Sotheby's (BID) 10-K 27 Feb 17 2016 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2016	Feb. 23, 2017	Jun. 30, 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-K
Document Period End Date	Dec. 31, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	FY
Amendment Flag	false
Entity Common Stock, Shares Outstanding		52,976,046
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Public Float			$ 1,315,123,938

Consolidated Income Statements

Consolidated Income Statements - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Revenues:
Agency commissions and fees	$ 671,833	$ 791,920	$ 825,126
Inventory sales	62,863	108,699	69,958
Finance	52,716	50,489	33,013
Other	17,965	10,386	9,956
Total revenues	805,377	961,494	938,053
Expenses:
Agency direct costs	73,324	91,919	86,524
Cost of inventory sales	81,782	111,090	68,037
Cost of finance revenues	17,738	15,780	8,740
Marketing	19,695	19,332	16,566
Salaries and related	307,659	302,825	310,934
General and administrative	161,356	159,148	158,796
Depreciation and amortization	21,817	19,481	20,575
CEO separation and transition costs (see Note 23)	0	4,232	7,591
Special charges (net) (see Note 25)	0	0	20,008
Total expenses	682,761	759,773	712,009
Operating income	122,616	201,721	226,044
Interest income	1,294	1,776	1,883
Interest expense	(30,310)	(32,745)	(35,189)
Other income (expense)	3,134	(1,453)	283
Income before taxes	96,734	169,299	193,021
Income tax expense	25,957	131,145	75,761
Equity in earnings of investees	3,262	5,327	732
Net income	74,039	43,481	117,992
Less: Net (loss) income attributable to noncontrolling interest	(73)	(246)	197
Net income attributable to Sotheby's	$ 74,112	$ 43,727	$ 117,795
Basic earnings per share - Sotheby's common shareholders (usd per share)	$ 1.28	$ 0.64	$ 1.69
Diluted earnings per share - Sotheby's common shareholders (usd per share)	1.27	0.63	1.68
Cash dividends declared per common share (usd per share)	$ 0	$ 0.4	$ 4.74
Voluntary separation incentive programs
Expenses:
Restructuring charges, net	$ (610)	$ 36,938	$ 0
2014 Restructuring plan
Expenses:
Restructuring charges, net	$ 0	$ (972)	$ 14,238

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Net income	$ 74,039	$ 43,481	$ 117,992
Other comprehensive (loss) income:
Currency translation adjustments	(34,899)	(17,959)	(29,403)
Defined benefit pension plan	(6,515)	32,827	(7,910)
Total other comprehensive income (loss)	(24,154)	10,562	(37,313)
Comprehensive income (loss)	49,885	54,043	80,679
Less: Comprehensive (loss) income attributable to noncontrolling interest	(73)	(246)	197
Comprehensive income attributable to Sotheby's	49,958	54,289	80,482
Cash Flow Hedges
Other comprehensive (loss) income:
Hedges	642	(4,306)	0
Net Investment Hedges
Other comprehensive (loss) income:
Hedges	$ 16,618	$ 0	$ 0

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Current assets:
Cash and cash equivalents	$ 496,031	$ 848,697
Restricted cash	59,106	29,568
Accounts receivable (net)	433,614	875,265
Notes receivable (net)	37,977	101,441
Inventory	159,043	215,020
Income tax receivables	6,475	5,819
Prepaid expenses and other current assets (see Note 12)	76,607	33,929
Total current assets	1,268,853	2,109,739
Notes receivable	651,159	611,899
Fixed assets (net)	347,182	354,494
Goodwill	50,029	13,621
Intangible assets (net)	13,393	324
Trust assets related to deferred compensation liability	26,713	37,843
Income tax receivables	686	3,178
Deferred income taxes (see Note 1)	7,700	7,916
Other long-term assets (see Notes 1 and 12)	138,711	124,299
Total assets	2,504,426	3,263,313
Current liabilities:
Client payables	511,876	692,606
Related party client payable (see Note 27)	0	285,418
Accounts payable and accrued liabilities	85,995	88,894
Accrued salaries and related costs	68,387	103,155
Current portion of York Property Mortgage (see Note 1)	6,629	6,292
Accrued income taxes	26,912	11,095
Other current liabilities	43,176	9,113
Total current liabilities	742,975	1,196,573
Credit facility borrowings	565,000	541,500
Long-term debt (net) (see Note 1)	598,941	604,961
Deferred compensation liability	25,914	39,013
Accrued income taxes	16,600	18,529
Deferred income taxes (see Note 1)	10,228	40,424
Other long-term liabilities (see Note 12)	39,166	15,609
Total liabilities	1,998,824	2,456,609
Commitments and contingencies (see Note 18)
Shareholders’ equity:
Common Stock, $0.01 par value, Authorized shares - 200,000,000, Issued shares - 70,378,873 and 70,054,948, Outstanding shares - 52,971,232 and 65,791,119	703	700
Additional paid-in capital	444,611	435,696
Treasury stock shares, at cost: 17,407,641 and 4,263,829	(509,885)	(150,000)
Retained earnings	660,347	586,235
Accumulated other comprehensive loss	(90,358)	(66,204)
Total shareholders’ equity	505,418	806,427
Noncontrolling interest	184	277
Total equity	505,602	806,704
Total liabilities and shareholders' equity	$ 2,504,426	$ 3,263,313

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2016	Dec. 31, 2015
Statement of Financial Position [Abstract]
Common stock, par value (usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized	200,000,000	200,000,000
Common stock, shares issued	70,378,873	70,054,948
Common stock, shares outstanding	52,971,232	65,791,119
Treasury stock, shares	17,407,641	4,263,829

Consolidated Statements Of Cash

Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Operating Activities:
Net income attributable to Sotheby's	$ 74,112	$ 43,727	$ 117,795
Adjustments to reconcile net income attributable to Sotheby's to net cash provided by operating activities:
Depreciation and amortization	21,817	19,481	20,575
(Gain) loss from recognition of cumulative translation adjustment upon liquidation of foreign subsidiary	0	(105)	2,058
Deferred income tax (benefit) expense	(24,156)	81,689	8,833
Share-based payments	15,216	33,700	27,061
Net pension (benefit) cost	(6,895)	1,577	(688)
Inventory writedowns and bad debt provisions	23,441	21,729	10,383
Amortization of debt discount and issuance costs (see Note 1)	1,619	3,072	4,606
Excess tax benefits from share-based payments	0	(1,064)	(3,625)
Equity in earnings of investees	(3,262)	(5,327)	(732)
Other	794	45	3,223
Changes in assets and liabilities:
Accounts receivable	437,398	(14,190)	(178,335)
Client payables	(136,097)	(268,234)	79,180
Related party client payables (see Note 27)	(285,418)	285,418	0
Inventory	29,746	(18,828)	(59,475)
Changes in other operating assets and liabilities (see Note 13)	10,055	(27,632)	13,406
Net cash provided by operating activities	158,370	155,058	44,265
Investing Activities:
Funding of notes receivable	(321,127)	(334,989)	(592,022)
Collections of notes receivable	305,770	355,103	476,522
Capital expenditures	(21,363)	(11,338)	(10,868)
Acquisitions, net of cash acquired (see Notes 3 and 7)	(54,343)	0	0
Funding of investments	(2,200)	(30,725)	0
Distributions from investees	1,925	4,515	2,160
Proceeds from the sale of equity method investment	325	275	300
Settlement of net investment hedges (see Note 10)	(3,308)	0	0
(Increase) decrease in restricted cash	(26,097)	457	(4,655)
Net cash used by investing activities	(120,418)	(16,702)	(128,563)
Financing Activities:
Debt issuance and other borrowing costs	(320)	(9,642)	(5,394)
Proceeds from credit facility borrowings	164,500	186,500	507,500
Repayments of credit facility borrowings	(141,000)	(90,000)	(62,500)
Proceeds from refinancing of York Property Mortgage	0	325,000	0
Repayments of York Property Mortgage	(7,302)	(223,440)	(3,614)
Restricted cash related to York Property Mortgage (see Note 9)	(4,635)	0	0
Repurchases of common stock	(359,885)	(125,000)	(25,000)
Dividends paid	(1,743)	(29,784)	(331,535)
Proceeds from exercise of employee stock options	0	0	967
Excess tax benefits from share-based payments	0	1,064	3,625
Funding of employee tax obligations upon the vesting of share-based payments	(5,890)	(8,978)	(11,848)
Net cash (used) provided by financing activities	(356,275)	25,720	72,201
Effect of exchange rate changes on cash and cash equivalents	(34,343)	(9,208)	(15,389)
(Decrease) increase in cash and cash equivalents	(352,666)	154,868	(27,486)
Cash and cash equivalents at beginning of period	848,697	693,829	721,315
Cash and cash equivalents at end of period	$ 496,031	$ 848,697	$ 693,829

Consolidated Statements Of Chan

Consolidated Statements Of Changes in Shareholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Treasury Stock	Retained Earnings	Accumulated Other Comprehensive Loss
Balance at beginning of period at Dec. 31, 2013	$ 1,139,318	$ 691	$ 387,477	$ 0	$ 790,603	$ (39,453)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income attributable to Sotheby's	117,795				117,795
Other comprehensive income	(37,313)					(37,313)
Stock options exercised	967		967
Common stock shares withheld to satisfy employee tax obligations	(11,848)		(11,848)
Restricted stock units vested, net	0	4	(4)
Amortization of share-based payment expense	27,061		27,061
Tax benefit from share-based payments	3,625		3,625
Shares and deferred stock units issued to directors	1,596		1,596
Repurchases of common stock	(25,000)			(25,000)
Cash dividends, (2014: $4.74, 2015: $0.40) per common share	(327,754)				(327,754)
Cash dividend equivalents related to share-based payments	(3,781)				(3,781)
Cash dividend equivalents accrued on share-based payments	(6,969)				(6,969)
Balance at end of period at Dec. 31, 2014	877,697	695	408,874	(25,000)	569,894	(76,766)
Balance at beginning of period at Dec. 31, 2013	1,139,318	691	387,477	0	790,603	(39,453)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cash dividend equivalents related to share-based payments	(7,200)
Balance at end of period at Dec. 31, 2016	505,418	703	444,611	(509,885)	660,347	(90,358)
Balance at beginning of period at Dec. 31, 2014	877,697	695	408,874	(25,000)	569,894	(76,766)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income attributable to Sotheby's	43,727				43,727
Other comprehensive income	10,562					10,562
Common stock shares withheld to satisfy employee tax obligations	(8,978)		(8,978)
Restricted stock units vested, net	0	5	(5)
Amortization of share-based payment expense	33,700		33,700
Tax benefit from share-based payments	1,064		1,064
Shares and deferred stock units issued to directors	1,041		1,041
Repurchases of common stock	(125,000)			(125,000)
Cash dividends, (2014: $4.74, 2015: $0.40) per common share	(27,107)				(27,107)
Cash dividend equivalents related to share-based payments	(279)				(279)
Balance at end of period at Dec. 31, 2015	806,427	700	435,696	(150,000)	586,235	(66,204)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income attributable to Sotheby's	74,112				74,112
Other comprehensive income	(24,154)					(24,154)
Common stock shares withheld to satisfy employee tax obligations	(5,890)		(5,890)
Restricted stock units vested, net	0	3	(3)
Amortization of share-based payment expense	15,216		15,216
Tax shortfall related to share-based payment arrangements	(1,342)		(1,342)
Shares and deferred stock units issued to directors	934		934
Repurchases of common stock	(359,885)			(359,885)
Balance at end of period at Dec. 31, 2016	$ 505,418	$ 703	$ 444,611	$ (509,885)	$ 660,347	$ (90,358)

Consolidated Statements Of Cha8

Consolidated Statements Of Changes in Shareholders’ Equity (Parenthetical) - $ / shares	Jan. 21, 2016	Dec. 31, 2015	Dec. 31, 2014
Statement of Stockholders' Equity [Abstract]
Dividends declared (usd per share)	$ 0.10	$ 0.4	$ 4.74

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2016
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation —The Consolidated Financial Statements included herein have been prepared 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"). In the Consolidated Financial Statements, unless otherwise stated, the terms "art" or "works of art" or "artwork" or "property" refer to authenticated fine art, decorative art, jewelry, wine, and collectibles. Principles of Consolidation —The Consolidated Financial Statements include the accounts of our wholly-owned subsidiaries and Sotheby's (Beijing) Auction Co., Ltd. ("Sotheby's Beijing"), a joint venture formed in September 2012 in which we have a controlling 80% ownership interest. The net income attributable to the minority owner of Sotheby's Beijing is reported as "Net (Loss) Income Attributable to Noncontrolling Interest" in our Consolidated Income Statements and the non-controlling 20% ownership interest is reported as "Noncontrolling Interest" within the Equity section of our Consolidated Balance Sheets. Intercompany transactions and balances among our subsidiaries are eliminated in consolidation. Equity investments through which we exercise significant influence over the investee, but do not control, are accounted for using the equity method. Under the equity method, our share of investee earnings or losses is recorded within Equity in Earnings of Investees in our Consolidated Income Statements. Our interest in the net assets of these investees is recorded within Equity Method Investments on our Consolidated Balance Sheets. Our equity method investees include Acquavella Modern Art, a partnership through which a collection of fine art is being sold, and RM Sotheby's (formerly RM Auctions), an auction house for investment-quality automobiles. See Note 5 for information related to our equity method investments. Foreign Currency Translation —Assets and liabilities recorded in foreign currencies are translated at the exchange rate on the balance sheet date. Revenues, expenses, gains, and losses recorded in foreign currencies are translated using the monthly average exchange rates prevailing during the period in which they are recognized. Translation adjustments resulting from this process are recorded to Other Comprehensive (Loss) Income and reported on our Consolidated Balance Sheets within Accumulated Other Comprehensive Loss until the subsidiary is sold or liquidated. Adjustments to Prior Period Presentation —In April 2015, the Financial Accounting Standards Board (the "FASB") issued Accounting Standards Update ("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. We adopted and applied ASU 2015-03 on a retrospective basis on its January 1, 2016 effective date. As permitted by ASU 2015-15, we are continuing to present debt issuance costs related to revolving credit facility arrangements as an asset on our 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 our previously issued financial statements (in thousands of dollars): As of December 31, 2015 Consolidated Balance Sheets: As Previously Reported ASU 2015-03 Adjustments As Adjusted Other long-term assets (see Note 12) $ 135,115 $ (10,816 ) $ 124,299 York Property Mortgage, current $ 7,302 $ (1,010 ) $ 6,292 Long-term debt, net $ 614,767 $ (9,806 ) $ 604,961 Year Ended December 31, 2015 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 provided by operating activities: Amortization of debt discount and issuance costs $ 1,782 $ 1,290 $ 3,072 Changes in assets and liabilities: Other operating assets and liabilities (see Note 13) $ (26,342 ) $ (1,290 ) $ (27,632 ) Net cash provided by operating activities $ 155,058 $ — $ 155,058 Year Ended December 31, 2014 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 provided by operating activities: Amortization of debt discount and issuance costs $ 3,564 $ 1,042 $ 4,606 Changes in assets and liabilities: Other operating assets and liabilities (see Note 13) $ 14,448 $ (1,042 ) $ 13,406 Net cash provided by operating activities $ 44,265 $ — $ 44,265 Restricted Cash —As of December 31, 2016 and 2015, Restricted Cash primarily includes amounts held in certain foreign jurisdictions where there is a legal requirement for auction houses to maintain consignor funds in segregated accounts ( $38.5 million and $28.9 million , respectively). As of December 31, 2016, Restricted Cash also includes funds held in escrow pending the final settlement of a sale ( $15.3 million ), as well as funds held in a cash management account established under the control of the lender for potential monthly debt service, insurance, and tax payments related to the mortgage on our headquarters building in New York ( $4.6 million ). See Note 9 for information related to the mortgage on our headquarters building in New York. Valuation of Inventory and Loan Collateral —The art market is not a highly liquid trading market. As a result, the valuation of art is inherently subjective and the realizable value of art often fluctuates over time. In estimating the realizable value of art held in inventory and art pledged as collateral for SFS loans, we consider the following complex array of factors: (i) whether the property is expected to be offered at auction or sold privately, and the timing of any such sale; (ii) the supply and demand for the property, taking into account current art market conditions, as well as changing trends as to which collecting categories and artists are most sought after; (iii) recent sale prices achieved for comparable items within a particular collecting category and/or by a particular artist; (iv) the state of the global economy and financial markets; and (v) our intent and ability to hold the property in order to maximize its realizable value. Due to the inherent subjectivity involved in estimating the realizable value of art held in inventory and art pledged as collateral for SFS loans, our estimates of realizable value may prove, with the benefit of hindsight, to be different than the amount ultimately realized upon sale. See below for a detailed discussion of our accounting policies with respect to Notes Receivable and Inventory. Accounts Receivable and Allowance for Doubtful Accounts —Accounts Receivable principally includes amounts due from buyers as a result of auction and private sale transactions. The recorded amount reflects the purchase price of the property, including our commission. The Allowance for Doubtful Accounts principally includes estimated losses associated with situations when we have paid the net sale proceeds to the seller and it is probable that payment will not be collected from the buyer. The Allowance for Doubtful Accounts also includes an estimate of probable losses inherent in the remainder of the Accounts Receivable balance. The amount of the required allowance is based on the facts available to management, including the value of any property held as collateral, and is reevaluated and adjusted as additional facts become known. Based on all available information, we believe that the Allowance for Doubtful Accounts is adequate as of December 31, 2016 ; however, actual losses may ultimately exceed the recorded allowance. As of December 31, 2016 and 2015 , the Allowance for Doubtful Accounts was $7.7 million and $8.6 million , respectively. See Note 4 for information related to Accounts Receivable. Notes Receivable and Allowance for Credit Losses —Notes Receivable includes loans made to clients that are secured by artworks. The classification of a loan as current or non-current on our Consolidated Balance Sheets takes into account the contractual maturity date of the loan, as well as the likelihood of renewing the loan on or before its contractual maturity. The determination of whether a specific loan is impaired and the amount of any required allowance is based on the facts available to management and is reevaluated and adjusted as additional facts become known. A loan is considered to be impaired when we determine that it is probable that a portion of the principal and interest owed by the borrower will not be recovered after taking into account the estimated realizable value of the collateral securing the loan, as well as the ability of the borrower to repay any shortfall between the value of the collateral and the amount of the loan. An allowance is also established for probable losses inherent in the remainder of the loan portfolio based on historical data related to loan losses. See Note 4 for information related to Notes Receivable. Inventory —Inventory consists of artworks that we own and includes the following general categories: (i) items that have been obtained as a result of the failure of guaranteed property to sell at auction (see Note 19 ), (ii) items that have been purchased opportunistically, including property acquired for sale at auction, and (iii) other objects obtained incidental to the auction process (e.g., as a result of buyer default). Inventory is valued on a specific identification basis at the lower of cost or our estimate of realizable value (i.e., the expected sale price upon disposition). If there is evidence that the estimated realizable value of a specific item held in Inventory is less than its carrying value, a writedown is recorded to reflect our revised estimate of realizable value. For the years ended December 31, 2016, 2015, and 2014, inventory writedowns totaled $22.3 million , $20.1 million , and $10 million , respectively. Although all of the items held in Inventory are available for immediate sale, the timing of eventual sale is difficult to predict due to the high value and unique nature of each item, as well as the cyclical nature of the global art market. We expect that the items held in Inventory will be sold in the ordinary course of our business during the normal operating cycle for such items. Fixed Assets —Fixed Assets are stated at cost less accumulated depreciation and amortization. Depreciation is calculated using the straight-line method over the estimated useful life of the asset. Buildings are depreciated over a useful life of up to 50 years . Building improvements are depreciated over a useful life of up to 20 years . Furniture and fixtures are depreciated over a useful life of up to seven years. Leasehold improvements are amortized using the straight-line method over the lesser of the term of the related lease or the estimated useful life of the improvement. Computer software purchased or developed for internal use consists of the cost of purchased software, as well as direct external and internal software development costs. These costs are amortized on a straight-line basis over the estimated useful life of the software, which is typically between seven to ten years for enterprise systems and three years for other types of software. See Note 6 for information related to Fixed Assets. Goodwill —Goodwill represents the excess of the purchase price paid over the fair value of net assets acquired in a business combination. Goodwill is not amortized, but is tested annually for impairment at the reporting unit level as of October 31 and between annual tests if indicators of potential impairment exist. These indicators could include a decline in our stock price and market capitalization, a significant change in the outlook for the reporting unit's business, lower than expected operating results, increased competition, legal factors, or the sale or disposition of a significant portion of a reporting unit. An impairment loss is recognized for any amount by which the carrying value of a reporting unit's goodwill exceeds its fair value. The fair value of the reporting units in our Agency segment is determined in reference to a blend of the income and market approaches and the fair value of our art advisory reporting unit is determined using a discounted cash flow methodology. See Note 7 for information related to Goodwill. The significant assumptions used in the income approach and discounted cash flow approach include (i) forecasted growth rates and (ii) forecasted profitability, both of which are estimated based on consideration of our historical performance and projections of our future performance, and (iii) discount rates that are used to calculate the value of future projected cash flows, which rates are derived based on our estimated weighted average cost of capital. The significant assumptions used in the market approach include the selected multiples applied to certain operating metrics. Considerable judgment is necessary to evaluate the impact of operating changes and business initiatives in order to estimate future growth rates and profitability in order to estimate future cash flows and multiples. This is particularly true in a cyclical business, like ours. Future business results could significantly impact the evaluation of our goodwill which could have a material impact on the determination of whether a potential impairment exists and the size of any such impairment. Intangible Assets —Intangible assets are amortized over their estimated useful lives unless the useful life of a particular intangible asset is deemed to be indefinite. If indicators of potential impairment exist, intangible assets with defined useful lives are tested for impairment based on our estimates of undiscounted cash flows and, if impaired, written down to fair value based on either discounted cash flows or appraised values. See Note 7 for information related to Intangible Assets. Impairment of Long-Lived Assets —Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. In such situations, long-lived assets are considered impaired when estimated future cash flows (undiscounted and without interest charges) resulting from the use of the asset and its eventual disposition are less than the asset's carrying amount. In such situations, the asset is written down to the present value of the estimated future cash flows. Factors that are considered when evaluating long-lived assets for impairment include a current expectation that it is more likely than not that the long-lived asset will be sold significantly before the end of its useful life, a significant decrease in the market price of the long-lived asset, and a significant change in the extent or manner in which the long-lived asset is being used. Valuation of Deferred Tax Assets —A valuation allowance is recorded to reduce our deferred tax assets to the amount that is more likely than not to be realized. In assessing the need for the valuation allowance, management considers, among other things, projections of future taxable income and ongoing prudent and feasible tax planning strategies. If we determine that sufficient negative evidence exists (for example, if we experience cumulative three-year losses in a certain jurisdiction), then we will consider recording a valuation allowance against a portion or all of the deferred tax assets in that jurisdiction. If, after recording a valuation allowance, our projections of future taxable income and other positive evidence considered in evaluating the need for a valuation allowance prove, with the benefit of hindsight, to be inaccurate, it could prove to be more difficult to support the realization of our deferred tax assets. As a result, an additional valuation allowance could be required, which would have an adverse impact on our effective income tax rate and results. Conversely, if, after recording a valuation allowance, we determine that sufficient positive evidence exists in the jurisdiction in which the valuation allowance was recorded (for example, if we are no longer in a three-year cumulative loss position in the jurisdiction, and we expect to have future taxable income in that jurisdiction based upon our forecasts and the expected timing of deferred tax asset reversals), we may reverse a portion or all of the valuation allowance in that jurisdiction. In such situations, the adjustment made to the deferred tax asset would have a favorable impact on our effective income tax rate and results in the period such determination was made. See Note 16 for information related to income taxes, including the recorded balances of our valuation allowance related to deferred tax assets. Auction Guarantees —From time-to-time in the ordinary course of our business, we will guarantee to a consignor a minimum sale price in connection with the sale of property at auction. If the property offered under the auction guarantee sells above the minimum guaranteed price, we are generally entitled to a share of the excess proceeds. In the event that the property sells for less than the minimum guaranteed price, we must perform under the auction guarantee by funding the difference between the sale price at auction and the amount of the auction guarantee. If any item of property offered under the auction guarantee does not sell, the amount of the auction guarantee must be paid, but we take ownership of the unsold property and may recover the amount paid through its future sale. In situations when an item of guaranteed property does not sell and we take ownership of the property, it is recorded as Inventory on our Consolidated Balance Sheets at the lower of its cost (i.e., the amount paid under the auction guarantee) or our estimate of the property's net realizable value (i.e., the expected sale price upon its eventual disposition). The estimated fair value of our obligation to perform under our auction guarantees is recorded on our Consolidated Balance Sheets within Accounts Payable and Accrued Liabilities. This estimated fair value is based on an analysis of historical loss experience related to auction guarantees and does not include the impact of risk-sharing arrangements that may have mitigated all or a portion of any historical losses. See Note 19 for information related to auction guarantees and any associated risk-sharing arrangements. Financial Instruments —Our material financial instruments include: (i) Cash and Cash Equivalents; (ii) Restricted Cash; (iii) Notes Receivable; (iv) credit facility borrowings; (v) long-term debt, including the mortgage on our headquarters building in New York; and (vi) various derivative financial instruments. The carrying amounts of Cash and Cash Equivalents, Restricted Cash, Notes Receivable, the mortgage on our headquarters building in New York, and credit facility borrowings do not materially differ from their estimated fair values due to their nature and the variable interest rates associated with each of these financial instruments. See Notes 9 for fair value information related to other long-term debt and Note 10 for fair value information related to derivative financial instruments. Revenue Recognition (Agency Commissions and Fees) —Through our Agency segment, we accept property on consignment, stimulate buyer interest through professional marketing techniques, and match sellers (also known as consignors) to buyers through the auction or private sale process. Prior to offering a work of art for sale, we perform due diligence activities to authenticate and determine the ownership history of the property being sold. The revenue recognition policy for each of the principal components of Agency Commissions and Fees is described below. (1) Auction Commission Revenues —In our role as auctioneer, we accept property on consignment and match sellers to buyers through the auction process. As compensation for our auction services, we earn a commission from both the buyer ("buyer's premium") and, to a lesser extent, the seller ("seller's commission") (collectively, "auction commission revenue"), both of which are calculated as a percentage of the hammer price of the property sold at auction. On the fall of the auctioneer's hammer, the highest bidder becomes legally obligated to pay the full purchase price, which includes the hammer price of the property purchased plus the buyer's premium, and the seller is legally obligated to relinquish the property in exchange for the hammer price less any seller's commissions. Auction commission revenue is recognized on the date of the auction sale upon the fall of the auctioneer's hammer, which is the point in time when we have substantially accomplished what we must do to be entitled to the benefits represented by the auction commission revenue. Subsequent to the date of the auction sale, our remaining obligations for our auction services relate only to the collection of the purchase price from the buyer and the remittance of the net sale proceeds to the seller. These remaining service obligations are not an essential part of our auction services. Under the standard terms and conditions of our auction sales, we are 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. We continually evaluate the collectability of amounts due from individual buyers and only recognize auction commission revenue when the collection of the amount due from the buyer is reasonably assured. If we determine that it is probable that the buyer will default, a cancelled sale is recorded in the period in which that determination is made and the associated Accounts Receivable balance, including our auction commission, is reversed. Our judgments regarding the collectability of Accounts Receivable are based on an assessment of the buyer's payment history, discussions with the buyer, and the value of any property held as security against the buyer's payment obligation. Our judgments with respect to the collectability of amounts due from buyers for auction purchases may prove, with the benefit of hindsight, to be incorrect. Historically, cancelled sales have not been material in relation to the aggregate hammer price of property sold at auction. Auction commission revenues are recorded net of commissions owed to third parties, which are principally the result of situations when the buyer's premium is shared with the consignor or with the counterparty in an auction guarantee risk and reward sharing arrangement (see Note 19 ). Additionally, in certain situations, auction commissions are shared with third parties who introduce us to auction consignors or otherwise facilitate the sale of property at auction. (2) Private Sale Commission Revenues —Private sale commission revenues are earned through the direct brokering of purchases and sales of art. Similar to auction sales, the primary service that we provide in a private sale transaction is the matching of the seller to a buyer in a legally binding transaction. Private sales are initiated either by a client wishing to sell property with Sotheby's acting as its exclusive agent in the transaction or a prospective buyer who is interested in purchasing a certain work of art privately. Such arrangements are evidenced by a legally binding agreement between Sotheby's and the seller (a "Seller Agreement"), which outlines the terms of the arrangement, including the desired sale price and the amount or rate of commission to be earned. In certain situations, we may also execute a legally binding agreement with the buyer stipulating the terms of the transaction (a "Buyer Agreement"). The timing of revenue recognition for private sale commissions is evaluated on a case-by-case basis, and in large part, is dependent upon whether a Buyer Agreement has been executed. Additionally, a careful analysis of the individual facts and circumstances is performed for each transaction to fully understand our obligations and performance requirements related to the transaction. In transactions with a Buyer Agreement, our services are performed on the date that the Buyer Agreement is executed. At this point, any remaining service obligations are considered to be inconsequential and perfunctory. Such remaining service obligations normally relate only to the collection of the purchase price from the buyer and the remittance of the net sale proceeds to the seller. These remaining service obligations are not an essential part of the services that we provide in a private sale transaction. In the absence of an executed Buyer Agreement, revenue recognition is deferred until we have performed our substantive service obligations in the transaction and the buyer has paid the full purchase price thereby evidencing the terms of the arrangement. Private sale commission revenues are recorded net of commissions owed to third parties. In certain situations, commissions are shared with third parties who introduce us to consignors who sell property through a private sale transaction. (3) Other Agency Commissions and Fees (Net) —Included in Other Agency Commissions and Fees is our share of overage or shortfall related to guaranteed property offered or sold at auction. The overage or shortfall related to guaranteed property is generally recognized in the period in which the property is offered at auction. However, a shortfall is recognized prior to the date of the auction if we determine that a loss related to an auction guarantee is probable. In such situations, we estimate the amount of the loss based on the difference between the amount of the auction guarantee and the expected selling price of the property, including buyer's premium. Also included in Other Agency Commissions and Fees (Net) are commissions and fees earned on sales of art brokered by third parties, fees charged to consignors for property withdrawn prior to auction, and catalogue subscription and advertising revenues. These revenues are recognized in our Consolidated Income Statements when the underlying event occurs or over the period during which we provide the service to our customer. Revenue Recognition (Inventory Sales) —Inventory sales are recognized in the period in which the sale is completed, title to the property passes to the purchaser, and we have fulfilled any other obligations that may be relevant to the transaction, including, but not limited to, delivery of the property. In instances when Inventory is sold at auction, the associated buyer's premium is recorded within Inventory Sales. The carrying value of Inventory sold during a period is recorded within Cost of Inventory Sales. Revenue Recognition (Finance Revenues) —Finance revenues consist principally of interest income earned on Notes Receivable. Such interest income is recognized when earned, based on the amount of the outstanding loan, the applicable interest rate on the loan, and the length of time the loan is outstanding during the period. A non-accrual loan is a loan for which future Finance revenue is not recorded due to our 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 we become aware of other circumstances that indicate that it is probable that the borrower will make future interest payments on the loan. See Note 4 for information related to Notes Receivable. Revenue Recognition (Advisory Revenues) —Advisory revenues consist of fees earned from providing art-related advice to certain clients, including strategic guidance on collection identity and development, acquisitions, and short and long-term planning. These arrangements are typically evidenced by a legally binding written agreement between us and the client, which outlines the nature of the services to be provided and the amount of fees to be earned. Our advisory services are also sometimes provided on the basis of a verbal agreement with the client. For arrangements with written agreements, advisory revenues are recognized ratably on a straight-line basis over the term of the agreement, provided collectability is reasonably assured. Advisory service arrangements are typically one year in duration. In the absence of a written advisory agreement, revenue recognition is deferred until we have performed our substantive service obligations and the client has made payment for those services thereby evidencing the terms of the arrangement. Advisory revenues are reflected within Other Revenues in our Consolidated Income Statements. Sales, Use and Value-Added Taxes —Sales, use and value-added taxes assessed by governmental authorities that are both imposed on and concurrent with revenue-producing transactions between us and our clients are reported on a net basis within revenues. Agency Direct Costs —A large portion of Agency Direct Costs relate to sale marketing expenses such as catalogue production and distribution, advertising and promotion costs, and traveling exhibition costs. Such costs are deferred and recorded on our Consolidated Balance Sheets within Prepaid Expenses and Other Current Assets until the date of the sale when they are recognized in our Consolidated Income Statements. Cost of Finance Revenues —The Cost of Finance Revenues includes costs related to revolving credit facility borrowings that are used to fund client loans, including interest expense, commitment fees, and the amortization of amendment and arrangement fees. See Note 9 for information related to our revolving credit facility. Share-Based Payments —We grant share-based payment awards as compensation to certain employees. The amount of compensation expense recognized for share-based payments is based, in part, on our estimate of the number of shares ultimately expected to vest as a result of employee service. For share-based payment awards that vest annually over a multi-year period of service, compensation expense is amortized over the requisite service period according to a graded vesting schedule. For share-based payment awards that vest at the end of a service period, compensation expense is amortized on a straight-line basis over the requisite service period. A substantial portion of the share-based payment awards vest only if we achieve established profitability targets (for awards granted prior to 2016) or certain return on invested capital targets (for awards granted beginning in 2016). The amount of compensation expense recognized for such performance-based awards is dependent upon our quarterly assessment of the likelihood of achieving these targets. Accordingly, if our projections of future performance against these targets prove, with the benefit of hindsight, to be inaccurate, the amount of life-to-date and future compensation expense related to share-based payments could significantly increase or decrease. In 2015, we granted a share-based payment award to Thomas S. Smith, Jr., our President and CEO, with a single vesting opportunity after a five -year service period contingent upon the achievement of pre-determined levels of appreciation related to our common stock. The compensation expense recognized for this share-based payment is based on our estimate of the grant date fair value of the award. In developing this estimate, we considered then-current market conditions, historical data, and any other relevant data. Dividend equivalents related to share-based payments to employees are charged to Retained Earnings. See Note 21 for information related to share-based payments. Use of Estimates —The preparation of financial statements in conformity with U.S. GAAP requir

