Sotheby's (BID) 10-Q 10 May 17 2017 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2017	May 09, 2017
Document And Entity Information [Abstract]
Entity Registrant Name	SOTHEBYS
Entity Central Index Key	823,094
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	Mar. 31, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Common Stock, Shares Outstanding		52,671,363

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Revenues:
Agency commissions and fees	$ 99,493	$ 81,065
Inventory sales	71,377	6,794
Finance	12,767	14,755
Other	3,900	3,917
Total revenues	187,537	106,531
Expenses:
Agency direct costs	9,517	9,539
Cost of inventory sales	71,407	10,738
Cost of finance revenues	5,037	4,394
Marketing	5,911	5,013
Salaries and related	64,346	68,171
General and administrative	38,951	35,676
Depreciation and amortization	5,384	5,296
Voluntary separation incentive programs (net)	(162)	(307)
Total expenses	200,391	138,520
Operating loss	(12,854)	(31,989)
Interest income	257	396
Interest expense	(7,533)	(7,546)
Non-operating income	840	47
Loss before taxes	(19,290)	(39,092)
Income tax benefit	(7,292)	(12,786)
Equity in earnings of investees	667	396
Net loss	(11,331)	(25,910)
Less: Net loss attributable to noncontrolling interest	(6)	(26)
Net loss attributable to Sotheby's	$ (11,325)	$ (25,884)
Basic and diluted loss per share - Sotheby’s common shareholders (usd per share)	$ (0.21)	$ (0.41)
Weighted average basic and diluted shares outstanding (shares)	53,016	63,022
Cash dividends paid per common share (usd per share)	$ 0	$ 0

Condensed Consolidated Stateme3

Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Net loss	$ (11,331)	$ (25,910)
Other comprehensive income (loss):
Currency translation adjustments	2,396	(2,626)
Defined benefit pension plan	208	81
Total other comprehensive income (loss)	2,818	(7,034)
Comprehensive loss	(8,513)	(32,944)
Less: Comprehensive loss attributable to noncontrolling interests	(6)	(26)
Comprehensive loss attributable to Sotheby's	(8,507)	(32,918)
Cash flow hedges
Other comprehensive income (loss):
Hedges	838	(4,489)
Net investment hedges
Other comprehensive income (loss):
Hedges	$ (624)	$ 0

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016	Mar. 31, 2016
Current assets:
Cash and cash equivalents	$ 514,857	$ 496,031	$ 414,018
Restricted cash	13,995	59,106	5,347
Accounts receivable, net of allowance for doubtful accounts of $7,658, $7,670, and $8,120	392,022	433,614	501,136
Notes receivable, net of allowance for credit losses of $1,275, $1,270, and $1,445	118,131	37,977	77,044
Inventory	150,762	159,043	205,475
Income tax receivables	7,975	6,475	29,671
Prepaid expenses and other current assets (see Note 10)	56,685	76,607	34,824
Total current assets	1,254,427	1,268,853	1,267,515
Notes receivable	560,716	651,159	566,065
Fixed assets, net of accumulated depreciation and amortization of $213,316, $209,196, and $205,494	346,231	347,182	350,775
Goodwill (see Note 5)	50,097	50,029	47,848
Intangible assets (net)	12,900	13,393	13,952
Income tax receivables	323	686	624
Deferred income taxes	7,767	7,700	7,383
Other long-term assets (see Note 10)	184,535	165,424	159,835
Total assets	2,416,996	2,504,426	2,413,997
Current liabilities:
Client payables	532,288	511,876	350,475
Related party client payables (see Note 20)	0	0	54,712
Accounts payable and accrued liabilities	80,858	85,995	85,289
Accrued salaries and related costs	33,864	68,387	40,783
Current portion of York Property Mortgage (net)	6,711	6,629	6,409
Accrued income taxes	1,221	26,912	3,187
Other current liabilities (see Notes 8 and 9)	44,495	43,176	13,231
Total current liabilities	699,437	742,975	554,086
Credit facility borrowings	548,500	565,000	521,000
Long-term debt (net)	597,342	598,941	603,409
Accrued income taxes	17,582	16,600	15,555
Deferred income taxes	12,820	10,228	45,819
Other long-term liabilities (see Note 10)	50,935	65,080	55,061
Total liabilities	1,926,616	1,998,824	1,794,930
Commitments and contingencies (see Note 14)
Shareholders’ equity:
Common Stock, $0.01 par value, Authorized shares - 200,000,000, Issued shares - 70,819,004; 70,378,873; and 70,342,213, and Outstanding shares - 53,411,363; 52,971,232; and 59,552,965	708	703	703
Additional paid-in capital	437,338	444,611	435,507
Treasury stock shares, at cost — 17,407,641; 17,407,641; and 10,789,248	(509,885)	(509,885)	(304,508)
Retained earnings	649,578	660,347	560,351
Accumulated other comprehensive loss	(87,540)	(90,358)	(73,238)
Total shareholders’ equity	490,199	505,418	618,815
Noncontrolling interest	181	184	252
Total equity	490,380	505,602	619,067
Total liabilities and shareholders’ equity	$ 2,416,996	$ 2,504,426	$ 2,413,997

Condensed Consolidated Balance5

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016	Mar. 31, 2016
Statement of Financial Position [Abstract]
Allowance for doubtful accounts receivable	$ 7,658	$ 7,670	$ 8,120
Allowance for credit losses	1,275	1,270	1,445
Accumulated depreciation and amortization	$ 213,316	$ 209,196	$ 205,494
Common stock, par value (usd per share)	$ 0.01	$ 0.01	$ 0.01
Common stock, shares authorized (shares)	200,000,000	200,000,000	200,000,000
Common stock, shares issued (shares)	70,819,004	70,378,873	70,342,213
Common stock, shares outstanding (shares)	53,411,363	52,971,232	59,552,965
Treasury stock, shares outstanding (shares)	17,407,641	17,407,641	10,789,248

