit Agreement are guaranteed by certain of their subsidiaries. Sotheby's obligations under the Credit Agreement are secured by liens on all or substantially all of the personal property of the entities that are borrowers and guarantors under the Credit Agreement. The Credit Agreement contains 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 Agreement. The Credit Agreement does 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 Agreement, equals or exceeds $200 million . The Credit Agreement also contains certain financial covenants, which are only applicable during certain defined compliance periods. These financial covenants were not applicable for the twelve month period ended March 31, 2016 . Since August 2009, Sotheby’s has incurred aggregate fees of approximately $21.4 million in conjunction with the establishment of and subsequent amendments to the Credit Agreement. These fees are being amortized on a straight-line basis through the August 22, 2020 maturity date of the Credit Agreement. The following tables summarize information relevant to the Credit Agreement as of and for the periods ended March 31, 2016 , December 31, 2015, and March 31, 2015 (in thousands of dollars): As of and for the three months ended March 31, 2016 Agency Credit Facility SFS Credit Facility Total Maximum borrowing capacity (a) $ 300,000 $ 1,035,000 $ 1,335,000 Borrowing base $ 225,378 $ 529,920 $ 755,298 Borrowings outstanding $ — $ 521,000 $ 521,000 Available borrowing capacity (b) $ 225,378 $ 8,920 $ 234,298 Average borrowings outstanding $ — $ 539,714 $ 539,714 Borrowing costs - interest $ — (c) $ 3,673 (d) $ 3,673 Borrowing costs - fee amortization $ 673 (c) $ 721 (d) $ 1,394 As of and for the year ended December 31, 2015 Agency Credit Facility SFS Credit Facility Total Maximum borrowing capacity (a) $ 300,000 $ 1,035,000 $ 1,335,000 Borrowing base $ 225,642 $ 547,586 $ 773,228 Borrowings outstanding $ — $ 541,500 $ 541,500 Available borrowing capacity (b) $ 225,642 $ 6,086 $ 231,728 Average borrowings outstanding $ — $ 541,004 $ 541,004 Borrowing costs - interest $ — (c) $ 14,060 (d) $ 14,060 Borrowing costs - fee amortization $ 2,752 (c) $ 1,720 (d) $ 4,472 As of and for the three months ended March 31, 2015 Agency Credit Facility SFS Credit Facility Total Maximum borrowing capacity (a) $ 300,000 $ 550,000 $ 850,000 Borrowing base $ 280,107 $ 550,000 $ 830,107 Borrowings outstanding $ — $ 501,500 $ 501,500 Available borrowing capacity (b) $ 280,107 $ 48,500 $ 328,607 Average borrowings outstanding $ — $ 472,872 $ 472,872 Borrowing costs - interest $ — (c) $ 3,167 (d) $ 3,167 Borrowing costs - fee amortization $ 706 (c) $ 221 (d) $ 927 Legend: (a) In June 2015, the Credit Agreements were amended to, among other things, increase their maximum aggregate borrowing capacity from $850 million to approximately $1.335 billion . (b) The available borrowing capacity is calculated as the borrowing base less borrowings outstanding. (c) Borrowing costs related to the Agency Credit Facility, which include interest and fee amortization, are reflected in the Condensed Consolidated Statements of Operations as Interest Expense. See the table below for additional information related to Interest Expense associated with the Agency Credit Facility. (d) Borrowing costs related to the SFS Credit Facility are reflected in the Condensed Consolidated Statements of Operations within Cost of Finance Revenues. For the three months ended March 31, 2016, the year ended December 31, 2015, and the three months ended March 31, 2015, the weighted average cost of borrowings related to the SFS Credit Facility was approximately 3.3% , 2.9% , and 2.9% , respectively. Long-Term Debt —As of March 31, 2016 , December 31, 2015 , and March 31, 2015 , Long-Term Debt consisted of the following (in thousands of dollars): March 31, December 31, March 31, York Property Mortgage, net of unamortized debt discount and issuance costs of $6,313, $6,565, and $979 $ 313,942 $ 315,504 $ 218,554 2022 Senior Notes, net of unamortized debt issuance costs of $4,124, $4,251, and $4,676 295,876 295,749 295,324 Less current portion: York Property Mortgage, net of unamortized discount and debt issuance costs of $1,010, $1,010, and $979 (6,409 ) (6,292 ) (218,554 ) Total Long-Term Debt, net $ 603,409 $ 604,961 $ 295,324 On January 1, 2016, Sotheby's retrospectively adopted ASU 2015-03, which requires unamortized debt issuance costs to be included as a direct deduction from the related debt liability on the balance sheet. Under previous guidance, all unamortized debt issuance costs were reported as assets on the balance sheet. See Note 1 for information on the impact of the retrospective adoption of ASU 2015-03. 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 SFS, 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 "Original York Property Mortgage"). The Original 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% . On July 1, 2015, Sotheby's entered into a seven -year, $325 million mortgage loan (the "York Property Mortgage") to refinance the Original York Property Mortgage. After the repayment of the Original York Property Mortgage and the funding of all closing costs, reserves, and expenses, Sotheby's received net cash proceeds of approximately $98 million . The York Property Mortgage bears interest based on the one -month LIBOR rate (the "LIBOR rate") plus a spread of 2.25% and is being amortized based on a 25 -year mortgage-style amortization schedule over the seven-year term of the mortgage, with the remaining principal balance of $268.2 million due to be paid on the July 1, 2022 maturity date. In connection with the York Property Mortgage, Sotheby's entered into interest rate protection agreements secured by the York Property, consisting of a two -year interest rate swap effective as of July 1, 2015 and a five -year interest rate collar effective as of July 1, 2017. Both instruments have a notional amount equal to the applicable principal balance of the York Property Mortgage and have an identical amortization schedule to that of the mortgage. These interest rate protection agreements effectively hedge the LIBOR rate on the entire outstanding principal balance of the York Property Mortgage at an annual rate equal to 0.877% for the first two years, and then at an annual rate of no less than 1.917% , but no more than 3.75% , for the remainder of the seven -year term. After taking into account the interest rate protection agreements, the annual interest rate for the first two years of the York Property Mortgage will be approximately 3.127% and then will be between a floor of 4.167% and a cap of 6% for the remainder of the seven-year term. See Note 17 for additional information related to the interest rate protection agreements. The York Property, the York Property Mortgage, and the related interest rate protection agreements are held by 1334 York, LLC (the "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 LLC is the sole owner and lessor of the York Property. The LLC presently leases the York Property to Sotheby's, Inc., which is also controlled by Sotheby's. The assets of the LLC are not available to satisfy the obligations of other Sotheby's affiliates or any other entity. The loan agreement governing the York Property 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 loan to value ("LTV") ratio (i.e., the principal balance of the York Property Mortgage divided by the appraised value of the York Property) may not exceed 65% (the "Maximum LTV") based on the then-outstanding principal balance of the York Property Mortgage. If the LTV ratio exceeds the Maximum LTV, the LLC may, at its option, post cash or a letter of credit or pay down the York Property 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 York Property Mortgage, the Debt Yield will not be less than 8.5% (the "Minimum Debt Yield"). The Debt Yield is calculated by dividing the annual net operating income of the LLC, which primarily consists of lease income from Sotheby's, Inc. (calculated on a cash basis), by the outstanding principal balance of the York Property Mortgage. If the Debt Yield falls below the Minimum Debt Yield, the LLC has the option to post cash or a letter of credit or prepay the York Property 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-", the lender may require that the LLC establish cash management accounts (the "Cash Management Accounts") under the lender's control for the monthly debt service, insurance, and tax payments. If the rating is downgraded to "B+" or "B", the lender may require the LLC to deposit a certain amount of debt service into the Cash Management Accounts (approximately 6 and 12 months of debt service, respectively). If the rating is downgraded to lower than "B", the LLC must make principal payments on the mortgage such that the LTV ratio does not exceed 65% . On February 9, 2016, Sotheby's corporate credit rating from S&P was downgraded to "BB-" from "BB". As a result, a Cash Management Account was established under the control of the lender for monthly debt service, insurance, and tax payments. The lender will retain any excess cash after debt service, insurance, and taxes as security (estimated to be $6 million annually). As of March 31, 2016, the Cash Management Account had a balance of $0.6 million , which is reflected within Restricted Cash on the Condensed Consolidated Balance Sheets. • At all times during the term of the York Property Mortgage, Sotheby’s is required to maintain a net worth of at least $425 million , subject to a cure period. As of March 31, 2016 , the fair value of the York Property Mortgage approximates its book value due to the variable interest rate associated with the mortgage. The fair value measurement is considered to be a Level 2 fair value measurement in the fair value hierarchy as per Accounting Standards Codification 820, Fair Value Measurements ("ASC 820"). 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 under the Securities Act of 1933, as amended (the "Securities Act"). Holders of the 2022 Senior Notes do not have registration rights, and the 2022 Senior Notes have not been and will not be registered under the Securities Act. The net proceeds from the issuance of the 2022 Senior Notes were approximately $300 million , after deducting fees paid to the initial purchasers, and were principally used to retire $80 million of unsecured debt that was due in June 2015 and $182 million of convertible debt that was due in June 2013. The 2022 Senior Notes are guaranteed, jointly and severally, on a senior unsecured basis by certain of Sotheby's existing and future domestic subsidiaries to the extent and on the same basis that such subsidiaries guarantee borrowings under the New Credit Agreement. 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). The 2022 Senior Notes are not callable by holders unless Sotheby's is in default under the terms of the underlying indenture. As of March 31, 2016 , the $300 million principal amount of the 2022 Senior Notes had a fair value of approximately $269.3 million based on a broker quoted price derived via a pricing model using observable and unobservable inputs. As such, this fair value measurement is considered to be a Level 3 fair value measurement in the fair value hierarchy as per ASC 820. Future Principal and Interest Payments —The aggregate future principal and interest payments due under the York Property Mortgage, the 2022 Senior Notes, and Sotheby's credit revolving facility during the five-year period after the March 31, 2016 balance sheet date are as follows (in thousands of dollars): Period Amount April 2016 to March 2017 $ 33,218 April 2017 to March 2018 $ 35,747 April 2018 to March 2019 $ 36,590 April 2019 to March 2020 $ 36,600 April 2020 to March 2021 $ 557,612 In consideration of the interest rate protection agreements relating to the York Property Mortgage, the table above assumes that the annual interest rate for the first two years of the mortgage will be approximately 3.127% , and then will be at the interest rate collar's floor rate of 4.167% for the remainder of the seven-year term. Interest Expense —For the three months ended March 31, 2016 and 2015 , Interest Expense consisted of the following (in thousands of dollars): Three Months Ended March 31, 2016 2015 Agency Credit Facility: Amendment and arrangement fees $ 278 $ 315 Commitment fees 395 391 Sub-total 673 706 York Property Mortgage 2,788 4,011 2022 Senior Notes 4,098 4,098 Other interest expense (13 ) (154 ) Total Interest Expense $ 7,546 $ 8,661 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. Borrowing costs related to the SFS Credit Facility are reflected within Cost of Finance Revenues in the Condensed Consolidated Statements of Operations.

Defined Benefit Pension Plan

Defined Benefit Pension Plan	3 Months Ended
	Mar. 31, 2016
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 in the U.K. (the "U.K. Pension Plan"). Effective April 1, 2004, participation in the U.K. Pension Plan was closed to new employees and a defined contribution plan (the “U.K. Defined Contribution Plan”) was made available on that date. On April 30, 2016, after the completion of a statutory consultation process, the U.K. Pension Plan was closed to accrual of future service costs for active participants, who will transition to become participants in the U.K. Defined Contribution Plan. The table below summarizes the components of the net pension (benefit) cost related to the U.K. Pension Plan for the three months ended March 31, 2016 and 2015 (in thousands of dollars): Three Months Ended March 31, 2016 2015 Service cost $ 864 $ 1,115 Interest cost 2,604 3,205 Expected return on plan assets (4,721 ) (5,004 ) Amortization of actuarial loss — 984 Amortization of prior service cost — 90 Net pension (benefit) cost $ (1,253 ) $ 390 For the three months ended March 31, 2016 , Sotheby's contributed $0.4 million to the U.K. Pension Plan, and total contributions for the year ending December 31, 2016 are expected to be approximately $1.9 million .

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Compensation Arrangements —As of March 31, 2016, Sotheby’s had compensation arrangements with certain senior employees, which expire at various points between March 31, 2017 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 $11.9 million as of March 31, 2016 . 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. While the impact of any one or more legal claims or proceedings could be material to Sotheby's operating results in any period, management does not believe that the outcome of any of these pending claims or proceedings, individually or in the aggregate, will have a material adverse effect on Sotheby’s consolidated financial condition. 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. The plaintiffs filed a motion for certiorari to the U.S. Supreme Court, which was denied on January 11, 2016. On April 12, 2016, the district court granted Sotheby's motion to dismiss the remaining claims in the action, which relate to sales that occurred in California. The plaintiffs have indicated that they will appeal this decision. See Note 5 for information related to unfunded commitments to extend additional credit through SFS. See Note 6 for information related to the contingent consideration arrangement related to the AAP acquisition. See Note 8 for information related to debt commitments. See Note 11 for information related to Sotheby's auction guarantees. See Note 20 for information related to income tax contingencies.