Segment Reporting

Segment Reporting	12 Months Ended
	Dec. 31, 2016
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting Sotheby's is a global art business, offering our clients opportunities to connect with and transact in the world's most extraordinary objects. Auctioneers since 1744, today we offer a variety of innovative art-related services, including the brokerage of private art sales, private jewelry sales through Sotheby's Diamonds, exclusive private selling exhibitions at our S|2 galleries, art-related financing, and art advisory services, as well as retail wine locations in New York and Hong Kong. Our 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"). Through our Agency segment, we accept property on consignment, stimulate buyer interest through professional marketing techniques, and match sellers (also known as consignors) to buyers through the auction or private sale process. Prior to offering a work of art for sale, we perform due diligence activities to authenticate and determine the ownership history of the property being sold. 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 (see Note 5 ). The Agency segment is an aggregation of the auction, private sale, and other related activities conducted by our operating segments in the Americas, Europe, and Asia, which have similar economic characteristics and are similar in their services, customers, and the manner in which their services are provided. SFS is an art financing company that is uniquely positioned as a niche lender with the ability to tailor attractive financing packages for clients who wish to obtain immediate access to liquidity from their art assets. SFS deploys a unique combination of art expertise, skill in international law and finance, and access to capital to provide art collectors and dealers with financing secured by their works of art, allowing them to unlock the value in their collections. (See Note 4 ). Art Agency Partners (“AAP”), through which we offer art advisory services, provides clients strategic guidance on collection identity and development, acquisitions, and short and long-term planning. AAP was acquired on January 11, 2016 (see Note 3). Our advisory services are classified within All Other for segment reporting purposes, along with our retail wine business, brand licensing activities, the activities of Acquavella Modern Art ("AMA"), an equity investee (see Note 5 ), and sales of the remaining inventory of Noortman Master Paintings, an art dealer that was owned and operated by us from its acquisition in 2006 until its closure in December 2013. The accounting policies of our segments are the same as those described in Note 1 . For auction commissions, revenues are attributed to geographic areas based on the location of the auction. For private sale commissions, revenues are attributed to geographic areas based on the location of the entities which significantly contributed to the completion of the sale. For inventory activities, revenues are attributed to geographic areas based on the location of the entity that holds legal title to the property sold. SFS revenues are attributed to geographic areas based on the location of the entity that originated the loan. Revenues attributable to our advisory business are earned entirely in the U.S. The following table presents our segment information for the years ended December 31, 2016 , 2015 , and 2014 (in thousands of dollars): Year ended December 31, 2016 Agency SFS All Other Reconciling items Total Revenues $ 726,662 $ 61,234 $ 25,999 $ (8,518 ) (a) $ 805,377 Interest income $ 1,294 $ — $ — $ — $ 1,294 Interest expense $ 30,310 $ — $ — $ — $ 30,310 Depreciation and amortization $ 21,081 $ 119 $ 617 $ — $ 21,817 Segment income (loss) before taxes $ 64,571 (c) $ 35,907 $ (482 ) (c) $ (3,262 ) (b) $ 96,734 Year ended December 31, 2015 Revenues $ 892,030 $ 65,248 $ 18,975 $ (14,759 ) (a) $ 961,494 Interest income $ 1,773 $ 3 $ — $ — $ 1,776 Interest expense $ 32,745 $ — $ — $ — $ 32,745 Depreciation and amortization $ 19,233 $ 124 $ 124 $ — $ 19,481 Segment income before taxes $ 139,942 $ 41,303 $ 10,864 $ (22,810 ) (b) $ 169,299 Year ended December 31, 2014 Revenues $ 885,293 $ 47,290 $ 19,747 $ (14,277 ) (a) $ 938,053 Interest income $ 1,857 $ 18 $ 8 $ — $ 1,883 Interest expense $ 35,189 $ — $ — $ — $ 35,189 Depreciation and amortization $ 20,110 $ 130 $ 335 $ — $ 20,575 Segment income before taxes $ 182,763 $ 31,763 (b) $ 7,424 $ (28,929 ) (b) $ 193,021 (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 income before taxes are detailed in the table below. (c) Agency segment income before taxes for the year ended December 31, 2016 includes $23.9 million of compensation expense related to an earn-out arrangement with the former principals of AAP. All Other (loss) income before taxes for the year ended December 31, 2016 includes $11.1 million of compensation expense related to this earn-out arrangement. See Note 3 . The table below details the unallocated amounts and reconciling items related to segment income (loss) before taxes and provides a reconciliation of segment income (loss) before taxes to consolidated income before taxes for the years ended December 31, 2016 , 2015 , and 2014 (in thousands of dollars): 2016 2015 2014 Agency $ 64,571 $ 139,942 $ 182,763 SFS 35,907 41,303 31,763 All Other (482 ) 10,864 7,424 Segment income before taxes 99,996 192,109 221,950 Unallocated amounts and reconciling items: Leadership transition severance costs (a) — (13,251 ) — CEO separation and transition costs (see Note 23) — (4,232 ) (7,591 ) Special charges (net) (see Note 25) — — (20,008 ) Equity in earnings of investees (b): RM Sotheby's (1,967 ) (2,519 ) — Acquavella Modern Art (1,295 ) (2,808 ) (1,330 ) Total equity in earnings of investees (3,262 ) (5,327 ) (1,330 ) Income before taxes $ 96,734 $ 169,299 $ 193,021 (a) In 2015, in conjunction with our leadership transition, we incurred severance costs of $13.3 million associated with the termination of certain executive officers, including our former Chief Financial Officer and former Chief Operating Officer. (b) For segment reporting purposes, our share of earnings related to equity investees is included as part of income before taxes. However, such earnings are reported separately below income before taxes in our Consolidated Income Statements. For the periods presented, Agency segment results include equity earnings related to RM Sotheby's and All Other includes equity earnings related to Acquavella Modern Art. See Note 5 for information related to our equity method investments. The table below presents geographic information about our revenues for the years ended December 31, 2016 , 2015 , and 2014 for all countries which exceeded 5% of total revenues (in thousands of dollars): 2016 2015 2014 United States $ 367,200 $ 463,129 $ 402,385 United Kingdom 193,721 257,336 271,505 Hong Kong and China 145,885 146,262 165,066 Switzerland 50,003 50,134 46,226 France 42,980 41,803 48,032 Other countries 14,106 17,589 19,116 Reconciling item: Intercompany revenue (8,518 ) (14,759 ) (14,277 ) Total $ 805,377 $ 961,494 $ 938,053 The table below presents segment assets, as well as a reconciliation of segment assets to consolidated assets as of December 31, 2016 , 2015 , and 2014 (in thousands of dollars): December 31, 2016 2015 2014 Agency $ 1,759,670 $ 2,499,441 $ 2,386,739 SFS 687,649 721,781 658,710 All Other 42,246 25,178 29,067 Total segment assets 2,489,565 3,246,400 3,074,516 Unallocated amounts: Deferred tax assets and income tax receivable 14,861 16,913 55,280 Consolidated assets $ 2,504,426 $ 3,263,313 $ 3,129,796 Substantially all of our capital expenditures for the years ended December 31, 2016 , 2015 , and 2014 were attributable to the Agency segment. See Note 1 for information regarding the retrospective adoption of an accounting standard in 2016 that requires unamortized debt issuance costs to be included as a direct deduction from the related debt liability on the balance sheet. Prior period balances in this table have been adjusted to conform to this new presentation.

Acquisition of Art Agency, Part

Acquisition of Art Agency, Partners	12 Months Ended
	Dec. 31, 2016
Business Combinations [Abstract]
Acquisition of Art Agency, Partners	Acquisition of Art Agency, Partners On January 11, 2016, we acquired Art Agency, Partners, a firm that provides a range of art-related services, in exchange for initial cash consideration of $50 million and potential future earn-out payments of up to $35 million , as discussed in more detail below. The purpose of this acquisition is to grow auction and private sale revenues by enhancing our relationships with art collectors and by improving our position in the fine art market, particularly in Impressionist, Modern and Contemporary Art. Also, as a result of this acquisition, we have added a new revenue stream by integrating AAP's existing art advisory business, providing a new avenue for growth. The purchase agreement governing the acquisition of AAP includes non-competition and non-solicitation covenants that continue in effect until January 2021. In connection with this acquisition, each of the former principals of AAP also entered into a five -year employment agreement that extends through January 2021. Each employment agreement also includes non-competition and non-solicitation covenants that continue in effect for 12 months following the end of employment. As indicated above, in connection with the acquisition of AAP, we agreed to make future earn-out payments to the former principals of AAP not to exceed $35 million in the aggregate, contingent on the achievement of a level of cumulative financial performance within the Impressionist, Modern and Contemporary Art collecting categories, as well as from AAP's art advisory business. Progress against the cumulative financial target (the "Target") is measured at the end of each calendar year during the four -year performance period following the acquisition, after adjusting the Target to reflect the annual growth or contraction of the auction market for Impressionist, Modern and Contemporary Art, when compared to the year ended December 31, 2015. Payments made pursuant to the earn-out arrangement are deemed to be compensation for accounting purposes and are expensed to Salaries and Related Costs in our Consolidated Income Statements on a pro-rata basis over the periods during which the Target is met. For the year ended December 31, 2016, we recognized $35 million of compensation expense associated with the AAP earn-out arrangement based on our assessment of performance against the Target during the initial annual period. This amount includes charges of $17.2 million and $13.4 million recorded in the third and fourth quarters of 2016, respectively, following our reassessments of progress against the Target based on forecasted and actual results for the autumn sales season. The achievement of the entire $35 million earn-out reflects our improved market share in the Contemporary Art collecting category, as well as an improvement in auction commission margins. The $35 million owed under the earn-out arrangement will be paid in four annual increments of $8.75 million in the first quarter of each year beginning in 2017 and through 2020. The portion of the accrued liability due in the first quarter of 2017 ( $8.75 million ) is recorded within Accrued Salaries and Related Costs on our Consolidated Balance Sheets. The remaining liability ( $26.25 million ) is recorded within Other Long-Term Liabilities. See Note 12. The table below summarizes the allocation of the total purchase price paid for AAP to the assets acquired and liabilities assumed (in thousands of dollars): Purchase price: Initial cash consideration $ 50,000 Working capital adjustment 1,189 Total purchase price $ 51,189 Allocation of purchase price: Net working capital acquired $ 1,572 Fixed assets and other long-term assets 173 Goodwill 34,490 Intangible assets - customer relationships (see Note 7) 10,800 Intangible assets - non-compete agreements (see Note 7) 3,060 Deferred tax assets 1,094 Total purchase price $ 51,189 Upon completion of the purchase price allocation, $28.3 million of the resulting goodwill was allocated to the Agency segment and $6.2 million was allocated to the acquired art advisory business, which is reported within All Other for segment reporting purposes. The goodwill is tax deductible over a period of 15 years. See Note 7 for additional information related to goodwill and intangible assets. We incurred $0.8 million of transaction costs in connection with the acquisition of AAP, which were recognized within General and Administrative Expenses in our Consolidated Income Statements in the fourth quarter of 2015 ( $0.6 million ) and the first quarter of 2016 ( $0.2 million ). 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 pro-forma 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.

Receivables

Receivables	12 Months Ended
	Dec. 31, 2016
Accounts and Notes Receivable, Net [Abstract]
Receivables	Receivables Accounts Receivable (Net) —Through our Agency segment, we accept property on consignment and match sellers, also known as consignors, to buyers through the auction or private sale process. Following an auction or private sale, we invoice the buyer for the purchase price of the property (including any commissions owed by the buyer), collect payment from the buyer, and remit to the consignor the net sale proceeds after deducting our commissions, expenses and applicable taxes and royalties. Under our standard auction payment terms, the purchase price is due from the buyer no more than 30 days after the sale date, with the net proceeds due to the consignor 35 days after the sale date. For private sales, payment from the buyer is typically due on the sale date, with the net sale proceeds due to the consignor shortly thereafter. We also sometimes provide extended payment terms to an auction or private sale buyer. For auctions, the extent to which extended payment terms are provided 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, we attempt to match the timing of cash receipt from the buyer with the timing of our payment to the consignor, but are not always successful in doing so. All extended payment term arrangements are approved by management under our internal corporate governance policy. In the limited circumstances when the buyer's payment due date is extended to a date that is beyond one year from the sale date, if the consignor does not provide matched payment terms (i.e., we pay the consignor before receiving payment from the buyer), the receivable balance is reclassified from Accounts Receivable to Notes Receivable on our Consolidated Balance Sheets. As of December 31, 2016 and 2015 , Notes Receivable within the Agency segment included $7.5 million and $24.3 million , respectively, of such balances that have been reclassified from Accounts Receivable. See discussion of Agency segment Notes Receivable below. Under the standard terms and conditions of our auction and private sales, we are 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 one of our future auctions or negotiate a private sale with us acting as their agent. In certain instances, and subject to management approval under our internal corporate governance policy, we may pay the net sale proceeds to the consignor before payment is collected from the buyer and/or we may allow the buyer to take possession of the property before making payment. In situations when the buyer takes possession of the property before making payment, we are liable to the seller for the net sales proceeds whether or not the buyer makes payment. As of December 31, 2016 and 2015 , Accounts Receivable (net) included $90.1 million and $165.2 million , respectively, related to situations when we paid the consignor all or a portion of the net sales proceeds before payment was collected from the buyer. As of December 31, 2016 and 2015 , Accounts Receivable (net) also included $76.3 million and $93.1 million , respectively, related to situations when we allowed the buyer to take possession of the property before making payment. Notes Receivable (Sotheby's Financial Services) —SFS makes term loans secured by artworks that are not presently intended for sale, allowing us to establish or enhance mutually beneficial relationships with art collectors. Term loans may also generate future auction or private sale consignments and/or purchases. In certain situations, term loans are made to refinance receivables generated by the auction and private sale purchases of our clients. Term loans normally have initial maturities of up to two years and typically carry a variable market rate of interest. To a much lesser extent, SFS also makes consignor advances secured by artworks that are contractually committed, in the near term, to be offered for sale through our Agency segment. Consignor advances allow sellers to receive funds upon consignment for an auction or private sale that will occur up to one year in the future and normally have short-term maturities. The lending activities of SFS are predominantly funded with borrowings drawn from a dedicated revolving credit facility. To a lesser extent, cash balances are also used to fund a portion of the loans made by SFS, as appropriate. See Note 9 for information related to the dedicated revolving credit facility for SFS. As of December 31, 2016 and 2015 , the net Notes Receivable balance of SFS includes $88.7 million and $108.8 million , respectively, of term loans issued by SFS to refinance client auction and private sale purchases. For the years ended December 31, 2016 and 2015 , SFS issued $13.3 million and $50.2 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 our Consolidated Statements of Cash Flows. Upon repayment, the cash received in settlement of such Notes Receivable is classified within Operating Activities in our Consolidated Statements of Cash Flows. For the years ended December 31, 2016 and 2015 , such repayments totaled $33.4 million and $31.8 million , respectively. The repayment 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, our ability to realize on our collateral may be limited or delayed. We aim to mitigate the risk associated with a potential devaluation in our collateral by targeting a 50% loan-to-value ("LTV") ratio (i.e., the principal loan amount divided by the low auction estimate of the collateral). However, loans may also be made with LTV ratios between 51% and 60% , and in rare circumstances, loans may be made at an initial LTV ratio higher than 60% . The SFS Credit Facility permits borrowings up to 85% of the portion of any loan that does not exceed a 60% LTV ratio. The LTV ratio of certain loans may increase above our 50% target due to a decrease in the low auction estimate of the collateral. The revaluation of term loan collateral is performed by our specialists on an annual basis or more frequently if there is a material change in the circumstances related to the loan, the value of the collateral, the disposal plans for the collateral, or if an event of default occurs. We believe that the LTV ratio is the 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 December 31, 2016 and 2015 (in thousands of dollars): December 31, 2016 2015 Secured loans $ 675,109 $ 682,258 Low auction estimate of collateral $ 1,405,856 $ 1,380,022 Aggregate LTV ratio 48 % 49 % The table below provides the aggregate LTV ratio for secured loans made by SFS with an LTV above 50% as of December 31, 2016 and 2015 (in thousands of dollars): December 31, 2016 2015 Secured loans with an LTV ratio above 50% $ 270,111 $ 354,049 Low auction estimate of collateral related to secured loans with an LTV above 50% $ 486,973 $ 626,829 Aggregate LTV ratio of secured loans with an LTV above 50% 55 % 56 % The table below provides other credit quality information regarding secured loans made by SFS as of December 31, 2016 and 2015 (in thousands of dollars): December 31, 2016 2015 Total secured loans $ 675,109 $ 682,258 Loans past due $ 90,508 $ 11,819 Loans more than 90 days past due $ 158 $ 7,828 Non-accrual loans $ 158 $ — Impaired loans $ — $ — Allowance for credit losses: Allowance for credit losses for impaired loans $ — $ — Allowance for credit losses based on historical data 1,270 1,458 Total allowance for credit losses - secured loans $ 1,270 $ 1,458 We consider a loan to be past due when principal payments are not paid in accordance with the stated terms of the loan. As of December 31, 2016 , $90.5 million of the Notes Receivable (net) balance was past due, of which $0.2 million was more than 90 days past due. The collateral securing these loans has a low auction estimate of approximately $161 million resulting in an LTV ratio of approximately 56% . We are continuing to accrue interest on virtually all past due loans. In consideration of payments received to-date in the first quarter of 2017 , the collateral value related to these loans, and current collateral disposal plans, we believe 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 our 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 we become aware of other circumstances that indicate that it is probable that the borrower will make future interest payments on the loan. As of December 31, 2016 there were $0.2 million of non-accrual loans outstanding. As of December 31, 2015 , there were no non-accrual loans outstanding. A loan is considered to be impaired when we determine that it is probable that a portion of the principal and interest owed by the borrower will not be recovered after taking into account the estimated realizable value of the collateral securing the loan, as well as the ability of the borrower to repay any shortfall between the value of the collateral and the amount of the loan. If a loan is considered to be impaired, Finance Revenue is no longer recognized and bad debt expense is recorded for any principal or accrued interest that is deemed uncollectible. As of December 31, 2016 and 2015 , there were no impaired loans outstanding. For the years ended December 31, 2016 and 2015, activity related to the Allowance for Credit Losses was as follows (in thousands of dollars): Balance as of January 1, 2015 $ 1,166 Change in loan loss provision 292 Balance as of December 31, 2015 1,458 Change in loan loss provision (188 ) Balance as of December 31, 2016 $ 1,270 As of December 31, 2016 , unfunded commitments to extend additional credit through SFS were approximately $14.7 million . Notes Receivable (Agency Segment) —We are obligated under the terms of certain auction guarantees to advance a portion of the guaranteed amount prior to the auction. Such auction guarantee advances are recorded on our Consolidated Balance Sheets within Notes Receivable (net). As of December 31, 2016, there were $1 million in auction guarantee advances outstanding. As of December 31, 2015, there were no auction guarantee advances outstanding. See Note 19 for information related to auction guarantees. As discussed above, 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 matched payment terms, the receivable balance is reclassified from Accounts Receivable (net) to Notes Receivable (net) on our Consolidated Balance Sheets. As of December 31, 2016 , Notes Receivable (net) within the Agency segment included $7.5 million of such amounts reclassified from Accounts Receivable (net), against which we hold $3.1 million of collateral. As of December 31, 2015 , Notes Receivable within the Agency segment included $24.3 million of such loans, against which we held $7.2 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 as the funding of Notes Receivable within Investing Activities in our Consolidated Statements of Cash Flows. Upon repayment, the cash received in settlement of such Notes Receivable is classified within Operating Activities in our Consolidated Statements of Cash Flows. For the year ended December 31, 2016, such repayments totaled $16.3 million . Under certain circumstances, we provide loans to certain art dealers to finance the purchase of works of art. In these situations, we acquire 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 December 31, 2016 and 2015 , such unsecured loans totaled $3.8 million and $4.2 million , respectively. We are 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, we sold our interest in an equity method investee for $4.3 million . The sale price was funded by an upfront cash payment 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 December 31, 2016 and 2015 , the carrying value of this loan was $2.1 million and $2.4 million , respectively.

Equity Method Investments

Equity Method Investments	12 Months Ended
	Dec. 31, 2016
Equity Method Investment, Summarized Financial Information [Abstract]
Equity Method Investments	Equity Method Investments Acquavella Modern Art— On May 23, 1990, we purchased the common stock of the Pierre Matisse Gallery Corporation ("Matisse") for approximately $153 million . The assets of Matisse consisted of a collection of fine art (the "Matisse Inventory"). Upon consummation of the purchase, we entered into an agreement with Acquavella Contemporary Art, Inc. ("ACA") to form AMA, a partnership through which the Matisse Inventory would be sold. We contributed the Matisse Inventory to AMA in exchange for a 50% interest in the partnership. Although the original term of the AMA partnership agreement was for ten years and was due to expire in 2000, it has been renewed on an annual basis since then. Pursuant to the AMA partnership agreement, upon the death of the majority shareholder of ACA, the successors-in-interest to ACA have the right, but not the obligation, to require us to purchase their interest in AMA at a price equal to the fair market value of such interest. The fair market value shall be determined pursuant to a process and a formula set forth in the partnership agreement that includes an appraisal of the works of art held by AMA at such time. Upon dissolution of AMA, if we and ACA elect not to liquidate the property and assets of AMA, any assets remaining after the payment of expenses and any other liabilities of AMA will be distributed to us and AMA as tenants-in-common or in some other reasonable manner. The net assets of AMA consist almost entirely of the Matisse Inventory. As of December 31, 2016 and 2015 , the carrying value of the Matisse Inventory was $39 million and $41.4 million , respectively. As of December 31, 2016 and 2015 , the carrying value of our investment in AMA was $7.9 million and $8.5 million , respectively. For the years ended December 31, 2016, 2015, and 2014, our results include $1.3 million , $2.8 million , and $0.7 million , respectively, of equity earnings related to AMA. From time-to-time, we transact with the principal shareholder of ACA in the normal course of our business. RM Sotheby's— On February 18, 2015, we acquired a 25% ownership interest in RM Auctions, an auction house for investment-quality automobiles, for $30.7 million . Following our investment, RM Auctions is now known as RM Sotheby's. In addition to the initial 25% ownership interest, we have governance participation and a comprehensive partnership agreement to work together to drive growth in the business. Over time, we will have opportunities to increase our ownership stake as the partnership evolves and grows. As of December 31, 2016 and 2015 , the carrying value of our investment in RM Sotheby's was $35.3 million and $33.2 million , respectively. For the years ended December 31, 2016 and 2015, our results include $2 million and $2.5 million , respectively, of equity earnings related to RM Sotheby's.

Fixed Assets

Fixed Assets	12 Months Ended
	Dec. 31, 2016
Property, Plant and Equipment [Abstract]
Fixed Assets	Fixed Assets As of December 31, 2016 and 2015 , Fixed Assets consisted of the following (in thousands of dollars): December 31, 2016 2015 Land $ 92,155 $ 93,078 Buildings and building improvements 230,803 226,530 Leasehold improvements 72,969 82,011 Computer hardware and software 74,744 73,728 Furniture, fixtures and equipment 76,829 78,529 Construction in progress 3,621 2,090 Other 5,257 2,015 Sub-total 556,378 557,981 Less: Accumulated depreciation and amortization (209,196 ) (203,487 ) Total Fixed Assets, net $ 347,182 $ 354,494 For the years ended December 31, 2016 , 2015 , and 2014 , Depreciation and Amortization related to Fixed Assets was $19.9 million , $19.5 million , and $20.6 million , respectively.

Goodwill and Intangible Assets

Goodwill and Intangible Assets	12 Months Ended
	Dec. 31, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	Goodwill and Intangible Assets Goodwill —As of January 1, 2015, all goodwill was attributable to the Agency segment. As discussed in Note 3, on January 11, 2016, we acquired AAP, a firm that provides a range of art-related services. Upon completion of the related purchase price allocation, $28.3 million of the resulting goodwill was allocated to the Agency segment and $6.2 million was allocated to the acquired art advisory business, which is reported within All Other for segment reporting purposes. For the years ended December 31, 2016 and 2015, changes in the carrying value of Goodwill were as follows (in thousands of dollars): Year ended December 31, 2016 Year ended December 31, 2015 Agency All Other Total Agency All Other Total Beginning balance $ 13,621 $ — $ 13,621 $ 14,017 $ — $ 14,017 Goodwill acquired: AAP (see Note 3) 28,339 6,151 34,490 — — — Orion Analytical (a) 2,445 — 2,445 — — — Foreign currency exchange rate changes (527 ) — (527 ) (396 ) — (396 ) Ending balance $ 43,878 $ 6,151 $ 50,029 $ 13,621 $ — $ 13,621 (a) On November 30, 2016, we acquired Orion Analytical, a materials analysis and consulting firm that utilizes state-of-the-art technical and scientific methods in the examination of art, cultural property, wine and other objects. With this acquisition, we have established a scientific research department that complements our existing world-class expertise and provenance research capabilities. Intangible Assets —As of December 31, 2016 and 2015, intangible assets consisted of the following (in thousands of dollars): Amortization Period December 31, 2016 December 31, 2015 Indefinite lived intangible assets: License (a) N/A $ 324 $ 324 Intangible assets subject to amortization: Customer relationships - AAP (see Note 3) 8 years 10,800 — Non-compete agreements - AAP (see Note 3) 6 years 3,060 — Artworks database (b) 10 years 1,125 — Total intangible assets subject to amortization 14,985 — Accumulated amortization (1,916 ) — Total amortizable intangible assets (net) 13,069 — Total intangible assets (net) $ 13,393 $ 324 (a) Relates to a license obtained in conjunction with the purchase of a retail wine business in 2008. (b) Relates to a database containing historic information concerning repeat sales of works of art. This database was acquired in the third quarter of 2016. For the year ended December 31, 2016 , amortization expense related to intangible assets was approximately $1.9 million . No such amortization expense was recorded in 2015 and 2014. The estimated aggregate amortization expense for the remaining useful lives of intangible assets subject to amortization during the five -year period succeeding the December 31, 2016 balance sheet date are as follows (in thousands of dollars): Period Amount 2017 $ 1,972 2018 $ 1,972 2019 $ 1,972 2020 $ 1,972 2021 $ 1,972

Pension Arrangements

Pension Arrangements	12 Months Ended
	Dec. 31, 2016
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract]
Pension Arrangements	Pension Arrangements Retirement Savings Plan —We sponsor a qualified defined contribution plan for our employees in the U.S. (the "Retirement Savings Plan"). Participants in the Retirement Savings Plan may elect to contribute between 2% and 50% of their eligible compensation, on a pre-tax or after-tax Roth basis. We may match participant savings with a contribution of up to 3% of eligible compensation. We may also contribute an annual discretionary amount to the Retirement Savings Plan, which varies as a percentage of each participant's eligible compensation depending on our profitability. For the years ended December 31, 2016 , 2015 , and 2014 , we accrued discretionary contributions of $1.2 million , $1.3 million , and $1.3 million , respectively, related to the Retirement Savings Plan, which is equal to 2% of eligible compensation paid during those years. For the years ended December 31, 2016 , 2015 , and 2014 , total pension expense related to matching and discretionary contributions to the Retirement Savings Plan, net of forfeitures, was $2.5 million , $2.4 million , and $2.4 million , respectively. Both participant and Company contributions to the Retirement Savings Plan are subject to limitations under Internal Revenue Service ("IRS") regulations. Deferred Compensation Plan —We sponsor a non-qualified Deferred Compensation Plan (the "DCP"), which is available to certain U.S. officers for whom contributions to the Retirement Savings Plan are limited by IRS regulations. The DCP provides participants with a menu of investment crediting options that track a portfolio of various deemed investment funds. We credit participant accounts on the same basis as matching and discretionary contributions to the Retirement Savings Plan, as discussed above. For the years ended December 31, 2016 , 2015 , and 2014 , we recorded discretionary accruals of $0.3 million , $0.3 million , and $0.4 million , respectively, related to the DCP, which is equal to 2% of eligible compensation paid during those years. For the years ended December 31, 2016 , 2015 , and 2014 , total pension expense related to our matching and discretionary DCP accruals was $0.6 million , $0.8 million , and $0.9 million , respectively. Employee deferrals and our accrued contributions to the DCP are informally funded into a rabbi trust which provides benefit security by sheltering assets in the event of a change-in-control of Sotheby's and certain other situations. DCP liabilities are financed through the trust almost entirely by using company-owned variable life insurance ("COLI"), and, to a much lesser extent, investments in money market mutual funds. As of December 31, 2016 and 2015 , the DCP liability was $25.9 million and $39 million , respectively, and the assets held in the rabbi trust consisted of the following (in thousands of dollars): December 31, 2016 2015 Company-owned variable life insurance $ 25,114 $ 37,155 Money market mutual fund investments 1,599 688 Total $ 26,713 $ 37,843 The decrease in the DCP assets and liabilities between the two year-end reporting periods is largely due to distributions made to employees who separated from service. The COLI and money market mutual fund investments are aggregated and recorded on our Consolidated Balance Sheets within Trust Assets Related to Deferred Compensation Liability. The COLI is reflected at its cash surrender value. The money market mutual fund investments are classified as trading securities and reflected at their fair value. Changes in the fair value of the DCP liability, which result from gains and losses in deemed participant investments, are recognized in our Consolidated Income Statements within Salaries and Related Costs in the period in which they occur. Gains in deemed participant investments increase the DCP liability, as well as Salaries and Related Costs. Losses in deemed participant investments decrease the DCP liability, as well as Salaries and Related Costs. For the years ended December 31, 2016 , 2015 , and 2014 , net gains (losses) in deemed participant investments totaled $1.6 million , ($0.5) million , and $1.9 million , respectively. Gains and losses resulting from changes in the cash surrender value of the COLI and the fair value of the money market mutual fund investments, as well as related COLI expenses (primarily for insurance), are recognized in our Consolidated Income Statements below Operating Income within Other Income (Expense) in the period in which they occur. For the years ended December 31, 2016 , 2015 , and 2014 , net gains (losses) related to the COLI and the money market mutual fund investments were $0.4 million , ($2.7) million , and $0.3 million , respectively. In 2015, Other Income (Expense) also includes a $1.6 million death benefit recognized in the fourth quarter of 2015 under the COLI policy. U.K. Defined Contribution Plan —Beginning on April 1, 2004, a defined contribution plan was made available to employees in the U.K. (the "U.K. Defined Contribution Plan"). Beginning in 2015, we may also contribute an annual discretionary amount to the U.K. Defined Contribution Plan, which varies as a percentage of each participant's eligible compensation depending on our profitability. For the years ended December 31, 2016 and 2015, we accrued discretionary contributions of $0.8 million and $0.7 million , respectively, related to the U.K. Defined Contribution Plan, both of which are equal to 2% of eligible compensation paid during those years. For the years ended December 31, 2016 , 2015 , and 2014 , pension expense related to the U.K. Defined Contribution Plan was $4.3 million , $3.1 million , and $2.2 million , respectively. The increase in pension expense in 2016 is primarily attributable to additional contributions made on behalf of previously active participants in our U.K. defined benefit pension plan, who transferred into the U.K. Defined Contribution Plan after the defined benefit pension plan was closed to accrual of future service costs on April 30, 2016. See "U.K Defined Benefit Pension Plan" below. U.K. Defined Benefit Pension Plan —We sponsor 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. 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 became participants in the U.K. Defined Contribution Plan. The tables below present detailed information related to the U.K. Pension Plan, including the recognition of a $17.9 million curtailment gain in 2015 that resulted from this plan closure. Benefit Obligation, Plan Assets, and Funded Status The table below details the changes in the projected benefit obligation, plan assets, and funded status of the U.K. Pension Plan, as well as the net pension asset recognized on our Consolidated Balance Sheets, as of December 31, 2016 and 2015 (in thousands of dollars): December 31, 2016 2015 Reconciliation of benefit obligation Projected benefit obligation at beginning of year $ 326,243 $ 381,935 Service cost 1,086 4,497 Interest cost 9,817 12,923 Contributions by plan participants 232 877 Actuarial loss (gain) 64,104 (27,885 ) Curtailment gain — (17,895 ) Benefits paid (12,176 ) (10,745 ) Foreign currency exchange rate changes (61,687 ) (17,464 ) Projected benefit obligation at end of year 327,619 326,243 Reconciliation of plan assets Fair value of plan assets at beginning of year 393,102 410,928 Actual return on plan assets 73,806 9,996 Employer contributions 24,748 2,163 Contributions by plan participants 232 877 Benefits paid (12,176 ) (10,745 ) Foreign currency exchange rate changes (73,517 ) (20,117 ) Fair value of plan assets at end of year 406,195 393,102 Funded Status Net pension asset $ 78,576 $ 66,859 As of December 31, 2016 and 2015, the net pension asset of $78.6 million and $66.9 million , respectively, was recorded within Other Long-Term Assets on our Consolidated Balance Sheets (see Note 12). For the year ended December 31, 2016 , we contributed $24.7 million to the U.K. Pension Plan, including $24.2 million contributed in December 2016 in respect of the recently completed statutory triennial funding valuation of the plan. This contribution satisfied the resulting statutory funding deficit in-full. As discussed above, the U.K. Pension Plan is now closed to accrual of future service costs. Accordingly, we do not expect to pay regular contributions to the U.K. Pension Plan in 2017. As of December 31, 2016 and 2015 , the accumulated benefit obligation for the U.K. Pension Plan was $327.6 million and $325.8 million , respectively. Components of Net Pension (Benefit) Cost For the years ended December 31, 2016 , 2015 , and 2014 , the components of the net pension (benefit) cost related to the U.K. Pension Plan are as follows (in thousands of dollars): 2016 2015 2014 Service cost $ 1,086 $ 4,497 $ 4,499 Interest cost 9,817 12,923 15,633 Expected return on plan assets (17,798 ) (20,174 ) (23,166 ) Amortization of actuarial loss — 3,967 2,346 Amortization of prior service cost — 364 — Net pension (benefit) cost $ (6,895 ) $ 1,577 $ (688 ) Net (Loss) Gain Recognized in Other Comprehensive (Loss) Income The net (loss) gain related to the U.K. Pension Plan, which is recognized net of tax in Other Comprehensive (Loss) Income, is generally the result of: (i) actual results differing from previous actuarial assumptions (for example, the expected return on plan assets), (ii) changes in actuarial assumptions between balance sheet dates (for example, the discount rate), and/or (iii) curtailment gains. For the years ended December 31, 2016 , 2015 , and 2014, the net (loss) gain related to the U.K. Pension Plan was ($6.5) million , $29.4 million , and ($9.8) million , respectively. Net Loss Included in Accumulated Other Comprehensive Loss Net gains and (losses) related to the U.K. Pension Plan recognized in Other Comprehensive (Loss) Income are recorded net of tax in the Shareholders' Equity section of our Consolidated Balance Sheets within Accumulated Other Comprehensive Loss. As of December 31, 2016 and 2015 , the net loss related to the U.K. Pension Plan recorded in Accumulated Other Comprehensive Loss was ($14.2) million and ($10) million , respectively. If the amount recorded in Accumulated Other Comprehensive Loss exceeds 10% of the greater of (i) the market-related value of plan assets or (ii) the benefit obligation, that excess amount is amortized as a component of future net pension cost or benefit over the average expected future life of plan participants, which is approximately 30.8 years. The market-related value of plan assets adjusts the market value of plan assets by recognizing changes in fair value over a period of five years. It is expected that approximately $0.9 million ( $1.1 million , pre-tax) of the ($14.2) million after-tax net loss related to the U.K. Pension Plan will be recognized as a reduction of the net pension benefit anticipated for the year ended December 31, 2017. Assumptions As of and for the years ended December 31, 2016 , 2015 , and 2014 , the following assumptions were used in determining the benefit obligation and net pension (benefit) cost related to the U.K. Pension Plan: Benefit Obligation 2016 2015 Weighted average discount rate 2.7% 3.7% Weighted average rate of compensation increase —% —% Net Pension (Benefit) Cost 2016 2015 2014 Weighted average discount rate N/A 3.5% 4.4% Weighted average discount rate - service cost 3.8% 3.5% 4.4% Weighted average discount rate - interest cost 3.4% 3.5% 4.4% Weighted average rate of compensation increase 4.1% 4.1% 4.6% Weighted average expected long-term rate of return on plan assets 5.2% 5.4% 6.1% The discount rate represents the approximate weighted average rate at which the obligations of the U.K. Pension Plan could be effectively settled and is based on a yield curve for a selection of high-quality corporate bonds with maturity dates approximating the length of time remaining until individual benefit payment dates. Prior to 2016, the same discount rate was used for the service and interest cost components of the net pension (benefit) cost. In 2016, we elected to use separate discount rates for each of these components. The discount rate used for each component in 2016 contemplates a full yield curve in respect to the expected timing of the cash flows related to these components. The measurement of the benefit obligation as of December 31, 2016 and 2015 does not include an assumption for future annual compensation increases due to the closure of the U.K. Pension Plan to the accrual of future service costs, as discussed above. The expected long-term rate of return is weighted according to the composition of invested assets and is based on expected future appreciation, as well as dividend and interest yields currently available in the equity and bond markets. In particular, the expected rate of return for growth assets represents our estimate of median annualized returns by asset class. The expected rate of return on debt securities is based on interest yields currently available on long-dated U.K. government bonds and highly-rated corporate bonds. No allowance is made in the expected rate of return for potential market out-performance by fund managers. Plan Assets The investment policy for the U.K. Pension Plan is established by its Trustees in consultation with our management. The Trustees' investment objective is to maximize the return on assets while controlling the level of risk so as to ensure that sufficient assets are available to pay participants' benefits as and when they arise. In order to avoid an undue concentration of risk, a diverse spread of assets is held within the portfolio. The diversification is both within and across asset categories. Professional investment managers are provided target allocation percentages for different categories within each asset class; actual allocation percentages are permitted to fall within a reasonable range of these targets. In setting specific asset allocation targets, the Trustees take advice as required from professional investment advisors and require that the majority of the assets be realizable at short notice. In 2014, the Trustees altered the asset allocation so that approximately 60% was allocated to growth assets and approximately 40% was allocated to debt securities and cash. As a result of the closure of the U.K. Pension Plan to the accrual of future service costs in April 2016 and our $24.2 million contribution to the plan in December 2016 (both as discussed above), there has been an improvement in the funded status of the plan. Accordingly, a further change in asset allocation was implemented in February 2017, which is intended to reduce investment risk and which has resulted in an approximate allocation of 40% to growth assets and 60% to debt securities and cash. A small holding in real estate is retained and is not subject to this allocation methodology. The investment managers for the U.K. Pension Plan have full discretion in making investment decisions, subject to broad guidelines established by the Trustees. It is the Trustees' policy not to invest in the common stock of Sotheby's or any of its subsidiaries. The performance of the investment managers is benchmarked against suitable indices. The table below presents the fair value of U.K. Pension Plan assets, by investment category, as of December 31, 2016 and 2015 (in thousands of dollars): December 31, 2016 % of Total 2015 % of Total Growth assets $ 217,730 53.6 % $ 240,214 61.1 % Debt securities : Corporate 35,973 8.9 % 36,772 9.4 % Index-linked 134,972 33.2 % 112,049 28.5 % Total debt securities 170,945 42.1 % 148,821 37.9 % Real estate mutual funds 2,667 0.6 % 3,148 0.8 % Cash and cash equivalents 14,853 3.7 % 919 0.2 % Total fair value of plan assets $ 406,195 $ 393,102 The assets of the U.K. Pension Plan, which are measured at fair value, are classified and disclosed according to one of the following categories: • Level 1—Quoted prices are available in active markets for identical assets or liabilities as of the reporting date. Level 1 inputs generally provide the most reliable evidence of fair value. • Level 2—Pricing inputs are other than quoted prices in active markets, which are either directly or indirectly observable as of the reporting date, and fair value may be determined through the use of models or other valuation methodologies. • Level 3—Pricing inputs are unobservable for the asset or liability and include situations where there is little, if any, market activity for the investment. The inputs into the determination of fair value require significant management judgment or estimation. The table below provides fair value measurement information for the U.K. Pension Plan assets as of December 31, 2016 (in thousands of dollars): Fair Value Measurements Using: Total Fair Value Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Growth assets $ 217,730 $ 171,286 $ 46,444 $ — Debt securities: Corporate 35,973 — 35,973 — Index-linked 134,972 134,972 — Total debt securities 170,945 134,972 35,973 — Real estate mutual funds 2,667 — 2,667 — Cash and cash equivalents 14,853 14,853 — — Total fair value of plan assets $ 406,195 $ 321,111 $ 85,084 $ — As of December 31, 2016 , the following U.K. Pension Plan assets are classified as Level 1 fair value measurements: Growth Assets —Includes investments in publicly-traded mutual funds and other publicly-traded stocks, the fair values of which are based on exchange quoted prices in active markets. Debt Securities —Includes investments in publicly-traded bond mutual funds and other publicly-traded bonds, the fair values of which are based on exchange quoted prices in active markets. Cash and Cash Equivalents —Includes investments in cash and money market instruments that are highly liquid and for which book value approximates fair value. As of December 31, 2016 , the following U.K. Pension Plan assets are classified as Level 2 fair value measurements: Growth Assets —Includes investments in pooled funds which do not have directly observable quoted market prices, but for which the underlying value is determined by publicly-traded stocks that have directly observable exchange quoted prices in active markets. Debt Securities —Includes investments in pooled funds which do not have directly observable quoted market prices, but for which the underlying value is determined by publicly-traded bonds that have directly observable exchange quoted prices in active markets. Real Estate Mutual Funds —Includes investments in real estate mutual funds, the fair value of which are based on directly and indirectly observable real estate prices, including comparable prices. Estimated Future Benefit Payments Estimated future benefit payments related to the U.K. Pension Plan are as follows (in thousands of dollars): Year Benefit Payments 2017 $ 8,149 2018 $ 8,494 2019 $ 8,015 2020 $ 8,863 2021 $ 10,945 2022 to 2026 $ 57,567