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Operating Activities:
Net loss attributable to Sotheby's	$ (11,325)	$ (25,884)
Adjustments to reconcile net loss attributable to Sotheby's to net cash used by operating activities:
Depreciation and amortization	5,384	5,296
Deferred income tax expense	12,910	9,990
Share-based payments	6,069	5,530
Net pension benefit	(1,204)	(1,253)
Inventory writedowns and bad debt provisions	3,359	4,766
Amortization of debt discount and issuance costs	414	381
Equity in earnings of investees	(667)	(396)
Other	164	127
Changes in assets and liabilities:
Accounts receivable	47,745	368,958
Client payables	11,146	(340,036)
Related party client payables (see Note 20)	0	(230,974)
Inventory	5,063	4,048
Changes in other operating assets and liabilities (see Note 11)	(96,558)	(103,791)
Net cash used by operating activities	(17,500)	(303,238)
Investing Activities:
Funding of notes receivable	(33,187)	(90,818)
Collections of notes receivable	46,104	169,148
Capital expenditures	(4,692)	(3,912)
Acquisitions, net of cash acquired (see Note 19)	0	(50,597)
Distributions from investees	1,700	0
Proceeds from the sale of equity investment	75	100
Payments for (Proceeds from) Hedge, Investing Activities	(29,210)	0
Decrease in restricted cash	31,637	25,138
Net cash provided by investing activities	70,847	49,059
Financing Activities:
Debt issuance and other borrowing costs	(7)	0
Proceeds from credit facility borrowings	5,500	31,500
Repayments of credit facility borrowings	(22,000)	(52,000)
Repayments of York Property Mortgage	(1,932)	(1,815)
Increase in restricted cash related to York Property Mortgage (see Note 7)	(1,458)	0
Repurchases of common stock	0	(147,586)
Dividends paid	(2,367)	(1,743)
Funding of employee tax obligations upon the vesting of share-based payments	(13,587)	(4,589)
Net cash used by financing activities	(35,851)	(176,233)
Effect of exchange rate changes on cash and cash equivalents	1,330	(4,267)
Increase (decrease) in cash and cash equivalents	18,826	(434,679)
Cash and cash equivalents at beginning of period	496,031	848,697
Cash and cash equivalents at end of period	$ 514,857	$ 414,018

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation Accounting Principles —The unaudited Condensed Consolidated Financial Statements included herein have been prepared by the management of Sotheby’s (or the "Company") in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") and pursuant to the rules and regulations of the Securities and Exchange Commission (the "SEC"). Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted from this report, as is permitted by such rules and regulations. In our opinion, the unaudited Condensed Consolidated Financial Statements reflect all adjustments of a normal recurring nature that are necessary for a fair presentation of the results for the interim periods presented. Interim results are not necessarily indicative of results for a full year (see Note 2 ). We urge you to read these Condensed Consolidated Financial Statements in conjunction with the information included in our 2016 Form 10-K filed with the SEC on February 27, 2017. Principles of Consolidation —The unaudited Condensed Consolidated Financial Statements include the accounts of our wholly-owned subsidiaries and Sotheby's (Beijing) Auction Co., Ltd. ("Sotheby's Beijing"), a joint venture in which we have a controlling 80% ownership interest. The net income (loss) attributable to the minority owner of Sotheby's Beijing is reported as "Net Income (Loss) Attributable to Noncontrolling Interest" in our Condensed Consolidated Statements of Operations and the non-controlling 20% ownership interest is reported as "Noncontrolling Interest" within the Equity section of our Condensed 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 Condensed Consolidated Statements of Operations. Our interest in the net assets of these equity method investees is recorded within Other Long-Term Assets on our Condensed Consolidated Balance Sheets. Our equity method investees include Acquavella Modern Art (see Note 22), a partnership through which a collection of fine art is being sold, and RM Sotheby's, an auction house for investment-quality automobiles. Estimates and Assumptions —The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Adoption of Accounting Standards Update ("ASU") 2016-09 —In March 2016, the Financial Accounting Standards Board (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 the related income tax consequences and certain classifications within the statement of cash flows. We adopted ASU 2016-09 on its effective date of January 1, 2017. ASU 2016-09 requires that all excess tax benefits and deficiencies resulting from the vesting of share-based payments be recorded in the statement of operations, whereas previous guidance generally permitted such items to be recorded in the equity section of the balance sheet provided that an adequate level of previously recorded excess tax benefits existed. We adopted this aspect of ASU 2016-09 on a prospective basis beginning on January 1, 2017. The adoption of ASU 2016-09 and the vesting of certain share-based payments in the first quarter of 2017 resulted in the recording of a $2.6 million income tax benefit in our Condensed Consolidated Statements of Operations, which increased our effective income tax benefit rate for the period by approximately 14% . Under previous guidance, this income tax benefit would have been recorded as an increase to Additional Paid-In Capital on our Condensed Consolidated Balance Sheets. ASU 2016-09 also changed how excess tax benefits resulting from the vesting of share-based payments are presented in the statement of cash flows. ASU 2016-09 requires that such excess tax benefits be classified within Operating Activities along with other income tax cash flows. Under previous guidance, excess tax benefits resulting from the vesting of share-based payments were presented as a cash inflow within Financing Activities and a corresponding cash outflow within Operating Activities. The adoption of ASU 2016-09 in the first quarter of 2017 resulted in the classification of $2.6 million of excess tax benefits within Operating Activities in our Condensed Consolidated Statement of Cash Flows for the three months ended March 31, 2017. The retrospective adoption of ASU 2016-09 did not have an effect on our Condensed Consolidated Statement of Cash Flows for the three months ended March 31, 2016 because no excess tax benefits were recorded in that period. The adoption of the other aspects of ASU 2016-09 did not have a material impact on our Condensed Consolidated Financial Statements as of and for the three months ended March 31, 2017 and 2016. Adoption of Other Recently Issued Accounting Standards —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. The adoption of ASU 2016-05 on its effective date of January 1, 2017 did not have a material effect on our Condensed Consolidated Financial Statements as of and for the three months ended March 31, 2017 and 2016. 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. The adoption of ASU 2016-06 on its effective date of January 1, 2017 did not have a material effect on our Condensed Consolidated Financial Statements as of and for the three months ended March 31, 2017 and 2016.