Auction Guarantees

Auction Guarantees	3 Months Ended
	Mar. 31, 2016
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. The amount of any such shortfall recorded in Sotheby's financial statements is reduced by any auction commissions earned on property sold under the auction guarantee. If the property does not sell, the amount of the auction guarantee must be paid, but Sotheby’s takes ownership of the unsold property and may recover the amount paid through its future sale. 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 its eventual disposition). The proceeds ultimately realized by Sotheby’s on the sale of previously guaranteed property may equal, exceed, or be less than the estimated net realizable value recorded as Inventory on the Condensed Consolidated Balance Sheets. 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 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. If the irrevocable bid is the winning bid, the counterparty may receive a fixed fee as compensation for providing the irrevocable bid. This fee may be netted against the counterparty's obligation to pay the full purchase price (i.e., hammer price plus the applicable buyer's premium). 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., the aggregate financial exposure under outstanding auction guarantees less the impact of related risk and reward sharing arrangements). In addition to compliance with this covenant, significant auction guarantees and related risk and reward sharing arrangements are subject to approval by Sotheby's Board of Directors. As of March 31, 2016 , Sotheby’s had outstanding auction guarantees totaling $74.5 million . Sotheby's financial exposure under these auction guarantees is reduced by irrevocable bids totaling $2.8 million . Each of the outstanding auction guarantees has a minimum guaranteed price that is within or below the range of the pre-sale auction estimates for the underlying property. Substantially all of property related to these auction guarantees is being offered at auctions in the second quarter of 2016. 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 March 31, 2016 , $2 million of the guaranteed amount was advanced by Sotheby's and is recorded within Notes Receivable (net) on the Condensed Consolidated Balance Sheets. As of March 31, 2016 , December 31, 2015, and March 31, 2015, the carrying value of the liability representing the estimated fair value of Sotheby’s obligation to perform under its outstanding auction guarantees totaled $0.7 million , $1 million , and $7.3 million , respectively, and is recorded within Accounts Payable and Accrued Liabilities on the Condensed Consolidated Balance Sheets. On September 2, 2015, Sotheby's entered into an arrangement with the Estate of A. Alfred Taubman (the "Estate") under which Sotheby's is selling works of art from the collection of A. Alfred Taubman (the "Taubman Collection"). Robert S. Taubman, a trustee and beneficiary of the Estate, was a director of Sotheby's at the time Sotheby's entered into the arrangement. In connection with this arrangement, Sotheby's provided an auction guarantee of $509 million , after taking into account items withdrawn by the Estate prior to sale. As of March 31, 2016 , the remaining outstanding auction guarantee related to the Taubman Collection totaled $1.3 million and relates to property scheduled to be offered at auction in 2016. See Note 21 for additional information related to this related party auction guarantee. As of May 5, 2016, Sotheby's had outstanding auction guarantees totaling $86.2 million and, as of that date, Sotheby's financial exposure was reduced by risk and reward sharing arrangements totaling $14.2 million . Each of the auction guarantees outstanding as of May 5, 2016 had a minimum guaranteed price that was within or below the range of the pre-sale auction estimates for the underlying property. The property related to these auction guarantees is being offered at auctions in the second quarter of 2016. As of May 5, 2016, $2 million of the guaranteed amount had been advanced by Sotheby's.

Shareholders' Equity and Divide

Shareholders' Equity and Dividend	3 Months Ended
	Mar. 31, 2016
Shareholders' Equity and Dividends [Abstract]
Shareholders' Equity and Dividends	Shareholders' Equity and Dividends Common Stock Repurchase Program —In January 2014, the Board of Directors authorized a five -year, $150 million Common Stock repurchase program. In March 2014, 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 share repurchase ("ASR") agreement. On August 6, 2015, the Board of Directors approved an increase of $125 million to Sotheby's share repurchase authorization, which resulted in a total share repurchase authorization of $250 million as of that date. On August 13, 2015, Sotheby's entered into an ASR agreement (the "August 2015 ASR Agreement") pursuant to which it received an initial delivery of 2,667,378 shares of its Common Stock for an initial purchase price of $125 million . The initial shares received by Sotheby's on August 13, 2015 had a value of $100 million , or $37.49 per share. In November 2015, the counterparty to the August 2015 ASR Agreement elected to conclude the agreement, and Sotheby's received an additional 1,038,280 shares of its Common Stock. Accordingly, the August 2015 ASR Agreement resulted in the total repurchase of 3,705,658 shares of Sotheby's Common Stock for an average price of $33.73 per share. On January 21, 2016, in conjunction with management's capital allocation analysis, the Board of Directors approved a $200 million increase to Sotheby's remaining $125 million share repurchase authorization, resulting in an updated total share repurchase authorization of $325 million . In the first quarter of 2016, Sotheby's repurchased 6,525,419 shares of its Common Stock for $154.5 million at an average price of $23.68 per share under this increased authorization through open market purchases and purchases made pursuant to a Rule 10b5-1 plan. The $154.5 million in Common Stock repurchases includes $6.9 million recorded within Accounts Payable and Accrued Liabilities as of March 31, 2016 for transactions that settled in early-April 2016. Subsequent to March 31, 2016 and through May 5, 2016, Sotheby's repurchased an additional 1,365,119 shares of its Common Stock for $36.5 million ( $26.73 per share) pursuant to a Rule 10b5-1 plan. As of May 5, 2016, $134 million remained under the current share repurchase authorization. Management expects to continue to repurchase shares of Common Stock via open market purchases, purchases made pursuant to a Rule 10b5-1 plan, and/or accelerated share repurchase agreements, subject to the factors described in the following paragraph. The timing of share repurchases and the actual amount purchased will depend on a variety of factors, including the market price of Sotheby's Common Stock, general market and economic conditions, and other corporate considerations. Repurchases may continue to be made pursuant to plans intended to comply with Rule 10b5-1 under the Exchange Act, which allows Sotheby's to purchase its shares during periods when it otherwise might be prevented from doing so under insider trading laws or because of self-imposed trading blackout periods. The repurchase authorization does not require the purchase of a specific number of shares and is subject to suspension or termination by the Board of Directors at any time. 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 January 21, 2016, in conjunction with management's recent capital allocation analysis, the Board of Directors decided to eliminate Sotheby's $0.10 per share quarterly cash dividend and allocate the capital instead to repurchase shares of Common Stock, as discussed above. Special Dividend —In January 2014, the Board of Directors declared a special dividend of $300 million ( $4.34 per share) that was paid on March 17, 2014. The special dividend was funded principally by the repatriation of $250 million of cash from Sotheby’s foreign subsidiaries, with the remaining $50 million funded by then existing domestic cash balances. In conjunction with this special dividend, Sotheby's accrued approximately $11 million for dividend equivalents owed on share-based payments to employees and charged to retained earnings. Through March 31, 2016, approximately $7.2 million of such dividend equivalents has been paid to employees, with $1.4 million , $2 million , and $3.8 million paid in March 2016, March 2015, and March 2014, respectively. See Note 13 for information related to Sotheby's share-based payment programs.

Share-Based Payments

Share-Based Payments	3 Months Ended
	Mar. 31, 2016
Share-based Compensation [Abstract]
Share-Based Payments	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, and restricted stock shares. A description of each of these share-based payments is provided below. For the three months ended March 31, 2016 and 2015 , compensation expense related to share-based payments is reflected in the following accounts in the Condensed Consolidated Statements of Operations (in thousands of dollars): Three Months Ended March 31, 2016 2015 Salaries and related costs $ 5,837 $ 5,653 Voluntary separation incentive programs (see Note 14) (306 ) — CEO separation and transition costs (see Note 15) — 2,000 Total share-based payment expense (pre-tax) $ 5,531 $ 7,653 Total share-based payment expense (after-tax) $ 3,801 $ 4,831 For the three months ended March 31, 2016, Sotheby's recognized a $0.3 million credit related to share-based payments associated with the voluntary separation programs enacted in the fourth quarter of 2015. This credit is the result of a change in management's estimate of the number of performance-based stock units held by program participants that are expected to vest. For the three months ended March 31, 2016 , Sotheby's recognized a ($1.3) million tax shortfall related to share-based payment arrangements. This tax shortfall represents the amount by which the tax deduction resulting from the vesting of share-based payments in the period was less than the tax benefit initially recognized in Sotheby's financial statements upon the amortization of compensation expense. The ($1.3) million tax shortfall in the period is accounted for as a reduction to previously recorded excess tax benefits related to share-based payments recorded within Additional Paid-in Capital on the Condensed Consolidated Balance Sheets. For the three months ended March 31, 2015, Sotheby's realized $1.1 million of excess tax benefits related to share-based payment arrangements. These tax benefits represent the amount by which the tax deduction resulting from the vesting of share-based payments in the period exceeded the tax benefit initially recognized in Sotheby's financial statements upon the amortization of compensation expense. 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 March 31, 2016 , unrecognized compensation expense related to the unvested portion of share-based payments was $40.1 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 Third Amended and Restated Restricted Stock Unit Plan (the "Restricted Stock Unit Plan") provides for the issuance of Restricted Stock Units ("RSU's") and restricted stock shares 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 and restricted stock shares issued under the Restricted Stock Unit Plan generally vest evenly over a three -year service period. Prior to vesting, holders of RSU's and restricted stock shares are entitled to receive non-forfeitable dividend equivalents and dividends, respectively, if, when, and at the same rate as dividends are paid on Sotheby's Common Stock. Prior to vesting, holders of RSU's do not have voting rights, while holders of restricted stock shares have voting rights. RSU's and restricted stock shares 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 (for awards granted prior to 2016) or certain return on invested capital ("ROIC") targets (for awards granted in 2016). 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 if, when, and at the same rate as dividends are paid on Sotheby's Common Stock, but are only paid for 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. In the first quarter of 2016, the Compensation Committee granted share-based payment awards with a total grant date fair value of $23.7 million , as follows: • 607,606 PSU's with a grant date fair value of $14.4 million and a single vesting opportunity after a three-year service period. These PSU awards provide recipients with an opportunity to vest in incremental PSU's of up to 200% of the initial units awarded subject to the achievement of certain ROIC targets. The maximum number of shares of Common Stock that may be issued with respect to these awards is 1,215,212 . • 394,371 RSU's with annual vesting over a three -year service period and a grant date fair value of $9.3 million . Summary of Outstanding Share-Based Payment Awards —For the three months ended March 31, 2016 , changes to the number of outstanding RSU’s, PSU’s, and Restricted Stock shares were as follows (shares in thousands): Restricted Stock Shares, RSU's and PSU's Weighted Average Grant Date Fair Value Outstanding at January 1, 2016 2,019 $ 43.61 Granted 1,002 $ 23.66 Vested (530 ) $ 39.60 Canceled (163 ) $ 38.25 Outstanding at March 31, 2016 2,328 $ 36.31 As of March 31, 2016 , 2.6 million shares 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 three months ended March 31, 2016 and 2015 was $13.7 million and $22.9 million , respectively, based on the closing stock price 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 March 31, 2016 , 104,100 shares of Common Stock were available for the issuance of stock options under the Stock Option Plan. As of March 31, 2016 , 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 3.9 years, and an aggregate intrinsic value of $0.2 million . No stock options were exercised or granted during the three months ended March 31, 2016 and 2015.

Voluntary Separation Incentive

Voluntary Separation Incentive Programs (Net)	3 Months Ended
	Mar. 31, 2016
Restructuring and Related Activities [Abstract]
Voluntary Separation Incentive Programs (Net)	Voluntary Separation Incentive Programs (Net) On November 13, 2015, Sotheby's announced a series of regional voluntary separation incentive programs (the "Programs") aimed at reducing headcount and associated compensation costs. The Programs were offered to Sotheby's employees in jurisdictions where it was practical to do so. Employees who elected to participate in the Programs were accepted only upon approval by Sotheby's management. In the fourth quarter of 2015, Sotheby's recognized a charge of $36.9 million as a result of the Programs, consisting of $33.8 million in cash severance benefits and $3.1 million in accelerated equity compensation expense related to awards that will continue to vest after termination of employment, subject to Sotheby's achievement of the underlying profitability targets, when applicable. The liability related to the $33.8 million in cash severance benefits is recorded within Accounts Payable and Accrued Liabilities on the December 31, 2015 Condensed Consolidated Balance Sheet and includes $4.7 million related to 2015 incentive compensation that would have been paid to participants had they not participated in the Programs. For the three months ended March 31, 2016, Sotheby's recognized a ($0.3) million net credit to the previously recorded charge as a result of management’s quarterly assessment of the likelihood that performance-based stock units held by program participants will vest. Through March 31, 2016, Sotheby's made cash payments of approximately $27.4 million related to the Programs. Accordingly, the remaining accrued liability related to the Programs recorded within Accounts Payable and Accrued Liabilities on the March 31, 2016 Condensed Consolidated Balance Sheet was $6.4 million . The remaining liability is expected to be settled through cash payments made principally in the second quarter of 2016. Employee transitions under the Programs commenced on December 31, 2015 and will occur throughout 2016. The Programs will result in a net reduction of approximately 5% of Sotheby's global headcount of approximately 1,600 employees prior to their implementation. Restructuring Charges (Net) On July 16, 2014, the Board of Directors approved a restructuring plan (the "2014 Restructuring Plan") principally impacting Sotheby's operations in the United States ("U.S.") and the U.K. The 2014 Restructuring Plan resulted in Restructuring Charges (net) of $14.2 million recognized in 2014, consisting of $13.9 million in employee termination benefits and approximately $0.3 million in lease exit costs. For the three months ended March 31, 2015, Sotheby's recognized a credit of approximately $0.4 million in Restructuring Charges (net) as a result of adjustments to the initial accrual for employee termination benefits. The headcount reductions resulting from the 2014 Restructuring Plan were completed in the third quarter of 2015 and the associated liability has been fully settled.

CEO Separation and Transition C

CEO Separation and Transition Costs	3 Months Ended
	Mar. 31, 2016
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. 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 that was paid in September 2015. There was no required service period associated with this compensation. The CEO Separation and Transition Costs recognized in the first quarter of 2015 also include approximately $1.1 million in recruitment and other professional fees associated with the CEO hiring process.