Debt

Debt	12 Months Ended
	Dec. 31, 2016
Debt Instruments [Abstract]
Debt	Debt Revolving Credit Facility —We are party 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 the SFS business and to extend the maturity date of the Credit Agreement by one year to August 22, 2020. The Agency Credit Facility and the SFS Credit Facility are asset-based revolving credit facilities which may be used primarily for the working capital and other general corporate needs of each segment, including for the funding of SFS loans. The Credit Agreement allows the proceeds from borrowings under each of the revolving credit facilities to be transferred 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"). In July 2016, the Credit Agreement was amended to extend the maturity date of the Incremental Facility by one year to August 22, 2017. This maturity date 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 foreign currency borrowings, with up to $50 million available for foreign currency borrowings under the Agency Credit Facility and up to $350 million available for foreign currency borrowings under the SFS Credit Facility. The Credit Agreement also includes an accordion feature, which allows us to seek an increase to the 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 us to seek an increase to the aggregate commitments of the Credit Agreement 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 4 ), 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 4 ), and the fair value of certain of our trademarks. The borrowing base under the Incremental Facility is determined by a calculation that is based on a percentage of the carrying values of certain inventory and the fair value of certain of our trademarks. The borrowing base under the SFS Credit Facility is determined by a calculation that is primarily based on a percentage of the carrying value of certain SFS loans and the fair value of certain our 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. Our 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 December 31, 2016 . Since August 2009, we have incurred aggregate fees of approximately $21.7 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. As of December 31, 2016, $7.7 million of such unamortized fees are included within Other Long-Term Assets on our Consolidated Balance Sheets. The following tables summarize information related to the Credit Agreement as of and for the years ended December 31, 2016 , 2015 , and 2014 (in thousands of dollars): As of and for the year ended December 31, 2016 Agency Credit Facility SFS Credit Facility Total Maximum borrowing capacity $ 300,000 $ 1,035,000 $ 1,335,000 Borrowing base $ 165,443 $ 569,021 $ 734,464 Borrowings outstanding $ — $ 565,000 $ 565,000 Available borrowing capacity (a) $ 165,443 $ 4,021 $ 169,464 Average borrowings outstanding $ — $ 534,433 $ 534,433 Borrowing Costs: Interest $ — (b) $ 14,819 (c) $ 14,819 Fees 2,712 (b) 2,919 (c) 5,631 Total $ 2,712 $ 17,738 $ 20,450 As of and for the year ended December 31, 2015 Agency Credit Facility SFS Credit Facility Total Maximum borrowing capacity $ 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 (a) $ 225,642 $ 6,086 $ 231,728 Average borrowings outstanding $ — $ 541,004 $ 541,004 Borrowing Costs: Interest $ — (b) $ 14,060 (c) $ 14,060 Fees 2,752 (b) 1,720 (c) 4,472 Total $ 2,752 $ 15,780 $ 18,532 As of and for the year ended December 31, 2014 Agency Credit Facility SFS Credit Facility Total Maximum borrowing capacity $ 300,000 $ 550,000 $ 850,000 Borrowing base $ 237,830 $ 519,255 $ 757,085 Borrowings outstanding $ — $ 445,000 $ 445,000 Available borrowing capacity (a) $ 237,830 $ 74,255 $ 312,085 Average borrowings outstanding $ — $ 306,448 $ 306,448 Borrowing Costs: Interest $ — (b) $ 7,751 (c) $ 7,751 Fees 2,240 (b) 989 (c) 3,229 Total $ 2,240 $ 8,740 $ 10,980 Legend: (a) The available borrowing capacity is calculated as the borrowing base less borrowings outstanding. (b) Borrowing costs related to the Agency Credit Facility, which include interest and fees, are reflected in our Consolidated Income Statements as Interest Expense. See the table below for additional information related to Interest Expense associated with the Agency Credit Facility. (c) Borrowing costs related to the SFS Credit Facility are reflected in our Consolidated Income Statements within Cost of Finance Revenues. For the years ended December 31, 2016 , 2015 , and 2014, 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 December 31, 2016 and 2015 , Long-Term Debt consisted of the following (in thousands of dollars): December 31, 2016 2015 York Property Mortgage, net of unamortized debt issuance costs of $5,555 and $6,565 $ 309,212 $ 315,504 2022 Senior Notes, net of unamortized debt issuance costs of $3,642 and $4,251 296,358 295,749 Less current portion: York Property Mortgage, net of unamortized debt issuance costs of $1,010 and $1,010 (6,629 ) (6,292 ) Total Long-Term Debt, net $ 598,941 $ 604,961 On January 1, 2016, we 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, we 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 our sole North American auction salesroom and principal North American exhibition space, including S|2, our private sale exhibition gallery. The York Property is also home to the U.S. operations of SFS, as well as our corporate offices. We 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, we 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, we 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 its seven -year term, with the then-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, we 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. See Note 10 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 our Consolidated 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 our other 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 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 our corporate credit rating from Standard & Poor's Rating Services ("S&P") 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 potential 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, our 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 December 31, 2016, the Cash Management Account had a balance of $4.6 million , which is reflected within Restricted Cash on our Consolidated Balance Sheets. • At all times during the term of the York Property Mortgage, we are required to maintain a net worth of at least $425 million , subject to a cure period. As of December 31, 2016 , the fair value of the York Property Mortgage approximates its book value due to the variable interest rate associated with the mortgage. This 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, we 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 $294.6 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 our existing and future domestic subsidiaries to the extent and on the same basis that such subsidiaries guarantee borrowings under the Credit Agreement. Interest on the 2022 Senior Notes is payable semi-annually in cash on April 1 and October 1 of each year. We may redeem the 2022 Senior Notes, 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, we may redeem the 2022 Senior Notes, 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 we are in default under the terms of the underlying indenture. As of December 31, 2016 , the $300 million principal amount of 2022 Senior Notes had a fair value of approximately $297.8 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 Credit Agreement, the York Property Mortgage, and the 2022 Senior Notes during the five year period after December 31, 2016 are as follows (in thousands of dollars): Year Amount 2017 $ 34,650 2018 $ 36,586 2019 $ 36,597 2020 $ 601,607 2021 $ 36,620 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 years ended December 31, 2016 , 2015 , and 2014 , Interest Expense consisted of the following (in thousands of dollars): December 31, 2016 2015 2014 Agency Credit Facility: Amendment and arrangement fees $ 1,123 $ 1,167 $ 1,096 Commitment fees 1,589 1,585 1,144 Sub-total 2,712 2,752 2,240 York Property Mortgage 11,121 13,537 16,335 2022 Senior Notes 16,402 16,394 16,394 Other interest expense 75 62 220 Total Interest Expense $ 30,310 $ 32,745 $ 35,189 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 our Consolidated Income Statements. Interest Paid —In 2016 , 2015 , and 2014 , interest paid totaled $44.5 million , $53.5 million , and $42.4 million , respectively. Interest paid in 2016, 2015, and 2014 includes $27.8 million , $36 million , and $31.2 million respectively, attributable to the Agency segment, which primarily relates to the York Property Mortgage (including $7.1 million of amounts paid to refinance the previous mortgage in July 2015), our long-term debt securities, and revolving credit facility fees. Interest paid in 2016 , 2015 , and 2014 includes $16.7 million , $17.5 million and $11.2 million , respectively, attributable to the SFS Credit Facility, which relates to revolving credit facility borrowings and fees.

Derivative Financial Instrument

Derivative Financial Instruments	12 Months Ended
	Dec. 31, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	Derivative Financial Instruments Derivative Financial Instruments Designated as Hedging Instruments —The following tables summarize fair value information related to the derivative financial instruments designated as hedging instruments and recorded on our Consolidated Balance Sheets as of December 31, 2016 and 2015 (in thousands of dollars): Assets Liabilities December 31, 2016 Balance Sheet Classification Fair Value Balance Sheet Classification Fair Value Cash Flow Hedges: Interest rate swaps Other Current Assets $ 82 Other Current Liabilities $ 163 Interest rate collar N/A — Other Long-Term Liabilities 5,952 Total cash flow hedges 82 — 6,115 Net Investment Hedges: Foreign exchange contracts Other Current Assets 30,258 N/A — Total $ 30,340 $ 6,115 Assets Liabilities December 31, 2015 Balance Sheet Classification Fair Value Balance Sheet Classification Fair Value Cash Flow Hedges: Interest rate swaps N/A $ — Other Current Liabilities $ 360 Interest rate collar N/A — Other Long-Term Liabilities 6,816 Total cash flow hedges — 7,176 Net Investment Hedges: Foreign exchange contracts N/A — N/A — Total $ — $ 7,176 The following tables summarize the effect of the derivative financial instruments designated as hedging instruments on our Consolidated Income Statements and Consolidated Statements of Comprehensive Income for the years ended December 31, 2016 and 2015 (in thousands of dollars): Gain (Loss) Recognized in Other Comprehensive (Loss) Income - Effective Portion Classification of Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Net Income Amount Reclassified from Accumulated Other Comprehensive Loss into Net Income - Effective Portion Year Ended December 31, 2016 2015 2016 2015 Cash Flow Hedges: Interest rate swaps $ (704 ) $ (802 ) Interest Expense $ 813 $ 688 Interest rate collar 533 (4,192 ) Interest Expense — — Total cash flow hedges (171 ) (4,994 ) 813 688 Net Investment Hedges: Foreign exchange contracts 16,618 — Other Income/(Expense) — — Total $ 16,447 $ (4,994 ) $ 813 $ 688 See the captioned sections below for information related to derivative financial instruments designated as cash flow hedges and derivative financial instruments designated as net investment hedges. Derivative Financial Instruments Designated as Cash Flow Hedges —On July 1, 2015, we entered into a seven -year, $325 million mortgage loan to refinance the 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 its seven -year term. In connection with the York Property Mortgage, we entered into interest rate protection agreements secured by the York Property, consisting of a two -year interest rate swap (the "Mortgage Swap"), effective as of July 1, 2015 , and a five -year interest rate collar (the "Mortgage Collar"), effective as of July 1, 2017 . The Mortgage Swap and the Mortgage Collar each 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. As of December 31, 2016 , the notional value of the Mortgage Swap was $314.8 million and the notional value of the Collar was $310.3 million . 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 our financial statements. See Note 9 for additional information related to the York Property Mortgage. On November 21, 2016, we entered into a two-year interest rate swap agreement (the “SFS Swap”) to eliminate the variability in expected cash outflows associated with the one-month LIBOR indexed interest payments owed on $63 million of SFS Credit Facility borrowings. As of December 31, 2016 , the notional value of the SFS Swap was $63 million . See Note 9 for additional information related to the SFS Credit Facility. At their inception, the Mortgage Swap, the Mortgage Collar, and the SFS Swap (collectively, the "Cash Flow Hedges")were each individually designated as cash flow hedges of the risk associated with the variability in expected cash outflows related to the one-month LIBOR-indexed interest payments owed on their respective debt instruments. Accordingly, to the extent that each of the Cash Flow Hedges are effective, any unrealized gains and losses related to changes in their fair value are recorded to Accumulated Other Comprehensive Loss on our Consolidated Balance Sheets and then reclassified to Interest Expense in our Consolidated Income Statements as interest expense related to the underlying debt instruments is recorded. Any hedge ineffectiveness is immediately recognized in Interest Expense. There was no hedge ineffectiveness related to the Cash Flow Hedges during the years ended December 31, 2016 and 2015. Management performs a quarterly assessment to determine whether each of the Cash Flow Hedges continues to be highly effective in hedging the risk associated with the variability in expected cash outflows related to the one-month LIBOR-indexed interest payments owed on their respective debt instruments. The assets and liabilities associated with the Cash Flow Hedges 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. Level 2 fair value measurements may be determined through the use of models or other valuation methodologies. The fair value of the Mortgage 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 timing of the interest payments related to the York Property Mortgage. The fair value of the Mortgage 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. The fair value of the SFS 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 timing of the interest payments related to the SFS Credit Facility. Derivative Financial Instruments Designated as Net Investment Hedges —In the fourth quarter of 2015, in consideration of the expansion of our common stock repurchase program, as well as the need for cash in the U.S. to fund other corporate strategic initiatives, management assessed its U.S. and foreign cash needs and concluded that approximately $600 million of accumulated foreign earnings would be repatriated to the U.S. in the foreseeable future. As of December 31, 2016 , approximately $330 million of these foreign earnings had been repatriated and used, in part, to fund common stock repurchases. We expect that additional repatriations will be made, though the specific timing of any further repatriation of foreign earnings is currently uncertain and is being evaluated. These accumulated foreign earnings represented, at that time, almost the entire value of our net investments in the subsidiaries from which the earnings are being repatriated. As a result, we are exposed to variability in the U.S. Dollar equivalent of these net investments and, by extension, the U.S. Dollar equivalent of any foreign earnings repatriated to the U.S. due to potential changes in foreign currency exchange rates. In 2016, we entered into foreign currency forward exchange contracts with a aggregate notional value $309.1 million , which hedge the net investment in certain of our foreign subsidiaries. As of December 31, 2016 , the aggregate notional value of the net investment hedge contracts that remained outstanding was $213.8 million . We use the forward rate method to assess the effectiveness of our net investment hedges. Under the forward rate method, if both the notional amount of the derivative designated as a hedge of a net investment in a foreign subsidiary equals the portion of the net investment designated as being hedged and the derivative relates solely to the foreign exchange rate between the functional currency of the hedged net investment and the investor’s functional currency, then all changes in fair value of the derivative are reported in the cumulative translation adjustment accounts within Accumulated Other Comprehensive Loss on our Consolidated Balance Sheets. The foreign currency forward exchange contracts designated as net investment hedges are considered 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 these foreign currency forward exchange contracts is based on the estimated amount to settle the contracts using applicable market exchange rates as of the balance sheet date. Derivative Financial Instruments Not Designated as Hedging Instruments —We also utilize forward contracts to hedge cash flow exposures related to foreign currency exchange rate movements arising 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. 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 our Consolidated Income Statements in Other Income (Expense). As of December 31, 2016 , the notional value of outstanding forward exchange contracts not designated as hedging instruments was $258.8 million . Notional values do not quantify risk or represent our assets or liabilities, but are used to calculate cash settlements under outstanding forward exchange contracts. We are exposed to credit-related risks in the event of nonperformance by the two counterparties to our outstanding forward exchange contracts. We do not expect any of these counterparties to fail to meet their obligations, given their high short-term (A1/P1) credit ratings. As of December 31, 2016 , the aggregate fair value of these contracts represented a liability of $3.6 million , which was recorded on our Consolidated Balance Sheets within Accounts Payable and Accrued Liabilities. As of December 31, 2015 the aggregate fair value of these contracts was not material to our Consolidated Financial Statements.

Other Current Liabilities

Other Current Liabilities	12 Months Ended
	Dec. 31, 2016
Other Liabilities Disclosure [Abstract]
Other Current Liabilities	Other Current Liabilities In the second quarter of 2016, we sold an undivided legal and beneficial 50% ownership interest in a Fancy Vivid Pink Diamond (the "Pink Diamond"), weighing 59.60 carats, for $34.2 million in cash. The entire value of the Pink Diamond will continue to be reported within Inventory on our Consolidated Balance Sheets pending the future sale of a 100% interest in the property. Until such time, the $34.2 million we received will be recorded within Other Current Liabilities on our Consolidated Balance Sheets. Upon completion of the future sale of a 100% interest in the Pink Diamond, the revenue associated with the final sale will include the $34.2 million already collected and will be recorded within Inventory Sales on our Consolidated Income Statements with the corresponding acquisition cost recorded as Cost of Inventory Sales.

Supplemental Condensed Balance

Supplemental Condensed Balance Sheet Information	12 Months Ended
	Dec. 31, 2016
Supplemental Balance Sheet Information [Abstract]
Supplemental Condensed Consolidated Balance Sheet Information	Supplemental Consolidated Balance Sheet Information As of December 31, 2016 and 2015, Prepaid Expenses and Other Current Assets consisted of the following (in thousands of dollars): December 31, 2016 2015 Prepaid expenses $ 20,436 $ 19,422 Derivative financial instruments (see Note 10) 30,340 — Other (a) 25,831 14,507 Total Prepaid and Other Current Assets $ 76,607 $ 33,929 (a) Other includes insurance recoveries and other miscellaneous short-term assets. As of December 31, 2016 and 2015, Other Long-Term Assets consisted of the following (in thousands of dollars): December 31, 2016 2015 Defined benefit pension plan asset (see Note 8) $ 78,576 $ 66,859 Equity method investments (see Note 5) 43,143 41,744 Other 16,992 15,696 Total Other Long-Term Assets $ 138,711 $ 124,299 As of December 31, 2016 and 2015, Other Long-Term Liabilities consisted of the following (in thousands of dollars): December 31, 2016 2015 Acquisition earn-out consideration (see Note 3) $ 26,250 $ — Interest rate collar liability (see Note 10) 5,952 6,816 Other 6,964 8,793 Total Other Long-Term Liabilities $ 39,166 $ 15,609

Supplemental Condensed Cash Flo

Supplemental Condensed Cash Flow Information	12 Months Ended
	Dec. 31, 2016
Supplemental Cash Flow Information [Abstract]
Supplemental Condensed Consolidated Cash Flow Information	Supplemental Consolidated Cash Flow Information For the years ended December 31, 2016, 2015 and 2014, changes in other operating assets and liabilities as reported in the Consolidated Statements of Cash Flows included the following (in thousands of dollars): December 31, 2016 2015 2014 Decrease (increase) in: Prepaid expenses and other current assets $ (14,510 ) $ (6,562 ) $ (9,559 ) Other long-term assets (10,006 ) 13,641 4,330 Income tax receivables and deferred income tax assets 2,395 22,144 7,168 Increase (decrease) in: Accrued income taxes and deferred income tax liabilities 14,879 (27,325 ) (9,309 ) Accounts payable and accrued liabilities and other liabilities 17,297 (29,530 ) 20,776 Total changes in other operating assets and liabilities $ 10,055 $ (27,632 ) $ 13,406

Shareholders' Equity and Divide

Shareholders' Equity and Dividends	12 Months Ended
	Dec. 31, 2016
Shareholders' Equity and Dividends [Abstract]
Shareholders' Equity and Dividends	Shareholders' Equity and Dividends Common Stock —Our common stock is traded on the New York Stock Exchange (the "NYSE") under the symbol BID. Each share of our common stock has a par value of $0.01 per share and is entitled to one vote. As of December 31, 2016 and 2015 , there were 52,971,232 and 65,791,119 shares of common stock outstanding, respectively. Preferred Stock —We have the authority to issue 50 million shares of no par value preferred stock. No shares of preferred stock were outstanding as of December 31, 2016 and 2015 . Common Stock Repurchase Program —The following table provides information regarding our common stock repurchase program as of and for the years ended December 31, 2016, 2015, and 2014 (in thousands, except for per share data): 2016 2015 2014 Three-Year Total Shares repurchased 13,144 3,706 558 17,408 Aggregate purchase price $ 359,885 $ 125,000 $ 25,000 $ 509,885 Average price per share $ 27.38 $ 33.73 $ 44.79 $ 29.29 Repurchase authorization outstanding $ 40,226 $ 125,000 $ 125,000 $ 40,226 On January 29, 2014, our Board of Directors authorized a five -year, $150 million common stock repurchase program. In March 2014, we repurchased 558,171 shares of common stock under this authorization for an aggregate purchase price of $25 million ( $44.79 per share) pursuant to an accelerated stock repurchase ("ASR") agreement. On August 6, 2015, our Board of Directors approved an increase of $125 million to the share repurchase authorization, which resulted in an updated authorization of $250 million as of that date. On August 13, 2015, we entered into an ASR agreement (the "August 2015 ASR Agreement") pursuant to which we received an initial delivery of 2,667,378 shares of our common stock for an initial purchase price of $125 million . The initial shares received 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 we received an additional 1,038,280 shares of our common stock. Accordingly, the August 2015 ASR Agreement resulted in the total repurchase of 3,705,658 shares of our common stock for an average price of $33.73 per share. On January 21, 2016, our Board of Directors approved a $200 million increase to the share repurchase authorization, which resulted in an updated authorization of $325 million as of that date, and on September 30, 2016, approved an additional share repurchase authorization of $75 million . The share repurchases made in 2016 include open market purchases, purchases made pursuant to a Rule 10b5-1 plan, and purchases made pursuant to an agreement with funds managed by Marcato Capital Management LP ("Marcato") in which we agreed to acquire 2,050,000 shares of our common stock from Marcato for an aggregate purchase price of $73.8 million , or $36.00 per share. At the time of this agreement, Marcato owned 8.5% of our outstanding common stock. The timing of further share repurchases and the actual amount purchased will depend on a variety of factors including the market price of our common stock, general market and economic conditions, securities law requirements, 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 us to purchase our shares during periods when we 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 our Board of Directors at any time. Quarterly Cash Dividends —The following table summarizes cash dividends declared and paid in each of the quarterly periods in the years ended December 31, 2016 , 2015 , and 2014 (in thousands of dollars, except per share amounts): 2016 2015 2014 Per Share Amount Per Share Amount Per Share Amount Quarter Ended March 31 $ — $ — $ 0.10 $ 6,944 $ 0.10 $ 6,944 June 30 — — 0.10 6,933 0.10 6,894 September 30 — — 0.10 6,667 0.10 6,899 December 31 — — 0.10 6,563 0.10 6,899 Total $ — $ — $ 0.40 $ 27,107 $ 0.40 $ 27,636 On January 21, 2016, our Board of Directors decided to eliminate the $0.10 per share quarterly cash dividend and, instead, allocate the capital to repurchase shares of common stock. Special Dividend —On January 29, 2014, our 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 our foreign subsidiaries, with the remaining $50 million funded by then existing domestic cash balances. In conjunction with this special dividend, we accrued approximately $11 million for dividend equivalents related to unvested share-based payments to employees. These accrued dividend equivalents were charged to Retained Earnings. Through December 31, 2016, approximately $7.2 million of such dividends have been paid to employees upon the vesting of the share-based payments, including $1.4 million , $2 million , and $3.8 million paid in each of March 2016, 2015, and 2014, respectively.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	12 Months Ended
	Dec. 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 and the details regarding any reclassification adjustments made during the period January 1, 2014 to December 31, 2016 (in thousands of dollars): 2016 2015 2014 Currency Translation Adjustments Balance at January 1 $ (52,279 ) $ (33,223 ) $ (1,352 ) Other comprehensive loss before reclassifications, net of tax of ($13,113), ($6,345), and ($2,376) (37,199 ) (18,951 ) (33,929 ) Reclassifications from other comprehensive (loss) income — (105 ) 2,058 Other comprehensive loss (37,199 ) (19,056 ) (31,871 ) Balance at December 31 (89,478 ) (52,279 ) (33,223 ) Cash Flow Hedges Balance at January 1 (4,306 ) — — Other comprehensive loss before reclassifications, net of tax of ($106), ($3,126), and $0 (171 ) (4,994 ) — Reclassifications from other comprehensive (loss) income, net of tax of $502, $430, and $0 813 688 — Other comprehensive income (loss) 642 (4,306 ) — Balance at December 31 (3,664 ) (4,306 ) — Net Investment Hedges Balance at January 1 — — — Other comprehensive income before reclassifications, net of tax of $10,354, $0, and $0 16,618 — — Other comprehensive income 16,618 — — Balance at December 31 16,618 — — Defined Benefit Pension Plan Balance at January 1 (9,619 ) (43,543 ) (38,101 ) Currency translation adjustments 2,300 1,097 2,468 Net actuarial (loss) gain, net of tax of ($1,427), $6,445, and ($2,447) (6,515 ) 29,363 (9,787 ) Prior service cost amortization, net of tax of $0, $73, and $0 — 291 — Actuarial loss amortization, net of tax of $0, $794, and $469 — 3,173 1,877 Other comprehensive (loss) income (4,215 ) 33,924 (5,442 ) Balance at December 31 (13,834 ) (9,619 ) (43,543 ) Total other comprehensive (loss) income attributable to Sotheby's (24,154 ) 10,562 (37,313 ) Accumulated comprehensive loss as of December 31 $ (90,358 ) $ (66,204 ) $ (76,766 ) Year Ended December 31, 2016 2015 2014 Cumulative Translation Adjustments (Gain) loss upon liquidation of foreign subsidiary $ — $ (105 ) $ 2,058 Tax effect — — — Reclassification adjustment, net of tax — (105 ) 2,058 Cash Flow Hedges Settlement of interest rate swaps 1,315 1,118 — Tax effect (502 ) (430 ) — Reclassification adjustment, net of tax 813 688 — Defined Benefit Pension Plan Prior service cost amortization — 364 — Actuarial loss amortization — 3,967 2,346 Pre-tax total — 4,331 2,346 Tax effect — (867 ) (469 ) Reclassification adjustments, net of tax — 3,464 1,877 Total reclassification adjustments, net of tax $ 813 $ 4,047 $ 3,935

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2016
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes For the years ended December 31, 2016 , 2015 , and 2014 , the significant components of income tax expense consisted of the following (in thousands of dollars): 2016 2015 2014 Income before taxes: Domestic $ (38,567 ) $ 11,414 $ 21,976 Foreign 135,301 157,885 171,045 Total $ 96,734 $ 169,299 $ 193,021 Income tax expense—current: Domestic $ 18,443 $ 10,455 $ 22,220 State and local 1,766 5,958 6,946 Foreign 29,904 33,043 37,762 Sub-total 50,113 49,456 66,928 Income tax (benefit) expense—deferred: Domestic (19,114 ) 69,835 5,406 State and local (1,034 ) 6,378 6,314 Foreign (4,008 ) 5,476 (2,887 ) Sub-total (24,156 ) 81,689 8,833 Total $ 25,957 $ 131,145 $ 75,761 As of December 31, 2016 and 2015 , the components of Deferred Tax Assets and Deferred Tax Liabilities consisted of the following (in thousands of dollars): December 31, 2016 2015 Deferred tax assets: Asset provisions and liabilities $ 11,512 $ 13,720 Inventory writedowns 10,874 10,621 Tax loss and credit carryforwards 3,708 2,887 Difference between book and tax basis of depreciable and amortizable assets 30,855 17,857 Share-based payments and deferred compensation 26,267 34,165 Sub-total 83,216 79,250 Valuation allowance (2,819 ) (2,437 ) Total deferred tax assets 80,397 76,813 Deferred tax liabilities: Difference between book and tax basis of other assets and liabilities 1,612 2,361 Pension obligations 9,689 11,231 Basis differences in equity method investments 3,423 3,805 Undistributed earnings of foreign subsidiaries 68,201 91,924 Total deferred tax liabilities 82,925 109,321 Total net deferred tax liabilities $ (2,528 ) $ (32,508 ) As of December 31, 2016, we had deferred tax assets related to various foreign and state loss and tax credit carryforwards totaling $3.7 million that begin to expire in 2020. As of December 31, 2016 and 2015, we provided valuation allowances of $2.8 million and $2.4 million , respectively, relating to net operating loss carryforwards. The increase in the valuation allowance in 2016 is due to an increase in the net operating loss related to certain jurisdictions. For the years ended December 31, 2016 , 2015 , and 2014 , our effective income tax rate varied from the statutory tax rate as follows: 2016 2015 2014 Statutory federal income tax rate 35.0 % 35.0 % 35.0 % State and local taxes, net of federal tax benefit 0.5 % 2.3 % 2.5 % Foreign taxes at rates different from U.S. rates (25.0 %) (14.9 %) (13.5 %) U.S. taxes on foreign earnings 9.9 % 50.5 % 12.6 % Valuation allowance 0.5 % 0.3 % (0.2 %) Effect of enacted tax legislation (0.1 %) 2.5 % 2.0 % Changes in tax reserves 1.6 % 0.0 % 0.4 % Other 4.4 % 1.8 % 0.4 % Effective income tax rate 26.8 % 77.5 % 39.2 % The presentation of certain prior year amounts in the table above has been updated to conform to the current year presentation. The comparison of our effective income tax rate between periods is significantly influenced by the level and mix of earnings and losses by taxing jurisdiction, foreign tax rate differentials, the relative impact of permanent book to tax differences (e.g., non-deductible expenses) on pre-tax results by taxing jurisdiction, new tax legislation, and changes in valuation allowances and tax reserves. Our effective income tax rate is 26.8% for the year ended December 31, 2016 , compared to 77.5% in the prior year. The decrease in our effective income tax rate is primarily due to income tax expense of $65.7 million recorded in the fourth quarter of 2015 to recognize a deferred tax liability for incremental taxes associated with accumulated foreign earnings related to years prior to 2014 that were no longer deemed to be indefinitely reinvested outside of the U.S. The decrease in our effective tax rate is also due to a change in assertion regarding earnings from our foreign subsidiaries. In the first quarter of 2016, we determined that our foreign earnings related to 2016 (except those in the U.K.) would be indefinitely reinvested outside of the U.S. Conversely, in 2015, we recorded incremental deferred income taxes on substantially all of our foreign earnings for that year on the basis that such earnings would not be indefinitely reinvested overseas. As a result, the mix of pre-tax income among our various jurisdictions did not have a material effect on our effective income tax rate in 2015. However, the effective income tax rate for 2016 is influenced by changes in the mix of pre-tax income among the various jurisdictions where we operate, resulting in a decrease in our effective income tax rate. (See “Repatriation of Foreign Earnings” below.) The comparison of our effective income tax rate between the two periods is also influenced by a $4 million charge recorded in 2015 to write-down certain deferred tax assets. This writedown was a result of New York City tax legislation enacted in that year, which resulted in a reduction of income apportioned to New York City in 2016 and accordingly resulted in a decrease to our state and local effective income tax rate in the current year. For the year ended December 31, 2015, our effective income tax rate increased when compared to 2014 primarily due to the $65.7 million charge recorded in the fourth quarter of 2015, as discussed above. The comparison of our effective income tax rate between 2015 and 2014 was also influenced by the $4 million charge recorded in 2015 to write-down certain deferred tax assets as a result of New York City tax legislation, as discussed above, and income tax expense of approximately $3.9 million recorded in 2014 related to the writedown of certain deferred tax assets as a result of New York State legislation that was enacted in 2014. Repatriation of Foreign Earnings —Prior to the fourth quarter of 2015, based on our projections and planned uses of U.S. and foreign earnings, we 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, we did not initially record deferred income taxes on these earnings in our Consolidated Financial Statements. In the fourth quarter of 2015, however, in consideration of the expansion of our common stock repurchase program (see Note 14), as well as the need for cash in the U.S. to fund other corporate strategic initiatives, we reassessed our 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, we recognized a liability for the deferred income taxes on these foreign earnings. In addition, we had accrued incremental taxes during 2014 and 2015 on approximately $200 million of foreign earnings for those years. As of December 31, 2015, we 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 December 31, 2016, approximately $330 million of the foreign earnings discussed above have been repatriated and used, in part, to fund common stock repurchases. We expect that additional repatriations will be made, though the specific timing of any further repatriation of foreign earnings and the cash payment of the associated taxes is currently uncertain and is being evaluated. Based on our current projections and planned uses of U.S. and foreign cash, we believe that our 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 recorded, will be sufficient to satisfy our current cash needs in the U.S. Accordingly, we plan to indefinitely reinvest the prospective earnings of our foreign subsidiaries, except those in the U.K., outside of the U.S. As a result, income tax expense related to the deferred tax liabilities for incremental taxes associated with our foreign earnings decreased from approximately $14.2 million in 2015 and $18.6 million in 2014 to approximately $8.5 million in 2016. As of December 31, 2016, income taxes have not been provided on approximately $108 million of our foreign earnings which are intended to be indefinitely reinvested outside of the U.S. A determination of the amount of unrecognized deferred income tax liabilities on these earnings is subject to many variables, such as the amount of foreign tax credits, if any, that may be available and is dependent on circumstances existing if and when remittance occurs. The unrecognized deferred income tax liability related to these earnings is impracticable to compute. If these earnings were not indefinitely reinvested outside of the U.S., and assuming that the distribution would be fully taxable in the U.S. with no use of foreign tax credits, a deferred tax liability of approximately $38 million would be recognized for U.S. federal income taxes. Total net income tax payments during 2016 , 2015 , and 2014 were $32.4 million , $53.9 million , and $60.3 million , respectively.