Seasonality of Business

Seasonality of Business	3 Months Ended
	Mar. 31, 2017
Seasonality Of Business [Abstract]
Seasonality of Business	Seasonality of Business 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 for the years ended December 31, 2016 and 2015 , respectively, with auction commission revenues comprising approximately 75% of our total revenues in each of those 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. ___________________________________________________________________ 1 Represents the total hammer (sale) price of property sold at auction.

Segment Reporting

Segment Reporting	3 Months Ended
	Mar. 31, 2017
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting Sotheby's is a global art and luxury 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"). Thomas S. Smith, Sotheby's Chief Executive Officer, is our chief operating decision maker. Mr. Smith regularly evaluates financial information about each of our segments in deciding how to allocate resources and assess performance. The performance of each segment is measured based on segment income before taxes, which excludes the unallocated items highlighted in the reconciliation below. 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. 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 operates 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. 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 19). 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 (see Note 22), an equity investee, 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 following table presents our segment information for the three months ended March 31, 2017 and 2016 (in thousands of dollars): Three Months Ended March 31, 2017 Agency SFS All Other Reconciling items (a) Total Revenues $ 168,419 $ 14,371 $ 6,351 $ (1,604 ) $ 187,537 Segment (loss) income before taxes $ (28,422 ) $ 7,333 $ 2,466 $ (667 ) (b) $ (19,290 ) Three Months Ended March 31, 2016 Revenues $ 85,775 $ 16,480 $ 6,001 $ (1,725 ) $ 106,531 Segment (loss) income before taxes $ (50,292 ) $ 10,265 $ 1,331 $ (396 ) (b) $ (39,092 ) (a) The reconciling items related to Revenues consist principally of amounts charged by SFS to the Agency segment, including interest and facility fees related to certain loans made to Agency segment clients, as well as fees charged for term loan collateral sold at auction or privately through the Agency segment. (b) The reconciling items related to segment loss before taxes are detailed in the table below. The table below presents a reconciliation of segment (loss) income before taxes to consolidated loss before taxes for the three months ended March 31, 2017 and 2016 (in thousands of dollars): Three Months Ended March 31, 2017 2016 Agency $ (28,422 ) $ (50,292 ) SFS 7,333 10,265 All Other 2,466 1,331 Segment loss before taxes (18,623 ) (38,696 ) Reconciling items: Equity in earnings of investees (a): RM Sotheby's (158 ) (317 ) Acquavella Modern Art (509 ) (79 ) Total equity in earnings of investees (667 ) (396 ) Loss before taxes $ (19,290 ) $ (39,092 ) (a) For segment reporting purposes, our share of earnings related to equity investees is included as part of loss before taxes. However, such earnings are reported separately below loss before taxes in our Condensed Consolidated Statements of Operations. For the periods presented above, Agency segment results include equity earnings related to RM Sotheby's, and All Other includes equity earnings related to Acquavella Modern Art. The table below presents segment assets, as well as a reconciliation of segment assets to consolidated assets as of March 31, 2017 , December 31, 2016 , and March 31, 2016 (in thousands of dollars): March 31, 2017 December 31, 2016 March 31, 2016 Agency $ 1,677,373 $ 1,759,670 $ 1,721,815 SFS 679,918 687,649 627,330 All Other 43,640 42,246 27,174 Total segment assets 2,400,931 2,489,565 2,376,319 Unallocated amounts: Deferred tax assets and income tax receivable 16,065 14,861 37,678 Consolidated assets $ 2,416,996 $ 2,504,426 $ 2,413,997 Substantially all of our capital expenditures for the three months ended March 31, 2017 , the year ended December 31, 2016 , and the three months ended March 31, 2016 were attributable to the Agency segment.