Restructuring Charges (Net)

Restructuring Charges (Net)	3 Months Ended
	Mar. 31, 2016
Restructuring and Related Activities [Abstract]
Restructuring Charges (Net)	Voluntary Separation Incentive Programs (Net) On November 13, 2015, Sotheby's announced a series of regional voluntary separation incentive programs (the "Programs") aimed at reducing headcount and associated compensation costs. The Programs were offered to Sotheby's employees in jurisdictions where it was practical to do so. Employees who elected to participate in the Programs were accepted only upon approval by Sotheby's management. In the fourth quarter of 2015, Sotheby's recognized a charge of $36.9 million as a result of the Programs, consisting of $33.8 million in cash severance benefits and $3.1 million in accelerated equity compensation expense related to awards that will continue to vest after termination of employment, subject to Sotheby's achievement of the underlying profitability targets, when applicable. The liability related to the $33.8 million in cash severance benefits is recorded within Accounts Payable and Accrued Liabilities on the December 31, 2015 Condensed Consolidated Balance Sheet and includes $4.7 million related to 2015 incentive compensation that would have been paid to participants had they not participated in the Programs. For the three months ended March 31, 2016, Sotheby's recognized a ($0.3) million net credit to the previously recorded charge as a result of management’s quarterly assessment of the likelihood that performance-based stock units held by program participants will vest. Through March 31, 2016, Sotheby's made cash payments of approximately $27.4 million related to the Programs. Accordingly, the remaining accrued liability related to the Programs recorded within Accounts Payable and Accrued Liabilities on the March 31, 2016 Condensed Consolidated Balance Sheet was $6.4 million . The remaining liability is expected to be settled through cash payments made principally in the second quarter of 2016. Employee transitions under the Programs commenced on December 31, 2015 and will occur throughout 2016. The Programs will result in a net reduction of approximately 5% of Sotheby's global headcount of approximately 1,600 employees prior to their implementation. Restructuring Charges (Net) On July 16, 2014, the Board of Directors approved a restructuring plan (the "2014 Restructuring Plan") principally impacting Sotheby's operations in the United States ("U.S.") and the U.K. The 2014 Restructuring Plan resulted in Restructuring Charges (net) of $14.2 million recognized in 2014, consisting of $13.9 million in employee termination benefits and approximately $0.3 million in lease exit costs. For the three months ended March 31, 2015, Sotheby's recognized a credit of approximately $0.4 million in Restructuring Charges (net) as a result of adjustments to the initial accrual for employee termination benefits. The headcount reductions resulting from the 2014 Restructuring Plan were completed in the third quarter of 2015 and the associated liability has been fully settled.

Derivative Financial Instrument

Derivative Financial Instruments	3 Months Ended
	Mar. 31, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	Derivative Financial Instruments Derivatives Financial Instruments Designated as Cash Flow Hedges —On July 1, 2015, Sotheby's entered into a seven -year, $325 million mortgage loan to refinance its previous mortgage on the York Property. The York Property Mortgage bears interest based on the one -month LIBOR rate plus a spread of 2.25% and is being amortized based on a 25 -year mortgage-style amortization schedule over the seven -year term of the mortgage. In connection with the York Property Mortgage, Sotheby's entered into interest rate protection agreements secured by the York Property, consisting of a two -year interest rate swap (the "Swap"), effective as of July 1, 2015 , and a five -year interest rate collar (the "Collar"), effective as of July 1, 2017 . Both of these instruments have a notional amount equal to the applicable principal balance of the York Property Mortgage and have an identical amortization schedule to that of the mortgage. The York Property, the York Property Mortgage, and the related interest rate protection agreements 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. See Note 8 for information related to the York Property Mortgage. As of March 31, 2016 , the notional value of the Swap was equal to the $320.3 million principal balance of the York Property Mortgage on that date, and the notional value of the Collar was $310.3 million , which is equal to the forecasted principal balance of the York Property Mortgage as of the Collar's effective date. These interest rate protection agreements effectively hedge the LIBOR rate on the entire outstanding principal balance of the York Property Mortgage at an annual rate equal to 0.877% for the first two years, and then at an annual rate of no less than 1.917% , but no more than 3.75% , for the remainder of the seven -year term. After taking into account the interest rate protection agreements, the annual interest rate for the first two years of the York Property Mortgage will be approximately 3.127% and then will be between a floor of 4.167% and a cap of 6% for the remainder of the seven -year term. At their inception, the Swap and the Collar were each individually designated as cash flow hedges of the risk associated with the variability in expected cash outflows related to the monthly one-month LIBOR-indexed interest payments on the York Property Mortgage. Accordingly, to the extent that the Swap and the Collar are effective, any unrealized gains and losses related to changes in their fair value are recorded to Accumulated Other Comprehensive Loss on the Condensed Consolidated Balance Sheets and then reclassified to Interest Expense in the Condensed Consolidated Statements of Operations as interest expense related to the mortgage is recorded. Any hedge ineffectiveness is immediately recognized in Interest Expense. There was no hedge ineffectiveness related to the Swap or the Collar during the three months ended March 31, 2016. Management performs a quarterly assessment to determine whether the Swap and the Collar continue to be highly effective in hedging the risk associated with the variability in expected cash outflows related to the monthly one-month LIBOR-indexed interest payments on the York Property Mortgage. As of March 31, 2016 , the fair value of the Swap recorded in Other Current Liabilities on the Condensed Consolidated Balance Sheets was $1.2 million . For the three months ended March 31, 2016 , the loss in fair value associated with the Swap recognized in Other Comprehensive Loss was $0.8 million (net of tax) and the amount reclassified to Interest Expense during the period was $0.2 million (net of tax). As of March 31, 2016 , the fair value of the Collar recorded in Other Long-Term Liabilities on the Condensed Consolidated Balance Sheets was $13.2 million . For the three months ended March 31, 2016 , the loss in fair value associated with the Collar recognized in Other Comprehensive Loss was $3.9 million (net of tax). The Swap and the Collar liabilities have been designated as Level 2 fair value measurements within the fair value hierarchy provided by ASC 820. Level 2 fair value measurements have pricing inputs other than quoted prices in active markets, which are either directly or indirectly observable as of the reporting date, and fair value may be determined through the use of models or other valuation methodologies. The fair value of the Swap is based on a discounted cash flow methodology using the contractual terms of the instrument and observable LIBOR-curve rates that are consistent with the frequency of the interest cash flows of the York Property Mortgage. The fair value of the Collar is based on an option pricing model using observable LIBOR-curve rates for each forecasted monthly settlement, with the projected cash flows discounted using the contractual terms of the instrument, which are consistent with the frequency of the interest cash flows of the York Property Mortgage. Derivative Financial Instruments Not Designated as Hedging Instruments —Sotheby’s utilizes forward exchange contracts to hedge cash flow exposures related to foreign currency exchange rate movements, which primarily arise from short-term foreign currency denominated intercompany balances and, to a much lesser extent, foreign currency denominated client payable balances, as well as foreign currency denominated auction guarantee obligations. Such forward exchange contracts are typically short-term with settlement dates less than six months from their inception. Additionally, on rare occasions, Sotheby’s may purchase foreign currency option contracts to hedge risks associated with foreign currency denominated client payable balances. All instruments used to offset cash flow exposures related to foreign currency exchange rate movements are not designated as hedging instruments for accounting purposes. Accordingly, changes in the fair value of these instruments are recognized in the Condensed Consolidated Statements of Operations in Other Income (Expense). As of March 31, 2016 , the notional value of outstanding forward exchange contracts was $254.2 million . Notional values do not quantify risk or represent assets or liabilities of Sotheby’s, but are used to calculate cash settlements under outstanding forward exchange contracts. Sotheby’s is exposed to credit-related risks in the event of nonperformance by the three counterparties to its outstanding forward exchange contracts. Sotheby’s does not expect any of these counterparties to fail to meet their obligations, given their high short-term (A1/P1) credit ratings. As of March 31, 2016 , December 31, 2015 , and March 31, 2015 , the fair values of these contracts were not material to Sotheby's consolidated financial statements.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	3 Months Ended
	Mar. 31, 2016
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 months ended March 31, 2016 and 2015 (in thousands of dollars): Three Months Ended March 31, 2016 Foreign Currency Items Defined Benefit Pension Items Derivative Financial Instruments Total Balance at January 1, 2016 $ (52,279 ) $ (9,619 ) $ (4,306 ) $ (66,204 ) Other comprehensive (loss) income before reclassifications (2,963 ) 418 (4,712 ) (7,257 ) Amounts reclassified from accumulated other comprehensive loss — — 223 223 Net other comprehensive (loss) income (2,963 ) 418 (4,489 ) (7,034 ) Balance at March 31, 2016 $ (55,242 ) $ (9,201 ) $ (8,795 ) $ (73,238 ) Three Months Ended March 31, 2015 Foreign Currency Items Defined Benefit Pension Items Derivative Financial Instruments Total Balance at January 1, 2015 $ (33,223 ) $ (43,543 ) $ — $ (76,766 ) Other comprehensive (loss) income before reclassifications (21,458 ) 2,189 — (19,269 ) Amounts reclassified from accumulated other comprehensive loss — 858 — 858 Net other comprehensive (loss) income (21,458 ) 3,047 — (18,411 ) Balance at March 31, 2015 $ (54,681 ) $ (40,496 ) $ — $ (95,177 ) For the three months ended March 31, 2016 and 2015, included in Other Comprehensive (Loss) Income before reclassifications are $0.4 million (net of tax) and $2.2 million (net of tax), respectively, related to changes in the foreign currency translation adjustment account associated with accumulated unrealized losses related to the U.K. Pension Plan. For the three months ended March 31, 2016, $0.2 million (net of tax) was reclassified from Accumulated Other Comprehensive Loss and recognized on a pre-tax basis within Interest Expense in the Condensed Consolidated Statements of Operations as a result of monthly interest accruals related to the Swap associated with the York Property Mortgage (see Note 17). For the three months ended March 31, 2015, $0.9 million (net of tax) was reclassified from Accumulated Other Comprehensive Loss and recognized on a pre-tax basis within Salaries and Related Costs in the Condensed Consolidated Statements of Operations as a result of the amortization of actuarial losses and prior service costs related to the U.K. Pension Plan.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2016
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The quarterly income tax provision is calculated using an estimated annual effective income tax rate based on actual historical information and forward looking estimates. The estimated annual effective income tax rate may fluctuate due to changes in forecasted annual pre-tax income, changes in the jurisdictional mix of forecasted pre-tax income and changes to actual or forecasted permanent book to tax differences (e.g., non-deductible expenses). Furthermore, the effective income tax rate may fluctuate as the result of changes to the valuation allowance for net deferred tax assets, the impact of future tax settlements with federal, state or foreign tax authorities, or the impact of tax law changes. Management identifies items which are unusual and non-recurring in nature and treats these as discrete events. The tax effect of these discrete events is booked entirely in the quarter in which they occur. Prior to the fourth quarter of 2015, based on Sotheby’s projections and planned uses of U.S. and foreign earnings, management had intended that approximately $400 million of accumulated foreign earnings relating to years prior to 2014 would be indefinitely reinvested outside of the U.S. As a result, Sotheby’s did not initially record deferred income taxes on these earnings in its financial statements. In the fourth quarter of 2015, however, in consideration of the expansion of Sotheby's Common Stock repurchase program (see Note 12), as well as the need for cash in the U.S. to fund other corporate strategic initiatives, Sotheby's reassessed its U.S. and foreign cash needs and concluded that these foreign earnings would instead be repatriated to the U.S. in the foreseeable future. Consequently, in the fourth quarter of 2015, Sotheby's recognized a liability for the deferred income taxes on these foreign earnings. In addition, Sotheby’s had accrued incremental taxes during 2014 and 2015 on approximately $200 million of foreign earnings for those years. As a result, as of December 31, 2015, Sotheby’s had recognized total net deferred tax liabilities of approximately $92 million for foreign earnings deemed not to be indefinitely reinvested outside of the U.S. As of March 31, 2016, $146 million of the foreign earnings discussed above have been repatriated and used to fund Common Stock repurchases in the first quarter of 2016. Management expects that additional repatriations will be made later in 2016, though the specific timing of any further repatriation of foreign earnings and the cash payment of the associated taxes is currently being evaluated. Based on current projections and planned uses of U.S. and foreign cash, management believes that its cash balances and earnings in the U.S., as well as the amount of unremitted foreign earnings for which a deferred tax liability has been provided will satisfy its current cash needs in the U.S. Accordingly, management plans to indefinitely reinvest a portion of its prospective foreign earnings (those related to Sotheby’s non-U.K. foreign subsidiaries) outside of the U.S. As a result, management expects that Sotheby’s effective income tax rate, excluding discrete items, will decrease in 2016 and future years, when compared to 2015. As of March 31, 2016, Sotheby’s estimates that its annual effective income tax rate, excluding discrete items, will be approximately 31% as compared to its estimate of approximately 36% as of March 31, 2015. The decrease in the estimated annual effective income tax rate is primarily due to management’s assertion regarding the indefinite reinvestment of Sotheby’s 2016 foreign earnings (except those related to Sotheby’s subsidiaries in the U.K.), as described above, as well as a decrease in Sotheby’s state and local effective income tax rate due to legislation enacted subsequent to the first quarter of 2015 and, to a lesser extent, to a change in the jurisdictional mix of pre-tax earnings. For the three months ended March 31, 2016, Sotheby’s effective income tax rate is approximately 33% compared to an effective income tax rate of approximately 50% for the three months ended March 31, 2015. The decrease in the effective income tax rate as compared to the prior year is due to the decrease in the estimated annual effective income tax rate, as discussed above, as well as discrete tax expense of $1 million recorded in the first quarter of 2015 as a result of concluding income tax audits, which increased the effective income tax rate by approximately 13% .