Uncertain Tax Positions

Uncertain Tax Positions	12 Months Ended
	Dec. 31, 2016
Income Tax Uncertainties [Abstract]
Uncertain Tax Positions	Uncertain Tax Positions As of December 31, 2016 , 2015 , and 2014 , the liability for unrecognized tax benefits, excluding interest and penalties, was $19.5 million , $22 million , and $22.8 million , respectively, and is recorded within long-term Accrued Income Taxes on our Consolidated Balance Sheets. As of December 31, 2016 and 2015 , the total amount of unrecognized tax benefits that, if recognized, would favorably affect our effective income tax rate was $9.3 million and $12.8 million , respectively. The table below presents a reconciliation of the beginning and ending balances of the liability for unrecognized tax benefits, excluding interest and penalties, for the years ended December 31, 2016 , 2015 , and 2014 (in thousands of dollars): 2016 2015 2014 Balance at January 1 $ 22,042 $ 22,798 $ 25,423 Increases in unrecognized tax benefits related to the current year 1,700 2,917 2,229 Increases in unrecognized tax benefits related to prior years 29 2,276 167 Decreases in unrecognized tax benefits related to prior years — (1,973 ) (134 ) Decreases in unrecognized tax benefits related to settlements — (437 ) (590 ) Decreases in unrecognized tax benefits due to the lapse of the applicable statute of limitations (4,293 ) (3,539 ) (4,297 ) Balance at December 31 $ 19,478 $ 22,042 $ 22,798 The net decrease to the liability for unrecognized tax benefits in 2016 is primarily due to the expiration of the statute of limitations for certain tax years, partially offset by the accrual of tax reserves related to transfer pricing and other U.S. federal and state and non-U.S. matters. In 2015 and 2014, the net decreases to the liability for unrecognized tax benefits were primarily attributable to the expiration of the statutes of limitations for certain tax years, the closing of tax audits in 2015 and the settlement of an audit in 2014, partially offset by the accrual of tax reserves related to transfer pricing and other U.S. federal and state and non-U.S. matters. We recognize interest expense and penalties related to unrecognized tax benefits as a component of Income Tax Expense in our Consolidated Income Statements. During 2016 , 2015 , and 2014 , we recognized a net expense of $0.3 million , a net benefit of $0.04 million , and a net expense of $0.2 million , respectively, for interest expense and penalties related to unrecognized tax benefits. As of December 31, 2016 , 2015 , and 2014 , the liability for tax-related interest and penalties included in our Consolidated Balance Sheets was $2.1 million , $1.8 million , and $1.8 million , respectively. The net increase in 2016 is due to the accrual of additional interest, partially offset by the reversal of interest accrued on unrecognized tax benefits that were recognized during the year. The net decrease in 2015 is primarily attributable to the closing of certain tax audits, partially offset by the accrual of tax reserves related to transfer pricing. We are subject to taxation in the U.S. and various state and foreign jurisdictions and, as a result, may be subject to tax audits in these jurisdictions. We are currently under examination by various U.S. state and foreign taxing authorities. The earliest open tax year for the major jurisdictions in which we do business, which includes the U.S. (including various state and local jurisdictions), the U.K., and Hong Kong, is 2009. We believe it is reasonably possible that a decrease of $9.3 million in the balance of unrecognized tax benefits can occur within 12 months of the December 31, 2016 balance sheet date primarily as a result of the expiration of statutes of limitation and the expected settlements of ongoing tax audits.

Commitments And Contingencies

Commitments And Contingencies	12 Months Ended
	Dec. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Compensation Arrangements —As of December 31, 2016 , we had compensation arrangements with certain senior employees, which expire at various points between February 28, 2017 and March 31, 2020. Such arrangements may provide, among other benefits, for minimum salary levels and for compensation under our 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 our incentive compensation programs, was approximately $10.3 million as of December 31, 2016 . Guarantees of Collection —A guarantee of collection is a guarantee to a consignor that, under certain conditions, we will pay the consignor for property that has sold at auction, but has not yet been paid for by the purchaser. It is not a guarantee that the property will be sold at a certain minimum price. As of December 31, 2016, we had outstanding guarantees of collection totaling $4 million related to property sold at auctions in the fourth quarter of 2016. In the event that any purchaser does not pay for purchased property by the settlement date, we will be required to pay the consignor the net sale proceeds, but would then take title to the property and have the right to pursue the defaulting buyer and/or reoffer the property at a future sale. As of February 15, 2017, all amounts due to us for property sold under this guarantee of collection have been remitted by the purchasers. Tax Contingencies —We are subject to laws and regulations in many countries involving sales, use, value-added and other indirect taxes which are assessed by various governmental authorities and imposed on certain revenue-producing transactions between us and our clients. The application of these laws and regulations to our unique business and global client base, and the estimation of any related liabilities, is complex and requires a significant amount of judgment. We are generally not responsible for these indirect tax liabilities unless we fail to collect the correct amount of sales, use, value-added, or other indirect taxes. Failure to collect the correct amount of indirect tax on a transaction may expose us to claims from tax authorities and could require us to record a liability and corresponding charge to General and Administrative Expenses. Legal Contingencies —We become involved in various claims and lawsuits incidental to the ordinary course of our business. We are required to assess the likelihood of any adverse judgments or outcomes related to these legal contingencies, as well as potential ranges of probable or reasonably possible losses. The determination of the amount of any losses 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 our operating results in any period, we do not believe that the outcome of any of these pending claims or proceedings, individually and in the aggregate, will have a material adverse effect on our consolidated financial condition. See Note 3 for information related to our commitment to make earn-out payments to the former principals of AAP. See Note 4 for information related to unfunded commitments to extend additional credit through SFS. See Note 9 for information related to debt commitments. See Note 17 for information related to income tax contingencies. See Note 19 for information related to auction guarantees. See Note 20 for information related to lease commitments.

Auction Guarantees

Auction Guarantees	12 Months Ended
	Dec. 31, 2016
Auction Guarantees [Abstract]
Auction Guarantees	Auction Guarantees From time-to-time in the ordinary course of our business, we will guarantee to a consignor a minimum sale price in connection with the sale of property at auction (an "auction guarantee"). If the property offered under the auction guarantee sells above the minimum guaranteed price, we are generally entitled to a share of the excess proceeds (the "overage"). In the event that the property sells for less than the minimum guaranteed price, we must perform under the auction guarantee by funding the difference between the sale price at auction and the amount of the auction guarantee (the "shortfall"). The amount of any shortfall recorded in our Consolidated Income Statements is reduced by any auction commissions earned on property sold under the auction guarantee. If any item of property offered under the auction guarantee does not sell, the amount of the auction guarantee must be paid, but we take ownership of the unsold property and may recover the amount paid through its future sale. Depending on the mix of items subject to an auction 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 an item of guaranteed property does not sell and we take ownership of the property, it is recorded as Inventory on our Consolidated Balance Sheets at the lower of its cost (i.e., the amount paid under the auction guarantee) or our estimate of the property's net realizable value (i.e., the expected sale price upon its eventual disposition). The market for fine art, decorative art, and jewelry is not a highly liquid trading market. As a result, the valuation of property acquired as a result of failed auction guarantees is inherently subjective and its realizable value often fluctuates over time. Accordingly, the proceeds ultimately realized on the sale of previously guaranteed property may equal, exceed, or be less than the estimated net realizable value recorded as Inventory on our Consolidated Balance Sheets. We may reduce our 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., the 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 our auction guarantee risk and reward sharing arrangements are typically major international art dealers or major art collectors. We 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, we may also enter into auction guarantees without securing such arrangements. In these circumstances, we could be exposed to deterioration in auction commission margins and/or auction guarantee losses if one or more of the guaranteed items fails to sell at its minimum guaranteed price. Furthermore, in such situations, our liquidity could be reduced. Our 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 our Board of Directors. As of December 31, 2016 , we had outstanding auction guarantees totaling $18.3 million . Our financial exposure under these auction guarantees is reduced by irrevocable bids totaling $12.8 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. The property related to these auction guarantees is being offered at auctions during the first and second quarters of 2017. We are obligated under the terms of certain auction guarantees to advance all or a portion of the guaranteed amount prior to auction. As of December 31, 2016, there were $1 million in auction guarantee advances outstanding. As of December 31, 2016 and 2015, the estimated fair value of our obligation to perform under our outstanding auction guarantees totaled $0.6 million and $1 million , respectively, and is recorded within Accounts Payable and Accrued Liabilities on our Consolidated Balance Sheets. As of February 23, 2017, we had outstanding auction guarantees totaling $147.7 million and, as of that date, our financial exposure was reduced by irrevocable bids totaling $89.4 million . Each of the auction guarantees outstanding as of February 23, 2017, 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 first and second quarters of 2017. As of February 23, 2017, we have advanced $11.5 million of the total guaranteed amount.

Lease Commitments

Lease Commitments	12 Months Ended
	Dec. 31, 2016
Leases, Operating [Abstract]
Lease Commitments	Lease Commitments We conduct business on premises leased in various locations under long-term operating leases expiring at various dates through 2060. For the years ended December 31, 2016 , 2015 , and 2014 , net rental expense under our operating leases was $18.4 million , $17.5 million , and $18.2 million , respectively, which was recorded in General and Administrative Expenses in our Consolidated Income Statements. Future minimum lease payments due under non-cancellable operating leases in effect at December 31, 2016 were as follows (in thousands of dollars): 2017 $ 15,036 2018 7,339 2019 6,448 2020 5,781 2021 5,291 Thereafter 28,176 Total future minimum lease payments $ 68,071 The future minimum lease payments in the table above exclude future minimum sublease rental receipts of $1 million owed to us under noncancellable subleases. In addition to the operating lease payments in the table above, under the terms of certain leases, we are required to pay real estate taxes and utility costs and may be subject to escalations in the amount of future minimum lease payments based on certain contractual provisions.

Share-Based Payments

Share-Based Payments	12 Months Ended
	Dec. 31, 2016
Dividends, Share-based Compensation [Abstract]
Share-Based Payments	Share-Based Payments Share-Based Payments —Share-based payments made to employees include performance-based stock unit awards, market-based stock unit awards, restricted stock units, restricted stock shares, and stock options. Share-based payments are also made to members of our Board of Directors through the issuance of deferred stock units. A description of each of these share-based payments is provided below. For the years ended December 31, 2016 , 2015 , and 2014 , compensation expense for share-based payments made to employees was reflected in the following accounts in our Consolidated Income Statements (in thousands of dollars): 2016 2015 2014 Salaries and related costs $ 15,935 $ 28,632 $ 23,470 Voluntary separation incentive programs (see Note 22) (719 ) 3,068 — CEO separation and transition costs (see Note 23) — 2,000 3,591 Total share-based payment expense (pre-tax) $ 15,216 $ 33,700 $ 27,061 Total share-based payment expense (after-tax) $ 10,810 $ 22,992 $ 17,683 For the year ended December 31, 2016, our Consolidated Income Statements include a credit of $0.7 million related to share-based payments associated with the voluntary separation programs enacted in the fourth quarter of 2015. This credit is the result of changes in our estimate of the number of performance-based stock units held by program participants that are expected to vest. In 2016, we 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 our Consolidated Financial Statements. Such tax shortfalls are accounted for on our Consolidated Balance Sheets as a reduction to amounts recorded in Additional Paid-in Capital for previously recognized excess tax benefits related to share-based payments. In 2015 and 2014 , we recognized $1.1 million and $3.6 million , respectively, of excess tax benefits related to share-based payment arrangements. These tax benefits represent the amount by which the tax deduction resulting from the vesting of share-based payments in the period exceeded the tax benefit initially recognized in our Consolidated Financial Statements. Such excess tax benefits are recognized on our Consolidated Balance Sheets as an increase to Additional Paid-in Capital and are classified within Financing Activities in our Consolidated Statements of Cash Flows. As of December 31, 2016 , unrecognized compensation expense related to the unvested portion of share-based payments to employees was $17.5 million . This compensation expense is expected to be amortized over a weighted-average period of approximately 2.2 years. We do not capitalize compensation expense related to share-based payments to employees. Restricted Stock Unit Plan —The Sotheby's Restricted Stock Unit Plan (as amended and restated, the "Restricted Stock Unit Plan") provides for the issuance of restricted stock units ("RSU's") and restricted stock shares to employees. Awards made under the Restricted Stock Unit Plan are subject to the approval of the Compensation Committee of our 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 our 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, at the same rate as dividends are paid on our common stock (if and when such dividends are paid). 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 year service periods, 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 beginning 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 at the same rate as dividends are paid on our common stock (if and when such dividends are paid), but are only paid for PSU's that vest and become shares of our common stock. PSU's may not be sold, assigned, transferred, pledged, or otherwise encumbered until they vest. In 2016, the Compensation Committee approved 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's provide the recipient with an opportunity to vest in incremental PSU's of up to 100% of the initial award subject to the achievement of certain ROIC targets, for a total maximum vesting opportunity of 200% of the initial award. The maximum number of shares of common stock that may be payable with respect to these awards is 1,215,212 . • 394,371 RSU's with a grant date fair value of $9.3 million and annual vesting opportunities over a three -year service period. CEO Share-Based Payment Awards —In the first quarter of 2015, share-based payment awards with a grant date fair value of $16.5 million were granted to Thomas S. Smith, Jr. upon the commencement of his employment as our President and CEO on March 31, 2015. These awards consist of the following: • An inducement award of 158,638 shares of restricted stock with a grant date fair value of $6.5 million , with periodic vesting opportunities between March 4, 2016 and September 1, 2017, which substantially correspond to the times when forfeited opportunities at Mr. Smith's previous employer would otherwise have become eligible to vest. These restricted stock shares were not issued pursuant to the Restricted Stock Unit Plan and have not been registered with the SEC. These shares have voting rights and a non-forfeitable right to dividends. • An inducement award of 47,070 fully-vested RSU's with a grant date fair value of $2 million awarded to Mr. Smith to compensate him for a portion of the annual bonus that he would have received from his previous employer. The common stock shares associated with this award will be distributed in three approximately equal installments on the third, fourth, and fifth anniversaries of the grant date. These RSU's were not issued pursuant to the Restricted Stock Unit Plan and have not been registered with the SEC. These RSU's will be credited with dividend equivalents in the form of additional RSU's if, when, and at the same rate as dividends are paid on our common stock. • An award of 94,140 PSU's under the Restricted Stock Unit Plan with a grant date fair value of $8 million and with a single vesting opportunity after a five -year service period contingent upon the achievement of pre-determined levels of price appreciation in our stock. This award provides opportunities to vest in incremental PSU's up to 350% of the initial award, such that the maximum number of shares that may be payable with respect to this award is 329,490 shares. These PSU's do not have a right to earn dividend equivalents. Subsequent Event: 2017 Share-Based Payment Awards —In 2017, prior to the date of this filing, the Compensation Committee approved share-based payment awards with a total grant date fair value of $28.9 million as follows: • 367,745 PSU's with a grant date fair value of $14.5 million and a single vesting opportunity after a three -year service period. These PSU's provide the recipient with an opportunity to vest in incremental PSU's of up to 100% of the initial awards subject to the achievement of certain ROIC targets, for a total maximum vesting opportunity of 200% of the initial award. The maximum number of shares of common stock that may be payable with respect to these awards is 735,490 . • 363,664 RSU's with a grant date fair value of $14.4 million and annual vesting opportunities over a three -year service period. Summary of Outstanding Share-Based Payment Awards to Employees —For the year ended December 31, 2016 , changes to the number of outstanding RSU's, PSU's, and Restricted Stock shares were as follows (shares in thousands): RSU's, PSU's, and Restricted Weighted Average Grant Date Fair Value Outstanding at January 1, 2016 2,019 $ 43.61 Granted 1,002 $ 23.66 Vested (569 ) $ 39.60 Canceled (217 ) $ 36.28 Outstanding at December 31, 2016 2,235 $ 36.40 As of December 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 2016 , 2015 , and 2014 was $15.2 million , $22.9 million , and $28.1 million , respectively, based on the closing stock price on the dates the shares vested. Stock Options —Stock options issued pursuant to the 1997 Stock Option Plan are exercisable into authorized, but unissued shares of our common stock. Stock options vest evenly over four years and expire 10 years after the date of grant. As of December 31, 2016 , 104,100 shares of common stock were available for the issuance of stock options under the Stock Option Plan. As of December 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 3.1 years , and an aggregate intrinsic value of $0.9 million . No stock options were granted or exercised in 2016 and 2015. The aggregate intrinsic value of options exercised during 2014 was $1.2 million . Cash received from stock options that were exercised during 2014 totaled $1 million . In 2014 , the related excess tax benefit realized from the exercise of stock options was $0.3 million . Directors Stock Plan —Common stock is issued quarterly under the Sotheby’s Stock Compensation Plan for Non-Employee Directors (as amended and restated, the “Directors Stock Plan”). Directors may elect to receive this compensation in the form of deferred stock units, which are credited in an amount that is equal to the number of shares of common stock the director otherwise would have received. The number of shares of common stock awarded is calculated using the closing price of the common stock on the NYSE on the business day immediately prior to the quarterly grant date. Deferred stock units are held until a director’s termination of service, at which time the units are settled on a one-for one basis in shares of our common stock on the first day of the calendar month following the date of termination. As of December 31, 2016, 149,004 deferred stock units were outstanding under the Directors Stock Plan and 136,645 units were available for future issuance.

Voluntary Separation Incentive

Voluntary Separation Incentive Programs	12 Months Ended
	Dec. 31, 2016
Restructuring and Related Activities [Abstract]
Voluntary Separation Incentive Programs	Voluntary Separation Incentive Programs On November 13, 2015, we announced a series of regional voluntary separation incentive programs (the "Programs") aimed at reducing headcount and associated compensation costs. The Programs were offered to our employees in jurisdictions where it was practical to do so. Employees who elected to participate in the Programs were accepted only upon approval by management. In the fourth quarter of 2015, we 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 our achievement of the underlying profitability targets, when applicable. The liability related to the $33.8 million in cash severance benefits was recorded on our Consolidated Balance Sheets within Accounts Payable and Accrued Liabilities and included $4.7 million related to 2015 incentive compensation that would have been paid to participants had they not participated in the Programs. In 2016, we recognized a net credit of $0.6 million to the originally recorded charge primarily as a result of our quarterly assessment of the likelihood that the performance-based stock units held by participants in the Programs will vest. Employee transitions and cash severance payments under the Programs are substantially complete. Restructuring Charges (Net) On July 16, 2014, our Board of Directors approved a restructuring plan (the "2014 Restructuring Plan") principally impacting our operations in the 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. In 2015, we recognized a credit of approximately $1 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	12 Months Ended
	Dec. 31, 2016
Compensation Related Costs [Abstract]
CEO Separation and Transition Costs	CEO Separation and Transition Costs In 2014, CEO Separation and Transition Costs consisted of compensation-related charges of $7.6 million recognized in the fourth quarter of 2014, related to the resignation of William F. Ruprecht as our President and CEO, and charges of $4.2 million recognized in the first quarter of 2015, associated with the subsequent hiring of Thomas S. Smith, Jr. as his replacement. The charges recognized in the fourth quarter of 2014 consisted of the accrual of a $4 million cash severance benefit and $3.6 million in accelerated equity compensation expense triggered by the terms of Mr. Ruprecht's employment agreement. The charges recognized in the first quarter of 2015 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 made 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)	12 Months Ended
	Dec. 31, 2016
Restructuring and Related Activities [Abstract]
Restructuring Charges (Net)	Voluntary Separation Incentive Programs On November 13, 2015, we announced a series of regional voluntary separation incentive programs (the "Programs") aimed at reducing headcount and associated compensation costs. The Programs were offered to our employees in jurisdictions where it was practical to do so. Employees who elected to participate in the Programs were accepted only upon approval by management. In the fourth quarter of 2015, we 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 our achievement of the underlying profitability targets, when applicable. The liability related to the $33.8 million in cash severance benefits was recorded on our Consolidated Balance Sheets within Accounts Payable and Accrued Liabilities and included $4.7 million related to 2015 incentive compensation that would have been paid to participants had they not participated in the Programs. In 2016, we recognized a net credit of $0.6 million to the originally recorded charge primarily as a result of our quarterly assessment of the likelihood that the performance-based stock units held by participants in the Programs will vest. Employee transitions and cash severance payments under the Programs are substantially complete. Restructuring Charges (Net) On July 16, 2014, our Board of Directors approved a restructuring plan (the "2014 Restructuring Plan") principally impacting our operations in the 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. In 2015, we recognized a credit of approximately $1 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.

Special Charges (Net)

Special Charges (Net)	12 Months Ended
	Dec. 31, 2016
Special Charges [Abstract]
Special Charges (Net)	Special Charges (Net) In 2014, we recognized Special Charges (net) of $20 million related to third party advisory, legal, and other professional service fees directly associated with issues related to shareholder activism, the resulting proxy contest with Third Point LLC ("Third Point"), and the litigation concerning our former shareholder rights plan and the change in control provision in our credit agreement. This amount is net of a $4.6 million insurance recovery pertaining to certain professional services fees incurred in defense of the litigation concerning our former shareholder rights plan and the change in control provision in our credit agreement. Included in Special Charges (net) in 2014 is a $10 million charge related to our reimbursement of Third Point's documented, out-of-pocket expenses incurred in connection with the proxy contest and the litigation concerning our former shareholder rights plan. This reimbursement is part of a support agreement that we entered into with Third Point, Daniel S. Loeb, Olivier Reza, Harry J. Wilson and other entities affiliated with Third Point (together with Third Point, the "Third Point Entities") on May 4, 2014 pursuant to which we settled the previously pending proxy contest for the election of directors (the "Support Agreement"). Pursuant to the Support Agreement, on May 4, 2014, Mr. Loeb, Mr. Reza, and Mr. Wilson (the "Third Point Nominees") were appointed to our Board of Directors. The Support Agreement also contains various other terms and provisions, including with respect to standstill and voting commitments entered into by Third Point, Third Point's withdrawal of the litigation concerning our former shareholder rights plan, and the accelerated expiration of our former shareholder rights plan.

Earnings Per Share

Earnings Per Share	12 Months Ended
	Dec. 31, 2016
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share Basic earnings per share —Basic earnings per share attributable to Sotheby's common shareholders is computed under the two-class method using the weighted average number of common shares outstanding during the period. The two-class method requires that the amount of net income attributable to participating securities be deducted from consolidated net income in the computation of basic earnings per share. In periods with a net loss, the net loss attributable to participating securities is not deducted from consolidated net loss in the computation of basic loss per share as the impact would be anti-dilutive. Our 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 21 for information on our share-based payment programs. Diluted earnings per share —Diluted earnings per share attributable to Sotheby's common shareholders is computed in a similar manner to basic earnings per share under the two-class method, using the weighted average number of common shares outstanding during the period and, if dilutive, the weighted average number of potential common shares outstanding during the period. Our 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 our Board of Directors. See Note 21 for information on our share-based payment programs. For the years ended December 31, 2016 , 2015 , and 2014 , 1 million , 0.9 million , and 1.1 million potential common shares, respectively, related to share-based payment awards 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 respective balance sheet dates. The table below summarizes the computation of basic and diluted earnings per share for the years ended December 31, 2016 , 2015 , and 2014 (in thousands of dollars, except per share amounts): 2016 2015 2014 Basic: Numerator: Net income attributable to Sotheby's $ 74,112 $ 43,727 $ 117,795 Less: Net income attributable to participating securities 1,001 354 1,047 Net income attributable to Sotheby's common shareholders $ 73,111 $ 43,373 $ 116,748 Denominator: Weighted average common shares outstanding 57,024 68,121 69,016 Basic earnings per share - Sotheby's common shareholders $ 1.28 $ 0.64 $ 1.69 Diluted: Numerator: Net income attributable to Sotheby's $ 74,112 $ 43,727 $ 117,795 Less: Net income attributable to participating securities 1,001 354 1,047 Net income attributable to Sotheby's common shareholders $ 73,111 $ 43,373 $ 116,748 Denominator: Weighted average common shares outstanding 57,024 68,121 69,016 Weighted average effect of dilutive potential common shares: Performance share units 465 438 407 Deferred stock units 149 167 162 Stock options 15 18 21 Weighted average dilutive potential common shares outstanding 629 623 590 Weighted average diluted shares outstanding 57,653 68,744 69,606 Diluted earnings per share - Sotheby's common shareholders $ 1.27 $ 0.63 $ 1.68 The decrease in weighted average basic and diluted shares outstanding over the three reporting periods is due to common stock repurchases. See Note 14 for additional information on our share repurchase program.

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 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 our Board of Directors and employees, buy and sell property at our auctions or through private sales brokered by Sotheby's. For the years ended December 31, 2016 , 2015 , and 2014 , we recognized Agency Commissions and Fees of $4.1 million , $2.7 million , and $3.1 million , respectively, related to property sold or purchased by related parties. As of December 31, 2016, Accounts Receivable (net) included $1.8 million associated with an auction purchase made by a related party and Client Payables included $3.6 million owed to related party consignors. On September 2, 2015, we entered into an arrangement with the Estate of A. Alfred Taubman under which we offered works of art from the Taubman Collection. Robert S. Taubman, a trustee and beneficiary of the Estate, was a member of our Board of Directors at the time the arrangement was consummated. In connection with this arrangement, we provided an auction guarantee of $509 million , after taking into account items withdrawn by the Estate prior to sale. Total aggregate proceeds (i.e., the hammer price plus buyer's premium) from sales of Taubman Collection property were $473.5 million . The results of these sales, combined with the initially 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 December 31, 2015, we owed $285.4 million to the Estate in connection with this auction guarantee. This liability was settled by cash payments made to the Estate throughout 2016. On October 3, 2016, we entered into an agreement with funds managed by Marcato Capital Management LP, pursuant to which we purchased 2,050,000 shares of our common stock from Marcato for an aggregate purchase price of $73.8 million , or $36.00 per share. At the time of this agreement, Marcato owned 8.5% of our outstanding common stock. (See Note 14.)

Recently Issued Accounting Stan

Recently Issued Accounting Standards	12 Months Ended
	Dec. 31, 2016
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
Recently Issued Accounting Standards	Recently Issued Accounting Standards 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. We are continuing to assess the impact of ASU 2014-09 on our Consolidated Financial Statements. Based on our progress to date, we do not expect the adoption of ASU 2014-09 to have a material impact on the timing of our revenue recognition. 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 in the accompanying notes to the financial statements. ASU 2016-01 will be effective for us 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. We are currently assessing the potential impact of adopting this new accounting standard on our Consolidated 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 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 us 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. We are currently assessing the potential impact of adopting this new accounting standard on our Consolidated 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. We will adopt ASU 2016-05 on its effective date of January 1, 2017. The adoption of ASU 2016-05 will not have a material effect on our Consolidated Financial Statements. In March 2016, the FASB issued ASU 2016-06, Derivatives and Hedging - 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. We will adopt ASU 2016-06 on its effective date of January 1, 2017. The adoption of ASU 2016-06 will not have a material effect on our Consolidated 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 tax consequences and certain classifications within the statement of cash flows. This standard requires companies to record all excess tax benefits and deficiencies resulting from the vesting of share-based payments to the income statement, whereas current guidance generally permits such items to be recorded to the equity section of the balance sheet provided that an adequate level of previously recorded excess tax benefits exists. We will adopt ASU 2016-09 on its effective date of January 1, 2017. We expect that the adoption of ASU 2016-09 could potentially result in increased variability in our effective income tax rate as a result of the requirement to record all excess tax benefits and deficiencies resulting from the vesting of share-based payments to our Consolidated Income Statements. We do not expect that the other provisions of ASU 2016-09 will have a material effect on our Consolidated Financial Statements. In June 2016, the FASB issued ASU 2016-13, Measurement of Credit Losses on Financial Instruments , which amends previously issued guidance regarding the impairment of financial instruments by creating an impairment model that is based on expected losses rather than incurred losses. ASU 2016-13 is effective for us beginning on January 1, 2020. Early adoption is permitted. We are currently assessing the potential impact of adopting this new accounting standard on our Consolidated Financial Statements. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows , which updates guidance as to how certain cash receipts and cash payments should be presented and classified within the statement of cash flows. ASU 2016-15 is intended to reduce the existing diversity in practice and is effective for us beginning on January 1, 2018. Early adoption is permitted. We are currently assessing the potential impact of adopting this new accounting standard on our Consolidated Financial Statements. In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows , which amends ASC 230 to add or clarify guidance on the classification and presentation of restricted cash and restricted cash equivalents in the statement of cash flows. ASU 2016-18 is effective for us beginning on January 1, 2018. Early adoption is permitted. We are currently assessing the potential impact of adopting this new accounting standard on our Consolidated Financial Statements.

Quarterly Results (Unaudited)

Quarterly Results (Unaudited)	12 Months Ended
	Dec. 31, 2016
Quarterly Financial Information Disclosure [Abstract]
Quarterly Results (Unaudited)	Quarterly Results (Unaudited) The global 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 82% and 78% of our total annual Net Auction Sales in 2016 and 2015 , respectively, with auction commission revenues comprising approximately 75% of our total revenues in each of these years. Accordingly, our 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 our operating expenses. First Quarter Second Quarter Third Quarter Fourth Quarter (In thousands, except per share data) Year Ended December 31, 2016 Net Auction Sales $ 491,176 $ 1,567,495 $ 160,208 $ 1,337,211 Income Statement Data: Revenues: Agency commissions and fees $ 81,065 $ 273,764 $ 51,285 $ 265,719 Inventory sales 6,794 5,281 24,359 26,429 Finance 14,755 14,750 11,138 12,073 Other 3,917 4,870 4,710 4,468 Total revenues $ 106,531 $ 298,665 $ 91,492 $ 308,689 Operating (loss) income $ (31,989 ) $ 130,083 $ (66,874 ) $ 91,396 Net (loss) income attributable to Sotheby's $ (25,884 ) $ 88,964 $ (54,470 ) $ 65,502 Per Share Amounts: Basic (loss) earnings per share - Sotheby's common shareholders $ (0.41 ) $ 1.54 $ (0.99 ) $ 1.22 Diluted (loss) earnings per share - Sotheby's common shareholders $ (0.41 ) $ 1.52 $ (0.99 ) $ 1.20 Shares Outstanding: Basic 63,022 57,104 55,013 52,956 Diluted 63,022 57,712 55,013 53,685 Year Ended December 31, 2015 Net Auction Sales $ 755,817 $ 1,856,643 $ 370,928 $ 2,033,350 Income Statement Data: Revenues: Agency commissions and fees $ 127,882 $ 310,377 $ 69,222 $ 284,439 Inventory sales 12,983 7,005 53,226 35,485 Finance 12,687 11,970 12,933 12,899 Other 2,123 2,654 2,611 2,998 Total revenues $ 155,675 $ 332,006 $ 137,992 $ 335,821 Operating income (loss) $ 18,404 $ 116,458 $ (21,707 ) $ 88,566 Net income (loss) attributable to Sotheby's $ 5,202 $ 67,572 $ (17,894 ) $ (11,153 ) Per Share Amounts: Basic earnings (loss) per share - Sotheby's common shareholders $ 0.07 $ 0.97 $ (0.26 ) $ (0.17 ) Diluted earnings (loss) per share - Sotheby's common shareholders $ 0.07 $ 0.96 $ (0.26 ) $ (0.17 ) Shares Outstanding: Basic 69,090 69,332 67,946 66,118 Diluted 69,705 69,884 67,946 66,118 __________________________________________________________________ 1 Net Auction Sales represents the hammer or sale price of property sold at auction.