Receivables

Receivables	3 Months Ended
	Mar. 31, 2017
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 our commission, as well as any applicable taxes and royalties), 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 from 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 Condensed Consolidated Balance Sheets. As of March 31, 2017 , December 31, 2016 , and March 31, 2016 , Notes Receivable within the Agency segment included $2.5 million , $7.5 million , and $23.9 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 March 31, 2017 , December 31, 2016 , and March 31, 2016 , Accounts Receivable (net) included $13.7 million , $90.1 million , and $141.1 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 March 31, 2017 , December 31, 2016 , and March 31, 2016 , Accounts Receivable (net) also included $23.2 million , $76.3 million , and $38.8 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 7 for information related to the dedicated revolving credit facility for SFS. As of March 31, 2017 , December 31, 2016 , and March 31, 2016 , the net Notes Receivable balance of SFS was $666.5 million , $675.1 million , and $610.7 million , respectively. As of March 31, 2017 , December 31, 2016 , and March 31, 2016 , the total net Notes Receivable balance of SFS included $85.5 million , $88.7 million , and $110.2 million , respectively, of term loans issued by SFS to refinance client auction and private sale purchases. For the three months ended March 31, 2017 and 2016 , SFS issued $1.7 million and $6.1 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 Condensed Consolidated Statements of Cash Flows. Upon repayment, the cash received in settlement of such Notes Receivable is classified within Operating Activities in our Condensed Consolidated Statements of Cash Flows. For the three months ended March 31, 2017 and 2016 , such repayments totaled $4.9 million and $4.7 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 revolving credit facility for SFS permits borrowings of 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 the 50% target due to a decrease in the low auction estimates 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 a critical credit quality indicator for the secured loans made by SFS. The table below provides the aggregate LTV ratio for the SFS loan portfolio as of March 31, 2017 , December 31, 2016 , and March 31, 2016 (in thousands of dollars): March 31, December 31, March 31, Secured loans $ 666,456 $ 675,109 $ 610,658 Low auction estimate of collateral $ 1,375,569 $ 1,405,856 $ 1,327,493 Aggregate LTV ratio 48 % 48 % 46 % The table below provides the aggregate LTV ratio for secured loans made by SFS with an LTV ratio above 50% as of March 31, 2017 , December 31, 2016 , and March 31, 2016 (in thousands of dollars): March 31, December 31, March 31, Secured loans with an LTV ratio above 50% $ 273,895 $ 270,111 $ 268,348 Low auction estimate of collateral related to secured loans with an LTV ratio above 50% $ 481,711 $ 486,973 $ 490,103 Aggregate LTV ratio of secured loans with an LTV ratio above 50% 57 % 55 % 55 % The table below provides other credit quality information regarding secured loans made by SFS as of March 31, 2017 , December 31, 2016 , and March 31, 2016 (in thousands of dollars): March 31, December 31, March 31, Total secured loans $ 666,456 $ 675,109 $ 610,658 Loans past due $ 103,672 $ 90,508 $ 5,310 Loans more than 90 days past due $ 88,430 $ 158 $ 1,328 Non-accrual loans $ 160 $ 158 $ — Impaired loans $ — $ — $ — Allowance for credit losses: Allowance for credit losses for impaired loans $ — $ — $ — Allowance for credit losses based on historical data 1,275 1,270 1,445 Total allowance for credit losses - secured loans $ 1,275 $ 1,270 $ 1,445 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 March 31, 2017 , $103.7 million of the net Notes Receivable balance was past due, of which $88.4 million was more than 90 days past due. The collateral securing these loans has a low auction estimate of approximately $194.6 million resulting in an LTV ratio of approximately 53% . We are continuing to accrue interest on virtually all past due loans. In consideration of loan payments and collateral sale proceeds received to date, as well as the value of the remaining collateral and our current collateral disposal plans, we believe that the principal and interest amounts owed for these past due 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 March 31, 2017 and December 31, 2016 , there were $0.2 million of non-accrual loans outstanding. As of March 31, 2016 , 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 March 31, 2017 , December 31, 2016 , and March 31, 2016 , there were no impaired loans outstanding. During the period January 1, 2017 to March 31, 2017 , activity related to the Allowance for Credit Losses was as follows (in thousands of dollars): Allowance for credit losses as of January 1, 2017 $ 1,270 Change in loan loss provision 5 Allowance for credit losses as of March 31, 2017 $ 1,275 As of March 31, 2017 , unfunded commitments to extend additional credit through SFS were approximately $30.9 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 Condensed Consolidated Balance Sheets within Notes Receivable (net). As of March 31, 2017 , December 31, 2016 , and March 31, 2016 , there were $4 million , $1 million , and $2 million of auction guarantee advances outstanding, respectively. See Note 16 for additional 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 Condensed Consolidated Balance Sheets. As of March 31, 2017 and December 31, 2016 , Notes Receivable (net) within the Agency segment included $2.5 million and $7.5 million , respectively, of such amounts reclassified from Accounts Receivable (net), against which we hold approximately $3.1 million of collateral. As of March 31, 2016 , Notes Receivable (net) within the Agency segment included $23.9 million , against which we held $7 million of collateral. These Notes Receivable are accounted for as non-cash transfers between Accounts Receivable (net) and Notes Receivable (net) and are, therefore, not reflected as the funding of Notes Receivable within Investing Activities in our Condensed Consolidated Statements of Cash Flows. Upon repayment, the cash received in settlement of such Notes Receivable is classified within Operating Activities in our Condensed Consolidated Statements of Cash Flows. For the three months ended March 31, 2017 and 2016, such repayments totaled $0.6 million and $0.2 million , respectively. 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 March 31, 2017 , December 31, 2016 , and March 31, 2016 , such loans totaled $3.6 million , $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 March 31, 2017 , December 31, 2016 , and March 31, 2016 , the carrying value of this loan was approximately $2.1 million , $2.1 million , and $2.4 million , respectively.

Goodwill and Intangible Assets

Goodwill and Intangible Assets	3 Months Ended
	Mar. 31, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	Goodwill and Intangible Assets Goodwill —For the three months ended March 31, 2017 and 2016 , changes in the carrying value of Goodwill were as follows (in thousands of dollars): Three Months Ended March 31, 2017 Three Months Ended March 31, 2016 Agency All Other Total Agency All Other Total Beginning balance as of December 31 $ 43,878 $ 6,151 $ 50,029 $ 13,621 $ — $ 13,621 Goodwill acquired — — — 34,225 (a) — 34,225 Foreign currency exchange rate changes 68 — 68 2 — 2 Ending balance as of March 31 $ 43,946 $ 6,151 $ 50,097 $ 47,848 $ — $ 47,848 (a) The goodwill acquired in the first quarter of 2016 relates to the acquisition of AAP (see Note 19). The attribution of the resulting goodwill between our segments was not completed until the second quarter of 2016. Intangible Assets —As of March 31, 2017 , December 31, 2016 , and March 31, 2016 , intangible assets consisted of the following (in thousands of dollars): Amortization Period March 31, 2017 December 31, 2016 March 31, Indefinite lived intangible assets: License (a) N/A $ 324 $ 324 $ 324 Intangible assets subject to amortization: Customer relationships - AAP (see Note 19) 8 years 10,800 10,800 11,000 Non-compete agreements - AAP (see Note 19) 6 years 3,060 3,060 3,100 Artworks database (b) 10 years 1,125 1,125 — Total intangible assets subject to amortization 14,985 14,985 14,100 Accumulated amortization (2,409 ) (1,916 ) (472 ) Total amortizable intangible assets (net) 12,576 13,069 13,628 Total intangible assets (net) $ 12,900 $ 13,393 $ 13,952 (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 along with the associated business in the third quarter of 2016. For the three months ended March 31, 2017 and 2016, amortization expense related to intangible assets was approximately $0.5 million . The estimated aggregate amortization expense for the remaining useful lives of intangible assets subject to amortization during the five -year period succeeding the March 31, 2017 balance sheet date are as follows (in thousands of dollars): Period Amount April 2017 to March 2018 $ 1,972 April 2018 to March 2019 $ 1,972 April 2019 to March 2020 $ 1,972 April 2020 to March 2021 $ 1,972 April 2021 to March 2022 $ 1,845