Uncertain Tax Positions

Uncertain Tax Positions	3 Months Ended
	Mar. 31, 2016
Income Tax Uncertainties [Abstract]
Uncertain Tax Positions	Uncertain Tax Positions As of March 31, 2016, Sotheby’s liability for unrecognized tax benefits, excluding interest and penalties, was $19 million , representing a decrease of $3 million when compared to a liability of $22 million as of December 31, 2015. This net decrease is primarily the result of the expiration of a statute of limitations for certain tax years. As of March 31, 2015, Sotheby’s liability for unrecognized tax benefits, excluding interest and penalties, was $20.6 million . As of March 31, 2016 , December 31, 2015 , and March 31, 2015 , the total amount of unrecognized tax benefits that, if recognized, would favorably affect Sotheby’s effective tax rate was $12.4 million , $12.8 million , and $12.7 million , respectively. Sotheby's believes it is reasonably possible that a decrease of $2.8 million in the balance of unrecognized tax benefits can occur within 12 months of the March 31, 2016 balance sheet date as a result of the expiration of statutes of limitations. Sotheby’s is subject to taxation in the U.S. and various U.S. state and foreign jurisdictions and, as a result, is subject to tax audits in these 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 2009. Sotheby’s recognizes interest expense and penalties related to unrecognized tax benefits as a component of Income Tax (Benefit) Expense. The accrual for such interest and penalties decreased by $0.3 million for the three months ended March 31, 2016. 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 Statements of Operations. Penalties related to such taxes are recorded as General and Administrative Expenses in its Condensed Consolidated Statements of Operations. Interest expense and penalties related to income taxes are recorded as a component of Income Tax (Benefit) Expense in Sotheby’s Condensed Consolidated Statements of Operations.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2016
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions From time-to-time, in the ordinary course of business, related parties such as members of the Board of Directors and employees, transact with Sotheby's to buy and sell property at auction and through private sales. For the three months ended March 31, 2016 and 2015, Sotheby’s recognized Agency Commissions and Fees of $0.5 million and $0.7 million , respectively, for property consigned or purchased by related parties. On September 2, 2015, Sotheby's entered into an arrangement with the Estate of A. Alfred Taubman under which it is selling works of art from the collection of A. Alfred Taubman. Robert S. Taubman, a trustee and beneficiary of the Estate, was a director of Sotheby's at the time Sotheby's entered into the arrangement. In connection with this arrangement, Sotheby's provided an auction guarantee of $509 million , after taking into account items withdrawn by the Estate prior to sale. Through March 31, 2016, total aggregate proceeds (i.e., the hammer price plus buyer's premium) from sales of Taubman Collection property were $473 million . The results of these sales, combined with the estimated value of items which were taken into inventory after failing to sell at auction ( $33 million ) resulted in a loss on the auction guarantee of approximately $3 million , which was recognized in the fourth quarter of 2015. As of March 31, 2016 and December 31, 2015, Sotheby's owed $52.8 million and $285.4 million , respectively, to the Estate. Subsequent to March 31, 2016, an additional $42.5 million was paid to the Estate in settlement of the outstanding liability. As of March 31, 2016 , the remaining outstanding auction guarantee related to the Taubman Collection totaled $1.3 million and relates to property scheduled to be offered at auction in 2016. As of March 31, 2015, Accounts Receivable (net) included $0.3 million associated with auction or private sale purchases made by related parties. As of March 31, 2016, Due to Related Party Consignors included $54.7 million associated with amounts owed to related party consignors, including the $52.8 million owed to the Estate discussed above.

Recent Accounting Standards Not

Recent Accounting Standards Not Yet Adopted	3 Months Ended
	Mar. 31, 2016
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
Recent Accounting Standards Not Yet Adopted	Recent Accounting Standards Not Yet Adopted In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers , 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. On August 12, 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers - Deferral of Effective Date , which defers 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 March 2016, the FASB issued ASU 2016-08 , Revenue from Contracts with Customers: Principal versus Agent Considerations (Reporting Revenue Gross versus Net) . ASU 2016-08 clarifies the implementation guidance on principal versus agent considerations and includes indicators to assist an entity in determining whether it controls a specified good or service before it is transferred to the customers. ASU 2016-08 is effective January 1, 2018 to be in alignment with the effective date of ASU 2014-09, as discussed above. Management is currently assessing the potential impact of adopting this new accounting standard on Sotheby’s financial statements. In January 2016, the FASB issued ASU 2016-01, Financial Instruments-Overall: Recognition and Measurement of Financial Assets and Financial Liabilities. ASU 2016-01 addresses certain aspects of recognition, measurement, presentation, and disclosure of financial instruments including requirements to measure most equity investments at fair value with changes in fair value recognized in net income, to perform a qualitative assessment of equity investments without readily determinable fair values, and to separately present financial assets and liabilities by measurement category and by type of financial asset on the balance sheet or the accompanying notes to the financial statements. ASU 2016-01 will be effective for Sotheby's beginning on January 1, 2018, and will be applied by means of a cumulative effect adjustment to the balance sheet, except for effects related to equity securities without readily determinable values, which will be applied prospectively. Management is currently assessing the potential impact of adopting this new accounting standard on Sotheby’s financial statements. In February 2016, the FASB issued ASU 2016-02, Leases , which requires an entity to recognize long-term lease arrangements as assets and liabilities on the balance sheet of the lessee. Under ASU 2016-02, a right-of-use asset and lease obligation will be recorded for all long-term leases, whether operating or financing, while the income statement will reflect lease expense for operating leases and amortization/interest expense for financing leases. The amendments also require certain new quantitative and qualitative disclosures regarding leasing arrangements. ASU 2016-02 will be effective for Sotheby's beginning on January 1, 2019. Lessees must apply a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. Early adoption is permitted. Management is currently assessing the potential impact of adopting this new accounting standard on Sotheby’s financial statements. In March 2016, the FASB issued ASU 2016-05, Derivatives and Hedging: Effect of Derivative Contract Novations on Existing Hedge Accounting Relationships , which clarifies that a change in the counterparty to a derivative instrument that has been designated as a hedging instrument would not, in and of itself, be considered a termination of the derivative instrument, provided that all other hedge accounting criteria continue to be met. ASU 2016-05 is effective for Sotheby's beginning on January 1, 2017. Early adoption is permitted, including in an interim period. Management is currently assessing the potential impact of adopting this new accounting standard on Sotheby’s financial statements. In March 2016, the FASB issued ASU 2016-06, Derivatives and Hedging (Topic 815) - Contingent Put and Call Options in Debt Instruments , which aims to reduce the diversity of practice in identifying embedded derivatives in debt instruments. ASU 2016-06 clarifies that the nature of an exercise contingency is not subject to the “clearly and closely” criteria for purposes of assessing whether the call or put option must be separated from the debt instrument and accounted for separately as a derivative. ASU 2016-06 will be effective for Sotheby's beginning on January 1, 2017. Management is currently assessing the potential impact of adopting this new accounting standard on Sotheby’s financial statements. In March 2016, the FASB issued ASU 2016-09, Compensation - Stock Compensation: Improvements to Employee Share-Based Payment Accounting. ASU 2016-09 simplifies several aspects of the accounting and presentation of share-based payment transactions, including the accounting for related income taxes consequences and certain classifications within the statement of cash flows. ASU 2016-09 is effective for Sotheby's beginning on January 1, 2017. Management is currently assessing the potential impact of adopting this new accounting standard on Sotheby’s financial statements.

Basis of Presentation (Tables)

Basis of Presentation (Tables)	3 Months Ended
	Mar. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Summary of the effect of adopting ASU 2015-03	The following tables summarize the effect of adopting ASU 2015-03 on Sotheby's previously issued financial statements (in thousands of dollars): As of December 31, 2015 Condensed Consolidated Balance Sheets: As Previously Reported ASU 2015-03 Adjustments As Adjusted Other long-term assets $ 26,512 $ (10,816 ) $ 15,696 York Property Mortgage, current $ 7,302 $ (1,010 ) $ 6,292 Long-term debt, net $ 614,767 $ (9,806 ) $ 604,961 As of March 31, 2015 Condensed Consolidated Balance Sheets: As Previously Reported ASU 2015-03 Adjustments As Adjusted Other long-term assets $ 19,317 $ (4,764 ) $ 14,553 York Property Mortgage, current $ 218,642 $ (88 ) $ 218,554 Long-term debt, net $ 300,000 $ (4,676 ) $ 295,324 Three Months Ended March 31, 2015 Condensed Consolidated Statements of Cash Flows: As Previously Reported ASU 2015-03 Adjustments As Adjusted Operating Activities: Adjustments to reconcile net income attributable to Sotheby's to net cash used by operating activities: Amortization of debt discount and issuance costs $ 891 $ 260 $ 1,151 Changes in assets and liabilities: Other long-term assets $ (2 ) $ (260 ) $ (262 ) Net cash used by operating activities $ (277,363 ) $ — $ (277,363 )

(Loss) Earnings Per Share (Tabl

(Loss) Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2016
Earnings Per Share [Abstract]
Computation Of Basic And Diluted Earnings Per Share	The table below summarizes the computation of basic and diluted (loss) earnings per share for the three months ended March 31, 2016 and 2015 (in thousands, except per share amounts): Three Months Ended March 31, 2016 2015 Basic: Numerator: Net (loss) income attributable to Sotheby’s $ (25,884 ) $ 5,202 Less: Net income attributable to participating securities — 41 Net (loss) income attributable to Sotheby’s common shareholders $ (25,884 ) $ 5,161 Denominator: Weighted average basic shares outstanding 63,022 69,090 Basic (loss) earnings per share - Sotheby’s common shareholders $ (0.41 ) $ 0.07 Diluted : Numerator: Net (loss) income attributable to Sotheby’s $ (25,884 ) $ 5,202 Less: Net income attributable to participating securities — 41 Net (loss) income attributable to Sotheby’s common shareholders $ (25,884 ) $ 5,161 Denominator: Weighted average common shares outstanding 63,022 69,090 Weighted average effect of Sotheby's dilutive potential common shares: Performance share units — 440 Deferred stock units — 155 Stock options — 20 Weighted average dilutive potential common shares outstanding — 615 Weighted average diluted shares outstanding 63,022 69,705 Diluted (loss) earnings per share - Sotheby’s common shareholders $ (0.41 ) $ 0.07 The decrease in weighted average basic and diluted shares outstanding between the two reporting periods is due to Common Stock repurchases executed during the twelve month period ended March 31, 2016. See Note 12 for additional information on Sotheby's share repurchase program.

Segment Reporting (Tables)

Segment Reporting (Tables)	3 Months Ended
	Mar. 31, 2016
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	The table below presents Sotheby’s revenues and (loss) income before taxes by segment for the three months ended March 31, 2016 and 2015 (in thousands of dollars): Three Months Ended March 31, 2016 Agency SFS All Other Reconciling items (a) Total Revenues $ 85,775 $ 16,480 $ 6,001 $ (1,725 ) $ 106,531 Segment (loss) income before taxes $ (50,292 ) $ 10,265 $ 1,331 $ (396 ) (b) $ (39,092 ) Three Months Ended March 31, 2015 Revenues $ 139,689 $ 15,957 $ 3,299 $ (3,270 ) $ 155,675 Segment income (loss) before taxes $ 438 $ 10,820 $ 1,988 $ (5,333 ) (b) $ 7,913 (a) The reconciling items related to Revenues consist principally of amounts charged by SFS to the Agency segment, including interest and facility fees related to certain loans made to Agency segment clients, as well as fees charged for term loan collateral sold at auction or privately through the Agency segment. (b) The reconciling items related to segment (loss) income before taxes are detailed in the table below.
Reconciliation of Other Significant Reconciling Items from Segments to Consolidated	The table below presents a reconciliation of segment (loss) income before taxes to consolidated (loss) income before taxes for the three months ended March 31, 2016 and 2015 (in thousands of dollars): Three Months Ended March 31, 2016 2015 Agency $ (50,292 ) $ 438 SFS 10,265 10,820 All Other 1,331 1,988 Segment (loss) income before taxes (38,696 ) 13,246 Reconciling items: CEO separation and transition costs (see Note 15) — (4,189 ) Equity in earnings of investees (a) (396 ) (1,144 ) (Loss) income before taxes $ (39,092 ) $ 7,913 (a) For segment reporting purposes, Sotheby's share of earnings related to its equity investees is included as part of segment (loss) income before taxes. However, such earnings are reported separately below (loss) income before taxes in the Condensed Consolidated Statements of Operations. For the three months ended March 31, 2016 and 2015 , Agency segment results include $0.3 million and $0.7 million , respectively, of equity earnings related to RM Sotheby's. For the three months ended March 31, 2016 and 2015 , All Other includes $0.1 million and $0.4 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 March 31, 2016 , December 31, 2015 , and March 31, 2015 (in thousands of dollars): March 31, 2016 December 31, 2015 March 31, 2015 Agency $ 1,721,815 $ 2,499,441 $ 1,687,248 SFS 627,330 721,781 711,862 All Other 27,174 25,178 27,887 Total segment assets 2,376,319 3,246,400 2,426,997 Unallocated amounts: Deferred tax assets and income tax receivable 37,678 16,913 65,157 Consolidated assets $ 2,413,997 $ 3,263,313 $ 2,492,154

Receivables (Tables)