Valuation and Qualifying Accoun

Valuation and Qualifying Accounts	12 Months Ended
	Dec. 31, 2016
Valuation and Qualifying Accounts [Abstract]
Valuation and Qualifying Accounts	SCHEDULE II SOTHEBY'S VALUATION AND QUALIFYING ACCOUNTS YEARS ENDED DECEMBER 31, 2016 , 2015 , AND 2014 Column A Column B Column C Column D Column E Description Balance at Beginning of Period Charged to Costs and Expenses Charged to Other Accounts Deductions Balance at End of Period (Thousands of dollars) Valuation reserve deducted in the balance sheet from the asset to which it applies: Receivables: 2016 Allowance for doubtful accounts and credit losses $ 10,099 $ 928 $ — $ 2,087 $ 8,940 2015 Allowance for doubtful accounts and credit losses $ 8,484 $ 2,607 $ — $ 992 $ 10,099 2014 Allowance for doubtful accounts and credit losses $ 8,685 $ 1,893 $ — $ 2,094 $ 8,484 Deferred tax assets: 2016 Valuation allowance $ 2,437 $ 526 $ — $ 144 $ 2,819 2015 Valuation allowance $ 2,224 $ 461 $ — $ 248 $ 2,437 2014 Valuation allowance $ 3,227 $ 29 $ — $ 1,032 $ 2,224

Summary of Significant Accoun39

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2016
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation —The Consolidated Financial Statements included herein have been prepared 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"). In the Consolidated Financial Statements, unless otherwise stated, the terms "art" or "works of art" or "artwork" or "property" refer to authenticated fine art, decorative art, jewelry, wine, and collectibles.
Principles of Consolidation	Principles of Consolidation —The Consolidated Financial Statements include the accounts of our wholly-owned subsidiaries and Sotheby's (Beijing) Auction Co., Ltd. ("Sotheby's Beijing"), a joint venture formed in September 2012 in which we have a controlling 80% ownership interest. The net income attributable to the minority owner of Sotheby's Beijing is reported as "Net (Loss) Income Attributable to Noncontrolling Interest" in our Consolidated Income Statements and the non-controlling 20% ownership interest is reported as "Noncontrolling Interest" within the Equity section of our Consolidated Balance Sheets. Intercompany transactions and balances among our subsidiaries are eliminated in consolidation. Equity investments through which we exercise significant influence over the investee, but do not control, are accounted for using the equity method. Under the equity method, our share of investee earnings or losses is recorded within Equity in Earnings of Investees in our Consolidated Income Statements. Our interest in the net assets of these investees is recorded within Equity Method Investments on our Consolidated Balance Sheets. Our equity method investees include Acquavella Modern Art, a partnership through which a collection of fine art is being sold, and RM Sotheby's (formerly RM Auctions), an auction house for investment-quality automobiles. See Note 5 for information related to our equity method investments.
Foreign Currency Translation	Foreign Currency Translation —Assets and liabilities recorded in foreign currencies are translated at the exchange rate on the balance sheet date. Revenues, expenses, gains, and losses recorded in foreign currencies are translated using the monthly average exchange rates prevailing during the period in which they are recognized. Translation adjustments resulting from this process are recorded to Other Comprehensive (Loss) Income and reported on our Consolidated Balance Sheets within Accumulated Other Comprehensive Loss until the subsidiary is sold or liquidated.
Adjustments to Prior Period Presentation	Adjustments to Prior Period Presentation —In April 2015, the Financial Accounting Standards Board (the "FASB") issued Accounting Standards Update ("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. We adopted and applied ASU 2015-03 on a retrospective basis on its January 1, 2016 effective date. As permitted by ASU 2015-15, we are continuing to present debt issuance costs related to revolving credit facility arrangements as an asset on our balance sheet, regardless of whether there are any outstanding borrowings under the arrangement.
Restricted Cash	Restricted Cash —As of December 31, 2016 and 2015, Restricted Cash primarily includes amounts held in certain foreign jurisdictions where there is a legal requirement for auction houses to maintain consignor funds in segregated accounts ( $38.5 million and $28.9 million , respectively). As of December 31, 2016, Restricted Cash also includes funds held in escrow pending the final settlement of a sale ( $15.3 million ), as well as funds held in a cash management account established under the control of the lender for potential monthly debt service, insurance, and tax payments related to the mortgage on our headquarters building in New York ( $4.6 million ).
Valuation of Inventory and Loan Collateral	Valuation of Inventory and Loan Collateral —The art market is not a highly liquid trading market. As a result, the valuation of art is inherently subjective and the realizable value of art often fluctuates over time. In estimating the realizable value of art held in inventory and art pledged as collateral for SFS loans, we consider the following complex array of factors: (i) whether the property is expected to be offered at auction or sold privately, and the timing of any such sale; (ii) the supply and demand for the property, taking into account current art market conditions, as well as changing trends as to which collecting categories and artists are most sought after; (iii) recent sale prices achieved for comparable items within a particular collecting category and/or by a particular artist; (iv) the state of the global economy and financial markets; and (v) our intent and ability to hold the property in order to maximize its realizable value. Due to the inherent subjectivity involved in estimating the realizable value of art held in inventory and art pledged as collateral for SFS loans, our estimates of realizable value may prove, with the benefit of hindsight, to be different than the amount ultimately realized upon sale. See below for a detailed discussion of our accounting policies with respect to Notes Receivable and Inventory.
Accounts Receivable and Allowance for Doubtful Accounts	Accounts Receivable and Allowance for Doubtful Accounts —Accounts Receivable principally includes amounts due from buyers as a result of auction and private sale transactions. The recorded amount reflects the purchase price of the property, including our commission. The Allowance for Doubtful Accounts principally includes estimated losses associated with situations when we have paid the net sale proceeds to the seller and it is probable that payment will not be collected from the buyer. The Allowance for Doubtful Accounts also includes an estimate of probable losses inherent in the remainder of the Accounts Receivable balance. The amount of the required allowance is based on the facts available to management, including the value of any property held as collateral, and is reevaluated and adjusted as additional facts become known. Based on all available information, we believe that the Allowance for Doubtful Accounts is adequate as of December 31, 2016 ; however, actual losses may ultimately exceed the recorded allowance. As of December 31, 2016 and 2015 , the Allowance for Doubtful Accounts was $7.7 million and $8.6 million , respectively.
Notes Receivable and Allowance for Credit Losses	Notes Receivable and Allowance for Credit Losses —Notes Receivable includes loans made to clients that are secured by artworks. The classification of a loan as current or non-current on our Consolidated Balance Sheets takes into account the contractual maturity date of the loan, as well as the likelihood of renewing the loan on or before its contractual maturity. The determination of whether a specific loan is impaired and the amount of any required allowance is based on the facts available to management and is reevaluated and adjusted as additional facts become known. A loan is considered to be impaired when we determine that it is probable that a portion of the principal and interest owed by the borrower will not be recovered after taking into account the estimated realizable value of the collateral securing the loan, as well as the ability of the borrower to repay any shortfall between the value of the collateral and the amount of the loan. An allowance is also established for probable losses inherent in the remainder of the loan portfolio based on historical data related to loan losses.
Inventory	Inventory —Inventory consists of artworks that we own and includes the following general categories: (i) items that have been obtained as a result of the failure of guaranteed property to sell at auction (see Note 19 ), (ii) items that have been purchased opportunistically, including property acquired for sale at auction, and (iii) other objects obtained incidental to the auction process (e.g., as a result of buyer default). Inventory is valued on a specific identification basis at the lower of cost or our estimate of realizable value (i.e., the expected sale price upon disposition). If there is evidence that the estimated realizable value of a specific item held in Inventory is less than its carrying value, a writedown is recorded to reflect our revised estimate of realizable value. For the years ended December 31, 2016, 2015, and 2014, inventory writedowns totaled $22.3 million , $20.1 million , and $10 million , respectively. Although all of the items held in Inventory are available for immediate sale, the timing of eventual sale is difficult to predict due to the high value and unique nature of each item, as well as the cyclical nature of the global art market. We expect that the items held in Inventory will be sold in the ordinary course of our business during the normal operating cycle for such items.
Fixed Assets	Fixed Assets —Fixed Assets are stated at cost less accumulated depreciation and amortization. Depreciation is calculated using the straight-line method over the estimated useful life of the asset. Buildings are depreciated over a useful life of up to 50 years . Building improvements are depreciated over a useful life of up to 20 years . Furniture and fixtures are depreciated over a useful life of up to seven years. Leasehold improvements are amortized using the straight-line method over the lesser of the term of the related lease or the estimated useful life of the improvement. Computer software purchased or developed for internal use consists of the cost of purchased software, as well as direct external and internal software development costs. These costs are amortized on a straight-line basis over the estimated useful life of the software, which is typically between seven to ten years for enterprise systems and three years for other types of software.
Goodwill	Goodwill —Goodwill represents the excess of the purchase price paid over the fair value of net assets acquired in a business combination. Goodwill is not amortized, but is tested annually for impairment at the reporting unit level as of October 31 and between annual tests if indicators of potential impairment exist. These indicators could include a decline in our stock price and market capitalization, a significant change in the outlook for the reporting unit's business, lower than expected operating results, increased competition, legal factors, or the sale or disposition of a significant portion of a reporting unit. An impairment loss is recognized for any amount by which the carrying value of a reporting unit's goodwill exceeds its fair value. The fair value of the reporting units in our Agency segment is determined in reference to a blend of the income and market approaches and the fair value of our art advisory reporting unit is determined using a discounted cash flow methodology. See Note 7 for information related to Goodwill. The significant assumptions used in the income approach and discounted cash flow approach include (i) forecasted growth rates and (ii) forecasted profitability, both of which are estimated based on consideration of our historical performance and projections of our future performance, and (iii) discount rates that are used to calculate the value of future projected cash flows, which rates are derived based on our estimated weighted average cost of capital. The significant assumptions used in the market approach include the selected multiples applied to certain operating metrics. Considerable judgment is necessary to evaluate the impact of operating changes and business initiatives in order to estimate future growth rates and profitability in order to estimate future cash flows and multiples. This is particularly true in a cyclical business, like ours. Future business results could significantly impact the evaluation of our goodwill which could have a material impact on the determination of whether a potential impairment exists and the size of any such impairment.
Intangible Assets	Intangible Assets —Intangible assets are amortized over their estimated useful lives unless the useful life of a particular intangible asset is deemed to be indefinite. If indicators of potential impairment exist, intangible assets with defined useful lives are tested for impairment based on our estimates of undiscounted cash flows and, if impaired, written down to fair value based on either discounted cash flows or appraised values. See Note 7 for information related to Intangible Assets.
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets —Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. In such situations, long-lived assets are considered impaired when estimated future cash flows (undiscounted and without interest charges) resulting from the use of the asset and its eventual disposition are less than the asset's carrying amount. In such situations, the asset is written down to the present value of the estimated future cash flows. Factors that are considered when evaluating long-lived assets for impairment include a current expectation that it is more likely than not that the long-lived asset will be sold significantly before the end of its useful life, a significant decrease in the market price of the long-lived asset, and a significant change in the extent or manner in which the long-lived asset is being used.
Valuation of Deferred Tax Assets	Valuation of Deferred Tax Assets —A valuation allowance is recorded to reduce our deferred tax assets to the amount that is more likely than not to be realized. In assessing the need for the valuation allowance, management considers, among other things, projections of future taxable income and ongoing prudent and feasible tax planning strategies. If we determine that sufficient negative evidence exists (for example, if we experience cumulative three-year losses in a certain jurisdiction), then we will consider recording a valuation allowance against a portion or all of the deferred tax assets in that jurisdiction. If, after recording a valuation allowance, our projections of future taxable income and other positive evidence considered in evaluating the need for a valuation allowance prove, with the benefit of hindsight, to be inaccurate, it could prove to be more difficult to support the realization of our deferred tax assets. As a result, an additional valuation allowance could be required, which would have an adverse impact on our effective income tax rate and results. Conversely, if, after recording a valuation allowance, we determine that sufficient positive evidence exists in the jurisdiction in which the valuation allowance was recorded (for example, if we are no longer in a three-year cumulative loss position in the jurisdiction, and we expect to have future taxable income in that jurisdiction based upon our forecasts and the expected timing of deferred tax asset reversals), we may reverse a portion or all of the valuation allowance in that jurisdiction. In such situations, the adjustment made to the deferred tax asset would have a favorable impact on our effective income tax rate and results in the period such determination was made.
Auction Guarantees	Auction Guarantees —From time-to-time in the ordinary course of our business, we will guarantee to a consignor a minimum sale price in connection with the sale of property at auction. If the property offered under the auction guarantee sells above the minimum guaranteed price, we are generally entitled to a share of the excess proceeds. In the event that the property sells for less than the minimum guaranteed price, we must perform under the auction guarantee by funding the difference between the sale price at auction and the amount of the auction guarantee. If any item of property offered under the auction guarantee does not sell, the amount of the auction guarantee must be paid, but we take ownership of the unsold property and may recover the amount paid through its future sale. In situations when an item of guaranteed property does not sell and we take ownership of the property, it is recorded as Inventory on our Consolidated Balance Sheets at the lower of its cost (i.e., the amount paid under the auction guarantee) or our estimate of the property's net realizable value (i.e., the expected sale price upon its eventual disposition). The estimated fair value of our obligation to perform under our auction guarantees is recorded on our Consolidated Balance Sheets within Accounts Payable and Accrued Liabilities. This estimated fair value is based on an analysis of historical loss experience related to auction guarantees and does not include the impact of risk-sharing arrangements that may have mitigated all or a portion of any historical losses.
Financial Instruments	Financial Instruments —Our material financial instruments include: (i) Cash and Cash Equivalents; (ii) Restricted Cash; (iii) Notes Receivable; (iv) credit facility borrowings; (v) long-term debt, including the mortgage on our headquarters building in New York; and (vi) various derivative financial instruments. The carrying amounts of Cash and Cash Equivalents, Restricted Cash, Notes Receivable, the mortgage on our headquarters building in New York, and credit facility borrowings do not materially differ from their estimated fair values due to their nature and the variable interest rates associated with each of these financial instruments.
Revenue Recognition	Revenue Recognition (Agency Commissions and Fees) —Through our Agency segment, we accept property on consignment, stimulate buyer interest through professional marketing techniques, and match sellers (also known as consignors) to buyers through the auction or private sale process. Prior to offering a work of art for sale, we perform due diligence activities to authenticate and determine the ownership history of the property being sold. The revenue recognition policy for each of the principal components of Agency Commissions and Fees is described below. (1) Auction Commission Revenues —In our role as auctioneer, we accept property on consignment and match sellers to buyers through the auction process. As compensation for our auction services, we earn a commission from both the buyer ("buyer's premium") and, to a lesser extent, the seller ("seller's commission") (collectively, "auction commission revenue"), both of which are calculated as a percentage of the hammer price of the property sold at auction. On the fall of the auctioneer's hammer, the highest bidder becomes legally obligated to pay the full purchase price, which includes the hammer price of the property purchased plus the buyer's premium, and the seller is legally obligated to relinquish the property in exchange for the hammer price less any seller's commissions. Auction commission revenue is recognized on the date of the auction sale upon the fall of the auctioneer's hammer, which is the point in time when we have substantially accomplished what we must do to be entitled to the benefits represented by the auction commission revenue. Subsequent to the date of the auction sale, our remaining obligations for our auction services relate only to the collection of the purchase price from the buyer and the remittance of the net sale proceeds to the seller. These remaining service obligations are not an essential part of our auction services. Under the standard terms and conditions of our auction sales, we are 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. We continually evaluate the collectability of amounts due from individual buyers and only recognize auction commission revenue when the collection of the amount due from the buyer is reasonably assured. If we determine that it is probable that the buyer will default, a cancelled sale is recorded in the period in which that determination is made and the associated Accounts Receivable balance, including our auction commission, is reversed. Our judgments regarding the collectability of Accounts Receivable are based on an assessment of the buyer's payment history, discussions with the buyer, and the value of any property held as security against the buyer's payment obligation. Our judgments with respect to the collectability of amounts due from buyers for auction purchases may prove, with the benefit of hindsight, to be incorrect. Historically, cancelled sales have not been material in relation to the aggregate hammer price of property sold at auction. Auction commission revenues are recorded net of commissions owed to third parties, which are principally the result of situations when the buyer's premium is shared with the consignor or with the counterparty in an auction guarantee risk and reward sharing arrangement (see Note 19 ). Additionally, in certain situations, auction commissions are shared with third parties who introduce us to auction consignors or otherwise facilitate the sale of property at auction. (2) Private Sale Commission Revenues —Private sale commission revenues are earned through the direct brokering of purchases and sales of art. Similar to auction sales, the primary service that we provide in a private sale transaction is the matching of the seller to a buyer in a legally binding transaction. Private sales are initiated either by a client wishing to sell property with Sotheby's acting as its exclusive agent in the transaction or a prospective buyer who is interested in purchasing a certain work of art privately. Such arrangements are evidenced by a legally binding agreement between Sotheby's and the seller (a "Seller Agreement"), which outlines the terms of the arrangement, including the desired sale price and the amount or rate of commission to be earned. In certain situations, we may also execute a legally binding agreement with the buyer stipulating the terms of the transaction (a "Buyer Agreement"). The timing of revenue recognition for private sale commissions is evaluated on a case-by-case basis, and in large part, is dependent upon whether a Buyer Agreement has been executed. Additionally, a careful analysis of the individual facts and circumstances is performed for each transaction to fully understand our obligations and performance requirements related to the transaction. In transactions with a Buyer Agreement, our services are performed on the date that the Buyer Agreement is executed. At this point, any remaining service obligations are considered to be inconsequential and perfunctory. Such remaining service obligations normally relate only to the collection of the purchase price from the buyer and the remittance of the net sale proceeds to the seller. These remaining service obligations are not an essential part of the services that we provide in a private sale transaction. In the absence of an executed Buyer Agreement, revenue recognition is deferred until we have performed our substantive service obligations in the transaction and the buyer has paid the full purchase price thereby evidencing the terms of the arrangement. Private sale commission revenues are recorded net of commissions owed to third parties. In certain situations, commissions are shared with third parties who introduce us to consignors who sell property through a private sale transaction. (3) Other Agency Commissions and Fees (Net) —Included in Other Agency Commissions and Fees is our share of overage or shortfall related to guaranteed property offered or sold at auction. The overage or shortfall related to guaranteed property is generally recognized in the period in which the property is offered at auction. However, a shortfall is recognized prior to the date of the auction if we determine that a loss related to an auction guarantee is probable. In such situations, we estimate the amount of the loss based on the difference between the amount of the auction guarantee and the expected selling price of the property, including buyer's premium. Also included in Other Agency Commissions and Fees (Net) are commissions and fees earned on sales of art brokered by third parties, fees charged to consignors for property withdrawn prior to auction, and catalogue subscription and advertising revenues. These revenues are recognized in our Consolidated Income Statements when the underlying event occurs or over the period during which we provide the service to our customer. Revenue Recognition (Inventory Sales) —Inventory sales are recognized in the period in which the sale is completed, title to the property passes to the purchaser, and we have fulfilled any other obligations that may be relevant to the transaction, including, but not limited to, delivery of the property. In instances when Inventory is sold at auction, the associated buyer's premium is recorded within Inventory Sales. The carrying value of Inventory sold during a period is recorded within Cost of Inventory Sales. Revenue Recognition (Finance Revenues) —Finance revenues consist principally of interest income earned on Notes Receivable. Such interest income is recognized when earned, based on the amount of the outstanding loan, the applicable interest rate on the loan, and the length of time the loan is outstanding during the period. A non-accrual loan is a loan for which future Finance revenue is not recorded due to our 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 we become aware of other circumstances that indicate that it is probable that the borrower will make future interest payments on the loan. See Note 4 for information related to Notes Receivable. Revenue Recognition (Advisory Revenues) —Advisory revenues consist of fees earned from providing art-related advice to certain clients, including strategic guidance on collection identity and development, acquisitions, and short and long-term planning. These arrangements are typically evidenced by a legally binding written agreement between us and the client, which outlines the nature of the services to be provided and the amount of fees to be earned. Our advisory services are also sometimes provided on the basis of a verbal agreement with the client. For arrangements with written agreements, advisory revenues are recognized ratably on a straight-line basis over the term of the agreement, provided collectability is reasonably assured. Advisory service arrangements are typically one year in duration. In the absence of a written advisory agreement, revenue recognition is deferred until we have performed our substantive service obligations and the client has made payment for those services thereby evidencing the terms of the arrangement. Advisory revenues are reflected within Other Revenues in our Consolidated Income Statements.
Sales, Use and Value-Added Taxes	Sales, Use and Value-Added Taxes —Sales, use and value-added taxes assessed by governmental authorities that are both imposed on and concurrent with revenue-producing transactions between us and our clients are reported on a net basis within revenues.
Agency Direct Costs	Agency Direct Costs —A large portion of Agency Direct Costs relate to sale marketing expenses such as catalogue production and distribution, advertising and promotion costs, and traveling exhibition costs. Such costs are deferred and recorded on our Consolidated Balance Sheets within Prepaid Expenses and Other Current Assets until the date of the sale when they are recognized in our Consolidated Income Statements.
Cost of Finance Revenues	Cost of Finance Revenues —The Cost of Finance Revenues includes costs related to revolving credit facility borrowings that are used to fund client loans, including interest expense, commitment fees, and the amortization of amendment and arrangement fees.
Share-Based Payments	Share-Based Payments —We grant share-based payment awards as compensation to certain employees. The amount of compensation expense recognized for share-based payments is based, in part, on our estimate of the number of shares ultimately expected to vest as a result of employee service. For share-based payment awards that vest annually over a multi-year period of service, compensation expense is amortized over the requisite service period according to a graded vesting schedule. For share-based payment awards that vest at the end of a service period, compensation expense is amortized on a straight-line basis over the requisite service period. A substantial portion of the share-based payment awards vest only if we achieve established profitability targets (for awards granted prior to 2016) or certain return on invested capital targets (for awards granted beginning in 2016). The amount of compensation expense recognized for such performance-based awards is dependent upon our quarterly assessment of the likelihood of achieving these targets. Accordingly, if our projections of future performance against these targets prove, with the benefit of hindsight, to be inaccurate, the amount of life-to-date and future compensation expense related to share-based payments could significantly increase or decrease. In 2015, we granted a share-based payment award to Thomas S. Smith, Jr., our President and CEO, with a single vesting opportunity after a five -year service period contingent upon the achievement of pre-determined levels of appreciation related to our common stock. The compensation expense recognized for this share-based payment is based on our estimate of the grant date fair value of the award. In developing this estimate, we considered then-current market conditions, historical data, and any other relevant data. Dividend equivalents related to share-based payments to employees are charged to Retained Earnings.
Use of Estimates	Use of Estimates —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.
Segment Reporting	Segment Reporting Sotheby's is a global art business, offering our clients opportunities to connect with and transact in the world's most extraordinary objects. Auctioneers since 1744, today we offer a variety of innovative art-related services, including the brokerage of private art sales, private jewelry sales through Sotheby's Diamonds, exclusive private selling exhibitions at our S|2 galleries, art-related financing, and art advisory services, as well as retail wine locations in New York and Hong Kong. Our 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"). Through our Agency segment, we accept property on consignment, stimulate buyer interest through professional marketing techniques, and match sellers (also known as consignors) to buyers through the auction or private sale process. Prior to offering a work of art for sale, we perform due diligence activities to authenticate and determine the ownership history of the property being sold. 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 (see Note 5 ). The Agency segment is an aggregation of the auction, private sale, and other related activities conducted by our operating segments in the Americas, Europe, and Asia, which have similar economic characteristics and are similar in their services, customers, and the manner in which their services are provided. SFS is an art financing company that is uniquely positioned as a niche lender with the ability to tailor attractive financing packages for clients who wish to obtain immediate access to liquidity from their art assets. SFS deploys a unique combination of art expertise, skill in international law and finance, and access to capital to provide art collectors and dealers with financing secured by their works of art, allowing them to unlock the value in their collections. (See Note 4 ). Art Agency Partners (“AAP”), through which we offer art advisory services, provides clients strategic guidance on collection identity and development, acquisitions, and short and long-term planning. AAP was acquired on January 11, 2016 (see Note 3). Our advisory services are classified within All Other for segment reporting purposes, along with our retail wine business, brand licensing activities, the activities of Acquavella Modern Art ("AMA"), an equity investee (see Note 5 ), and sales of the remaining inventory of Noortman Master Paintings, an art dealer that was owned and operated by us from its acquisition in 2006 until its closure in December 2013. The accounting policies of our segments are the same as those described in Note 1 . For auction commissions, revenues are attributed to geographic areas based on the location of the auction. For private sale commissions, revenues are attributed to geographic areas based on the location of the entities which significantly contributed to the completion of the sale. For inventory activities, revenues are attributed to geographic areas based on the location of the entity that holds legal title to the property sold. SFS revenues are attributed to geographic areas based on the location of the entity that originated the loan. Revenues attributable to our advisory business are earned entirely in the U.S.
Earnings Per Share	Basic earnings per share —Basic earnings per share attributable to Sotheby's common shareholders is computed under the two-class method using the weighted average number of common shares outstanding during the period. The two-class method requires that the amount of net income attributable to participating securities be deducted from consolidated net income in the computation of basic earnings per share. In periods with a net loss, the net loss attributable to participating securities is not deducted from consolidated net loss in the computation of basic loss per share as the impact would be anti-dilutive. Our 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 21 for information on our share-based payment programs. Diluted earnings per share —Diluted earnings per share attributable to Sotheby's common shareholders is computed in a similar manner to basic earnings per share under the two-class method, using the weighted average number of common shares outstanding during the period and, if dilutive, the weighted average number of potential common shares outstanding during the period. Our 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 our Board of Directors. See Note 21 for information on our share-based payment programs.
Recently Issued Accounting Standards	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. We are continuing to assess the impact of ASU 2014-09 on our Consolidated Financial Statements. Based on our progress to date, we do not expect the adoption of ASU 2014-09 to have a material impact on the timing of our revenue recognition. 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 in the accompanying notes to the financial statements. ASU 2016-01 will be effective for us 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. We are currently assessing the potential impact of adopting this new accounting standard on our Consolidated 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 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 us 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. We are currently assessing the potential impact of adopting this new accounting standard on our Consolidated 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. We will adopt ASU 2016-05 on its effective date of January 1, 2017. The adoption of ASU 2016-05 will not have a material effect on our Consolidated Financial Statements. In March 2016, the FASB issued ASU 2016-06, Derivatives and Hedging - 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. We will adopt ASU 2016-06 on its effective date of January 1, 2017. The adoption of ASU 2016-06 will not have a material effect on our Consolidated 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 tax consequences and certain classifications within the statement of cash flows. This standard requires companies to record all excess tax benefits and deficiencies resulting from the vesting of share-based payments to the income statement, whereas current guidance generally permits such items to be recorded to the equity section of the balance sheet provided that an adequate level of previously recorded excess tax benefits exists. We will adopt ASU 2016-09 on its effective date of January 1, 2017. We expect that the adoption of ASU 2016-09 could potentially result in increased variability in our effective income tax rate as a result of the requirement to record all excess tax benefits and deficiencies resulting from the vesting of share-based payments to our Consolidated Income Statements. We do not expect that the other provisions of ASU 2016-09 will have a material effect on our Consolidated Financial Statements. In June 2016, the FASB issued ASU 2016-13, Measurement of Credit Losses on Financial Instruments , which amends previously issued guidance regarding the impairment of financial instruments by creating an impairment model that is based on expected losses rather than incurred losses. ASU 2016-13 is effective for us beginning on January 1, 2020. Early adoption is permitted. We are currently assessing the potential impact of adopting this new accounting standard on our Consolidated Financial Statements. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows , which updates guidance as to how certain cash receipts and cash payments should be presented and classified within the statement of cash flows. ASU 2016-15 is intended to reduce the existing diversity in practice and is effective for us beginning on January 1, 2018. Early adoption is permitted. We are currently assessing the potential impact of adopting this new accounting standard on our Consolidated Financial Statements. In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows , which amends ASC 230 to add or clarify guidance on the classification and presentation of restricted cash and restricted cash equivalents in the statement of cash flows. ASU 2016-18 is effective for us beginning on January 1, 2018. Early adoption is permitted. We are currently assessing the potential impact of adopting this new accounting standard on our Consolidated Financial Statements.

Summary of Significant Accoun40

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2016
Accounting Policies [Abstract]
Summary of the effect of adopting ASU 2015-03	The following tables summarize the effect of adopting ASU 2015-03 on our previously issued financial statements (in thousands of dollars): As of December 31, 2015 Consolidated Balance Sheets: As Previously Reported ASU 2015-03 Adjustments As Adjusted Other long-term assets (see Note 12) $ 135,115 $ (10,816 ) $ 124,299 York Property Mortgage, current $ 7,302 $ (1,010 ) $ 6,292 Long-term debt, net $ 614,767 $ (9,806 ) $ 604,961 Year Ended December 31, 2015 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 provided by operating activities: Amortization of debt discount and issuance costs $ 1,782 $ 1,290 $ 3,072 Changes in assets and liabilities: Other operating assets and liabilities (see Note 13) $ (26,342 ) $ (1,290 ) $ (27,632 ) Net cash provided by operating activities $ 155,058 $ — $ 155,058 Year Ended December 31, 2014 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 provided by operating activities: Amortization of debt discount and issuance costs $ 3,564 $ 1,042 $ 4,606 Changes in assets and liabilities: Other operating assets and liabilities (see Note 13) $ 14,448 $ (1,042 ) $ 13,406 Net cash provided by operating activities $ 44,265 $ — $ 44,265

Segment Reporting (Tables)

Segment Reporting (Tables)	12 Months Ended
	Dec. 31, 2016
Segment Reporting [Abstract]
Schedule of Segment Information	The following table presents our segment information for the years ended December 31, 2016 , 2015 , and 2014 (in thousands of dollars): Year ended December 31, 2016 Agency SFS All Other Reconciling items Total Revenues $ 726,662 $ 61,234 $ 25,999 $ (8,518 ) (a) $ 805,377 Interest income $ 1,294 $ — $ — $ — $ 1,294 Interest expense $ 30,310 $ — $ — $ — $ 30,310 Depreciation and amortization $ 21,081 $ 119 $ 617 $ — $ 21,817 Segment income (loss) before taxes $ 64,571 (c) $ 35,907 $ (482 ) (c) $ (3,262 ) (b) $ 96,734 Year ended December 31, 2015 Revenues $ 892,030 $ 65,248 $ 18,975 $ (14,759 ) (a) $ 961,494 Interest income $ 1,773 $ 3 $ — $ — $ 1,776 Interest expense $ 32,745 $ — $ — $ — $ 32,745 Depreciation and amortization $ 19,233 $ 124 $ 124 $ — $ 19,481 Segment income before taxes $ 139,942 $ 41,303 $ 10,864 $ (22,810 ) (b) $ 169,299 Year ended December 31, 2014 Revenues $ 885,293 $ 47,290 $ 19,747 $ (14,277 ) (a) $ 938,053 Interest income $ 1,857 $ 18 $ 8 $ — $ 1,883 Interest expense $ 35,189 $ — $ — $ — $ 35,189 Depreciation and amortization $ 20,110 $ 130 $ 335 $ — $ 20,575 Segment income before taxes $ 182,763 $ 31,763 (b) $ 7,424 $ (28,929 ) (b) $ 193,021 (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 income before taxes are detailed in the table below. (c) Agency segment income before taxes for the year ended December 31, 2016 includes $23.9 million of compensation expense related to an earn-out arrangement with the former principals of AAP. All Other (loss) income before taxes for the year ended December 31, 2016 includes $11.1 million of compensation expense related to this earn-out arrangement. See Note 3 .
Reconciliation of Operating Profit (Loss) from Segments to Consolidated	The table below details the unallocated amounts and reconciling items related to segment income (loss) before taxes and provides a reconciliation of segment income (loss) before taxes to consolidated income before taxes for the years ended December 31, 2016 , 2015 , and 2014 (in thousands of dollars): 2016 2015 2014 Agency $ 64,571 $ 139,942 $ 182,763 SFS 35,907 41,303 31,763 All Other (482 ) 10,864 7,424 Segment income before taxes 99,996 192,109 221,950 Unallocated amounts and reconciling items: Leadership transition severance costs (a) — (13,251 ) — CEO separation and transition costs (see Note 23) — (4,232 ) (7,591 ) Special charges (net) (see Note 25) — — (20,008 ) Equity in earnings of investees (b): RM Sotheby's (1,967 ) (2,519 ) — Acquavella Modern Art (1,295 ) (2,808 ) (1,330 ) Total equity in earnings of investees (3,262 ) (5,327 ) (1,330 ) Income before taxes $ 96,734 $ 169,299 $ 193,021 (a) In 2015, in conjunction with our leadership transition, we incurred severance costs of $13.3 million associated with the termination of certain executive officers, including our former Chief Financial Officer and former Chief Operating Officer. (b) For segment reporting purposes, our share of earnings related to equity investees is included as part of income before taxes. However, such earnings are reported separately below income before taxes in our Consolidated Income Statements. For the periods presented, Agency segment results include equity earnings related to RM Sotheby's and All Other includes equity earnings related to Acquavella Modern Art. See Note 5 for information related to our equity method investments.
Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area	The table below presents geographic information about our revenues for the years ended December 31, 2016 , 2015 , and 2014 for all countries which exceeded 5% of total revenues (in thousands of dollars): 2016 2015 2014 United States $ 367,200 $ 463,129 $ 402,385 United Kingdom 193,721 257,336 271,505 Hong Kong and China 145,885 146,262 165,066 Switzerland 50,003 50,134 46,226 France 42,980 41,803 48,032 Other countries 14,106 17,589 19,116 Reconciling item: Intercompany revenue (8,518 ) (14,759 ) (14,277 ) Total $ 805,377 $ 961,494 $ 938,053
Reconciliation Of Segment Assets To Consolidated Assets	The table below presents segment assets, as well as a reconciliation of segment assets to consolidated assets as of December 31, 2016 , 2015 , and 2014 (in thousands of dollars): December 31, 2016 2015 2014 Agency $ 1,759,670 $ 2,499,441 $ 2,386,739 SFS 687,649 721,781 658,710 All Other 42,246 25,178 29,067 Total segment assets 2,489,565 3,246,400 3,074,516 Unallocated amounts: Deferred tax assets and income tax receivable 14,861 16,913 55,280 Consolidated assets $ 2,504,426 $ 3,263,313 $ 3,129,796

Acquisition of Art Agency, Pa42

Acquisition of Art Agency, Partners (Tables)	12 Months Ended
	Dec. 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 for AAP to the assets acquired and liabilities assumed (in thousands of dollars): Purchase price: Initial cash consideration $ 50,000 Working capital adjustment 1,189 Total purchase price $ 51,189 Allocation of purchase price: Net working capital acquired $ 1,572 Fixed assets and other long-term assets 173 Goodwill 34,490 Intangible assets - customer relationships (see Note 7) 10,800 Intangible assets - non-compete agreements (see Note 7) 3,060 Deferred tax assets 1,094 Total purchase price $ 51,189

Receivables (Tables)

Receivables (Tables)	12 Months Ended
	Dec. 31, 2016
Accounts and Notes Receivable, Net [Abstract]
Financing Receivable Credit Quality Indicators	The table below provides the aggregate LTV ratio for the SFS loan portfolio as of December 31, 2016 and 2015 (in thousands of dollars): December 31, 2016 2015 Secured loans $ 675,109 $ 682,258 Low auction estimate of collateral $ 1,405,856 $ 1,380,022 Aggregate LTV ratio 48 % 49 % The table below provides the aggregate LTV ratio for secured loans made by SFS with an LTV above 50% as of December 31, 2016 and 2015 (in thousands of dollars): December 31, 2016 2015 Secured loans with an LTV ratio above 50% $ 270,111 $ 354,049 Low auction estimate of collateral related to secured loans with an LTV above 50% $ 486,973 $ 626,829 Aggregate LTV ratio of secured loans with an LTV above 50% 55 % 56 %
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 December 31, 2016 and 2015 (in thousands of dollars): December 31, 2016 2015 Total secured loans $ 675,109 $ 682,258 Loans past due $ 90,508 $ 11,819 Loans more than 90 days past due $ 158 $ 7,828 Non-accrual loans $ 158 $ — Impaired loans $ — $ — Allowance for credit losses: Allowance for credit losses for impaired loans $ — $ — Allowance for credit losses based on historical data 1,270 1,458 Total allowance for credit losses - secured loans $ 1,270 $ 1,458
Activity Related To Allowance For Credit Losses	For the years ended December 31, 2016 and 2015, activity related to the Allowance for Credit Losses was as follows (in thousands of dollars): Balance as of January 1, 2015 $ 1,166 Change in loan loss provision 292 Balance as of December 31, 2015 1,458 Change in loan loss provision (188 ) Balance as of December 31, 2016 $ 1,270

Fixed Assets (Tables)