Defined Benefit Pension Plan

Defined Benefit Pension Plan	3 Months Ended
	Mar. 31, 2017
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract]
Defined Benefit Pension Plan	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 a defined contribution plan. For the three months ended March 31, 2017 and 2016 , we recorded net credits related to the U.K. Pension Plan of ($1.2) million and ($1.3) million , respectively, consisting of the following components (in thousands of dollars): Three Months Ended March 31, 2017 2016 Service cost $ — $ 864 Interest cost 1,938 2,604 Expected return on plan assets (3,407 ) (4,721 ) Prior service cost 15 — Amortization of actuarial loss 273 — Amortization of prior service cost (23 ) — Net pension credit $ (1,204 ) $ (1,253 )

Debt

Debt	3 Months Ended
	Mar. 31, 2017
Debt Instruments [Abstract]
Debt	Debt Revolving Credit Facilities —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"). The maturity date of the Credit Agreement is 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. The borrowing capacity of the Agency Credit Facility includes a $50 million incremental revolving credit facility with higher advance rates against certain assets and higher commitment and borrowing costs (the "Incremental Facility"). The maturity date of the Incremental Facility is August 22, 2017 and 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 upon a percentage of the carrying value of certain SFS loans (see Note 4 ) and the fair value of certain of 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 March 31, 2017 . 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 March 31, 2017 , $7.2 million of such unamortized fees are included within Other Long-Term Assets on our Condensed Consolidated Balance Sheets. The following tables summarize information related to the Credit Agreement as of and for the periods ended March 31, 2017 , December 31, 2016 , and March 31, 2016 (in thousands of dollars): As of and for the three months ended March 31, 2017 Agency Credit Facility SFS Credit Facility Total Maximum borrowing capacity $ 300,000 $ 1,035,000 $ 1,335,000 Borrowing base $ 149,215 $ 562,856 $ 712,071 Borrowings outstanding $ — $ 548,500 $ 548,500 Available borrowing capacity (a) $ 149,215 $ 14,356 $ 163,571 Average borrowings outstanding $ — $ 562,439 $ 562,439 Borrowing Costs: Interest $ — (b) $ 4,318 (c) $ 4,318 Fees 679 (b) 719 (c) 1,398 Total $ 679 $ 5,037 $ 5,716 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 As of and for the three months ended March 31, 2016 Agency Credit Facility SFS Credit Facility Total Maximum borrowing capacity $ 300,000 $ 1,035,000 $ 1,335,000 Borrowing base $ 225,378 $ 529,920 $ 755,298 Borrowings outstanding $ — $ 521,000 $ 521,000 Available borrowing capacity (a) $ 225,378 $ 8,920 $ 234,298 Available borrowings outstanding $ — $ 539,714 $ 539,714 Borrowing Costs: Interest $ — (b) $ 3,673 (c) $ 3,673 Fees 673 (b) 721 (c) 1,394 Total $ 673 $ 4,394 $ 5,067 (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 Condensed Consolidated Statements of Operations as Interest Expense. See the table below for additional information related to Interest Expense associated with the Agency Credit Facility. (c) Borrowing costs related to the SFS Credit Facility are reflected in our Condensed Consolidated Statements of Operations within Cost of Finance Revenues. For the three months ended March 31, 2017 and 2016, the weighted average cost of borrowings related to the SFS Credit Facility was approximately 3.6% and 3.3% , respectively. Long-Term Debt —As of March 31, 2017 , December 31, 2016 , and March 31, 2016 , Long-Term Debt consisted of the following (in thousands of dollars): March 31, December 31, March 31, York Property Mortgage, net of unamortized debt issuance costs of $5,303, $5,555, and $6,313 $ 307,533 $ 309,212 $ 313,942 2022 Senior Notes, net of unamortized debt issuance costs of $3,480, $3,642, and $4,124 296,520 296,358 295,876 Less current portion: York Property Mortgage, net of unamortized debt issuance costs of $1,010, $1,010, and $1,010 (6,711 ) (6,629 ) (6,409 ) Total Long-Term Debt, net $ 597,342 $ 598,941 $ 603,409 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 8 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 Condensed 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 (this excess is estimated to be $6 million annually). As of March 31, 2017 , December 31, 2016, and March 31, 2016, the Cash Management Account had a balance of $6.1 million , $4.6 million , and $0.6 million , respectively, which is reflected within Restricted Cash on our Condensed 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 March 31, 2017 , the fair value of the York Property Mortgage approximated its book value due to the variable interest rate associated with the mortgage. The fair value measurement is considered to be a Level 2 fair value measurement in the fair value hierarchy as per ASC 820, Fair Value Measurements . 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 March 31, 2017 , the $300 million principal amount of the 2022 Senior Notes had a fair value of approximately $301.5 million based on a broker quoted price derived via a pricing model using observable and unobservable inputs. As such, this fair value measurement is considered to be a Level 3 fair value measurement in the fair value hierarchy as per ASC 820. 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 March 31, 2017 are as follows (in thousands of dollars): Period Amount April 2017 to March 2018 $ 35,492 April 2018 to March 2019 $ 36,589 April 2019 to March 2020 $ 36,600 April 2020 to March 2021 $ 585,110 April 2021 to March 2022 $ 36,623 In consideration of the interest rate protection agreements relating to the York Property Mortgage, the table above assumes that the annual interest rate through June 30, 2017 will be approximately 3.127% , and then will be at the interest rate collar's floor rate of 4.167% for the remainder of the seven-year term. Interest Expense —For the three months ended March 31, 2017 and 2016 , Interest Expense consisted of the following (in thousands of dollars): Three Months Ended March 31, 2017 2016 Agency Credit Facility: Amendment and arrangement fees $ 288 $ 278 Commitment fees 391 395 Sub-total 679 673 York Property Mortgage 2,703 2,788 2022 Senior Notes 4,098 4,098 Other interest expense (credit) 53 (13 ) Total Interest Expense $ 7,533 $ 7,546 In the table above, Interest Expense related to the York Property Mortgage and the 2022 Senior Notes includes the amortization of debt issuance costs. Borrowing costs related to the SFS Credit Facility are reflected within Cost of Finance Revenues in our Condensed Consolidated Statements of Operations.