Receivables (Tables)	3 Months Ended
	Mar. 31, 2016
Accounts and Notes Receivable, Net [Abstract]
Schedule of Notes Receivable (Net) by Segment	As of March 31, 2016 , December 31, 2015 , and March 31, 2015 , Notes Receivable (net) related to SFS consisted of the following (in thousands of dollars): March 31, December 31, March 31, Consignor advances $ 23,149 $ 30,180 $ 38,190 Term loans 587,509 652,078 661,657 Total $ 610,658 $ 682,258 $ 699,847
Financing Receivable Credit Quality Indicators	The table below provides the aggregate LTV ratio for the SFS loan portfolio as of March 31, 2016 , December 31, 2015 , and March 31, 2015 (in thousands of dollars): March 31, December 31, March 31, Secured loans $ 610,658 $ 682,258 $ 699,847 Low auction estimate of collateral $ 1,327,493 $ 1,380,022 $ 1,444,468 Aggregate LTV ratio 46 % 49 % 48 % The table below provides the aggregate LTV ratio for secured loans made by SFS with an LTV ratio above 50% as of March 31, 2016 , December 31, 2015 , and March 31, 2015 (in thousands of dollars): March 31, December 31, March 31, Secured loans with an LTV ratio above 50% $ 268,348 $ 354,049 $ 432,967 Low auction estimate of collateral related to secured loans with an LTV ratio above 50% $ 490,103 $ 626,829 $ 781,387 Aggregate LTV ratio of secured loans with an LTV ratio above 50% 55 % 56 % 55 %
Summary of Other Credit Quality Information Regarding Finance Segment Secured Loans	The table below provides other credit quality information regarding secured loans made by SFS as of March 31, 2016 , December 31, 2015 , and March 31, 2015 (in thousands of dollars): March 31, December 31, March 31, Total secured loans $ 610,658 $ 682,258 $ 699,847 Loans past due $ 5,310 $ 11,819 $ 16,269 Loans more than 90 days past due $ 1,328 $ 7,828 $ 10,000 Non-accrual loans $ — $ — $ — Impaired loans $ — $ — $ — Allowance for credit losses: Allowance for credit losses for impaired loans $ — $ — $ — Allowance for credit losses based on historical data 1,445 1,458 1,252 Total allowance for credit losses - secured loans $ 1,445 $ 1,458 $ 1,252
Activity Related to Allowance For Credit Losses	During the period January 1, 2016 to March 31, 2016 , activity related to the Allowance for Credit Losses was as follows (in thousands of dollars): Allowance for credit losses as of January 1, 2016 $ 1,458 Change in loan loss provision (13 ) Allowance for credit losses as of March 31, 2016 $ 1,445

Acquisition of Art Agency, Pa34

Acquisition of Art Agency, Partners (Tables)	3 Months Ended
	Mar. 31, 2016
Business Combinations [Abstract]
Summary of total purchase price allocation to assets acquired and liabilities assumed	The table below summarizes the allocation of the total purchase price paid to the assets acquired and liabilities assumed as of March 31, 2016 (in thousands of dollars): Purchase price: Initial cash consideration $ 50,000 Working capital adjustment 1,066 Total purchase price $ 51,066 Allocation of purchase price: Net working capital acquired $ 1,572 Fixed assets and other long-term assets 173 Goodwill 34,225 Intangible assets - Customer relationships (see Note 7) 11,000 Intangible assets - Non-compete agreements (see Note 7) 3,100 Deferred tax assets 996 Total purchase price $ 51,066

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill	For the three months ended March 31, 2016 and 2015, changes in the carrying value of Goodwill were as follows (in thousands of dollars): Three Months Ended March 31, 2016 2015 Balance as of January 1 $ 13,621 $ 14,017 Goodwill acquired (see Note 6) 34,225 — Foreign currency exchange rate changes 2 (436 ) Balance as of March 31 $ 47,848 $ 13,581
Indefinite-lived Intangible Assets	Intangible Assets —As of March 31, 2016, December 31, 2015, and March 31, 2015, intangible assets consisted of the following (in thousands of dollars): Amortization Period March 31, December 31, March 31, Indefinite lived intangible assets: License (a) N/A $ 324 $ 324 $ 324 Intangible assets subject to amortization: Customer relationships - AAP (see Note 6) 8 years 11,000 — — Non-compete agreements - AAP (see Note 6) 6 years 3,100 — — Total intangible assets subject to amortization 14,100 — — Accumulated amortization (472 ) — — Total amortizable intangible assets (net) 13,628 — — Total intangible assets (net) $ 13,952 $ 324 $ 324 (a) Relates to a license obtained in conjunction with the purchase of a retail wine business in 2008.
Finite-lived Intangible Assets	Intangible Assets —As of March 31, 2016, December 31, 2015, and March 31, 2015, intangible assets consisted of the following (in thousands of dollars): Amortization Period March 31, December 31, March 31, Indefinite lived intangible assets: License (a) N/A $ 324 $ 324 $ 324 Intangible assets subject to amortization: Customer relationships - AAP (see Note 6) 8 years 11,000 — — Non-compete agreements - AAP (see Note 6) 6 years 3,100 — — Total intangible assets subject to amortization 14,100 — — Accumulated amortization (472 ) — — Total amortizable intangible assets (net) 13,628 — — Total intangible assets (net) $ 13,952 $ 324 $ 324 (a) Relates to a license obtained in conjunction with the purchase of a retail wine business in 2008.
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	The estimated aggregate amortization expense for the remaining useful lives of intangible assets subject to amortization during the five-year period succeeding the March 31, 2016 balance sheet date are as follows (in thousands of dollars): Period Amount April 2016 to March 2017 $ 1,892 April 2017 to March 2018 $ 1,892 April 2018 to March 2019 $ 1,892 April 2019 to March 2020 $ 1,892 April 2020 to March 2021 $ 1,892

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2016
Debt Instruments [Abstract]
Schedule of Line of Credit Facilities	The following tables summarize information relevant to the Credit Agreement as of and for the periods ended March 31, 2016 , December 31, 2015, and March 31, 2015 (in thousands of dollars): As of and for the three months ended March 31, 2016 Agency Credit Facility SFS Credit Facility Total Maximum borrowing capacity (a) $ 300,000 $ 1,035,000 $ 1,335,000 Borrowing base $ 225,378 $ 529,920 $ 755,298 Borrowings outstanding $ — $ 521,000 $ 521,000 Available borrowing capacity (b) $ 225,378 $ 8,920 $ 234,298 Average borrowings outstanding $ — $ 539,714 $ 539,714 Borrowing costs - interest $ — (c) $ 3,673 (d) $ 3,673 Borrowing costs - fee amortization $ 673 (c) $ 721 (d) $ 1,394 As of and for the year ended December 31, 2015 Agency Credit Facility SFS Credit Facility Total Maximum borrowing capacity (a) $ 300,000 $ 1,035,000 $ 1,335,000 Borrowing base $ 225,642 $ 547,586 $ 773,228 Borrowings outstanding $ — $ 541,500 $ 541,500 Available borrowing capacity (b) $ 225,642 $ 6,086 $ 231,728 Average borrowings outstanding $ — $ 541,004 $ 541,004 Borrowing costs - interest $ — (c) $ 14,060 (d) $ 14,060 Borrowing costs - fee amortization $ 2,752 (c) $ 1,720 (d) $ 4,472 As of and for the three months ended March 31, 2015 Agency Credit Facility SFS Credit Facility Total Maximum borrowing capacity (a) $ 300,000 $ 550,000 $ 850,000 Borrowing base $ 280,107 $ 550,000 $ 830,107 Borrowings outstanding $ — $ 501,500 $ 501,500 Available borrowing capacity (b) $ 280,107 $ 48,500 $ 328,607 Average borrowings outstanding $ — $ 472,872 $ 472,872 Borrowing costs - interest $ — (c) $ 3,167 (d) $ 3,167 Borrowing costs - fee amortization $ 706 (c) $ 221 (d) $ 927 Legend: (a) In June 2015, the Credit Agreements were amended to, among other things, increase their maximum aggregate borrowing capacity from $850 million to approximately $1.335 billion . (b) The available borrowing capacity is calculated as the borrowing base less borrowings outstanding. (c) Borrowing costs related to the Agency Credit Facility, which include interest and fee amortization, are reflected in the Condensed Consolidated Statements of Operations as Interest Expense. See the table below for additional information related to Interest Expense associated with the Agency Credit Facility. (d) Borrowing costs related to the SFS Credit Facility are reflected in the Condensed Consolidated Statements of Operations within Cost of Finance Revenues. For the three months ended March 31, 2016, the year ended December 31, 2015, and the three months ended March 31, 2015, the weighted average cost of borrowings related to the SFS Credit Facility was approximately 3.3% , 2.9% , and 2.9% , respectively.
Schedule of Debt	Long-Term Debt —As of March 31, 2016 , December 31, 2015 , and March 31, 2015 , Long-Term Debt consisted of the following (in thousands of dollars): March 31, December 31, March 31, York Property Mortgage, net of unamortized debt discount and issuance costs of $6,313, $6,565, and $979 $ 313,942 $ 315,504 $ 218,554 2022 Senior Notes, net of unamortized debt issuance costs of $4,124, $4,251, and $4,676 295,876 295,749 295,324 Less current portion: York Property Mortgage, net of unamortized discount and debt issuance costs of $1,010, $1,010, and $979 (6,409 ) (6,292 ) (218,554 ) Total Long-Term Debt, net $ 603,409 $ 604,961 $ 295,324
Aggregate Future Principal And Interest Payments	The aggregate future principal and interest payments due under the York Property Mortgage, the 2022 Senior Notes, and Sotheby's credit revolving facility during the five-year period after the March 31, 2016 balance sheet date are as follows (in thousands of dollars): Period Amount April 2016 to March 2017 $ 33,218 April 2017 to March 2018 $ 35,747 April 2018 to March 2019 $ 36,590 April 2019 to March 2020 $ 36,600 April 2020 to March 2021 $ 557,612
Components of Interest Expense	For the three months ended March 31, 2016 and 2015 , Interest Expense consisted of the following (in thousands of dollars): Three Months Ended March 31, 2016 2015 Agency Credit Facility: Amendment and arrangement fees $ 278 $ 315 Commitment fees 395 391 Sub-total 673 706 York Property Mortgage 2,788 4,011 2022 Senior Notes 4,098 4,098 Other interest expense (13 ) (154 ) Total Interest Expense $ 7,546 $ 8,661

Defined Benefit Pension Plan (T

Defined Benefit Pension Plan (Tables)	3 Months Ended
	Mar. 31, 2016
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract]
Pension Benefit Plan	The table below summarizes the components of the net pension (benefit) cost related to the U.K. Pension Plan for the three months ended March 31, 2016 and 2015 (in thousands of dollars): Three Months Ended March 31, 2016 2015 Service cost $ 864 $ 1,115 Interest cost 2,604 3,205 Expected return on plan assets (4,721 ) (5,004 ) Amortization of actuarial loss — 984 Amortization of prior service cost — 90 Net pension (benefit) cost $ (1,253 ) $ 390

Share-Based Payments (Tables)

Share-Based Payments (Tables)	3 Months Ended
	Mar. 31, 2016
Share-based Compensation [Abstract]
Compensation Expense Related to Share-Based Payments	For the three months ended March 31, 2016 and 2015 , compensation expense related to share-based payments is reflected in the following accounts in the Condensed Consolidated Statements of Operations (in thousands of dollars): Three Months Ended March 31, 2016 2015 Salaries and related costs $ 5,837 $ 5,653 Voluntary separation incentive programs (see Note 14) (306 ) — CEO separation and transition costs (see Note 15) — 2,000 Total share-based payment expense (pre-tax) $ 5,531 $ 7,653 Total share-based payment expense (after-tax) $ 3,801 $ 4,831
Changes in Number of Outstanding Restricted Stock, RSU's and PSU's	For the three months ended March 31, 2016 , changes to the number of outstanding RSU’s, PSU’s, and Restricted Stock shares were as follows (shares in thousands): Restricted Stock Shares, RSU's and PSU's Weighted Average Grant Date Fair Value Outstanding at January 1, 2016 2,019 $ 43.61 Granted 1,002 $ 23.66 Vested (530 ) $ 39.60 Canceled (163 ) $ 38.25 Outstanding at March 31, 2016 2,328 $ 36.31

Accumulated Other Comprehensi39

Accumulated Other Comprehensive Loss (Tables)	3 Months Ended
	Mar. 31, 2016
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 months ended March 31, 2016 and 2015 (in thousands of dollars): Three Months Ended March 31, 2016 Foreign Currency Items Defined Benefit Pension Items Derivative Financial Instruments Total Balance at January 1, 2016 $ (52,279 ) $ (9,619 ) $ (4,306 ) $ (66,204 ) Other comprehensive (loss) income before reclassifications (2,963 ) 418 (4,712 ) (7,257 ) Amounts reclassified from accumulated other comprehensive loss — — 223 223 Net other comprehensive (loss) income (2,963 ) 418 (4,489 ) (7,034 ) Balance at March 31, 2016 $ (55,242 ) $ (9,201 ) $ (8,795 ) $ (73,238 ) Three Months Ended March 31, 2015 Foreign Currency Items Defined Benefit Pension Items Derivative Financial Instruments Total Balance at January 1, 2015 $ (33,223 ) $ (43,543 ) $ — $ (76,766 ) Other comprehensive (loss) income before reclassifications (21,458 ) 2,189 — (19,269 ) Amounts reclassified from accumulated other comprehensive loss — 858 — 858 Net other comprehensive (loss) income (21,458 ) 3,047 — (18,411 ) Balance at March 31, 2015 $ (54,681 ) $ (40,496 ) $ — $ (95,177 )