Fixed Assets (Tables)	12 Months Ended
	Dec. 31, 2016
Property, Plant and Equipment [Abstract]
Summary of Fixed Assets	As of December 31, 2016 and 2015 , Fixed Assets consisted of the following (in thousands of dollars): December 31, 2016 2015 Land $ 92,155 $ 93,078 Buildings and building improvements 230,803 226,530 Leasehold improvements 72,969 82,011 Computer hardware and software 74,744 73,728 Furniture, fixtures and equipment 76,829 78,529 Construction in progress 3,621 2,090 Other 5,257 2,015 Sub-total 556,378 557,981 Less: Accumulated depreciation and amortization (209,196 ) (203,487 ) Total Fixed Assets, net $ 347,182 $ 354,494

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	12 Months Ended
	Dec. 31, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill	For the years ended December 31, 2016 and 2015, changes in the carrying value of Goodwill were as follows (in thousands of dollars): Year ended December 31, 2016 Year ended December 31, 2015 Agency All Other Total Agency All Other Total Beginning balance $ 13,621 $ — $ 13,621 $ 14,017 $ — $ 14,017 Goodwill acquired: AAP (see Note 3) 28,339 6,151 34,490 — — — Orion Analytical (a) 2,445 — 2,445 — — — Foreign currency exchange rate changes (527 ) — (527 ) (396 ) — (396 ) Ending balance $ 43,878 $ 6,151 $ 50,029 $ 13,621 $ — $ 13,621 (a) On November 30, 2016, we acquired Orion Analytical, a materials analysis and consulting firm that utilizes state-of-the-art technical and scientific methods in the examination of art, cultural property, wine and other objects. With this acquisition, we have established a scientific research department that complements our existing world-class expertise and provenance research capabilities.
Indefinite-lived Intangible Assets	Intangible Assets —As of December 31, 2016 and 2015, intangible assets consisted of the following (in thousands of dollars): Amortization Period December 31, 2016 December 31, 2015 Indefinite lived intangible assets: License (a) N/A $ 324 $ 324 Intangible assets subject to amortization: Customer relationships - AAP (see Note 3) 8 years 10,800 — Non-compete agreements - AAP (see Note 3) 6 years 3,060 — Artworks database (b) 10 years 1,125 — Total intangible assets subject to amortization 14,985 — Accumulated amortization (1,916 ) — Total amortizable intangible assets (net) 13,069 — Total intangible assets (net) $ 13,393 $ 324 (a) Relates to a license obtained in conjunction with the purchase of a retail wine business in 2008. (b) Relates to a database containing historic information concerning repeat sales of works of art. This database was acquired in the third quarter of 2016.
Finite-lived Intangible Assets	Intangible Assets —As of December 31, 2016 and 2015, intangible assets consisted of the following (in thousands of dollars): Amortization Period December 31, 2016 December 31, 2015 Indefinite lived intangible assets: License (a) N/A $ 324 $ 324 Intangible assets subject to amortization: Customer relationships - AAP (see Note 3) 8 years 10,800 — Non-compete agreements - AAP (see Note 3) 6 years 3,060 — Artworks database (b) 10 years 1,125 — Total intangible assets subject to amortization 14,985 — Accumulated amortization (1,916 ) — Total amortizable intangible assets (net) 13,069 — Total intangible assets (net) $ 13,393 $ 324 (a) Relates to a license obtained in conjunction with the purchase of a retail wine business in 2008. (b) Relates to a database containing historic information concerning repeat sales of works of art. This database was acquired in the third quarter of 2016.
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 December 31, 2016 balance sheet date are as follows (in thousands of dollars): Period Amount 2017 $ 1,972 2018 $ 1,972 2019 $ 1,972 2020 $ 1,972 2021 $ 1,972

Pension Arrangements (Tables)

Pension Arrangements (Tables)	12 Months Ended
	Dec. 31, 2016
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract]
Trust assets related to deferred compensation liability	As of December 31, 2016 and 2015 , the DCP liability was $25.9 million and $39 million , respectively, and the assets held in the rabbi trust consisted of the following (in thousands of dollars): December 31, 2016 2015 Company-owned variable life insurance $ 25,114 $ 37,155 Money market mutual fund investments 1,599 688 Total $ 26,713 $ 37,843
Change In Benefit Obligation, Change in Fair Value of Plan Assets, and Funded Status	The table below details the changes in the projected benefit obligation, plan assets, and funded status of the U.K. Pension Plan, as well as the net pension asset recognized on our Consolidated Balance Sheets, as of December 31, 2016 and 2015 (in thousands of dollars): December 31, 2016 2015 Reconciliation of benefit obligation Projected benefit obligation at beginning of year $ 326,243 $ 381,935 Service cost 1,086 4,497 Interest cost 9,817 12,923 Contributions by plan participants 232 877 Actuarial loss (gain) 64,104 (27,885 ) Curtailment gain — (17,895 ) Benefits paid (12,176 ) (10,745 ) Foreign currency exchange rate changes (61,687 ) (17,464 ) Projected benefit obligation at end of year 327,619 326,243 Reconciliation of plan assets Fair value of plan assets at beginning of year 393,102 410,928 Actual return on plan assets 73,806 9,996 Employer contributions 24,748 2,163 Contributions by plan participants 232 877 Benefits paid (12,176 ) (10,745 ) Foreign currency exchange rate changes (73,517 ) (20,117 ) Fair value of plan assets at end of year 406,195 393,102 Funded Status Net pension asset $ 78,576 $ 66,859
Pension Benefit Plan	For the years ended December 31, 2016 , 2015 , and 2014 , the components of the net pension (benefit) cost related to the U.K. Pension Plan are as follows (in thousands of dollars): 2016 2015 2014 Service cost $ 1,086 $ 4,497 $ 4,499 Interest cost 9,817 12,923 15,633 Expected return on plan assets (17,798 ) (20,174 ) (23,166 ) Amortization of actuarial loss — 3,967 2,346 Amortization of prior service cost — 364 — Net pension (benefit) cost $ (6,895 ) $ 1,577 $ (688 )
Benefit Obligation And Net Pension Benefit	As of and for the years ended December 31, 2016 , 2015 , and 2014 , the following assumptions were used in determining the benefit obligation and net pension (benefit) cost related to the U.K. Pension Plan: Benefit Obligation 2016 2015 Weighted average discount rate 2.7% 3.7% Weighted average rate of compensation increase —% —% Net Pension (Benefit) Cost 2016 2015 2014 Weighted average discount rate N/A 3.5% 4.4% Weighted average discount rate - service cost 3.8% 3.5% 4.4% Weighted average discount rate - interest cost 3.4% 3.5% 4.4% Weighted average rate of compensation increase 4.1% 4.1% 4.6% Weighted average expected long-term rate of return on plan assets 5.2% 5.4% 6.1%
Components Of Net Pension Benefits Related To U.K. Pension Plan Assets	The table below presents the fair value of U.K. Pension Plan assets, by investment category, as of December 31, 2016 and 2015 (in thousands of dollars): December 31, 2016 % of Total 2015 % of Total Growth assets $ 217,730 53.6 % $ 240,214 61.1 % Debt securities : Corporate 35,973 8.9 % 36,772 9.4 % Index-linked 134,972 33.2 % 112,049 28.5 % Total debt securities 170,945 42.1 % 148,821 37.9 % Real estate mutual funds 2,667 0.6 % 3,148 0.8 % Cash and cash equivalents 14,853 3.7 % 919 0.2 % Total fair value of plan assets $ 406,195 $ 393,102
Fair Value Measurement Information U.K. Pension Plan Assets	The table below provides fair value measurement information for the U.K. Pension Plan assets as of December 31, 2016 (in thousands of dollars): Fair Value Measurements Using: Total Fair Value Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Growth assets $ 217,730 $ 171,286 $ 46,444 $ — Debt securities: Corporate 35,973 — 35,973 — Index-linked 134,972 134,972 — Total debt securities 170,945 134,972 35,973 — Real estate mutual funds 2,667 — 2,667 — Cash and cash equivalents 14,853 14,853 — — Total fair value of plan assets $ 406,195 $ 321,111 $ 85,084 $ —
Estimated Future Benefit Payments	Estimated future benefit payments related to the U.K. Pension Plan are as follows (in thousands of dollars): Year Benefit Payments 2017 $ 8,149 2018 $ 8,494 2019 $ 8,015 2020 $ 8,863 2021 $ 10,945 2022 to 2026 $ 57,567

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 2016
Debt Instruments [Abstract]
Schedule of Credit Agreements	The following tables summarize information related to the Credit Agreement as of and for the years ended December 31, 2016 , 2015 , and 2014 (in thousands of dollars): As of and for the year ended December 31, 2016 Agency Credit Facility SFS Credit Facility Total Maximum borrowing capacity $ 300,000 $ 1,035,000 $ 1,335,000 Borrowing base $ 165,443 $ 569,021 $ 734,464 Borrowings outstanding $ — $ 565,000 $ 565,000 Available borrowing capacity (a) $ 165,443 $ 4,021 $ 169,464 Average borrowings outstanding $ — $ 534,433 $ 534,433 Borrowing Costs: Interest $ — (b) $ 14,819 (c) $ 14,819 Fees 2,712 (b) 2,919 (c) 5,631 Total $ 2,712 $ 17,738 $ 20,450 As of and for the year ended December 31, 2015 Agency Credit Facility SFS Credit Facility Total Maximum borrowing capacity $ 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 (a) $ 225,642 $ 6,086 $ 231,728 Average borrowings outstanding $ — $ 541,004 $ 541,004 Borrowing Costs: Interest $ — (b) $ 14,060 (c) $ 14,060 Fees 2,752 (b) 1,720 (c) 4,472 Total $ 2,752 $ 15,780 $ 18,532 As of and for the year ended December 31, 2014 Agency Credit Facility SFS Credit Facility Total Maximum borrowing capacity $ 300,000 $ 550,000 $ 850,000 Borrowing base $ 237,830 $ 519,255 $ 757,085 Borrowings outstanding $ — $ 445,000 $ 445,000 Available borrowing capacity (a) $ 237,830 $ 74,255 $ 312,085 Average borrowings outstanding $ — $ 306,448 $ 306,448 Borrowing Costs: Interest $ — (b) $ 7,751 (c) $ 7,751 Fees 2,240 (b) 989 (c) 3,229 Total $ 2,240 $ 8,740 $ 10,980 Legend: (a) The available borrowing capacity is calculated as the borrowing base less borrowings outstanding. (b) Borrowing costs related to the Agency Credit Facility, which include interest and fees, are reflected in our Consolidated Income Statements as Interest Expense. See the table below for additional information related to Interest Expense associated with the Agency Credit Facility. (c) Borrowing costs related to the SFS Credit Facility are reflected in our Consolidated Income Statements within Cost of Finance Revenues. For the years ended December 31, 2016 , 2015 , and 2014, 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	As of December 31, 2016 and 2015 , Long-Term Debt consisted of the following (in thousands of dollars): December 31, 2016 2015 York Property Mortgage, net of unamortized debt issuance costs of $5,555 and $6,565 $ 309,212 $ 315,504 2022 Senior Notes, net of unamortized debt issuance costs of $3,642 and $4,251 296,358 295,749 Less current portion: York Property Mortgage, net of unamortized debt issuance costs of $1,010 and $1,010 (6,629 ) (6,292 ) Total Long-Term Debt, net $ 598,941 $ 604,961
Aggregate Future Principal And Interest Payments	The aggregate future principal and interest payments due under the Credit Agreement, the York Property Mortgage, and the 2022 Senior Notes during the five year period after December 31, 2016 are as follows (in thousands of dollars): Year Amount 2017 $ 34,650 2018 $ 36,586 2019 $ 36,597 2020 $ 601,607 2021 $ 36,620
Components Of Interest Expense	For the years ended December 31, 2016 , 2015 , and 2014 , Interest Expense consisted of the following (in thousands of dollars): December 31, 2016 2015 2014 Agency Credit Facility: Amendment and arrangement fees $ 1,123 $ 1,167 $ 1,096 Commitment fees 1,589 1,585 1,144 Sub-total 2,712 2,752 2,240 York Property Mortgage 11,121 13,537 16,335 2022 Senior Notes 16,402 16,394 16,394 Other interest expense 75 62 220 Total Interest Expense $ 30,310 $ 32,745 $ 35,189 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.

Derivative Financial Instrume48

Derivative Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Fair value of derivative financial instruments designated as hedging instruments in the Consolidated Balance Sheet	The following tables summarize fair value information related to the derivative financial instruments designated as hedging instruments and recorded on our Consolidated Balance Sheets as of December 31, 2016 and 2015 (in thousands of dollars): Assets Liabilities December 31, 2016 Balance Sheet Classification Fair Value Balance Sheet Classification Fair Value Cash Flow Hedges: Interest rate swaps Other Current Assets $ 82 Other Current Liabilities $ 163 Interest rate collar N/A — Other Long-Term Liabilities 5,952 Total cash flow hedges 82 — 6,115 Net Investment Hedges: Foreign exchange contracts Other Current Assets 30,258 N/A — Total $ 30,340 $ 6,115 Assets Liabilities December 31, 2015 Balance Sheet Classification Fair Value Balance Sheet Classification Fair Value Cash Flow Hedges: Interest rate swaps N/A $ — Other Current Liabilities $ 360 Interest rate collar N/A — Other Long-Term Liabilities 6,816 Total cash flow hedges — 7,176 Net Investment Hedges: Foreign exchange contracts N/A — N/A — Total $ — $ 7,176
Effect of derivative financial instruments designated as hedging instruments on Consolidated Income Statements	The following tables summarize the effect of the derivative financial instruments designated as hedging instruments on our Consolidated Income Statements and Consolidated Statements of Comprehensive Income for the years ended December 31, 2016 and 2015 (in thousands of dollars): Gain (Loss) Recognized in Other Comprehensive (Loss) Income - Effective Portion Classification of Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Net Income Amount Reclassified from Accumulated Other Comprehensive Loss into Net Income - Effective Portion Year Ended December 31, 2016 2015 2016 2015 Cash Flow Hedges: Interest rate swaps $ (704 ) $ (802 ) Interest Expense $ 813 $ 688 Interest rate collar 533 (4,192 ) Interest Expense — — Total cash flow hedges (171 ) (4,994 ) 813 688 Net Investment Hedges: Foreign exchange contracts 16,618 — Other Income/(Expense) — — Total $ 16,447 $ (4,994 ) $ 813 $ 688

Supplemental Condensed Balanc49

Supplemental Condensed Balance Sheet Information (Tables)	12 Months Ended
	Dec. 31, 2016
Supplemental Balance Sheet Information [Abstract]
Prepaid Expenses and Other Current Assets	As of December 31, 2016 and 2015, Prepaid Expenses and Other Current Assets consisted of the following (in thousands of dollars): December 31, 2016 2015 Prepaid expenses $ 20,436 $ 19,422 Derivative financial instruments (see Note 10) 30,340 — Other (a) 25,831 14,507 Total Prepaid and Other Current Assets $ 76,607 $ 33,929 (a) Other includes insurance recoveries and other miscellaneous short-term assets.
Other Long-Term Assets	As of December 31, 2016 and 2015, Other Long-Term Assets consisted of the following (in thousands of dollars): December 31, 2016 2015 Defined benefit pension plan asset (see Note 8) $ 78,576 $ 66,859 Equity method investments (see Note 5) 43,143 41,744 Other 16,992 15,696 Total Other Long-Term Assets $ 138,711 $ 124,299
Other Long-Term Liabilities	As of December 31, 2016 and 2015, Other Long-Term Liabilities consisted of the following (in thousands of dollars): December 31, 2016 2015 Acquisition earn-out consideration (see Note 3) $ 26,250 $ — Interest rate collar liability (see Note 10) 5,952 6,816 Other 6,964 8,793 Total Other Long-Term Liabilities $ 39,166 $ 15,609

Supplemental Condensed Cash F50

Supplemental Condensed Cash Flow Information (Tables)	12 Months Ended
	Dec. 31, 2016
Supplemental Cash Flow Information [Abstract]
Supplemental Condensed Consolidated Cash Flow Information	For the years ended December 31, 2016, 2015 and 2014, changes in other operating assets and liabilities as reported in the Consolidated Statements of Cash Flows included the following (in thousands of dollars): December 31, 2016 2015 2014 Decrease (increase) in: Prepaid expenses and other current assets $ (14,510 ) $ (6,562 ) $ (9,559 ) Other long-term assets (10,006 ) 13,641 4,330 Income tax receivables and deferred income tax assets 2,395 22,144 7,168 Increase (decrease) in: Accrued income taxes and deferred income tax liabilities 14,879 (27,325 ) (9,309 ) Accounts payable and accrued liabilities and other liabilities 17,297 (29,530 ) 20,776 Total changes in other operating assets and liabilities $ 10,055 $ (27,632 ) $ 13,406

Shareholders' Equity and Divi51

Shareholders' Equity and Dividends (Tables)	12 Months Ended
	Dec. 31, 2016
Shareholders' Equity and Dividends [Abstract]
Summary of Common Stock Repurchase Program	The following table provides information regarding our common stock repurchase program as of and for the years ended December 31, 2016, 2015, and 2014 (in thousands, except for per share data): 2016 2015 2014 Three-Year Total Shares repurchased 13,144 3,706 558 17,408 Aggregate purchase price $ 359,885 $ 125,000 $ 25,000 $ 509,885 Average price per share $ 27.38 $ 33.73 $ 44.79 $ 29.29 Repurchase authorization outstanding $ 40,226 $ 125,000 $ 125,000 $ 40,226
Schedule of Quarterly Dividends Declared and Paid	The following table summarizes cash dividends declared and paid in each of the quarterly periods in the years ended December 31, 2016 , 2015 , and 2014 (in thousands of dollars, except per share amounts): 2016 2015 2014 Per Share Amount Per Share Amount Per Share Amount Quarter Ended March 31 $ — $ — $ 0.10 $ 6,944 $ 0.10 $ 6,944 June 30 — — 0.10 6,933 0.10 6,894 September 30 — — 0.10 6,667 0.10 6,899 December 31 — — 0.10 6,563 0.10 6,899 Total $ — $ — $ 0.40 $ 27,107 $ 0.40 $ 27,636

Accumulated Other Comprehensi52

Accumulated Other Comprehensive Loss (Tables)	12 Months Ended
	Dec. 31, 2016
Equity [Abstract]
Schedule of Accumulated Other Comprehensive Income (Loss)	The following is a summary of the changes in Accumulated Other Comprehensive Loss and the details regarding any reclassification adjustments made during the period January 1, 2014 to December 31, 2016 (in thousands of dollars): 2016 2015 2014 Currency Translation Adjustments Balance at January 1 $ (52,279 ) $ (33,223 ) $ (1,352 ) Other comprehensive loss before reclassifications, net of tax of ($13,113), ($6,345), and ($2,376) (37,199 ) (18,951 ) (33,929 ) Reclassifications from other comprehensive (loss) income — (105 ) 2,058 Other comprehensive loss (37,199 ) (19,056 ) (31,871 ) Balance at December 31 (89,478 ) (52,279 ) (33,223 ) Cash Flow Hedges Balance at January 1 (4,306 ) — — Other comprehensive loss before reclassifications, net of tax of ($106), ($3,126), and $0 (171 ) (4,994 ) — Reclassifications from other comprehensive (loss) income, net of tax of $502, $430, and $0 813 688 — Other comprehensive income (loss) 642 (4,306 ) — Balance at December 31 (3,664 ) (4,306 ) — Net Investment Hedges Balance at January 1 — — — Other comprehensive income before reclassifications, net of tax of $10,354, $0, and $0 16,618 — — Other comprehensive income 16,618 — — Balance at December 31 16,618 — — Defined Benefit Pension Plan Balance at January 1 (9,619 ) (43,543 ) (38,101 ) Currency translation adjustments 2,300 1,097 2,468 Net actuarial (loss) gain, net of tax of ($1,427), $6,445, and ($2,447) (6,515 ) 29,363 (9,787 ) Prior service cost amortization, net of tax of $0, $73, and $0 — 291 — Actuarial loss amortization, net of tax of $0, $794, and $469 — 3,173 1,877 Other comprehensive (loss) income (4,215 ) 33,924 (5,442 ) Balance at December 31 (13,834 ) (9,619 ) (43,543 ) Total other comprehensive (loss) income attributable to Sotheby's (24,154 ) 10,562 (37,313 ) Accumulated comprehensive loss as of December 31 $ (90,358 ) $ (66,204 ) $ (76,766 )
Reclassification out of Accumulated Other Comprehensive Income (Loss)	Year Ended December 31, 2016 2015 2014 Cumulative Translation Adjustments (Gain) loss upon liquidation of foreign subsidiary $ — $ (105 ) $ 2,058 Tax effect — — — Reclassification adjustment, net of tax — (105 ) 2,058 Cash Flow Hedges Settlement of interest rate swaps 1,315 1,118 — Tax effect (502 ) (430 ) — Reclassification adjustment, net of tax 813 688 — Defined Benefit Pension Plan Prior service cost amortization — 364 — Actuarial loss amortization — 3,967 2,346 Pre-tax total — 4,331 2,346 Tax effect — (867 ) (469 ) Reclassification adjustments, net of tax — 3,464 1,877 Total reclassification adjustments, net of tax $ 813 $ 4,047 $ 3,935

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2016
Income Tax Disclosure [Abstract]
Schedule of Components of Income Tax Expense (Benefit)	For the years ended December 31, 2016 , 2015 , and 2014 , the significant components of income tax expense consisted of the following (in thousands of dollars): 2016 2015 2014 Income before taxes: Domestic $ (38,567 ) $ 11,414 $ 21,976 Foreign 135,301 157,885 171,045 Total $ 96,734 $ 169,299 $ 193,021 Income tax expense—current: Domestic $ 18,443 $ 10,455 $ 22,220 State and local 1,766 5,958 6,946 Foreign 29,904 33,043 37,762 Sub-total 50,113 49,456 66,928 Income tax (benefit) expense—deferred: Domestic (19,114 ) 69,835 5,406 State and local (1,034 ) 6,378 6,314 Foreign (4,008 ) 5,476 (2,887 ) Sub-total (24,156 ) 81,689 8,833 Total $ 25,957 $ 131,145 $ 75,761
Schedule of Deferred Tax Assets and Liabilities	As of December 31, 2016 and 2015 , the components of Deferred Tax Assets and Deferred Tax Liabilities consisted of the following (in thousands of dollars): December 31, 2016 2015 Deferred tax assets: Asset provisions and liabilities $ 11,512 $ 13,720 Inventory writedowns 10,874 10,621 Tax loss and credit carryforwards 3,708 2,887 Difference between book and tax basis of depreciable and amortizable assets 30,855 17,857 Share-based payments and deferred compensation 26,267 34,165 Sub-total 83,216 79,250 Valuation allowance (2,819 ) (2,437 ) Total deferred tax assets 80,397 76,813 Deferred tax liabilities: Difference between book and tax basis of other assets and liabilities 1,612 2,361 Pension obligations 9,689 11,231 Basis differences in equity method investments 3,423 3,805 Undistributed earnings of foreign subsidiaries 68,201 91,924 Total deferred tax liabilities 82,925 109,321 Total net deferred tax liabilities $ (2,528 ) $ (32,508 )
Schedule of Effective Income Tax Rate Reconciliation	For the years ended December 31, 2016 , 2015 , and 2014 , our effective income tax rate varied from the statutory tax rate as follows: 2016 2015 2014 Statutory federal income tax rate 35.0 % 35.0 % 35.0 % State and local taxes, net of federal tax benefit 0.5 % 2.3 % 2.5 % Foreign taxes at rates different from U.S. rates (25.0 %) (14.9 %) (13.5 %) U.S. taxes on foreign earnings 9.9 % 50.5 % 12.6 % Valuation allowance 0.5 % 0.3 % (0.2 %) Effect of enacted tax legislation (0.1 %) 2.5 % 2.0 % Changes in tax reserves 1.6 % 0.0 % 0.4 % Other 4.4 % 1.8 % 0.4 % Effective income tax rate 26.8 % 77.5 % 39.2 %

Uncertain Tax Positions (Tables

Uncertain Tax Positions (Tables)	12 Months Ended
	Dec. 31, 2016
Income Tax Uncertainties [Abstract]
Summary of Income Tax Contingencies	The table below presents a reconciliation of the beginning and ending balances of the liability for unrecognized tax benefits, excluding interest and penalties, for the years ended December 31, 2016 , 2015 , and 2014 (in thousands of dollars): 2016 2015 2014 Balance at January 1 $ 22,042 $ 22,798 $ 25,423 Increases in unrecognized tax benefits related to the current year 1,700 2,917 2,229 Increases in unrecognized tax benefits related to prior years 29 2,276 167 Decreases in unrecognized tax benefits related to prior years — (1,973 ) (134 ) Decreases in unrecognized tax benefits related to settlements — (437 ) (590 ) Decreases in unrecognized tax benefits due to the lapse of the applicable statute of limitations (4,293 ) (3,539 ) (4,297 ) Balance at December 31 $ 19,478 $ 22,042 $ 22,798

Lease Commitments Lease Commitm

Lease Commitments Lease Commitments (Tables)	12 Months Ended
	Dec. 31, 2016
Leases, Operating [Abstract]
Schedule of Future Minimum Rental Payments for Operating Leases	Future minimum lease payments due under non-cancellable operating leases in effect at December 31, 2016 were as follows (in thousands of dollars): 2017 $ 15,036 2018 7,339 2019 6,448 2020 5,781 2021 5,291 Thereafter 28,176 Total future minimum lease payments $ 68,071

Share-Based Payments (Tables)

Share-Based Payments (Tables)	12 Months Ended
	Dec. 31, 2016
Dividends, Share-based Compensation [Abstract]
Compensation Expense Related To Share-Based Payments	For the years ended December 31, 2016 , 2015 , and 2014 , compensation expense for share-based payments made to employees was reflected in the following accounts in our Consolidated Income Statements (in thousands of dollars): 2016 2015 2014 Salaries and related costs $ 15,935 $ 28,632 $ 23,470 Voluntary separation incentive programs (see Note 22) (719 ) 3,068 — CEO separation and transition costs (see Note 23) — 2,000 3,591 Total share-based payment expense (pre-tax) $ 15,216 $ 33,700 $ 27,061 Total share-based payment expense (after-tax) $ 10,810 $ 22,992 $ 17,683
Changes In Number Of Outstanding Restricted Stock, RSU's And PSU's	For the year ended December 31, 2016 , changes to the number of outstanding RSU's, PSU's, and Restricted Stock shares were as follows (shares in thousands): RSU's, PSU's, and Restricted Weighted Average Grant Date Fair Value Outstanding at January 1, 2016 2,019 $ 43.61 Granted 1,002 $ 23.66 Vested (569 ) $ 39.60 Canceled (217 ) $ 36.28 Outstanding at December 31, 2016 2,235 $ 36.40

Earnings Per Share (Tables)

Earnings Per Share (Tables)	12 Months Ended
	Dec. 31, 2016
Earnings Per Share [Abstract]
Computation Of Basic And Diluted Earnings Per Share	The table below summarizes the computation of basic and diluted earnings per share for the years ended December 31, 2016 , 2015 , and 2014 (in thousands of dollars, except per share amounts): 2016 2015 2014 Basic: Numerator: Net income attributable to Sotheby's $ 74,112 $ 43,727 $ 117,795 Less: Net income attributable to participating securities 1,001 354 1,047 Net income attributable to Sotheby's common shareholders $ 73,111 $ 43,373 $ 116,748 Denominator: Weighted average common shares outstanding 57,024 68,121 69,016 Basic earnings per share - Sotheby's common shareholders $ 1.28 $ 0.64 $ 1.69 Diluted: Numerator: Net income attributable to Sotheby's $ 74,112 $ 43,727 $ 117,795 Less: Net income attributable to participating securities 1,001 354 1,047 Net income attributable to Sotheby's common shareholders $ 73,111 $ 43,373 $ 116,748 Denominator: Weighted average common shares outstanding 57,024 68,121 69,016 Weighted average effect of dilutive potential common shares: Performance share units 465 438 407 Deferred stock units 149 167 162 Stock options 15 18 21 Weighted average dilutive potential common shares outstanding 629 623 590 Weighted average diluted shares outstanding 57,653 68,744 69,606 Diluted earnings per share - Sotheby's common shareholders $ 1.27 $ 0.63 $ 1.68

Quarterly Results (Unaudited) (

Quarterly Results (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2016
Quarterly Financial Information Disclosure [Abstract]
Schedule Of Quarterly Results	First Quarter Second Quarter Third Quarter Fourth Quarter (In thousands, except per share data) Year Ended December 31, 2016 Net Auction Sales $ 491,176 $ 1,567,495 $ 160,208 $ 1,337,211 Income Statement Data: Revenues: Agency commissions and fees $ 81,065 $ 273,764 $ 51,285 $ 265,719 Inventory sales 6,794 5,281 24,359 26,429 Finance 14,755 14,750 11,138 12,073 Other 3,917 4,870 4,710 4,468 Total revenues $ 106,531 $ 298,665 $ 91,492 $ 308,689 Operating (loss) income $ (31,989 ) $ 130,083 $ (66,874 ) $ 91,396 Net (loss) income attributable to Sotheby's $ (25,884 ) $ 88,964 $ (54,470 ) $ 65,502 Per Share Amounts: Basic (loss) earnings per share - Sotheby's common shareholders $ (0.41 ) $ 1.54 $ (0.99 ) $ 1.22 Diluted (loss) earnings per share - Sotheby's common shareholders $ (0.41 ) $ 1.52 $ (0.99 ) $ 1.20 Shares Outstanding: Basic 63,022 57,104 55,013 52,956 Diluted 63,022 57,712 55,013 53,685 Year Ended December 31, 2015 Net Auction Sales $ 755,817 $ 1,856,643 $ 370,928 $ 2,033,350 Income Statement Data: Revenues: Agency commissions and fees $ 127,882 $ 310,377 $ 69,222 $ 284,439 Inventory sales 12,983 7,005 53,226 35,485 Finance 12,687 11,970 12,933 12,899 Other 2,123 2,654 2,611 2,998 Total revenues $ 155,675 $ 332,006 $ 137,992 $ 335,821 Operating income (loss) $ 18,404 $ 116,458 $ (21,707 ) $ 88,566 Net income (loss) attributable to Sotheby's $ 5,202 $ 67,572 $ (17,894 ) $ (11,153 ) Per Share Amounts: Basic earnings (loss) per share - Sotheby's common shareholders $ 0.07 $ 0.97 $ (0.26 ) $ (0.17 ) Diluted earnings (loss) per share - Sotheby's common shareholders $ 0.07 $ 0.96 $ (0.26 ) $ (0.17 ) Shares Outstanding: Basic 69,090 69,332 67,946 66,118 Diluted 69,705 69,884 67,946 66,118 __________________________________________________________________ 1 Net Auction Sales represents the hammer or sale price of property sold at auction.