Derivative Financial Instrument

Derivative Financial Instruments	3 Months Ended
	Mar. 31, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	Derivative Financial Instruments Derivative Financial Instruments Designated as Hedging Instruments —The following tables present fair value information related to the derivative financial instruments designated as hedging instruments as of March 31, 2017 , December 31, 2016 , and March 31, 2016 (in thousands of dollars): Assets Liabilities March 31, 2017 Balance Sheet Classification Fair Value Balance Sheet Classification Fair Value Cash Flow Hedges: Interest rate swaps Other Current Assets $ 330 N/A $ — Interest rate collar N/A — Other Current Liabilities 1,315 Interest rate collar N/A — Other Long-Term Liabilities 3,646 Total cash flow hedges 330 — 4,961 Net Investment Hedges: Foreign exchange contracts Other Current Assets 44 N/A — Total $ 374 $ 4,961 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 March 31, 2016 Balance Sheet Classification Fair Value Balance Sheet Classification Fair Value Cash Flow Hedges: Interest rate swap N/A $ — Other Current Liabilities $ 1,230 Interest rate collar N/A — Other Long-Term Liabilities 13,163 Total cash flow hedges — 14,393 Net Investment Hedges: Foreign exchange contracts N/A — N/A — Total $ — $ 14,393 In the first quarter of 2017, we settled derivative financial instruments designated as net investment hedges with an aggregate notional value of $200.2 million and realized a gain of $29.2 million , which is reflected on our Condensed Consolidated Balance Sheets within Accumulated Other Comprehensive Loss. The following tables summarize the effect of the derivative financial instruments designated as hedging instruments on our Condensed Consolidated Statements of Operations and Condensed Consolidated Statements of Comprehensive Loss for the three months ended March 31, 2017 and 2016 (in thousands of dollars): Gain (Loss) Recognized in Other Comprehensive Income (Loss) - Effective Portion Classification of Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Net Loss Amount Reclassified from Accumulated Other Comprehensive Loss into Net Loss - Effective Portion Three Months Ended March 31, 2017 2016 2017 2016 Cash Flow Hedges: Interest rate swaps $ 141 $ (794 ) Interest Expense $ 85 $ 223 Interest rate collar 612 (3,918 ) N/A — — Total cash flow hedges 753 (4,712 ) 85 223 Net Investment Hedges: Foreign exchange contracts (624 ) — N/A — — Total $ 129 $ (4,712 ) $ 85 $ 223 See the captioned sections below for information related to derivative financial instruments designated as cash flow hedges or 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 March 31, 2017 , the notional value of the Mortgage Swap was $312.8 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 7 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 March 31, 2017 , the notional value of the SFS Swap was $63 million . See Note 7 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 is effective, any unrealized gains and losses related to changes in their fair value are recorded to Accumulated Other Comprehensive Loss on our Condensed Consolidated Balance Sheets and then reclassified to Interest Expense in our Condensed Consolidated Statements of Operations in the same period that 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 three months ended March 31, 2017 and 2016. 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 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 —We are exposed to variability in the U.S. Dollar equivalent of the net investments in our foreign subsidiaries 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. As a result, we regularly enter into foreign currency forward exchange contracts to hedge the net investments in our foreign subsidiaries from which we expect to repatriate earnings to the U.S. As of March 31, 2017 , the aggregate notional value of our outstanding net investment hedge contracts was $63.2 million , $49.7 million of which relates to contracts entered into in the first quarter of 2017. 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 Condensed 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. These instruments are not designated as hedging instruments for accounting purposes. Accordingly, changes in the fair value of these instruments are recognized in our Condensed Consolidated Statements of Operations in Non-Operating Income. As of March 31, 2017 , the notional value of outstanding forward exchange contracts not designated as hedging instruments was $215.4 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 three 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 March 31, 2017 and December 31, 2016 , the aggregate fair value of these contracts represented liabilities of $0.3 million and $3.6 million , respectively, which were recorded on our Condensed Consolidated Balance Sheets within Accounts Payable and Accrued Liabilities. As of March 31, 2016 , the fair values of these contracts represented an asset of $0.6 million , which was recorded on our Condensed Consolidated Balance Sheets within Prepaid Expenses and Other Current Assets.

Other Current Liabilities

Other Current Liabilities	3 Months Ended
	Mar. 31, 2017
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. As of March 31, 2017, the $68.4 million carrying value of the Pink Diamond was reflected on our Condensed Consolidated Balance Sheets within Inventory and the $34.2 million cash payment was recorded within Other Current Liabilities. In the second quarter of 2017, we sold the Pink Diamond at auction for $71.2 million , resulting in a gain of $0.7 million after recognizing the associated Cost of Inventory Sales of $70.5 million , which includes amounts due to our partner in the Pink Diamond and other costs related to the sale. This sale will be recognized upon the transfer of title and the related risks and benefits of ownership to the buyer.