Basis of Presentation (Details)

Basis of Presentation (Details) - USD ($) $ in Thousands	Feb. 18, 2015	Mar. 31, 2016	Mar. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Ownership percentage by parent		80.00%
Ownership percentage by non controlling interest		20.00%
Schedule of Equity Method Investments [Line Items]
Payments to acquire equity method investment		$ 0	$ 30,725
Equity in earnings of investees		396	1,144
RM Auctions [Member]
Schedule of Equity Method Investments [Line Items]
Ownership interest in equity method investment (as a percent)	25.00%
Payments to acquire equity method investment	$ 30,700
Equity in earnings of investees		$ 300	$ 700

Basis of Presentation - Adoptio

Basis of Presentation - Adoption of Accounting Standards Update (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Other long-term assets	$ 15,913	$ 14,553	$ 15,696
York Property Mortgage, current	6,409	218,554	6,292
Total Long-Term Debt, net	603,409	295,324	604,961
Amortization of debt discount and issuance costs	381	1,151
Other long-term assets	2,364	(262)
Net cash used by operating activities	$ (303,238)	(277,363)
ASU 2015-03 Adjustments
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Other long-term assets		(4,764)	(10,816)
York Property Mortgage, current		(88)	(1,010)
Total Long-Term Debt, net		(4,676)	(9,806)
Amortization of debt discount and issuance costs		260
Other long-term assets		(260)
Net cash used by operating activities		0
Previously Reported
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Other long-term assets		19,317	26,512
York Property Mortgage, current		218,642	7,302
Total Long-Term Debt, net		300,000	$ 614,767
Amortization of debt discount and issuance costs		891
Other long-term assets		(2)
Net cash used by operating activities		$ (277,363)

Seasonality of Business (Detail

Seasonality of Business (Details) - principal_selling_season	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Mar. 31, 2016
Seasonality Of Business [Abstract]
Number of principal selling seasons			2
Q2 and Q4 Net Auction Sales as a percentage of total auction sales	78.00%	79.00%
Auction commission revenues as percentage of total revenues	75.00%	81.00%

(Loss) Earnings Per Share (Narr

(Loss) Earnings Per Share (Narrative) (Details) - shares shares in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Earnings Per Share [Abstract]
Potential common share excluded from computation of diluted earnings per share	2.6	1.3

(Loss) Earnings Per Share (Comp

(Loss) Earnings Per Share (Computation of Basic and Diluted Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Earnings Per Share [Abstract]
Net (loss) income attributable to Sotheby’s	$ (25,884)	$ 5,202
Less: Net income attributable to participating securities	0	41
Net (loss) income attributable to Sotheby’s common shareholders	$ (25,884)	$ 5,161
Weighted average basic shares outstanding (shares)	63,022	69,090
Basic (loss) earnings per share - Sotheby’s common shareholders (usd per share)	$ (0.41)	$ 0.07
Net (loss) income attributable to Sotheby's	$ (25,884)	$ 5,202
Less: Net income attributable to participating securities	0	41
Net (loss) income attributable to Sotheby’s common shareholders	$ (25,884)	$ 5,161
Weighted average common shares outstanding (shares)	63,022	69,090
Weighted average effect of Sotheby's dilutive potential common shares:
Performance share units (shares)	0	440
Deferred stock units (shares)	0	155
Stock options (shares)	0	20
Weighted average dilutive potential common shares outstanding (shares)	0	615
Weighted average diluted shares outstanding (shares)	63,022	69,705
Diluted (loss) earnings per share - Sotheby’s common shareholders (usd per share)	$ (0.41)	$ 0.07

Segment Reporting (Schedule of

Segment Reporting (Schedule of Revenue and (Loss) Income before Taxes by Segment) (Details) $ in Thousands		3 Months Ended
		Mar. 31, 2016USD ($)segment	Mar. 31, 2015USD ($)
Segment Reporting [Line Items]
Number of operating segments | segment		2
Revenues		$ 106,531	$ 155,675
Segment income (loss) before taxes		(39,092)	7,913
Operating Segments [Member]
Segment Reporting [Line Items]
Segment income (loss) before taxes		(38,696)	13,246
Operating Segments [Member] | Agency [Member]
Segment Reporting [Line Items]
Revenues		85,775	139,689
Segment income (loss) before taxes		(50,292)	438
Operating Segments [Member] | SFS [Member]
Segment Reporting [Line Items]
Revenues		16,480	15,957
Segment income (loss) before taxes		10,265	10,820
Operating Segments [Member] | All Other [Member]
Segment Reporting [Line Items]
Revenues		6,001	3,299
Segment income (loss) before taxes		1,331	1,988
Reconciling Items [Members]
Segment Reporting [Line Items]
Revenues	[1]	(1,725)	(3,270)
Segment income (loss) before taxes	[1],[2]	$ (396)	$ (5,333)
[1]	The reconciling items related to Revenues consist principally of amounts charged by SFS to the Agency segment, including interest and facility fees related to certain loans made to Agency segment clients, as well as fees charged for term loan collateral sold at auction or privately through the Agency segment.
[2]	The reconciling items related to segment (loss) income before taxes are detailed in the table below.

Segment Reporting (Reconciliati

Segment Reporting (Reconciliation of Segment Income (Loss) Before Taxes) (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2016	Mar. 31, 2015
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Segment income (loss) before taxes		$ (39,092)	$ 7,913
CEO separation and transition costs (see Note 15)		0	(4,189)
Equity in earnings of investees		(396)	(1,144)
RM Sotheby's [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Equity in earnings of investees		(300)	(700)
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		(300)	(700)
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		(100)	(400)
Operating Segments [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Segment income (loss) before taxes		(38,696)	13,246
Operating Segments [Member] | Agency [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Segment income (loss) before taxes		(50,292)	438
Operating Segments [Member] | SFS [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Segment income (loss) before taxes		10,265	10,820
Operating Segments [Member] | All Other Segments [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Segment income (loss) before taxes		1,331	1,988
Reconciling Items [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
CEO separation and transition costs (see Note 15)		0	(4,189)
Equity in earnings of investees	[1]	$ (396)	$ (1,144)
[1]	Three Months Ended March 31, 2016 2015Agency $(50,292) $438SFS 10,265 10,820All Other 1,331 1,988Segment (loss) income before taxes (38,696) 13,246Reconciling items: CEO separation and transition costs (see Note 15) — (4,189)Equity in earnings of investees (a) (396) (1,144)(Loss) income before taxes $(39,092) $7,913(a)For segment reporting purposes, Sotheby's share of earnings related to its equity investees is included as part of segment (loss) income before taxes. However, such earnings are reported separately below (loss) income before taxes in the Condensed Consolidated Statements of Operations. For the three months ended March 31, 2016 and 2015, Agency segment results include $0.3 million and $0.7 million, respectively, of equity earnings related to RM Sotheby's. For the three months ended March 31, 2016 and 2015, All Other includes $0.1 million and $0.4 million, respectively, of equity earnings related to Acquavella Modern Art.

Segment Reporting (Reconcilia47

Segment Reporting (Reconciliation of Segment Assets to Consolidated Assets) (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015	Mar. 31, 2015
Segment Reporting [Line Items]
Consolidated assets	$ 2,413,997	$ 3,263,313	$ 2,492,154
Deferred tax assets and income tax receivable	37,678	16,913	65,157
Operating Segments [Member]
Segment Reporting [Line Items]
Consolidated assets	2,376,319	3,246,400	2,426,997
Operating Segments [Member] | Agency [Member]
Segment Reporting [Line Items]
Consolidated assets	1,721,815	2,499,441	1,687,248
Operating Segments [Member] | SFS [Member]
Segment Reporting [Line Items]
Consolidated assets	627,330	721,781	711,862
Operating Segments [Member] | All Other [Member]
Segment Reporting [Line Items]
Consolidated assets	$ 27,174	$ 25,178	$ 27,887

Receivables (Narrative) (Detail

Receivables (Narrative) (Details)	3 Months Ended
	Mar. 31, 2016USD ($)type_of_secured_loan	Mar. 31, 2015USD ($)loan	Jun. 30, 2013USD ($)	Dec. 31, 2015USD ($)loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Maximum buyer payment term	30 days
Consignor payment term	35 days
Buyer receivables	$ 23,900,000	$ 22,900,000		$ 24,300,000
Net accounts receivable	$ 501,136,000	476,228,000		875,265,000
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
Balance of secured loan to refinance auction or private sale receivable	$ 110,200,000	112,000,000		$ 108,800,000
Secured loan issued to refinance auction or private sale receivable	6,100,000	32,300,000
Collections of Notes Receivable Originally Issued to Finance Auction or Private Sale Receivables	$ 4,700,000	$ 10,700,000
Loan-to-value ratio	50.00%
Unfunded lending commitment to extend additional credit	$ 10,000,000
Number of significant unsecured loans used to finance the purchase of works of art through private sales | loan		1		1
Guarantee advances	2,000,000
Advanced Amount Recorded As Notes Receivable And Consignor Advances	0
Sales Price of Disposal of Equity Method Investment			$ 4,300,000
Proceeds from the sale of equity method investment	$ 100,000	$ 75,000
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
Minimum [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
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	$ 141,100,000	134,200,000		$ 165,200,000
Transfer of Possession Without Payment [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Net accounts receivable	$ 38,800,000	$ 48,700,000		$ 93,100,000
Notes receivable past due [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan-to-value ratio	23.00%
Low auction estimate of collateral	$ 22,700,000
Loans Greater Than 90 Days Past Due [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan-to-value ratio	18.00%
Low auction estimate of collateral	$ 7,500,000
SFS [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan-to-value ratio	46.00%	48.00%		49.00%
Loans and Leases Receivable, Nonperforming, Nonaccrual of Interest	$ 0	$ 0		$ 0
Loans past due	5,310,000	16,269,000		11,819,000
Loans more than 90 days past due	1,328,000	10,000,000		7,828,000
Low auction estimate of collateral	1,327,493,000	1,444,468,000		1,380,022,000
Advanced Amount Recorded As Notes Receivable And Consignor Advances	0	0		0
Secured loans	610,658,000	699,847,000		682,258,000
All Other Segments [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Other loans	2,400,000	2,700,000		2,400,000
Agency [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Low auction estimate of collateral	7,000,000	3,700,000
Guarantee advances	2,000,000	25,000,000		0
Secured loans	4,200,000	4,700,000		4,200,000
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

Receivables (Notes Receivable,

Receivables (Notes Receivable, Net) (Details) - SFS [Member] - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015	Mar. 31, 2015
Accounts, Notes, Loans and Financing Receivable [Line Items]
Consignor advances	$ 23,149	$ 30,180	$ 38,190
Term loans	587,509	652,078	661,657
Total Notes Receivable (net)	$ 610,658	$ 682,258	$ 699,847

Receivables (Summary of Other C

Receivables (Summary of Other Credit Quality Information Regarding Finance Segment Secured Loans) (Details) - USD ($)	Mar. 31, 2016	Dec. 31, 2015	Mar. 31, 2015
Accounts, Notes, Loans and Financing Receivable [Line Items]
Aggregate LTV ratio	50.00%
Impaired loans	$ 0
Total Allowance for Credit Losses - secured loans	1,445,000	$ 1,458,000
SFS [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Finance segment secured loans	610,658,000	682,258,000	$ 699,847,000
Low auction estimate of collateral	$ 1,327,493,000	$ 1,380,022,000	$ 1,444,468,000
Aggregate LTV ratio	46.00%	49.00%	48.00%
Secured loans	$ 610,658,000	$ 682,258,000	$ 699,847,000
Loans past due	5,310,000	11,819,000	16,269,000
Loans more than 90 days past due	1,328,000	7,828,000	10,000,000
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	1,445,000	1,458,000	1,252,000
Total Allowance for Credit Losses - secured loans	1,445,000	1,458,000	1,252,000
SFS [Member] | Loan to Value Ratio Above 50% [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Finance segment secured loans	268,348,000	354,049,000	432,967,000
Low auction estimate of collateral	$ 490,103,000	$ 626,829,000	$ 781,387,000
Aggregate LTV ratio	55.00%	56.00%	55.00%

Receivables (Activity Related t

Receivables (Activity Related to Allowance for Credit Losses) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2016USD ($)
Allowance for Loan and Lease Losses [Roll Forward]
Allowance for credit losses, beginning balance	$ 1,458
Change in loan loss provision	(13)
Allowance for credit losses, ending balance	$ 1,445

Acquisition of Art Agency, Pa52

Acquisition of Art Agency, Partners (Details) - USD ($) $ in Thousands	Jan. 11, 2016	Mar. 31, 2016	Dec. 31, 2015	Mar. 31, 2015	Dec. 31, 2014
Allocation of purchase price:
Goodwill		$ 47,848	$ 13,621	$ 13,581	$ 14,017
Art Agency, Partners
Purchase price:
Initial cash consideration	$ 50,000
Working capital adjustment	1,066
Total purchase price	51,066
Allocation of purchase price:
Net working capital acquired	1,572
Fixed assets and other long-term assets	173
Goodwill	34,225
Deferred tax assets	996
Total purchase price	51,066
Transaction costs		800
Art Agency, Partners | General and Administrative Expenses
Allocation of purchase price:
Transaction expenses		200	$ 600
Art Agency, Partners | Customer relationships
Allocation of purchase price:
Intangible assets	11,000
Art Agency, Partners | Employment contracts
Allocation of purchase price:
Intangible assets	$ 3,100
Art Agency, Partners | Former Owner
Business Acquisition [Line Items]
Employment agreement term	5 years
Non-compete and non-solicit covenants period after employment agreement	12 months
Art Agency, Partners | Earn Out [Member]
Business Acquisition [Line Items]
Maximum earn-out payments to former owners	$ 35,000
Compensation expense related to earn-out arrangement		$ 2,200
Art Agency, Partners | Minimum | Earn Out [Member]
Business Acquisition [Line Items]
Settlement period for earn-out payments	4 years
Art Agency, Partners | Maximum | Earn Out [Member]
Business Acquisition [Line Items]
Settlement period for earn-out payments	5 years