Summary of Significant Accoun59

Summary of Significant Accounting Policies (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Property, Plant and Equipment [Line Items]
Controlling ownership interest percentage by parent	80.00%
Noncontrolling ownership interest percentage	20.00%
Allowance for doubtful accounts receivable	$ 7,700	$ 8,600
Inventory Write-down	22,300	20,100	$ 10,000
Goodwill	50,029	13,621	$ 14,017
Net book value of other intangible assets	13,069	0
Accumulated amortization related to other intangible assets	1,916	$ 0
Cash Segregated under Other Regulations	$ 15,300
New CEO 2015 Agreement | Performance Shares
Property, Plant and Equipment [Line Items]
Award service period		5 years
Building
Property, Plant and Equipment [Line Items]
Fixed assets useful life	50 years
Building improvements
Property, Plant and Equipment [Line Items]
Fixed assets useful life	20 years
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Fixed assets useful life	7 years
Enterprise systems | Minimum
Property, Plant and Equipment [Line Items]
Fixed assets useful life	7 years
Enterprise systems | Maximum
Property, Plant and Equipment [Line Items]
Fixed assets useful life	10 years
Computer software
Property, Plant and Equipment [Line Items]
Fixed assets useful life	3 years
Europe
Property, Plant and Equipment [Line Items]
Restricted Cash and Cash Equivalents	$ 38,500	$ 28,900
Mortgages | New Mortgage Loan
Property, Plant and Equipment [Line Items]
Restricted Cash and Cash Equivalents	$ 4,600

Summary of Significant Accoun60

Summary of Significant Accounting Policies (Adoption of Accounting Standards Update) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Other long-term assets (see Note 12)	$ 138,711	$ 124,299
York Property Mortgage, current	6,629	6,292
Long-term debt, net	598,941	604,961
Amortization of debt discount and issuance costs	1,619	3,072	$ 4,606
Other operating assets and liabilities (see Note 13)	10,055	(27,632)	13,406
Net cash provided by operating activities	$ 158,370	155,058	44,265
As Previously Reported
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Other long-term assets (see Note 12)		135,115
York Property Mortgage, current		7,302
Long-term debt, net		614,767
Amortization of debt discount and issuance costs		1,782	3,564
Other operating assets and liabilities (see Note 13)		(26,342)	14,448
Net cash provided by operating activities		155,058	44,265
ASU 2015-03 Adjustments
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Other long-term assets (see Note 12)		(10,816)
York Property Mortgage, current		(1,010)
Long-term debt, net		(9,806)
Amortization of debt discount and issuance costs		1,290	1,042
Other operating assets and liabilities (see Note 13)		(1,290)	(1,042)
Net cash provided by operating activities		$ 0	$ 0

Segment Reporting (Narrative) (

Segment Reporting (Narrative) (Details)	12 Months Ended
	Dec. 31, 2016segment
Segment Reporting [Abstract]
Number of operating segments (in segment)	2
Revenue from external customers as a percentage of total revenue	5.00%

Segment Reporting (Schedule Of

Segment Reporting (Schedule Of Revenue And (Loss) Income Before Taxes by Segment) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Segment Reporting [Line Items]
Revenues	$ 308,689	$ 91,492	$ 298,665	$ 106,531	$ 335,821	$ 137,992	$ 332,006	$ 155,675	$ 805,377	$ 961,494	$ 938,053
Interest income									1,294	1,776	1,883
Interest expense									30,310	32,745	35,189
Depreciation and amortization									21,817	19,481	20,575
Segment income (loss) before taxes									96,734	169,299	193,021
Art Agency, Partners | Earn Out
Segment Reporting [Line Items]
Compensation expense related to earn-out arrangement	$ 13,400	$ 17,200							35,000
Reconciling items
Segment Reporting [Line Items]
Revenues									(8,518)	(14,759)	(14,277)
Interest income									0	0	0
Interest expense									0	0	0
Depreciation and amortization									0	0	0
Segment income (loss) before taxes									(3,262)	(22,810)	(28,929)
Agency | Art Agency, Partners | Earn Out
Segment Reporting [Line Items]
Compensation expense related to earn-out arrangement									23,900
Agency | Operating Segments
Segment Reporting [Line Items]
Revenues									726,662	892,030	885,293
Interest income									1,294	1,773	1,857
Interest expense									30,310	32,745	35,189
Depreciation and amortization									21,081	19,233	20,110
Segment income (loss) before taxes									64,571	139,942	182,763
SFS | Operating Segments
Segment Reporting [Line Items]
Revenues									61,234	65,248	47,290
Interest income									0	3	18
Interest expense									0	0	0
Depreciation and amortization									119	124	130
Segment income (loss) before taxes									35,907	41,303	31,763
All Other | Art Agency, Partners | Earn Out
Segment Reporting [Line Items]
Compensation expense related to earn-out arrangement									11,100
All Other | Operating Segments
Segment Reporting [Line Items]
Revenues									25,999	18,975	19,747
Interest income									0	0	8
Interest expense									0	0	0
Depreciation and amortization									617	124	335
Segment income (loss) before taxes									$ (482)	$ 10,864	$ 7,424

Segment Reporting (Reconciliati

Segment Reporting (Reconciliation Of Segment (Loss) Income Before Taxes) (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Segment Reporting [Line Items]
CEO separation and transition costs (see Note 23)	$ (4,200)	$ 0	$ (4,232)	$ (7,591)
Special charges (net) (see Note 25)		0	0	(20,008)
Equity in earnings of investees		(3,262)	(5,327)	(732)
Income before taxes		96,734	169,299	193,021
Operating Segments
Segment Reporting [Line Items]
Segment (loss) income before taxes		99,996	192,109	221,950
Reconciling items
Segment Reporting [Line Items]
Leadership transition severance costs		0	(13,251)	0
CEO separation and transition costs (see Note 23)		0	(4,232)	(7,591)
Special charges (net) (see Note 25)		0	0	(20,008)
Equity in earnings of investees		(3,262)	(5,327)	(1,330)
Income before taxes		(3,262)	(22,810)	(28,929)
Reconciling items | RM Auctions
Segment Reporting [Line Items]
Equity in earnings of investees		(1,967)	(2,519)	0
Reconciling items | Acquavella Modern Art
Segment Reporting [Line Items]
Equity in earnings of investees		(1,295)	(2,808)	(1,330)
Corporate
Segment Reporting [Line Items]
Severance costs			13,300
Agency | Operating Segments
Segment Reporting [Line Items]
Segment (loss) income before taxes		64,571	139,942	182,763
Income before taxes		64,571	139,942	182,763
SFS | Operating Segments
Segment Reporting [Line Items]
Segment (loss) income before taxes		35,907	41,303	31,763
Income before taxes		35,907	41,303	31,763
All Other | Operating Segments
Segment Reporting [Line Items]
Segment (loss) income before taxes		(482)	10,864	7,424
Income before taxes		$ (482)	$ 10,864	$ 7,424

Segment Reporting (Schedule o64

Segment Reporting (Schedule of Revenues by Geographic Region) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenues	$ 308,689	$ 91,492	$ 298,665	$ 106,531	$ 335,821	$ 137,992	$ 332,006	$ 155,675	$ 805,377	$ 961,494	$ 938,053
Intercompany revenue
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenues									(8,518)	(14,759)	(14,277)
United States | Reportable Geographical Components
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenues									367,200	463,129	402,385
United Kingdom | Reportable Geographical Components
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenues									193,721	257,336	271,505
Hong Kong and China | Reportable Geographical Components
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenues									145,885	146,262	165,066
Switzerland | Reportable Geographical Components
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenues									50,003	50,134	46,226
France | Reportable Geographical Components
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenues									42,980	41,803	48,032
Other countries | Reportable Geographical Components
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenues									$ 14,106	$ 17,589	$ 19,116

Segment Reporting (Reconcilia65

Segment Reporting (Reconciliation Of Segment Assets To Consolidated Assets) (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Segment Reporting [Line Items]
Assets	$ 2,504,426	$ 3,263,313	$ 3,129,796
Operating Segments
Segment Reporting [Line Items]
Assets	2,489,565	3,246,400	3,074,516
Operating Segments | Agency
Segment Reporting [Line Items]
Assets	1,759,670	2,499,441	2,386,739
Operating Segments | SFS
Segment Reporting [Line Items]
Assets	687,649	721,781	658,710
Operating Segments | All Other
Segment Reporting [Line Items]
Assets	42,246	25,178	29,067
Reconciling items
Segment Reporting [Line Items]
Assets	$ 14,861	$ 16,913	$ 55,280

Acquisition of Art Agency, Pa66

Acquisition of Art Agency, Partners (Details) - USD ($) $ in Thousands	Jan. 11, 2016	Dec. 31, 2016	Sep. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Business Acquisition [Line Items]
Period over which goodwill is tax deductible						15 years
Allocation of purchase price:
Goodwill		$ 50,029			$ 13,621	$ 50,029	$ 13,621	$ 14,017
Agency
Allocation of purchase price:
Goodwill		43,878			13,621	43,878	13,621	14,017
All Other
Allocation of purchase price:
Goodwill		6,151			0	6,151	0	$ 0
Art Agency, Partners
Business Acquisition [Line Items]
Goodwill acquired						34,490	0
Purchase price:
Initial cash consideration	$ 50,000
Working capital adjustment	1,189
Total purchase price	51,189
Allocation of purchase price:
Net working capital acquired	1,572
Fixed assets and other long-term assets	173
Goodwill	34,490
Deferred tax assets	1,094
Total purchase price	51,189
Transaction costs	800
Art Agency, Partners | General and Administrative Expenses
Allocation of purchase price:
Transaction expenses				$ 200	600
Art Agency, Partners | Agency
Business Acquisition [Line Items]
Goodwill acquired						28,339	0
Art Agency, Partners | All Other
Business Acquisition [Line Items]
Goodwill acquired						6,151	0
Art Agency, Partners | Customer relationships
Allocation of purchase price:
Intangible assets	10,800
Art Agency, Partners | Employment contracts
Allocation of purchase price:
Intangible assets	$ 3,060
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
Business Acquisition [Line Items]
Settlement period for earn-out payments	4 years
Compensation expense related to earn-out arrangement		13,400	$ 17,200			35,000
Maximum annual payments under contingent earn-out agreement	$ 8,750
Contingent consideration, liability, current		8,750				8,750
Contingent consideration, liability, noncurrent		$ 26,250			$ 0	26,250	$ 0
Art Agency, Partners | Earn Out | Agency
Business Acquisition [Line Items]
Compensation expense related to earn-out arrangement						23,900
Art Agency, Partners | Earn Out | All Other
Business Acquisition [Line Items]
Compensation expense related to earn-out arrangement						$ 11,100

Receivables (Narrative) (Detail

Receivables (Narrative) (Details) - USD ($)	3 Months Ended	12 Months Ended
	Jun. 30, 2013	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Accounts, Notes, Loans and Financing Receivable [Line Items]
Maximum buyer payment term		30 days
Consignor payment term		35 days
Buyer receivables classified within other long term assets		$ 7,500,000	$ 24,300,000
Net accounts receivable		433,614,000	875,265,000
Balance of secured loan to refinance auction or private sale receivable		88,700,000	108,800,000
Secured loan issued to refinance auction or private sale receivable		$ 13,300,000	50,200,000
Loan-to-value ratio		50.00%
BorrowingPercentagePemittedOnNotesReceivable		85.00%
Loans past due		$ 90,508,000	11,819,000
Loans more than 90 days past due accruing interest		158,000	7,828,000
Non-accrual loans		158,000	0
Impaired loan		0	0
Unfunded lending commitment to extend additional credit		14,700,000
Unsecured loan		2,100,000	2,400,000
Equity interest sold	$ 4,300,000
Proceeds from the sale of equity method investment		325,000	275,000	$ 300,000
Unsecured Loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Equity interest sold	3,500,000
Up-front Payment Arrangement
Accounts, Notes, Loans and Financing Receivable [Line Items]
Proceeds from the sale of equity method investment	$ 800,000
SFS
Accounts, Notes, Loans and Financing Receivable [Line Items]
Collections of loans originally issued to refinance auction or private sale		$ 33,400,000	$ 31,800,000
Loan-to-value ratio		48.00%	49.00%
Loan to Value (LTV) Ratio		60.00%
Low auction estimate of collateral		$ 1,405,856,000	$ 1,380,022,000
Non-accrual loans		0
Impaired loan		0	0
Agency
Accounts, Notes, Loans and Financing Receivable [Line Items]
Collections of loans originally issued to refinance auction or private sale		16,300,000
Low auction estimate of collateral		3,100,000	7,200,000
Auction guarantee advances outstanding		1,000,000	0
Unsecured loan		3,800,000	4,200,000
Agency | Non Accrual Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unsecured loan		$ 2,100,000
Minimum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan-to-value ratio		50.00%
Loan to Value (LTV) Ratio		51.00%
Maximum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan to Value (LTV) Ratio		60.00%
Accounts Rec, Consignor Paid
Accounts, Notes, Loans and Financing Receivable [Line Items]
Net accounts receivable		$ 90,100,000	165,200,000
Transfer Of Possession Without Payment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Net accounts receivable		$ 76,300,000	$ 93,100,000
Notes receivable past due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan-to-value ratio		56.00%
Low auction estimate of collateral		$ 161,000,000

Receivables Schedule of Financi

Receivables Schedule of Financing Receivable Credit Quality Indicators (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Financing Receivable, Recorded Investment [Line Items]
Aggregate LTV ratio of Finance segment secured loans	50.00%
Loan To Value Ratio Above Fifty Percent
Financing Receivable, Recorded Investment [Line Items]
Finance segment secured loans	$ 270,111	$ 354,049
Low auction estimate of collateral	$ 486,973	$ 626,829
Aggregate LTV ratio of Finance segment secured loans	55.00%	56.00%
SFS
Financing Receivable, Recorded Investment [Line Items]
Finance segment secured loans	$ 675,109	$ 682,258
Low auction estimate of collateral	$ 1,405,856	$ 1,380,022
Aggregate LTV ratio of Finance segment secured loans	48.00%	49.00%

Receivables (Summary Of Other C

Receivables (Summary Of Other Credit Quality Information Regarding Finance Segment Secured Loans) (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Accounts and Notes Receivable, Net [Abstract]
Total secured loans	$ 675,109	$ 682,258
Loans past due	90,508	11,819
Loans more than 90 days past due	158	7,828
Non-accrual loans	158	0
Impaired loan	0	0
Allowance for credit losses - impaired loans	0	0
Allowance for credit losses based on historical data	1,270	1,458
Total Allowance for Credit Losses - secured loans	$ 1,270	$ 1,458	$ 1,166

Receivables (Activity Related T

Receivables (Activity Related To Allowance For Credit Losses) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Allowance for Loan and Lease Losses [Roll Forward]
Allowance for credit losses, beginning balance	$ 1,458	$ 1,166
Change in loan loss provision	(188)	292
Allowance for credit losses, ending balance	$ 1,270	$ 1,458

Equity Method Investments (Deta

Equity Method Investments (Details) - USD ($) $ in Thousands	Feb. 18, 2015	May 23, 1990	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Schedule of Equity Method Investments [Line Items]
Payments to acquire equity method investments			$ 2,200	$ 30,725	$ 0
Carrying value of the Matisse Inventory			39,000	41,400
Carrying value of the Sotheby's investment			$ 43,143	41,744
AMA
Schedule of Equity Method Investments [Line Items]
Payments to acquire equity method investments		$ 153,000
Inventory exchange rate of interest in partnership			50.00%
Period of AMA partnership agreement			10 years
Carrying value of the Sotheby's investment			$ 7,900	8,500
RM Auctions
Schedule of Equity Method Investments [Line Items]
Payments to acquire equity method investments	$ 30,700
Inventory exchange rate of interest in partnership	25.00%
Carrying value of the Sotheby's investment			35,300	33,200
Reconciling items | Acquavella Modern Art
Schedule of Equity Method Investments [Line Items]
Equity earnings			1,300	2,800	$ 700
Reconciling items | RM Auctions
Schedule of Equity Method Investments [Line Items]
Equity earnings			$ 2,000	$ 2,500

Fixed Assets Fixed Assets (Deta

Fixed Assets Fixed Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Property, Plant and Equipment [Line Items]
Land	$ 92,155	$ 93,078
Buildings and building improvements	230,803	226,530
Leasehold improvements	72,969	82,011
Computer hardware and software	74,744	73,728
Furniture, fixtures and equipment	76,829	78,529
Construction in progress	3,621	2,090
Other	5,257	2,015
Sub-total	556,378	557,981
Less: Accumulated depreciation and amortization	(209,196)	(203,487)
Total Fixed Assets, net	347,182	354,494
Depreciation and amortization	21,817	19,481	$ 20,575
Fixed Assets
Property, Plant and Equipment [Line Items]
Depreciation and amortization	$ 19,900	$ 19,500	$ 20,600

Goodwill and Intangible Asset73

Goodwill and Intangible Assets (Goodwill) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Changes in Goodwill
Beginning balance	$ 13,621	$ 14,017
Foreign currency exchange rate changes	(527)	(396)
Ending balance	50,029	13,621
AAP
Changes in Goodwill
Goodwill acquired	34,490	0
Orion Analytical
Changes in Goodwill
Goodwill acquired	2,445	0
Agency
Changes in Goodwill
Beginning balance	13,621	14,017
Foreign currency exchange rate changes	(527)	(396)
Ending balance	43,878	13,621
Agency | AAP
Changes in Goodwill
Goodwill acquired	28,339	0
Agency | Orion Analytical
Changes in Goodwill
Goodwill acquired	2,445	0
All Other
Changes in Goodwill
Beginning balance	0	0
Foreign currency exchange rate changes	0	0
Ending balance	6,151	0
All Other | AAP
Changes in Goodwill
Goodwill acquired	6,151	0
All Other | Orion Analytical
Changes in Goodwill
Goodwill acquired	$ 0	$ 0

Goodwill and Intangible Asset74

Goodwill and Intangible Assets (Intangible Assets) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Goodwill and Intangible Assets Disclosure [Abstract]
Indefinite-lived intangible assets	$ 324,000	$ 324,000
Finite-Lived Intangible Assets [Line Items]
Intangible assets subject to amortization	14,985,000	0
Accumulated amortization	(1,916,000)	0
Total amortizable intangible assets (net)	13,069,000	0
Total intangible assets (net)	13,393,000	324,000
Amortization of intangible assets	1,900,000	0	$ 0
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Intangible assets subject to amortization	$ 10,800,000	0
Amortization Period	8 years
Non-compete agreements
Finite-Lived Intangible Assets [Line Items]
Intangible assets subject to amortization	$ 3,060,000	0
Amortization Period	6 years
Artworks database
Finite-Lived Intangible Assets [Line Items]
Intangible assets subject to amortization	$ 1,125,000	$ 0
Amortization Period	10 years

Goodwill and Intangible Asset75

Goodwill and Intangible Assets (Estimated Finite-Lived Intangible Asset Amortization by Fiscal Year Maturity) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of intangible assets	$ 1,900,000	$ 0	$ 0
Finite-Lived Intangible Assets, Net, Amortization Expense, Rolling Maturity [Abstract]
2,017	1,972,000
2,018	1,972,000
2,019	1,972,000
2,020	1,972,000
2,021	$ 1,972,000

Pension Arrangements (Narrative

Pension Arrangements (Narrative) (Details) - USD ($) $ in Thousands	1 Months Ended		12 Months Ended
	Feb. 27, 2017	Dec. 31, 2016	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Defined Benefit Plan Disclosure [Line Items]
Death benefit recognized				$ 1,600
Net unrecognized gains (losses) from defined benefit pension plan, net of tax of $xx, $6,445, and ($2,447)			$ (6,500)	29,400	$ (9,800)
Threshold for recognizing net actuarial gains (losses)		10.00%	10.00%
Expected remaining service lives			30 years 9 months 24 days
Market value of plan assets changes period			5 years
Amount to be amortized from accumulated other comprehensive income (loss) in next fiscal year			$ 900
Amount to be amortized from accumulated other comprehensive income (loss) in next fiscal year, pre-tax			1,100
Growth assets
Defined Benefit Plan Disclosure [Line Items]
Target allocation of plan assets (as a percent)					60.00%
Growth assets | Subsequent Event
Defined Benefit Plan Disclosure [Line Items]
Target allocation of plan assets (as a percent)	40.00%
Debt securities
Defined Benefit Plan Disclosure [Line Items]
Target allocation of plan assets (as a percent)					40.00%
Debt securities | Subsequent Event
Defined Benefit Plan Disclosure [Line Items]
Target allocation of plan assets (as a percent)	60.00%
U.K. Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Death benefit recognized			12,176	10,745
Curtailment gain			0	17,895
Amounts recorded within Other Long-Term Assets in Balance Sheets		$ 78,576	78,576	66,859
Employer contributions		24,200	24,748	2,163
Accumulated benefit obligation		327,600	327,600	325,800
Net loss included in accumulated other comprehensive loss		(14,200)	$ (14,200)	(10,000)
Plan for U.S. Employees | Retirement Savings Plan
Defined Benefit Plan Disclosure [Line Items]
Maximum annual contributions, percentage			50.00%
Employer matching, percentage			3.00%
Accrued discretionary contribution			$ 1,200	$ 1,300	$ 1,300
Accrued discretionary contribution, percentage			2.00%	2.00%	2.00%
Contribution expense related to matching and discretionary contributions			$ 2,500	$ 2,400	$ 2,400
Plan for U.S. Employees | Deferred Compensation Plan
Defined Benefit Plan Disclosure [Line Items]
Accrued discretionary contribution			$ 300	300	400
Accrued discretionary contribution, percentage			2.00%
Contribution expense related to matching and discretionary contributions			$ 600	800	900
DCP Liability		$ 25,900	25,900	39,000
Gains (losses) in deemed participant investments			1,600	(500)	1,900
Net gains (losses) related to COLI and mutual fund investments			$ 400	(2,700)	300
Foreign Postretirement Benefit Plan | U.K. Defined Contribution Plan
Defined Benefit Plan Disclosure [Line Items]
Accrued discretionary contribution, percentage			2.00%
Contribution expense related to matching and discretionary contributions			$ 4,300	3,100	$ 2,200
Accrued discretionary employer contribution			$ 800	$ 700
Minimum | Plan for U.S. Employees | Retirement Savings Plan
Defined Benefit Plan Disclosure [Line Items]
Pre-tax compensation, percentage			2.00%

Pension Arrangements (Assets He

Pension Arrangements (Assets Held In Rabbi Trust) (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Assets held in rabbi trust	$ 26,713	$ 37,843
Company-owned variable life insurance
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Assets held in rabbi trust	25,114	37,155
Mutual fund investments
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Assets held in rabbi trust	$ 1,599	$ 688

Pension Arrangements (Change In

Pension Arrangements (Change In Benefit Obligation, Change In Fair Value Of Plan Assets, Funded Status And Amounts Recognized In Consolidated Balance Sheets) (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Reconciliation of benefit obligation
Benefits paid			$ (1,600)
Reconciliation of plan assets
Fair value of plan assets at beginning of year		$ 393,102
Benefits paid			(1,600)
Fair value of plan assets at end of year	$ 406,195	406,195	393,102
U.K. Pension Plan
Reconciliation of benefit obligation
Benefit obligation at beginning of year		326,243	381,935
Service cost		1,086	4,497	$ 4,499
Interest cost		9,817	12,923	15,633
Contributions by plan participants		232	877
Actuarial loss (gain)		64,104	(27,885)
Curtailment gain		0	(17,895)
Benefits paid		(12,176)	(10,745)
Foreign currency exchange rate changes		(61,687)	(17,464)
Benefit obligation at end of year	327,619	327,619	326,243	381,935
Reconciliation of plan assets
Fair value of plan assets at beginning of year		393,102	410,928
Actual return on plan assets		73,806	9,996
Employer contributions	24,200	24,748	2,163
Contributions by plan participants		232	877
Benefits paid		(12,176)	(10,745)
Foreign currency exchange rate changes		(73,517)	(20,117)
Fair value of plan assets at end of year	406,195	406,195	393,102	$ 410,928
Net pension asset recognized	$ 78,576	$ 78,576	$ 66,859

Pension Arrangements (Component

Pension Arrangements (Components Of Net Pension Benefits Related To U.K. Pension Plan Assets) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Defined Benefit Plan Disclosure [Line Items]
Net pension (benefit) cost	$ (6,895)	$ 1,577	$ (688)
U.K. Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Service cost	1,086	4,497	4,499
Interest cost	9,817	12,923	15,633
Expected return on plan assets	(17,798)	(20,174)	(23,166)
Amortization of actuarial loss	0	3,967	2,346
Amortization of prior service cost	0	364	0
Net pension (benefit) cost	$ (6,895)	$ 1,577	$ (688)

Pension Arrangements (Benefit O

Pension Arrangements (Benefit Obligation And Net Pension Benefit) (Details)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Benefit Obligation
Weighted average discount rate	2.70%	3.70%
Weighted average rate of compensation increase	0.00%	0.00%
Net Pension (Benefit) Cost
Weighted average discount rate		3.50%	4.40%
Weighted average discount rate - service cost	3.80%	3.50%	4.40%
Weighted average discount rate - interest cost	3.40%	3.50%	4.40%
Weighted average rate of compensation increase	4.10%	4.10%	4.60%
Weighted average expected long-term rate of return on plan assets	5.20%	5.40%	6.10%

Pension Arrangements (Compone81

Pension Arrangements (Components Of U.K. Pension Plan Assets) (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Total fair value of plan assets	$ 406,195	$ 393,102
Growth assets
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Total fair value of plan assets	$ 217,730	$ 240,214
Total debt securities, % of total	53.60%	61.10%
Debt securities
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Total fair value of plan assets	$ 170,945	$ 148,821
Total debt securities, % of total	42.10%	37.90%
Debt securities | Corporate
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Total fair value of plan assets	$ 35,973	$ 36,772
Total debt securities, % of total	8.90%	9.40%
Debt securities | Index-linked
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Total fair value of plan assets	$ 134,972	$ 112,049
Total debt securities, % of total	33.20%	28.50%
Real estate mutual funds
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Total fair value of plan assets	$ 2,667	$ 3,148
Total debt securities, % of total	0.60%	0.80%
Cash and cash equivalents
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Total fair value of plan assets	$ 14,853	$ 919
Total debt securities, % of total	3.70%	0.20%

Pension Arrangements (Fair Valu

Pension Arrangements (Fair Value Measurement Information U.K. Pension Plan Assets) (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Total fair value of plan assets	$ 406,195	$ 393,102
Quoted Prices in Active Markets (Level 1)
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Total fair value of plan assets	321,111
Significant Other Observable Inputs (Level 2)
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Total fair value of plan assets	85,084
Significant Unobservable Inputs (Level 3)
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Total fair value of plan assets	0
Growth assets
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Total fair value of plan assets	217,730	240,214
Growth assets | Quoted Prices in Active Markets (Level 1)
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Total fair value of plan assets	171,286
Growth assets | Significant Other Observable Inputs (Level 2)
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Total fair value of plan assets	46,444
Growth assets | Significant Unobservable Inputs (Level 3)
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Total fair value of plan assets	0
Debt securities
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Total fair value of plan assets	170,945	148,821
Debt securities | Quoted Prices in Active Markets (Level 1)
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Total fair value of plan assets	134,972
Debt securities | Significant Other Observable Inputs (Level 2)
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Total fair value of plan assets	35,973
Debt securities | Significant Unobservable Inputs (Level 3)
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Total fair value of plan assets	0
Debt securities | Corporate
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Total fair value of plan assets	35,973	36,772
Debt securities | Corporate | Quoted Prices in Active Markets (Level 1)
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Total fair value of plan assets	0
Debt securities | Corporate | Significant Other Observable Inputs (Level 2)
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Total fair value of plan assets	35,973
Debt securities | Corporate | Significant Unobservable Inputs (Level 3)
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Total fair value of plan assets	0
Debt securities | Index-linked
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Total fair value of plan assets	134,972	112,049
Debt securities | Index-linked | Quoted Prices in Active Markets (Level 1)
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Total fair value of plan assets	134,972
Debt securities | Index-linked | Significant Other Observable Inputs (Level 2)
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Total fair value of plan assets
Debt securities | Index-linked | Significant Unobservable Inputs (Level 3)
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Total fair value of plan assets	0
Real estate mutual funds
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Total fair value of plan assets	2,667	3,148
Real estate mutual funds | Quoted Prices in Active Markets (Level 1)
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Total fair value of plan assets	0
Real estate mutual funds | Significant Other Observable Inputs (Level 2)
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Total fair value of plan assets	2,667
Real estate mutual funds | Significant Unobservable Inputs (Level 3)
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Total fair value of plan assets	0
Cash and cash equivalents
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Total fair value of plan assets	14,853	$ 919
Cash and cash equivalents | Quoted Prices in Active Markets (Level 1)
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Total fair value of plan assets	14,853
Cash and cash equivalents | Significant Other Observable Inputs (Level 2)
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Total fair value of plan assets	0
Cash and cash equivalents | Significant Unobservable Inputs (Level 3)
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Total fair value of plan assets	$ 0

Pension Arrangements (Estimated

Pension Arrangements (Estimated Future Benefit Payments) (Details) $ in Thousands	Dec. 31, 2016USD ($)
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract]
2,017	$ 8,149
2,018	8,494
2,019	8,015
2,020	8,863
2,021	10,945
2022 to 2026	$ 57,567

Debt (Revolving Credit Facility

Debt (Revolving Credit Facility) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Debt [Line Items]
Maximum borrowing capacity	$ 1,335,000,000	$ 1,335,000,000	$ 850,000,000
Borrowing base	$ 734,464,000	773,228,000	757,085,000
Incremental Facility extension period	365 days
Maximum net outstanding auction guarantees permitted	$ 600,000,000
Covenants for issuing dividends, minimum aggregate borrowing availability	100,000,000
Covenants for issuing dividends, minimum total liquidity amount	200,000,000
Other Assets, Noncurrent	7,700,000
New Credit Agreement
Debt [Line Items]
Maximum borrowing capacity	1,335,000,000
Increase in borrowing capacity, credit facility	485,000,000
Line of credit, sub limit	400,000,000
Maximum increase in borrowing capacity	150,000,000
Aggregate fees paid	21,700,000
Incremental Credit Facility
Debt [Line Items]
Borrowing base	50,000,000
Agency Segment Credit Agreement
Debt [Line Items]
Maximum borrowing capacity	300,000,000	300,000,000	300,000,000
Borrowing base	165,443,000	225,642,000	237,830,000
Line of credit, sub limit	50,000,000
Finance Segment Credit Agreement
Debt [Line Items]
Maximum borrowing capacity	1,035,000,000	1,035,000,000	550,000,000
Borrowing base	569,021,000	$ 547,586,000	$ 519,255,000
Line of credit, sub limit	$ 350,000,000

Debt (Schedule of Line of Credi

Debt (Schedule of Line of Credit Facilities) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 1,335,000,000	$ 1,335,000,000	$ 850,000,000
Borrowing base	734,464,000	773,228,000	757,085,000
Credit facility borrowings	565,000,000	541,500,000	445,000,000
Available borrowing capacity	169,464,000	231,728,000	312,085,000
Average borrowings outstanding	534,433,000	541,004,000	306,448,000
Borrowing Costs - interest	14,819,000	14,060,000	7,751,000
Borrowing Costs - fee amortization	5,631,000	4,472,000	3,229,000
Interest expense	20,450,000	18,532,000	10,980,000
Agency Segment Credit Agreement
Line of Credit Facility [Line Items]
Maximum borrowing capacity	300,000,000	300,000,000	300,000,000
Borrowing base	165,443,000	225,642,000	237,830,000
Credit facility borrowings	0	0	0
Available borrowing capacity	165,443,000	225,642,000	237,830,000
Average borrowings outstanding	0	0	0
Borrowing Costs - interest	0	0	0
Borrowing Costs - fee amortization	2,712,000	2,752,000	2,240,000
Interest expense	2,712,000	2,752,000	2,240,000
Finance Segment Credit Agreement
Line of Credit Facility [Line Items]
Maximum borrowing capacity	1,035,000,000	1,035,000,000	550,000,000
Borrowing base	569,021,000	547,586,000	519,255,000
Credit facility borrowings	565,000,000	541,500,000	445,000,000
Available borrowing capacity	4,021,000	6,086,000	74,255,000
Average borrowings outstanding	534,433,000	541,004,000	306,448,000
Borrowing Costs - interest	14,819,000	14,060,000	7,751,000
Borrowing Costs - fee amortization	2,919,000	1,720,000	989,000
Interest expense	$ 17,738,000	$ 15,780,000	$ 8,740,000
Weighted average cost of borrowings (as a percent)	3.30%	2.90%	2.90%

Debt (Summary Of Long-Term Debt

Debt (Summary Of Long-Term Debt) (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Debt [Line Items]
Long-term debt, net	$ 598,941	$ 604,961
York Property Mortgage
Debt [Line Items]
Convertible notes, net of debt issuance costs	309,212	315,504
Less current portion	(6,629)	(6,292)
Unamortized debt issuance costs	5,555	6,565
Current unamortized debt issuance costs	1,010	1,010
Senior Notes
Debt [Line Items]
Convertible notes, net of debt issuance costs	296,358	295,749
Unamortized debt issuance costs	$ 3,642	$ 4,251

Debt (York Property Mortgage) (

Debt (York Property Mortgage) (Details)	Jul. 01, 2015USD ($)	Dec. 31, 2016USD ($)	Jun. 30, 2015	Feb. 06, 2009USD ($)	Jan. 11, 2008USD ($)
Debt [Line Items]
Debt covenant, minimum required debt service, Maximum		$ 6,000,000
York Property Mortgage
Debt [Line Items]
Final amount to be repaid on maturity date		268,200,000
Minimum | York Property Mortgage
Debt [Line Items]
Debt instrument stated interest percentage			5.60%
Maximum | York Property Mortgage
Debt [Line Items]
Debt instrument stated interest percentage			10.60%
Mortgages | New Mortgage Loan
Debt [Line Items]
Debt term	7 years
Principal amount	$ 325,000,000
Net cash proceeds from debt	$ 98,000,000
Derivative contract term	7 years
Maximum Loan-To-Value ratio under agreement (as a percent)	0.65
Minimum debt yield under agreement (as a percent)	8.50%
Restricted Cash and Cash Equivalents		$ 4,600,000
Minimum net worth under agreement	$ 425,000,000
Mortgages | New Mortgage Loan | Interest rate swaps
Debt [Line Items]
Derivative contract term	2 years
Mortgages | New Mortgage Loan | Collar
Debt [Line Items]
Derivative contract term	5 years
Mortgages | New Mortgage Loan | LIBOR
Debt [Line Items]
Basis spread on variable rate (as a percent)	2.25%
Purchase Consummated On February 6, 2009
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
Debt [Line Items]
Components of purchase price of land and buildings					$ 50,000,000
Assumption Of Existing Mortgage
Debt [Line Items]
Components of purchase price of land and buildings				$ 235,000,000

Debt (2022 Senior Notes) (Detai

Debt (2022 Senior Notes) (Details) - USD ($)	Sep. 28, 2012	Dec. 31, 2016	Jun. 15, 2013	Nov. 23, 2012	Sep. 27, 2012
Senior Notes
Debt [Line Items]
Unsecured debt retired				$ 80,000,000
Convertible Notes
Debt [Line Items]
Unsecured debt retired			$ 182,000,000
2022 Senior Notes
Debt [Line Items]
Principal amount					$ 300,000,000
Debt instrument stated interest percentage					5.25%
Net proceeds from issuance of long term debt	$ 294,600,000
Percentage of senior notes principal as part of redemption price	100.00%
Percentage of principal amount debt as component of premium price	1.00%
Fair value		$ 297,800,000

Debt (Aggregate Future Principa

Debt (Aggregate Future Principal And Interest Payments) (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Jul. 01, 2015
Debt Instruments [Abstract]
2,017	$ 34,650
2,018	36,586
2,019	36,597
2,020	601,607
2,021	$ 36,620
Interest rate swaps | Mortgages | New Mortgage Loan
Debt [Line Items]
Effective interest rate (as a percent)		3.127%
Collar | Mortgages | New Mortgage Loan | Minimum
Debt [Line Items]
Effective interest rate (as a percent)		4.167%

Debt (Components Of Interest Ex

Debt (Components Of Interest Expense) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Debt [Line Items]
Amortization of amendment and arrangement fees	$ 1,123	$ 1,167	$ 1,096
Commitment fees	1,589	1,585	1,144
Sub-total	2,712	2,752	2,240
Interest expense	30,310	32,745	35,189
Other interest expense	75	62	220
York Property Mortgage
Debt [Line Items]
Interest expense	11,121	13,537	16,335
Senior Notes
Debt [Line Items]
Interest expense	$ 16,402	$ 16,394	$ 16,394

Debt (Interest Expenses) (Detai

Debt (Interest Expenses) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Debt Conversion [Line Items]
Interest paid	$ 44.5	$ 53.5	$ 42.4
New Mortgage Loan
Debt Conversion [Line Items]
Interest paid		7.1
Agency Segment Credit Agreement
Debt Conversion [Line Items]
Interest paid	27.8	36	31.2
Finance Segment Credit Agreement
Debt Conversion [Line Items]
Interest paid	$ 16.7	$ 17.5	$ 11.2

Derivative Financial Instrume92

Derivative Financial Instruments (Details) - USD ($)	Jul. 01, 2015	Mar. 17, 2014	Dec. 31, 2016	Nov. 21, 2016	Jun. 01, 2016	Dec. 31, 2015	Dec. 31, 2013
Derivative [Line Items]
Undistributed Earnings of Foreign Subsidiaries			$ 108,000,000			$ 600,000,000	$ 400,000,000
Foreign Earnings Repatriated		$ 250,000,000	330,000,000
Line of Credit Facility, Fair Value of Amount Outstanding				$ 63,000,000
Foreign exchange contracts
Derivative [Line Items]
Notional value of derivatives			258,800,000
Foreign Exchange Forward
Derivative [Line Items]
Fair value recorded in Other Current Liabilities			3,600,000
Credit Facility Borrowings | Interest rate swaps
Derivative [Line Items]
Notional value of derivatives			63,000,000
Mortgages | Collar
Derivative [Line Items]
Notional value of derivatives			310,300,000
2015 York Property Mortgage Loan | Mortgages
Derivative [Line Items]
Debt term	7 years
Principal amount	$ 325,000,000
Amortization period	25 years
Derivative contract term	7 years
2015 York Property Mortgage Loan | Mortgages | Interest rate swaps
Derivative [Line Items]
Derivative contract term	2 years
Effective interest rate (as a percent)	3.127%
Notional value of derivatives			$ 314,800,000
Annual interest rate (as a percent)			0.877%
2015 York Property Mortgage Loan | Mortgages | Collar
Derivative [Line Items]
Derivative contract term	5 years
2015 York Property Mortgage Loan | Mortgages | Collar | Minimum
Derivative [Line Items]
Effective interest rate (as a percent)	4.167%
Annual interest rate (as a percent)	1.917%
2015 York Property Mortgage Loan | Mortgages | Collar | Maximum
Derivative [Line Items]
Effective interest rate (as a percent)	6.00%
Annual interest rate (as a percent)	3.75%
2015 York Property Mortgage Loan | Mortgages | LIBOR
Derivative [Line Items]
Basis spread on variable rate (as a percent)	2.25%
Designated as Hedging Instruments | Net Investment Hedges: | Foreign exchange contracts
Derivative [Line Items]
Notional value of derivatives			$ 213,800,000		$ 309,100,000