Supplemental Condensed Balance

Supplemental Condensed Balance Sheet Information	3 Months Ended
	Mar. 31, 2017
Supplemental Balance Sheet Information [Abstract]
Supplemental Condensed Consolidated Balance Sheet Information	Supplemental Condensed Consolidated Balance Sheet Information As of March 31, 2017 , December 31, 2016 , and March 31, 2016 , Prepaid Expenses and Other Current Assets consisted of the following (in thousands of dollars): March 31, December 31, March 31, Prepaid expenses $ 29,517 $ 20,436 $ 23,851 Derivative financial instruments (see Note 8) 374 30,340 813 Other (a) 26,794 25,831 10,160 Total Prepaid Expenses and Other Current Assets $ 56,685 $ 76,607 $ 34,824 (a) Other principally includes receivables related to insurance recoveries and, to a much lesser extent, other miscellaneous short-term assets. In the first quarter of 2017, we settled derivative financial instruments designated as net investment hedges with an aggregate notional value of $200.2 million and realized a gain of $29.2 million , which is reflected on our Condensed Consolidated Balance Sheets within Accumulated Other Comprehensive Loss. See Note 8 for additional information related to derivative financial statements. As of March 31, 2017 , December 31, 2016 , and March 31, 2016 , Other Long-Term Assets consisted of the following (in thousands of dollars): March 31, December 31, March 31, Defined benefit pension plan asset (see Note 6) $ 81,341 $ 78,576 $ 66,300 Equity method investments 42,112 43,143 42,137 Trust assets related to deferred compensation liability 24,113 26,713 35,485 Restricted cash (a) 16,559 1,064 1,158 Other 20,410 15,928 14,755 Total Other Long-Term Assets $ 184,535 $ 165,424 $ 159,835 (a) As of March 31, 2017, restricted cash reflected within Other Long-Term Assets principally relates to $15.3 million of funds held in escrow pending the final settlement of a sale. As of December 31, 2016 and March 31, 2016, restricted cash reflected within Other Long-Term Assets primarily consists of segregated cash related to long-term lease arrangements. As of March 31, 2017 , December 31, 2016 , and March 31, 2016 , Other Long-Term Liabilities consisted of the following (in thousands of dollars): March 31, December 31, March 31, Deferred compensation liability $ 23,340 $ 25,914 $ 34,795 Acquisition earn-out consideration (see Note 19) 17,500 26,250 — Interest rate collar liability (see Note 8) 3,646 5,952 13,163 Other 6,449 6,964 7,103 Total Other Long-Term Liabilities $ 50,935 $ 65,080 $ 55,061

Supplemental Condensed Cash Flo

Supplemental Condensed Cash Flow Information	3 Months Ended
	Mar. 31, 2017
Supplemental Cash Flow Information [Abstract]
Supplemental Condensed Consolidated Cash Flow Information	Supplemental Condensed Consolidated Cash Flow Information For the three months ended March 31, 2017 and 2016 , changes in other operating assets and liabilities as reported in the Condensed Consolidated Statements of Cash Flows included the following (in thousands of dollars): Three Months Ended March 31, 2017 2016 (Increase) decrease in: Prepaid expenses and other current assets $ (6,362 ) $ (1,163 ) Other long-term assets (1,831 ) 2,364 Income tax receivables and deferred income tax assets (14,597 ) (26,377 ) (Decrease) increase in: Accrued income taxes and deferred income tax liabilities (22,654 ) (5,629 ) Accounts payable and accrued liabilities and other liabilities (51,114 ) (72,986 ) Total changes in other operating assets and liabilities $ (96,558 ) $ (103,791 )

Shareholders' Equity and Divide

Shareholders' Equity and Dividend	3 Months Ended
	Mar. 31, 2017
Equity [Abstract]
Shareholders' Equity and Dividends	Shareholders' Equity and Dividends Common Stock Repurchase Program —The following table provides information regarding our common stock repurchase program as of and for the three months ended March 31, 2017 and 2016 (in thousands, except for per share data): Three Months Ended March 31, 2017 March 31, 2016 Shares repurchased — 6,525 Aggregate purchase price $ — $ 154,508 Average price per share $ — $ 23.68 As of March 31, 2017, the remaining authorization from the Board of Directors under our common stock repurchase program was $40.2 million . Subsequent to March 31, 2017 and through May 9, 2017, we repurchased 740,000 shares under our common stock repurchase program for $33.9 million ( $45.86 per share) pursuant to a Rule 10b5-1 plan. As of May 9, 2017, $6.3 million remained under the current share repurchase authorization. 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. 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. In conjunction with this special dividend, we accrued approximately $11 million for dividend equivalents owed on share-based payments to employees, which we charged to retained earnings. For the three months ended March 31, 2017 and 2016, approximately $2 million and $1.4 million , respectively, of such accrued dividend equivalents were paid upon the vesting of the underlying awards.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	3 Months Ended
	Mar. 31, 2017
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 for the three months ended March 31, 2017 and 2016 (in thousands of dollars): Three Months Ended March 31, 2017 2016 Currency Translation Adjustments Balance at January 1 $ (89,478 ) $ (52,279 ) Other comprehensive income (loss) before reclassifications, net of tax of $586 and ($995) 2,625 (2,963 ) Other comprehensive income (loss) 2,625 (2,963 ) Balance at March 31 (86,853 ) (55,242 ) Cash Flow Hedges Balance at January 1 (3,664 ) (4,306 ) Other comprehensive income (loss) before reclassifications, net of tax of $466 and ($2,920) 753 (4,712 ) Reclassifications from other comprehensive income (loss), net of tax of $53 and $138 85 223 Other comprehensive income (loss) 838 (4,489 ) Balance at March 31 (2,826 ) (8,795 ) Net Investment Hedges Balance at January 1 16,618 — Other comprehensive loss before reclassifications, net of tax of ($385) and $0 (624 ) — Other comprehensive loss (624 ) — Balance at March 31 15,994 — Defined Benefit Pension Plan Balance at January 1 (13,834 ) (9,619 ) Currency translation adjustments (229 ) 337 Net actuarial gain, net of tax of $0 and ($81) — 81 Prior service cost amortization, net of tax of ($4) and $0 (19 ) — Actuarial loss amortization, net of tax of $46 and $0 227 — Other comprehensive (loss) income (21 ) 418 Balance at March 31 (13,855 ) (9,201 ) Total other comprehensive income (loss) attributable to Sotheby's 2,818 (7,034 ) Accumulated comprehensive loss as of March 31 $ (87,540 ) $ (73,238 ) Three Months Ended March 31, 2017 2016 Cash Flow Hedges Settlement of interest rate swaps $ 138 $ 361 Tax effect (53 ) (138 ) Reclassification adjustment, net of tax 85 223 Defined Benefit Pension Plan Prior service cost amortization $ (23 ) $ — Actuarial loss amortization 273 — Pre-tax total 250 — Tax effect (42 ) — Reclassification adjustments, net of tax 208 — Total reclassification adjustments, net of tax $ 293 $ 223