Goodwill and Intangible Asset53

Goodwill and Intangible Assets - Goodwill (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Goodwill [Roll Forward]
Beginning balance	$ 13,621	$ 14,017
Goodwill acquired (see Note 6)	34,225	0
Foreign currency exchange rate changes	2	(436)
Ending balance	$ 47,848	$ 13,581

Goodwill and Intangible Asset54

Goodwill and Intangible Assets - Intangible Assets (Details) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Indefinite-lived intangible assets	$ 324,000	$ 324,000	$ 324,000
Finite-Lived Intangible Assets [Line Items]
Intangible assets subject to amortization	14,100,000	0	0
Accumulated amortization	(472,000)	0	0
Total amortizable intangible assets (net)	13,628,000	0	0
Intangible assets, net	13,952,000	324,000	324,000
Amortization of Intangible Assets	500,000	0
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Intangible assets subject to amortization	$ 11,000,000	0	0
Amortization Period	8 years
Non-compete agreements
Finite-Lived Intangible Assets [Line Items]
Intangible assets subject to amortization	$ 3,100,000	$ 0	$ 0
Amortization Period	6 years

Goodwill and Intangible Asset55

Goodwill and Intangible Assets - Estimated Finite-Lived Intangible Asset Amortization by Fiscal Year Maturity (Details) $ in Thousands	Mar. 31, 2016USD ($)
Finite-Lived Intangible Assets, Net, Amortization Expense, Rolling Maturity [Abstract]
April 2016 to March 2017	$ 1,892
April 2017 to March 2018	1,892
April 2018 to March 2019	1,892
April 2019 to March 2020	1,892
April 2020 to March 2021	$ 1,892

Debt (Narrative) (Details)

Debt (Narrative) (Details)

Jul. 01, 2015USD ($)

Sep. 28, 2012USD ($)

Sep. 27, 2012USD ($)

Mar. 31, 2016USD ($)

Mar. 31, 2016USD ($)

Jul. 01, 2017

Dec. 31, 2015USD ($)

Jun. 30, 2015USD ($)

Mar. 31, 2015USD ($)

Jun. 15, 2013USD ($)

Nov. 23, 2012USD ($)

Feb. 06, 2009USD ($)

Jan. 11, 2008USD ($)

Debt [Line Items]

Incremental credit facility additional extension period

365 days

Percentage of principal amount of debt as component of premium price

1.00%

Senior Notes 2022 [Member]

Debt [Line Items]

Debt instrument maturity date

Oct. 1, 2022

Net Proceeds From the Issuance of Long Term Debt

$ 300,000,000

Debt instrument stated interest percentage

5.25%

Long-term debt, fair value

$ 269,300,000

$ 269,300,000

Aggregate principal value of debt

$ 300,000,000

300,000,000

300,000,000

Percentage of senior notes principal as part of redemption price

100.00%

York Property Mortgage Member [Member]

Debt [Line Items]

Long-term Debt and Capital Lease Obligations, Maturities, Repayments of Principal after Year Five

268,200,000

268,200,000

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

Convertible Notes Member

Debt [Line Items]

Long-term Debt, Gross

$ 182,000,000

York Property Mortgage [Member]

Debt [Line Items]

Short-term debt before reclassification

313,942,000

313,942,000

$ 315,504,000

$ 218,554,000

Mortgages [Member] | New Mortgage Loan [Member]

Debt [Line Items]

Debt instrument term

7 years

Aggregate principal value of debt

$ 325,000,000

Proceeds from issuance of debt

$ 98,000,000

Amortization period

25 years

Derivative contract term

7 years

Maximum LTV ratio under agreement

0.65

Escrow Deposit

6,000,000

6,000,000

Restricted Cash and Cash Equivalents

$ 600,000

$ 600,000

Minimum debt yield under agreement

8.50%

Minimum net worth under agreement

$ 425,000,000

Mortgages [Member] | New Mortgage Loan [Member] | Swap [Member]

Debt [Line Items]

Derivative contract term

2 years

Fixed interest rate on hedge

0.877%

Effective interest rate

3.127%

Mortgages [Member] | New Mortgage Loan [Member] | Collar [Member]

Debt [Line Items]

Derivative contract term

5 years

Mortgages [Member] | New Mortgage Loan [Member] | One-Month LIBOR [Member]

Debt [Line Items]

Spread on variable rate

2.25%

Senior Notes [Member]

Debt [Line Items]

Long-term Debt, Gross

$ 80,000,000

Minimum [Member] | York Property Mortgage Member [Member]

Debt [Line Items]

Debt instrument stated interest percentage

5.60%

5.60%

Minimum [Member] | Mortgages [Member] | New Mortgage Loan [Member] | Collar [Member]

Debt [Line Items]

Fixed interest rate on hedge

1.917%

Minimum [Member] | Mortgages [Member] | New Mortgage Loan [Member] | Collar [Member] | Forecast

Debt [Line Items]

Fixed interest rate on hedge

1.917%

Effective interest rate

4.167%

Maximum [Member] | York Property Mortgage Member [Member]

Debt [Line Items]

Debt instrument stated interest percentage

10.60%

10.60%

Maximum [Member] | Mortgages [Member] | New Mortgage Loan [Member] | Collar [Member]

Debt [Line Items]

Fixed interest rate on hedge

3.75%

Maximum [Member] | Mortgages [Member] | New Mortgage Loan [Member] | Collar [Member] | Forecast

Debt [Line Items]

Fixed interest rate on hedge

3.75%

Effective interest rate

6.00%

New Credit Agreement [Member]

Debt [Line Items]

Line of credit facility, maximum borrowing capacity

[1]

$ 1,335,000,000

$ 1,335,000,000

850,000,000

Increase in borrowing capacity, credit facility

485,000,000

Incremental revolving credit facility

755,298,000

755,298,000

773,228,000

830,107,000

Line of credit facility, sub-limit

400,000,000

400,000,000

Maximum available increase in borrowing capacity

150,000,000

150,000,000

Maximum amount of net auction guarantees permissible

600,000,000

600,000,000

Covenant, aggregate borrowing availability

100,000,000

100,000,000

Covenant, total liquidity amount

$ 200,000,000

200,000,000

Total life-to-date credit facility fees paid

21,400,000

Debt instrument maturity date

Aug. 22, 2020

Agency Credit Facility

Debt [Line Items]

Line of credit facility, maximum borrowing capacity

$ 300,000,000

[1]

300,000,000

[1]

300,000,000

[1]

$ 850,000,000

300,000,000

[1]

Incremental revolving credit facility

225,378,000

225,378,000

225,642,000

280,107,000

Line of credit facility, sub-limit

50,000,000

50,000,000

Incremental Credit Facility [Member]

Debt [Line Items]

Incremental revolving credit facility

50,000,000

50,000,000

SFS Credit Facility

Debt [Line Items]

Line of credit facility, maximum borrowing capacity

[1]

1,035,000,000

1,035,000,000

1,035,000,000

550,000,000

Incremental revolving credit facility

529,920,000

529,920,000

$ 547,586,000

$ 550,000,000

Line of credit facility, sub-limit

$ 350,000,000

$ 350,000,000

[1]

In June 2015, the Credit Agreements were amended to, among other things, increase their maximum aggregate borrowing capacity from $850 million to approximately

Debt (Schedule of Line of Credi

Debt (Schedule of Line of Credit Facilities) (Details) - USD ($)		3 Months Ended				12 Months Ended
		Mar. 31, 2016		Mar. 31, 2015		Dec. 31, 2015		Jun. 30, 2015
Line of Credit Facility [Line Items]
Borrowings outstanding		$ 521,000,000		$ 501,500,000		$ 541,500,000
Agency Credit Facility
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity		300,000,000	[1]	300,000,000	[1]	300,000,000	[1]	$ 850,000,000
Borrowing base		225,378,000		280,107,000		225,642,000
Borrowings outstanding		0		0		0
Available borrowing capacity	[2]	225,378,000		280,107,000		225,642,000
Average Borrowings Outstanding:		0		0		0
Borrowing costs - interest	[3]	0		0		0
Borrowing costs - fee amortization	[3]	673,000		706,000		2,752,000
SFS Credit Facility
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity	[1]	1,035,000,000		550,000,000		1,035,000,000
Borrowing base		529,920,000		550,000,000		547,586,000
Borrowings outstanding		521,000,000		501,500,000		541,500,000
Available borrowing capacity	[2]	8,920,000		48,500,000		6,086,000
Average Borrowings Outstanding:		539,714,000		472,872,000		541,004,000
Borrowing costs - interest	[4]	3,673,000		3,167,000		14,060,000
Borrowing costs - fee amortization	[4]	$ 721,000		$ 221,000		$ 1,720,000
Weighted-average cost of borrowing (as a percent)		3.30%		2.90%		2.90%
Total
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity	[1]	$ 1,335,000,000		$ 850,000,000
Borrowing base		755,298,000		830,107,000		$ 773,228,000
Borrowings outstanding		521,000,000		501,500,000		541,500,000
Available borrowing capacity	[2]	234,298,000		328,607,000		231,728,000
Average Borrowings Outstanding:		539,714,000		472,872,000		541,004,000
Borrowing costs - interest	[4]	3,673,000		3,167,000		14,060,000
Borrowing costs - fee amortization	[4]	$ 1,394,000		$ 927,000		$ 4,472,000
[1]	In June 2015, the Credit Agreements were amended to, among other things, increase their maximum aggregate borrowing capacity from $850 million to approximately
[2]	The available borrowing capacity is calculated as the borrowing base less borrowings outstanding.
[3]	Borrowing costs related to the Agency Credit Facility, which include interest and fee amortization, are reflected in the Condensed Consolidated Statements of Operations as Interest Expense. See the table below for additional information related to Interest Expense associated with the Agency Credit Facility.
[4]	Borrowing costs related to the SFS Credit Facility are reflected in the Condensed Consolidated Statements of Operations within Cost of Finance Revenues. For the three months ended March 31, 2016, the year ended December 31, 2015, and the three months ended March 31, 2015, the weighted average cost of borrowings related to the SFS Credit Facility was approximately 3.3%, 2.9%, and 2.9%, respectively.

Debt (Summary of Long-Term Debt

Debt (Summary of Long-Term Debt) (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015	Mar. 31, 2015
Debt [Line Items]
Total Long-Term Debt, net	$ 603,409	$ 604,961	$ 295,324
York Property Mortgage [Member]
Debt [Line Items]
Long-term debt	313,942	315,504	218,554
Unamortized discount	6,313	6,565	979
Senior Notes 2022 [Member]
Debt [Line Items]
Long-term debt	295,876	295,749	295,324
Unamortized discount	4,124	4,251	4,676
York Property Mortgage [Member]
Debt [Line Items]
Less current portion	(6,409)	(6,292)	(218,554)
Unamortized discount	$ 1,010	$ 1,010	$ 979

Debt (Aggregate Future Principa

Debt (Aggregate Future Principal and Interest Payments) (Details) $ in Thousands	Mar. 31, 2016USD ($)
Debt Instruments [Abstract]
April 2016 to March 2017	$ 33,218
April 2017 to March 2018	35,747
April 2018 to March 2019	36,590
April 2019 to March 2020	36,600
April 2020 to March 2021	$ 557,612

Debt (Components of Interest Ex

Debt (Components of Interest Expense) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Debt [Line Items]
Amendment and arrangement fees	$ 278	$ 315
Commitment fees	395	391
Sub-total	673	706
Interest expense	7,546	8,661
Other interest expense	(13)	(154)
York Property Mortgage [Member]
Debt [Line Items]
Interest expense	2,788	4,011
Senior Notes 2022 [Member]
Debt [Line Items]
Interest expense	$ 4,098	$ 4,098

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
	Mar. 31, 2016	Mar. 31, 2015
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]
Service cost	$ 864	$ 1,115
Interest cost	2,604	3,205
Expected return on plan assets	(4,721)	(5,004)
Amortization of actuarial loss	0	984
Amortization of prior service cost	0	90
Net pension (benefit) cost	$ (1,253)	$ 390

Defined Benefit Pension Plan (N

Defined Benefit Pension Plan (Narrative) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2016USD ($)
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract]
Contributions	$ 0.4
Estimated future contributions in 2015	$ 1.9

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	Mar. 31, 2016USD ($)
Commitments and Contingencies Disclosure [Abstract]
Commitment for salaries and other cash compensation under employment arrangement	$ 11.9

Auction Guarantees (Details)

Auction Guarantees (Details) - USD ($)	May. 05, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 02, 2015	Mar. 31, 2015
Guarantor Obligations [Line Items]
Outstanding guarantee		$ 74,500,000
Irrevocable bids		2,800,000
Guarantee advances		2,000,000
Estimated fair value of obligation to perform under auction guarantees		700,000	$ 1,000,000		$ 7,300,000
Agency [Member]
Guarantor Obligations [Line Items]
Guarantee advances		2,000,000	$ 0		$ 25,000,000
Subsequent Event [Member]
Guarantor Obligations [Line Items]
Outstanding guarantee	$ 86,200,000
Irrevocable bids	14,200,000
Subsequent Event [Member] | Agency [Member]
Guarantor Obligations [Line Items]
Guarantee advances	$ 2,000,000
Robert S. Taubman [Member] | Fair value auction guarantee [Member]
Guarantor Obligations [Line Items]
Outstanding guarantee		$ 1,300,000		$ 509,000,000