Derivative Financial Instrume93

Derivative Financial Instruments (Fair Value) (Details) - Designated as Hedging Instruments - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Derivatives, Fair Value [Line Items]
Derivative Asset	$ 30,340	$ 0
Derivative Liability	6,115	7,176
Cash Flow Hedges:
Derivatives, Fair Value [Line Items]
Derivative Asset	82	0
Derivative Liability	6,115	7,176
Cash Flow Hedges: | Interest rate swaps
Derivatives, Fair Value [Line Items]
Derivative Asset	82	0
Cash Flow Hedges: | Interest rate swaps | Other Current Liabilities
Derivatives, Fair Value [Line Items]
Derivative Liability	163	360
Cash Flow Hedges: | Interest rate collar
Derivatives, Fair Value [Line Items]
Derivative Asset	0	0
Cash Flow Hedges: | Interest rate collar | Other Long-Term Liabilities
Derivatives, Fair Value [Line Items]
Derivative Liability	5,952	6,816
Net Investment Hedges: | Foreign exchange contracts
Derivatives, Fair Value [Line Items]
Derivative Asset		0
Derivative Liability		$ 0
Net Investment Hedges: | Foreign exchange contracts | Other Current Liabilities
Derivatives, Fair Value [Line Items]
Derivative Liability	0
Net Investment Hedges: | Foreign exchange contracts | Other Current Assets
Derivatives, Fair Value [Line Items]
Derivative Asset	$ 30,258

Derivative Financial Instrume94

Derivative Financial Instruments (Gain (Loss) Recognized) (Details) - Designated as Hedging Instruments - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) Recognized in Other Comprehensive (Loss) Income - Effective Portion	$ 16,447	$ (4,994)
Amount Reclassified from Accumulated Other Comprehensive Loss into Net Income - Effective Portion	813	688
Cash Flow Hedges
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) Recognized in Other Comprehensive (Loss) Income - Effective Portion	(171)	(4,994)
Amount Reclassified from Accumulated Other Comprehensive Loss into Net Income - Effective Portion	813	688
Cash Flow Hedges | Interest rate swaps
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) Recognized in Other Comprehensive (Loss) Income - Effective Portion	(704)	(802)
Cash Flow Hedges | Interest rate swaps | Interest Expense
Derivative Instruments, Gain (Loss) [Line Items]
Amount Reclassified from Accumulated Other Comprehensive Loss into Net Income - Effective Portion	813	688
Cash Flow Hedges | Interest rate collar
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) Recognized in Other Comprehensive (Loss) Income - Effective Portion	533	(4,192)
Cash Flow Hedges | Interest rate collar | Interest Expense
Derivative Instruments, Gain (Loss) [Line Items]
Amount Reclassified from Accumulated Other Comprehensive Loss into Net Income - Effective Portion	0	0
Net Investment Hedges: | Foreign exchange contracts
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) Recognized in Other Comprehensive (Loss) Income - Effective Portion	16,618	0
Net Investment Hedges: | Foreign exchange contracts | Other Income/(Expense)
Derivative Instruments, Gain (Loss) [Line Items]
Amount Reclassified from Accumulated Other Comprehensive Loss into Net Income - Effective Portion	$ 0	$ 0

Other Current Liabilities (Deta

Other Current Liabilities (Details) $ in Millions	Dec. 31, 2016USD ($)
Other Liabilities Disclosure [Abstract]
Beneficial ownership interest in jointly held inventory (as a percent)	50.00%
Advances on inventory purchases	$ 34.2
Percentage of inventory that must be sold before recognizing revenue (as a percent)	100.00%

Supplemental Condensed Balanc96

Supplemental Condensed Balance Sheet Information (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Supplemental Balance Sheet Information [Abstract]
Prepaid expenses	$ 20,436	$ 19,422
Derivative financial instruments (see Note 10)	30,340	0
Other	25,831	14,507
Total Prepaid and Other Current Assets	76,607	33,929
Defined benefit pension plan asset (see Note 8)	78,576	66,859
Equity method investments (see Note 5)	43,143	41,744
Other	16,992	15,696
Total Other Long-Term Assets	138,711	124,299
Supplemental Balance Sheet Information [Line Items]
Interest rate collar liability (see Note 10)	5,952	6,816
Other	6,964	8,793
Total Other Long-Term Liabilities	39,166	15,609
Art Agency, Partners | Earn Out
Supplemental Balance Sheet Information [Line Items]
Contingent consideration, liability, noncurrent	$ 26,250	$ 0

Supplemental Condensed Cash F97

Supplemental Condensed Cash Flow Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Decrease (increase) in:
Prepaid expenses and other current assets	$ (14,510)	$ (6,562)	$ (9,559)
Other long-term assets	(10,006)	13,641	4,330
Income tax receivables and deferred income tax assets	2,395	22,144	7,168
Increase (decrease) in:
Accrued income taxes and deferred income tax liabilities	14,879	(27,325)	(9,309)
Accounts payable and accrued liabilities and other liabilities	17,297	(29,530)	20,776
Total changes in other operating assets and liabilities	$ 10,055	$ (27,632)	$ 13,406

Shareholders' Equity and Divi98

Shareholders' Equity and Dividends (Details) - USD ($)	Oct. 03, 2016	Jan. 21, 2016	Aug. 13, 2015	Aug. 06, 2015	Mar. 17, 2014	Jan. 29, 2014	Mar. 31, 2016	Nov. 30, 2015	Mar. 31, 2015	Mar. 31, 2014	Jan. 31, 2014	Sep. 30, 2016	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2016	Dec. 31, 2016
Common stock, par value (usd per share)													$ 0.01	$ 0.01		$ 0.01	$ 0.01
Common stock, shares outstanding													52,971,232	65,791,119		52,971,232	52,971,232
Preferred stock, shares authorized (in shares)													50,000,000			50,000,000	50,000,000
Preferred stock, shares outstanding (in shares)													0	0		0	0
Stock repurchase program, period in force											5 years
Stock repurchase program, authorized amount		$ 325,000,000		$ 250,000,000							$ 150,000,000
Stock repurchased during period, shares										558,171
Stock repurchased during period, value	$ 73,800,000									$ 25,000,000
Share price of stock repurchased (usd per share)										$ 44.79
Increase in share repurchase authorization		$ 200,000,000		$ 125,000,000								$ 75,000,000
Treasury stock acquired (in shares)	2,050,000		2,667,378					1,038,280					13,144,000	3,705,658	558,000		17,408,000
Initial purchase price			$ 125,000,000
Value of stock acquired			$ 100,000,000										$ 359,885,000	$ 125,000,000	$ 25,000,000		$ 509,885,000
Cost per share of stock acquired (usd per share)	$ 36		$ 37.49										$ 27.38	$ 33.73	$ 44.79		$ 29.29
Dividends declared (usd per share)		$ 0.10												$ 0.4	$ 4.74
Foreign earnings repatriated					$ 250,000,000											$ 330,000,000
Cash dividend equivalents paid on share-based payments							$ 1,400,000		$ 2,000,000	$ 3,800,000				$ 279,000	$ 3,781,000		$ 7,200,000
Ownership percentage in Sotheby's outstanding Common Stock prior to sale													8.50%
Special Dividend
Dividends declared (usd per share)						$ 4.34
Dividends, common stock						$ 300,000,000
Funding of dividend by domestic cash					50,000,000
Share-based compensation based on special dividends					$ 11,000,000

Shareholders' Equity and Divi99

Shareholders' Equity and Dividends (Common Stock Share Repurchase Program) (Details) - USD ($) $ / shares in Units, $ in Thousands	Oct. 03, 2016	Aug. 13, 2015	Nov. 30, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2016
Shareholders' Equity and Dividends [Abstract]
Treasury stock acquired (in shares)	2,050,000	2,667,378	1,038,280	13,144,000	3,705,658	558,000	17,408,000
Value of stock acquired		$ 100,000		$ 359,885	$ 125,000	$ 25,000	$ 509,885
Cost per share of stock acquired (usd per share)	$ 36	$ 37.49		$ 27.38	$ 33.73	$ 44.79	$ 29.29
Repurchase authorization outstanding				$ 40,226	$ 125,000	$ 125,000	$ 40,226

Shareholders' Equity and Div100

Shareholders' Equity and Dividends (Schedule of Quarterly Dividends Declared and Paid) (Details) - USD ($) $ / shares in Units, $ in Thousands	Jan. 21, 2016	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Dividends Payable [Line Items]
Dividends declared (usd per share)	$ 0.10														$ 0.4	$ 4.74
Quarterly Dividend
Dividends Payable [Line Items]
Dividends declared (usd per share)		$ 0	$ 0	$ 0	$ 0	$ 0.1	$ 0.10	$ 0.10	$ 0.10	$ 0.1	$ 0.10	$ 0.10	$ 0.10	$ 0	$ 0.4	$ 0.4
Dividends		$ 0	$ 0	$ 0	$ 0	$ 6,563	$ 6,667	$ 6,933	$ 6,944	$ 6,899	$ 6,899	$ 6,894	$ 6,944	$ 0	$ 27,107	$ 27,636

Accumulated Other Comprehens101

Accumulated Other Comprehensive Loss (Changes in Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Changes in Accumulated Other Comprehensive Income (Loss)
Balance at beginning of period	$ 806,427	$ 877,697	$ 1,139,318
Reclassifications from other comprehensive (loss) income	813	4,047	3,935
Total other comprehensive income (loss)	(24,154)	10,562	(37,313)
Balance at end of period	505,418	806,427	877,697
Accumulated Other Comprehensive Loss
Changes in Accumulated Other Comprehensive Income (Loss)
Balance at beginning of period	(66,204)	(76,766)	(39,453)
Total other comprehensive income (loss)	(24,154)	10,562	(37,313)
Balance at end of period	(90,358)	(66,204)	(76,766)
Foreign Currency Items
Changes in Accumulated Other Comprehensive Income (Loss)
Balance at beginning of period	(52,279)	(33,223)	(1,352)
Other comprehensive (loss) income before reclassifications, net of tax	(37,199)	(18,951)	(33,929)
Reclassifications from other comprehensive (loss) income	0	(105)	2,058
Total other comprehensive income (loss)	(37,199)	(19,056)	(31,871)
Balance at end of period	(89,478)	(52,279)	(33,223)
Other comprehensive income (loss), before reclassification, tax effect	(13,113)	(6,345)	(2,376)
Derivative Financial Instruments | Cash Flow Hedges
Changes in Accumulated Other Comprehensive Income (Loss)
Balance at beginning of period	(4,306)	0	0
Other comprehensive (loss) income before reclassifications, net of tax	(171)	(4,994)	0
Reclassifications from other comprehensive (loss) income	813	688	0
Total other comprehensive income (loss)	642	(4,306)	0
Balance at end of period	(3,664)	(4,306)	0
Other comprehensive income (loss), before reclassification, tax effect	(106)	(3,126)	0
Reclassification from accumulated other comprehensive income, tax effect	502	430	0
Derivative Financial Instruments | Net Investment Hedges
Changes in Accumulated Other Comprehensive Income (Loss)
Balance at beginning of period	0	0	0
Other comprehensive (loss) income before reclassifications, net of tax	16,618	0	0
Total other comprehensive income (loss)	16,618	0	0
Balance at end of period	16,618	0	0
Other comprehensive income (loss), before reclassification, tax effect	10,354	0	0
Defined Benefit Pension Items
Changes in Accumulated Other Comprehensive Income (Loss)
Balance at beginning of period	(9,619)	(43,543)	(38,101)
Reclassifications from other comprehensive (loss) income	0	3,173	1,877
Total other comprehensive income (loss)	(4,215)	33,924	(5,442)
Balance at end of period	(13,834)	(9,619)	(43,543)
Reclassification from accumulated other comprehensive income, tax effect	0	794	469
Currency translation adjustments
Changes in Accumulated Other Comprehensive Income (Loss)
Other comprehensive (loss) income before reclassifications, net of tax	2,300	1,097	2,468
Net actuarial (loss) gain
Changes in Accumulated Other Comprehensive Income (Loss)
Other comprehensive (loss) income before reclassifications, net of tax	(6,515)	29,363	(9,787)
Other comprehensive income (loss), before reclassification, tax effect	(1,427)	6,445	(2,447)
Prior service cost amortization
Changes in Accumulated Other Comprehensive Income (Loss)
Reclassifications from other comprehensive (loss) income	0	291	0
Reclassification from accumulated other comprehensive income, tax effect	$ 0	$ 73	$ 0

Accumulated Other Comprehens102

Accumulated Other Comprehensive Loss (Reclassifications) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Reclassification adjustments, net of tax	$ 813	$ 4,047	$ 3,935
Currency Translation Adjustments
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Reclassification adjustments, net of tax	0	(105)	2,058
Defined Benefit Pension Items
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Tax effect	0	(794)	(469)
Reclassification adjustments, net of tax	0	3,173	1,877
Prior service cost amortization
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Tax effect	0	(73)	0
Reclassification adjustments, net of tax	0	291	0
Reclassification out of Accumulated Other Comprehensive Loss | Currency Translation Adjustments
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Reclassification before tax	0	(105)	2,058
Tax effect	0	0	0
Reclassification adjustments, net of tax	0	(105)	2,058
Reclassification out of Accumulated Other Comprehensive Loss | Derivative Financial Instruments
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Reclassification before tax	1,315	1,118	0
Tax effect	(502)	(430)	0
Reclassification adjustments, net of tax	813	688	0
Reclassification out of Accumulated Other Comprehensive Loss | Defined Benefit Pension Items
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Reclassification before tax	0	4,331	2,346
Tax effect	0	(867)	(469)
Reclassification adjustments, net of tax	0	3,464	1,877
Reclassification out of Accumulated Other Comprehensive Loss | Net actuarial (loss) gain
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Reclassification before tax	0	3,967	2,346
Reclassification out of Accumulated Other Comprehensive Loss | Prior service cost amortization
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Reclassification before tax	$ 0	$ 364	$ 0

Income Taxes (Summary Of Signif

Income Taxes (Summary Of Significant Components Of Income Tax Expense) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Income before taxes:
Domestic	$ (38,567)	$ 11,414	$ 21,976
Foreign	135,301	157,885	171,045
Income before taxes	96,734	169,299	193,021
Income tax expense—current:
Domestic	18,443	10,455	22,220
State and local	1,766	5,958	6,946
Foreign	29,904	33,043	37,762
Sub-total	50,113	49,456	66,928
Income tax (benefit) expense—deferred:
Domestic	(19,114)	69,835	5,406
State and local	(1,034)	6,378	6,314
Foreign	(4,008)	5,476	(2,887)
Sub-total	(24,156)	81,689	8,833
Income tax expense, Total	$ 25,957	$ 131,145	$ 75,761

Income Taxes (Summary Of Compon

Income Taxes (Summary Of Components Of Deferred Tax Assets And Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Deferred tax assets:
Asset provisions and liabilities	$ 11,512	$ 13,720
Inventory writedowns	10,874	10,621
Tax loss and credit carryforwards	3,708	2,887
Difference between book and tax basis of depreciable and amortizable assets	30,855	17,857
Share-based payments and deferred compensation	26,267	34,165
Sub-total	83,216	79,250
Valuation allowance	(2,819)	(2,437)
Total deferred tax assets	80,397	76,813
Deferred tax liabilities:
Difference between book and tax basis of other assets and liabilities	1,612	2,361
Pension obligations	9,689	11,231
Basis differences in equity method investments	3,423	3,805
Undistributed earnings of foreign subsidiaries	68,201	91,924
Total deferred tax liabilities	82,925	109,321
Total net deferred tax liabilities	$ (2,528)	$ (32,508)

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details) - USD ($) $ in Thousands	Mar. 17, 2014	Dec. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2013
Deferred tax assets, foreign and state loss and tax credit carryforwards			$ 3,700			$ 3,700
Valuation allowance		$ 2,437	$ 2,819	$ 2,437		2,819	$ 2,437
Effective income tax rate			26.80%	77.50%	39.20%
Income tax expense from enacted legislation				$ 3,900
Undistributed Earnings of Foreign Subsidiaries		600,000	$ 108,000	600,000		108,000	600,000	$ 400,000
Deferred Tax Liability Not Recognized, Amount of Unrecognized Deferred Tax Liability, Undistributed Earnings of Foreign Subsidiaries			38,000			38,000
Income tax expense (benefit)			25,957	131,145	$ 75,761
Tax Adjustments, Settlements, and Unusual Provisions				4,000
Foreign Earnings Repatriated	$ 250,000					330,000
Net income tax payments			32,400	53,900	60,300
Foreign Earnings For Which U.S. Taxes Have Been Accrued							200,000
Undistributed earnings of foreign subsidiaries		91,924	68,201	91,924		$ 68,201	$ 91,924
Repatriation Impact on Income Statement
Income tax expense (benefit)		$ 65,700
U.S Taxes Accrued on Foreign Earnings Income Statement
Income tax expense (benefit)			$ 8,500	$ 14,200	$ 18,600

Income Taxes (Summary Of Effect

Income Taxes (Summary Of Effective Income Tax Rate) (Details)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Income Tax Disclosure [Abstract]
Statutory federal income tax rate	35.00%	35.00%	35.00%
State and local taxes, net of federal tax benefit	0.50%	2.30%	2.50%
Foreign taxes at rates different from U.S. rates	(25.00%)	(14.90%)	(13.50%)
U.S. taxes on foreign earnings	9.90%	50.50%	12.60%
Valuation allowance	0.50%	0.30%	(0.20%)
Effect of enacted tax legislation	(0.10%)	2.50%	2.00%
Changes in tax reserves	1.60%	0.00%	0.40%
Other	4.40%	1.80%	0.40%
Effective income tax rate	26.80%	77.50%	39.20%

Uncertain Tax Positions (Narrat

Uncertain Tax Positions (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Income Tax Uncertainties [Abstract]
Unrecognized tax benefits	$ 19,478	$ 22,042	$ 22,798	$ 25,423
Unrecognized tax benefits that would impact effective tax rate	9,300	12,800
Unrecognized tax benefits, income tax and interest penalties (benefits)	300	40	200
Unrecognized tax benefits, income tax penalties and interest accrued	2,100	$ 1,800	$ 1,800
Decrease in unrecognized tax benefits within 12 months	$ 9,300

Uncertain Tax Positions (Reconc

Uncertain Tax Positions (Reconciliation Of Beginning And Ending Balances Of Liability For Unrecognized Tax Benefits, Excluding Interest And Penalties) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Balance at January 1	$ 22,042	$ 22,798	$ 25,423
Increases in unrecognized tax benefits related to the current year	1,700	2,917	2,229
Increases in unrecognized tax benefits related to prior years	29	2,276	167
Decreases in unrecognized tax benefits related to prior years	0	(1,973)	(134)
Decreases in unrecognized tax benefits related to settlements	0	(437)	(590)
Decreases in unrecognized tax benefits due to the lapse of the applicable statute of limitations	(4,293)	(3,539)	(4,297)
Balance at December 31	$ 19,478	$ 22,042	$ 22,798

Commitments And Contingencies (

Commitments And Contingencies (Details) $ in Millions	Dec. 31, 2016USD ($)
Commitments and Contingencies Disclosure [Abstract]
Commitment for salaries and other cash compensation under employment arrangement	$ 10.3
Guarantee of Collection	$ 4

Auction Guarantees (Details)

Auction Guarantees (Details) - USD ($)	Feb. 23, 2017	Dec. 31, 2016	Dec. 31, 2015
Maximum net outstanding auction guarantees permitted		$ 600,000,000
Outstanding guarantee maximum exposure		18,300,000
Irrevocable bids		12,800,000
Estimated fair value of obligation to perform under auction guarantees		600,000	$ 1,000,000
Subsequent Event
Outstanding guarantee maximum exposure	$ 147,700,000
Irrevocable bids	89,400,000
Auction guarantee advances outstanding	$ 11,500,000
Agency
Auction guarantee advances outstanding		$ 1,000,000	$ 0

Lease Commitments (Narrative) (

Lease Commitments (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Leases, Operating [Abstract]
Rental expense under operating leases	$ 18.4	$ 17.5	$ 18.2
Future minimum sublease rental receipts	$ 1

Lease Commitments (Schedule Of

Lease Commitments (Schedule Of Future Minimum Rental Payments For Operating Leases) (Details) $ in Thousands	Dec. 31, 2016USD ($)
Leases [Abstract]
2,017	$ 15,036
2,018	7,339
2,019	6,448
2,020	5,781
2,021	5,291
Thereafter	28,176
Total future minimum lease payments	$ 68,071

Share-Based Payments (Narrative

Share-Based Payments (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands	2 Months Ended	3 Months Ended	12 Months Ended
	Feb. 24, 2017	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment expense (credit)			$ 15,216	$ 33,700	$ 27,061
Tax shortfall related to share-based payment arrangements			1,342
Excess tax benefits related to share-based payment arrangements				$ 1,064	3,625
Unrecognized compensation expense related to the unvested portion of share-based payments			$ 17,500
Compensation expense is expected to be amortized over a weighted-average period			2 years 2 months 24 days
Outstanding (in shares)			2,235,000	2,019,000
Granted (shares)			1,002,000
Stock options, expiration term			10 years
Options exercisable (shares)			50,000
Aggregate intrinsic value of option exercised					1,200
Granted (stock options)			0	0
Stock options exercised (in shares)			0	0
Proceeds from exercise of employee stock options			$ 0	$ 0	967
Excess tax benefit from exercise of stock options					300
New CEO 2015 Agreement
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of stock granted during period		$ 16,500
Sotheby S Incentive Compensation Programs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of stock granted during period			$ 23,700
Sotheby S Incentive Compensation Programs | Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of stock granted during period	$ 28,900
Director's Stock Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding (in shares)			149,004
Shares available for future awards (shares)			136,645
Performance Shares | Single vesting opportunity after three years of service
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period			3 years
Granted (shares)			607,606
Fair value of stock granted during period			$ 14,400
Maximum vesting percentage for incremental PSU's			100.00%
Performance Shares | Single vesting opportunity after three years of service | Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years
Granted (shares)	367,745
Fair value of stock granted during period	$ 14,500
Maximum vesting percentage for incremental PSU's	100.00%
Performance Shares | New CEO 2015 Agreement
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period		5 years
Granted (shares)		94,140
Fair value of stock granted during period		$ 8,000
Performance Shares | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period			3 years
Performance Shares | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period			4 years
Performance Shares | Maximum | Single vesting opportunity after three years of service
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (shares)			1,215,212
Maximum vesting percentage for incremental PSU's			200.00%
Performance Shares | Maximum | Single vesting opportunity after three years of service | Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (shares)	735,490
Maximum vesting percentage for incremental PSU's	200.00%
Performance Shares | Maximum | New CEO 2015 Agreement
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (shares)		329,490
Maximum vesting percentage for incremental PSU's		350.00%
Restricted Stock | New CEO 2015 Agreement
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (shares)		158,638
Fair value of stock granted during period		$ 6,500
Restricted Stock Units (RSUs) | New CEO 2015 Agreement
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (shares)		47,070
Fair value of stock granted during period		$ 2,000
Restricted Stock Units (RSUs) | Sotheby S Incentive Compensation Programs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period			3 years
Restricted Stock Units (RSUs) | Sotheby S Incentive Compensation Programs | Annual vesting over three years
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period			3 years
Granted (shares)			394,371
Fair value of stock granted during period			$ 9,300
Restricted Stock Units (RSUs) | Sotheby S Incentive Compensation Programs | Annual vesting over three years | Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years
Granted (shares)	363,664
Fair value of stock granted during period	$ 14,400
Equity Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period			4 years
Shares available for future awards (shares)			104,100
Options outstanding (shares)			50,000
Options outstanding, weighted average exercise price (usd per share)			$ 22.11
Options outstanding, weighted-average remaining contractual term			3 years 1 month 6 days
Options outstanding, aggregate intrinsic value			$ 900
Restricted Stock Restricted Stock Unit And Performance Share Unit
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for future awards (shares)			2,600,000
Fair value of share vested			$ 15,200	22,900	28,100
Voluntary separation incentive programs (see Note 22) | Voluntary separation incentive programs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment expense (credit)			$ (719)	$ 3,068	$ 0

Share-Based Payments (Compensat

Share-Based Payments (Compensation Expense Related To Share-Based Payments) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Compensation Expense Related to Share-Based Payments
Share-based payment expense (pre-tax)	$ 15,216	$ 33,700	$ 27,061
Total share-based payment expense (after-tax)	10,810	22,992	17,683
Salaries and related costs
Compensation Expense Related to Share-Based Payments
Share-based payment expense (pre-tax)	15,935	28,632	23,470
CEO separation and transition costs (see Note 23)
Compensation Expense Related to Share-Based Payments
Share-based payment expense (pre-tax)	0	2,000	3,591
Voluntary separation incentive programs | Voluntary separation incentive programs (see Note 22)
Compensation Expense Related to Share-Based Payments
Share-based payment expense (pre-tax)	$ (719)	$ 3,068	$ 0

Share-Based Payments (Changes I

Share-Based Payments (Changes In Number Of Outstanding Restricted Stock, RSU's And PSU's) (Details) shares in Thousands	12 Months Ended
	Dec. 31, 2016$ / sharesshares
RSU's, PSU's, and Restricted Stock Shares
Outstanding beginning balance, Shares | shares	2,019
Granted, Shares | shares	1,002
Vested, Shares | shares	(569)
Canceled, Shares | shares	(217)
Outstanding ending balance, Shares | shares	2,235
Weighted Average Grant Date Fair Value
Outstanding beginning balance (usd per share) | $ / shares	$ 43.61
Granted (usd per share) | $ / shares	23.66
Vested (usd per share) | $ / shares	39.60
Canceled (usd per share) | $ / shares	36.28
Outstanding ending balance (usd per share) | $ / shares	$ 36.40

Voluntary Separation Incenti116

Voluntary Separation Incentive Programs (Details) - Voluntary separation incentive programs - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Restructuring Cost and Reserve [Line Items]
Restructuring charges (credit), net	$ 36,900	$ (610)	$ 36,938	$ 0
Employee severance
Restructuring Cost and Reserve [Line Items]
Restructuring charges (credit), net	33,800
Employee severance | Accrued Salaries and Related Costs
Restructuring Cost and Reserve [Line Items]
Restructuring reserve	33,800		33,800
Incentive compensation earned | Accrued Salaries and Related Costs
Restructuring Cost and Reserve [Line Items]
Restructuring reserve	4,700		$ 4,700
Accelerated equity compensation expense
Restructuring Cost and Reserve [Line Items]
Restructuring charges (credit), net	$ 3,100

CEO Separation and Transitio117

CEO Separation and Transition Costs (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		12 Months Ended
	Sep. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation-related costs		$ 4,200		$ 0	$ 4,232	$ 7,591
Chief Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation-related costs		3,100	$ 7,600
Severance costs			4,000
Share-based payment accelerated recognition			$ 3,600
Fair value of fully-vested restricted stock unit award		2,000
Compensation	$ 1,100
Recruitment and other professional fees		$ 1,100

Restructuring Charges (Net) (De

Restructuring Charges (Net) (Details) - 2014 Restructuring plan - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Restructuring Cost and Reserve [Line Items]
Restructuring charges (credit), net	$ 0	$ (972)	$ 14,238
Employee termination benefits
Restructuring Cost and Reserve [Line Items]
Restructuring charges (credit), net			13,900
Lease exit costs
Restructuring Cost and Reserve [Line Items]
Restructuring charges (credit), net			$ 300

Special Charges (Net) (Details)

Special Charges (Net) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Special Charges [Abstract]
Special charges, net	$ 0	$ 0	$ 20,008
Insurance recoveries			4,600
Expected reimbursement			$ 10,000

Earnings Per Share (Narrative)

Earnings Per Share (Narrative) (Details) - shares shares in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Earnings Per Share [Abstract]
Potential common share excluded from computation of diluted earnings per share (shares)	1	0.9	1.1

Earnings Per Share (Computation

Earnings Per Share (Computation Of Basic And Diluted Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Earnings Per Share [Abstract]
Net income attributable to Sotheby's	$ 65,502	$ (54,470)	$ 88,964	$ (25,884)	$ (11,153)	$ (17,894)	$ 67,572	$ 5,202	$ 74,112	$ 43,727	$ 117,795
Less: Net income attributable to participating securities									1,001	354	1,047
Net income attributable to Sotheby's common shareholders									$ 73,111	$ 43,373	$ 116,748
Denominator:
Weighted average basic shares outstanding (shares)	52,956	55,013	57,104	63,022	66,118	67,946	69,332	69,090	57,024	68,121	69,016
Basic earnings per share - Sotheby's common shareholders (usd per share)	$ 1.22	$ (0.99)	$ 1.54	$ (0.41)	$ (0.17)	$ (0.26)	$ 0.97	$ 0.07	$ 1.28	$ 0.64	$ 1.69
Numerator:
Net income (loss) attributable to Sotheby's	$ 65,502	$ (54,470)	$ 88,964	$ (25,884)	$ (11,153)	$ (17,894)	$ 67,572	$ 5,202	$ 74,112	$ 43,727	$ 117,795
Less: Net income attributable to participating securities									1,001	354	1,047
Net income attributable to Sotheby's common shareholders									$ 73,111	$ 43,373	$ 116,748
Denominator:
Weighted average common shares outstanding (shares)	52,956	55,013	57,104	63,022	66,118	67,946	69,332	69,090	57,024	68,121	69,016
Weighted average effect of dilutive potential common shares:
Performance share units (shares)									465	438	407
Deferred stock units (shares)									149	167	162
Stock options (shares)									15	18	21
Weighted average dilutive potential common shares outstanding (shares)									629	623	590
Denominator for calculation of diluted earnings per share (shares)	53,685	55,013	57,712	63,022	66,118	67,946	69,884	69,705	57,653	68,744	69,606
Diluted earnings (loss) per share - Sotheby’s common shareholders (usd per share)	$ 1.20	$ (0.99)	$ 1.52	$ (0.41)	$ (0.17)	$ (0.26)	$ 0.96	$ 0.07	$ 1.27	$ 0.63	$ 1.68

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($)	Oct. 04, 2016	Oct. 03, 2016	Aug. 13, 2015	Nov. 30, 2015	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2016	Sep. 02, 2015
Related Party Transactions [Abstract]
Auction commission revenues														$ 4,100,000	$ 2,700,000	$ 3,100,000
Related party accounts receivable (net)					$ 1,800,000									1,800,000			$ 1,800,000
Related Party Transaction [Line Items]
Related party client payable					511,876,000				$ 692,606,000				$ 692,606,000	511,876,000	692,606,000		511,876,000
Outstanding guarantee maximum exposure					18,300,000									18,300,000			$ 18,300,000
Total aggregate proceeds					1,337,211,000	$ 160,208,000	$ 1,567,495,000	$ 491,176,000	2,033,350,000	$ 370,928,000	$ 1,856,643,000	$ 755,817,000
Increase (decrease) in inventories														$ (29,746,000)	$ 18,828,000	$ 59,475,000
Treasury stock acquired (in shares)		2,050,000	2,667,378	1,038,280										13,144,000	3,705,658	558,000	17,408,000
Value of stock acquired			$ 100,000,000											$ 359,885,000	$ 125,000,000	$ 25,000,000	$ 509,885,000
Cost per share of stock acquired (usd per share)		$ 36	$ 37.49											$ 27.38	$ 33.73	$ 44.79	$ 29.29
Ownership percentage in Sotheby's outstanding Common Stock prior to sale														8.50%
Director | Fair value auction guarantee
Related Party Transaction [Line Items]
Outstanding guarantee maximum exposure																		$ 509,000,000
Total aggregate proceeds													473,500,000
Increase (decrease) in inventories													33,000,000
Loss recognized on auction guarantee									3,000,000
Due to related parties									$ 285,400,000				$ 285,400,000		$ 285,400,000
Marcato Capital Management | Sale of stock
Related Party Transaction [Line Items]
Treasury stock acquired (in shares)	2,050,000
Value of stock acquired	$ 73,800,000
Cost per share of stock acquired (usd per share)	$ 36
Ownership percentage in Sotheby's outstanding Common Stock prior to sale		8.50%
Related party consignors
Related Party Transaction [Line Items]
Related party client payable					$ 3,600,000									$ 3,600,000			$ 3,600,000

Quarterly Results (Unaudited123

Quarterly Results (Unaudited) (Details) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2016USD ($)principal_selling_season$ / sharesshares	Sep. 30, 2016USD ($)$ / sharesshares	Jun. 30, 2016USD ($)$ / sharesshares	Mar. 31, 2016USD ($)$ / sharesshares	Dec. 31, 2015USD ($)$ / sharesshares	Sep. 30, 2015USD ($)$ / sharesshares	Jun. 30, 2015USD ($)$ / sharesshares	Mar. 31, 2015USD ($)$ / sharesshares	Dec. 31, 2016USD ($)principal_selling_season$ / sharesshares	Dec. 31, 2015USD ($)$ / sharesshares	Dec. 31, 2014USD ($)$ / sharesshares
Quarterly Financial Information Disclosure [Abstract]
Number of principal selling seasons | principal_selling_season	2								2
Q2 and Q4 Net Auction Sales as Percentage of Total Net Auction Sales									82.00%	78.00%
Auction Commission Revenues as Percentage of Total Revenues									75.00%	75.00%
Net Auction Sales	$ 1,337,211	$ 160,208	$ 1,567,495	$ 491,176	$ 2,033,350	$ 370,928	$ 1,856,643	$ 755,817
Agency commissions and fees	265,719	51,285	273,764	81,065	284,439	69,222	310,377	127,882	$ 671,833	$ 791,920	$ 825,126
Inventory sales	26,429	24,359	5,281	6,794	35,485	53,226	7,005	12,983	62,863	108,699	69,958
Finance	12,073	11,138	14,750	14,755	12,899	12,933	11,970	12,687	52,716	50,489	33,013
Other	4,468	4,710	4,870	3,917	2,998	2,611	2,654	2,123	17,965	10,386	9,956
Total revenues	308,689	91,492	298,665	106,531	335,821	137,992	332,006	155,675	805,377	961,494	938,053
Operating income (loss)	91,396	(66,874)	130,083	(31,989)	88,566	(21,707)	116,458	18,404	122,616	201,721	226,044
Net income (loss) attributable to Sotheby's	$ 65,502	$ (54,470)	$ 88,964	$ (25,884)	$ (11,153)	$ (17,894)	$ 67,572	$ 5,202	$ 74,112	$ 43,727	$ 117,795
Basic earnings (loss) per share - Sotheby’s common shareholders (usd per share) | $ / shares	$ 1.22	$ (0.99)	$ 1.54	$ (0.41)	$ (0.17)	$ (0.26)	$ 0.97	$ 0.07	$ 1.28	$ 0.64	$ 1.69
Diluted earnings (loss) per share - Sotheby’s common shareholders (usd per share) | $ / shares	$ 1.20	$ (0.99)	$ 1.52	$ (0.41)	$ (0.17)	$ (0.26)	$ 0.96	$ 0.07	$ 1.27	$ 0.63	$ 1.68
Weighted average basic shares outstanding (shares) | shares	52,956	55,013	57,104	63,022	66,118	67,946	69,332	69,090	57,024	68,121	69,016
Weighted average diluted shares outstanding (shares) | shares	53,685	55,013	57,712	63,022	66,118	67,946	69,884	69,705	57,653	68,744	69,606

Valuation and Qualifying Acc124

Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Receivables
Valuation reserve deducted in the balance sheet from the asset to which it applies:
Balance at Beginning of Period	$ 10,099	$ 8,484	$ 8,685
Charged to Costs and Expenses	928	2,607	1,893
Charged to Other Accounts	0	0	0
Deductions	2,087	992	2,094
Balance at End of Period	8,940	10,099	8,484
Deferred tax assets
Valuation reserve deducted in the balance sheet from the asset to which it applies:
Balance at Beginning of Period	2,437	2,224	3,227
Charged to Costs and Expenses	526	461	29
Charged to Other Accounts	0	0	0
Deductions	144	248	1,032
Balance at End of Period	$ 2,819	$ 2,437	$ 2,224