Shareholders' Equity and Divi65

Shareholders' Equity and Dividend (Details) - USD ($)	Apr. 08, 2016	Jan. 21, 2016	Aug. 13, 2015	Aug. 06, 2015	Feb. 26, 2015	Mar. 17, 2014	May. 05, 2016	Mar. 31, 2016	Nov. 30, 2015	Mar. 31, 2015	Mar. 31, 2014	Jan. 31, 2014	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2016	Dec. 31, 2015	Dec. 31, 2015	Mar. 31, 2016
Stock repurchase program, period in force												5 years
Stock repurchase program, authorized amount		$ 325,000,000		$ 250,000,000								$ 150,000,000				$ 125,000,000	$ 125,000,000
Stock repurchased during period, shares			2,667,378						1,038,280		558,171		6,525,419			3,705,658
Value of treasury stock acquired			$ 100,000,000								$ 25,000,000		$ 154,500,000
Payments for Repurchase of Common Stock													$ 147,586,000	$ 0
Share price of stock repurchased (usd per share)			$ 37.49								$ 44.79		$ 23.68			$ 33.73
Increase in remaining share repurchase authorization		$ 200,000,000		$ 125,000,000
Initial repurchase price for common stock			$ 125,000,000
Dividends, common stock					$ 6,900,000
Dividends declared (usd per share)					$ 0.10
Foreign earnings repatriated															$ 146,000,000
Dividends, Share-based Compensation, Cash																	$ 11,000,000
Dividends, Share-based compensation, Cash Paid								$ 1,400,000		$ 2,000,000	$ 3,800,000							$ 7,200,000
Subsequent Event [Member]
Stock repurchased during period, shares							1,365,119
Value of treasury stock acquired							$ 36,500,000
Payments for Repurchase of Common Stock	$ 6,900,000
Share price of stock repurchased (usd per share)							$ 26.73
Remaining authorized repurchase amount							$ 134,000,000
Dividend Declared [Member]
Dividends declared (usd per share)		$ 0.10
Special Dividend [Member]
Dividends, common stock												$ 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

Share-Based Payments (Narrative

Share-Based Payments (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment expense (benefit)	$ 5,531	$ 7,653
Tax shortfall related to share-based payment arrangements	(1,300)
Excess tax benefits related to share-based payment arrangements		$ 1,100
Unrecognized compensation expense related to the unvested portion of share-based payments	$ 40,100
Compensation expense is expected to be amortized over a weighted-average period	2 years 8 months
Shares granted (shares)	1,002,000
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	3 years 11 months 6 days
Aggregate intrinsic value of options outstanding	$ 200
Company S Incentive Compensation Programs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of shares issued	$ 23,700
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Shares available for future awards (shares)	2,600,000
Stock Options
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 exercised (shares)	0	0
Stock options granted (shares)	0
Restricted Stock, RSU's And PSU's
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of share vested	$ 13,700	$ 22,900
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	4 years
Cliff Vesting | Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (shares)	607,606
Fair value of shares issued	$ 14,400
Cliff Vesting | Maximum | Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (shares)	1,215,212
Maximum vesting percentage of initial performance units awarded	200.00%
Incremental Vesting | Restricted Stock Units (RSUs) | Company S Incentive Compensation Programs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Shares granted (shares)	394,371
Fair value of shares issued	$ 9,300
Restructuring Charges | Voluntary separation incentive programs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment expense (benefit)	$ (306)	$ 0

Share-Based Payments (Compensat

Share-Based Payments (Compensation Expense Related to Share-Based Payments) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total share-based payment expense (pre-tax)	$ 5,531	$ 7,653
Total share-based payment expense (after-tax)	3,801	4,831
Labor And Related Expense
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total share-based payment expense (pre-tax)	5,837	5,653
Restructuring Charges | Voluntary separation incentive programs
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total share-based payment expense (pre-tax)	(306)	0
Compensation Related Cost, Severance And Accelerated Share-Based Payment Award Cost
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total share-based payment expense (pre-tax)	$ 0	$ 2,000

Share-Based Payments (Changes i

Share-Based Payments (Changes in Number of Outstanding Restricted Stock, RSU's And PSU's) (Details) shares in Thousands	3 Months Ended
	Mar. 31, 2016$ / sharesshares
Restricted Stock Shares, RSU's and PSU's
Outstanding at January 1, 2015, Number of RSU's and PSU's, Shares | shares	2,019
Granted, Number of RSU's and PSU's, Shares | shares	1,002
Vested, Number of RSU's and PSU's, Shares | shares	(530)
Canceled, Number of RSU's and PSU's, Shares | shares	(163)
Outstanding at June 30, 2015, Number of RSU's and PSU's, Shares | shares	2,328
Weighted Average Grant Date Fair Value
Outstanding at January 1, 2015, Weighted Average Grant Date Fair Value (in usd per share) | $ / shares	$ 43.61
Granted, Weighted Average Grant Date Fair Value (in usd per share) | $ / shares	23.66
Vested, Weighted Average Grant Date Fair Value (in usd per share) | $ / shares	39.60
Canceled, Weighted Average Grant Date Fair Value (in usd per share) | $ / shares	38.25
Outstanding at June 30, 2015, Weighted Average Grant Date Fair Value (in usd per share) | $ / shares	$ 36.31

Voluntary Separation Incentiv69

Voluntary Separation Incentive Programs (Net) (Details) $ in Thousands	3 Months Ended			12 Months Ended
	Mar. 31, 2016USD ($)	Dec. 31, 2015USD ($)employee	Mar. 31, 2015USD ($)	Dec. 31, 2016
Restructuring Cost and Reserve [Line Items]
Payments for restructuring	$ 27,400
Total number of employees | employee		1,600
Voluntary separation incentive programs
Restructuring Cost and Reserve [Line Items]
Restructuring charges, net	(307)	$ 36,900	$ 0
Voluntary separation incentive programs | Forecast
Restructuring Cost and Reserve [Line Items]
Expected percent headcount reduction				5.00%
Voluntary separation incentive programs | Employee severance
Restructuring Cost and Reserve [Line Items]
Restructuring charges, net		33,800
Voluntary separation incentive programs | Employee severance | Accrued Salaries and Related Costs
Restructuring Cost and Reserve [Line Items]
Restructuring reserve	$ 6,400	33,800
Voluntary separation incentive programs | Incentive compensation earned | Accrued Salaries and Related Costs
Restructuring Cost and Reserve [Line Items]
Restructuring reserve		4,700
Voluntary separation incentive programs | Accelerated equity compensation expense
Restructuring Cost and Reserve [Line Items]
Restructuring charges, net		$ 3,100

CEO Separation and Transition70

CEO Separation and Transition Costs (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
CEO separation and transition costs	$ 0	$ 4,189
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 (Net) (De

Restructuring Charges (Net) (Details) - Fiscal 2014 Restructuring Plan - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2014
Restructuring Cost and Reserve [Line Items]
Restructuring charges (benefits), net	$ 0	$ (359)	$ 14,200
Employee Severance [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges (benefits), net			13,900
Lease Exit Costs [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges (benefits), net			$ 300

Derivative Financial Instrume72

Derivative Financial Instruments (Details) - USD ($)	Jul. 01, 2015	Mar. 31, 2016	Mar. 31, 2015	Jul. 01, 2017
Derivative [Line Items]
Loss in fair value recognized in Other Comprehensive Loss		$ 4,712,000	$ 0
Interest expense		7,546,000	$ 8,661,000
Reclassification out of Accumulated Other Comprehensive Income [Member] | Cash Flow Hedges [Member]
Derivative [Line Items]
Interest expense		200,000
Exchange Contract [Member]
Derivative [Line Items]
Notional amount of derivative		254,200,000
Swap [Member]
Derivative [Line Items]
Notional amount of derivative		320,300,000
Loss in fair value recognized in Other Comprehensive Loss		800,000
Swap [Member] | Other Current Liabilities [Member]
Derivative [Line Items]
Derivatives in other current liabilities		1,200,000
Collar [Member]
Derivative [Line Items]
Notional amount of derivative		310,300,000
Loss in fair value recognized in Other Comprehensive Loss		3,900,000
Collar [Member] | Other Long-Term Liabilities [Member]
Derivative [Line Items]
Derivatives in noncurrent liabilities		$ 13,200,000
Mortgages [Member] | New Mortgage Loan [Member]
Derivative [Line Items]
Debt instrument term	7 years
Aggregate principal value of debt	$ 325,000,000
Amortization period	25 years
Derivative contract term	7 years
Mortgages [Member] | New Mortgage Loan [Member] | Swap [Member]
Derivative [Line Items]
Derivative contract term	2 years
Fixed interest rate on hedge	0.877%
Effective interest rate	3.127%
Mortgages [Member] | New Mortgage Loan [Member] | Collar [Member]
Derivative [Line Items]
Derivative contract term	5 years
Mortgages [Member] | New Mortgage Loan [Member] | Collar [Member] | Minimum [Member]
Derivative [Line Items]
Fixed interest rate on hedge				1.917%
Mortgages [Member] | New Mortgage Loan [Member] | Collar [Member] | Maximum [Member]
Derivative [Line Items]
Fixed interest rate on hedge				3.75%
Mortgages [Member] | New Mortgage Loan [Member] | Collar [Member] | Forecast | Minimum [Member]
Derivative [Line Items]
Fixed interest rate on hedge				1.917%
Effective interest rate				4.167%
Mortgages [Member] | New Mortgage Loan [Member] | Collar [Member] | Forecast | Maximum [Member]
Derivative [Line Items]
Fixed interest rate on hedge				3.75%
Effective interest rate				6.00%
Mortgages [Member] | New Mortgage Loan [Member] | One-Month LIBOR [Member]
Derivative [Line Items]
Spread on variable rate	2.25%

Accumulated Other Comprehensi73

Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning	$ 806,704
Other comprehensive (loss) income before reclassifications	(7,257)	$ (19,269)
Amounts reclassified from accumulated other comprehensive loss	223	858
Total other comprehensive loss	(7,034)	(18,411)
Balance, ending	619,067	858,034
Foreign Currency Items [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning	(52,279)	(33,223)
Other comprehensive (loss) income before reclassifications	(2,963)	(21,458)
Amounts reclassified from accumulated other comprehensive loss	0	0
Total other comprehensive loss	(2,963)	(21,458)
Balance, ending	(55,242)	(54,681)
Defined Benefit Pension Items [Member]
Accumulated Other Comprehensive Income Loss [Line Items]
Other Comprehensive Income (Loss), Foreign Currency Translation Gain (Loss) Arising During Period, Tax	400	2,200
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning	(9,619)	(43,543)
Other comprehensive (loss) income before reclassifications	418	2,189
Amounts reclassified from accumulated other comprehensive loss	0	858
Total other comprehensive loss	418	3,047
Balance, ending	(9,201)	(40,496)
Cash Flow Hedges [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning	(4,306)	0
Other comprehensive (loss) income before reclassifications	(4,712)	0
Amounts reclassified from accumulated other comprehensive loss	223	0
Total other comprehensive loss	(4,489)	0
Balance, ending	(8,795)	0
Total [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning	(66,204)	(76,766)
Balance, ending	$ (73,238)	$ (95,177)

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended	12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2016	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2013
Income Tax Disclosure [Abstract]
Undistributed foreign earnings intended for indefinite reinvestment						$ 400
Income Tax Disclosure [Line Items]
Foreign earnings repatriated			$ 146
Deferred tax liabilities recognized on foreign earnings deemed not to be permanently reinvested					$ 92
Estimated annual effective tax rate (as a percent)	31.00%	36.00%
Effective income tax rate (as a percent)	33.00%	50.00%
Discrete tax expense as a result of concluding income tax audits		$ 1
Effect of settling income tax audits on the effective income tax rate (as a percent)		13.00%
Forecast
Income Tax Disclosure [Line Items]
Foreign earnings repatriated				$ 200

Uncertain Tax Positions (Detail

Uncertain Tax Positions (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Dec. 31, 2015	Mar. 31, 2015
Income Tax Uncertainties [Abstract]
Unrecognized tax benefits	$ 19	$ 22	$ 20.6
Unrecognized Tax Benefits, Period Increase (Decrease)	(3)
Unrecognized tax benefits that would impact effective tax rate	12.4	$ 12.8	$ 12.7
Decrease in unrecognized tax benefits within 12 months	(2.8)
Decrease in accrual for interest & penalties related to unrecognized tax benefits	$ 0.3

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended	7 Months Ended
	May. 05, 2016	Mar. 31, 2016	Mar. 31, 2015	Feb. 24, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 02, 2015
Related Party Transactions [Abstract]
Revenue for property consigned or purchased by related parties		$ 500	$ 700
Related Party Transaction [Line Items]
Outstanding guarantee		74,500			$ 74,500
Increase in inventories		(4,048)	47,172
Due to consignors		54,700			54,700
Accounts receivable (net) for auction and private sale purchases made by related parties			$ 300
Subsequent Event
Related Party Transaction [Line Items]
Outstanding guarantee	$ 86,200
Director
Related Party Transaction [Line Items]
Net auction sales					473,000
Increase in inventories				$ 33,000
Loss on auction guarantee		3,000			3,000
Due to consignors		52,800			52,800	$ 285,400
Director | Subsequent Event
Related Party Transaction [Line Items]
Increase Decrease In Due To Consignors Current	$ 42,500
Director | Fair value auction guarantee
Related Party Transaction [Line Items]
Outstanding guarantee		$ 1,300			$ 1,300		$ 509,000