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2017
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Compensation Arrangements —As of March 31, 2017 , we had entered into compensation arrangements with certain senior employees, which expire at various points between October 26, 2017 and January 11, 2021 . 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 $18.1 million as of March 31, 2017 . Guarantees of Collection —A guarantee of collection is a guarantee to a consignor that, under certain conditions, we will pay the consignor on the contractual settlement date for property that has sold at auction, but has not yet been paid for by the purchaser. In the event that we are required to perform under our guarantee of collection, we would pay the net sale proceeds to the consignor, but would then take title to the property and have the right to pursue the defaulting purchaser and/or reoffer the property at a future sale. In certain limited circumstances, we may also have the right to recover the net sale proceeds from the consignor in the event of an ultimate purchaser default. As of March 31, 2017, we had an outstanding guarantee of collection relating to property with pre-sale estimates of $5 million to $7 million that will be offered at auction in the second quarter of 2017. 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, 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 or in the aggregate, will have a material adverse effect on our consolidated financial condition. See Note 4 for information related to unfunded commitments to extend additional credit through SFS. See Note 7 for information related to debt commitments. See Note 15 for information related to income tax contingencies. See Note 16 for information related to auction guarantees. See Note 19 for information related to our commitment to make earn-out payments to the former principals of AAP.

Uncertain Tax Positions

Uncertain Tax Positions	3 Months Ended
	Mar. 31, 2017
Income Tax Uncertainties [Abstract]
Uncertain Tax Positions	Uncertain Tax Positions As of March 31, 2017 , our liability for unrecognized tax benefits, excluding interest and penalties, was $19.4 million , representing a net decrease of $0.1 million when compared to a liability of $19.5 million as of December 31, 2016 . This net decrease is primarily the result of the expiration of a statute of limitations for certain tax years and the favorable settlement of tax audits, partially offset by the accrual of tax reserves related to transfer pricing and other U.S. federal and state and non-U.S. matters. As of March 31, 2016 , the liability for unrecognized tax benefits, excluding interest and penalties, was $19 million . As of March 31, 2017 , December 31, 2016 , and March 31, 2016 , the total amount of unrecognized tax benefits that, if recognized, would favorably affect our effective income tax rate was $9.4 million , $9.3 million , and $12.4 million , respectively. We believe it is reasonably possible that a decrease of $9.9 million in the balance of unrecognized tax benefits can occur within 12 months of the March 31, 2017 balance sheet date as a result of the expiration of statutes of limitations and the settlement of ongoing tax audits. We are subject to taxation in the U.S., as well as in various U.S. state and foreign jurisdictions. As a result, we are 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 recognize interest expense and penalties related to unrecognized tax benefits as a component of Income Tax Benefit. The accrual for such interest and penalties increased by $0.3 million for the three months ended March 31, 2017 . Our policy is to record interest expense related to sales, value added and other non-income based taxes as Interest Expense in our Condensed Consolidated Statements of Operations. Penalties related to such taxes are recorded as General and Administrative Expenses in its Condensed Consolidated Statements of Operations. Interest expense and penalties related to income taxes are recorded as a component of Income Tax Benefit in our Condensed Consolidated Statements of Operations.

Auction Guarantees

Auction Guarantees	3 Months Ended
	Mar. 31, 2017
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 Condensed Consolidated Statements of Operations 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. In certain limited situations, if the guaranteed property fails to sell at auction or if the purchaser defaults, the consignor has the right to cancel the auction guarantee and retain the property. 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 Condensed 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 Condensed 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 March 31, 2017 , we had outstanding auction guarantees totaling $103.1 million . Our financial exposure under these auction guarantees is reduced by irrevocable bids totaling $39.6 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 second quarter 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 March 31, 2017 , there were $4 million in auction guarantee advances outstanding. As of March 31, 2017 , December 31, 2016 and March 31, 2016 , the estimated fair value of our obligation to perform under our outstanding auction guarantees totaled $3.7 million , $0.6 million , and $0.7 million , respectively, and is recorded within Accounts Payable and Accrued Liabilities on our Condensed Consolidated Balance Sheets. As of May 9, 2017 , we had outstanding auction guarantees totaling $266 million and, as of that date, our financial exposure was reduced by irrevocable bids totaling $177.7 million . Each of the auction guarantees outstanding as of May 9, 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 second quarter of 2017 . As of May 9, 2017 , we have advanced $42.6 million of the total guaranteed amount.

Share-Based Payments

Share-Based Payments	3 Months Ended
	Mar. 31, 2017
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 three months ended March 31, 2017 and 2016 , compensation expense for share-based payments made to employees was reflected in the following accounts in our Condensed Consolidated Statements of Operations (in thousands of dollars): Three Months Ended March 31, 2017 2016 Salaries and related costs $ 6,069 $ 5,837 Voluntary separation incentive programs — (306 ) Total share-based payment expense (pre-tax) $ 6,069 $ 5,531 Total share-based payment expense (after-tax) $ 4,057 $ 3,801 For the three months ended March 31, 2016 , our Condensed Consolidated Statements of Operations include a credit of ($0.3) million related to the voluntary separation incentive programs enacted in the fourth quarter of 2015. This credit was the result of changes in our estimate of the number of performance-based stock units held by program participants that were expected to vest. As discussed in Note 1, on January 1, 2017, we adopted ASU 2016-09, Compensation - Stock Compensation: Improvements to Employee Share-Based Payment Accounting . ASU 2016-09 requires, among other things, that all excess tax benefits and deficiencies resulting from the vesting of share-based payments be recorded in the statement of operations, whereas previous guidance generally permitted such items to be recorded in the equity section of the balance sheet provided that an adequate level of previously recorded excess tax benefits existed. This aspect of ASU 2016-09 was adopted on a prospective basis. For the three months ended March 31, 2017 , we recognized a $2.6 million excess tax benefit related to share-based payment arrangements in our Condensed Consolidated Statements of Operations. This tax benefit represents 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 Condensed Consolidated Financial Statements. For the three months ended March 31, 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 Condensed Consolidated Financial Statements. As discussed above, prior to the adoption of ASU 2016-09 on January 1, 2017, such tax shortfalls were accounted for as a reduction to previously recorded excess tax benefits related to share-based payments within Additional Paid-in Capital on our Condensed Consolidated Balance Sheets. As of March 31, 2017 , unrecognized compensation expense related to the unvested portion of share-based payments to employees was $41.1 million . This compensation expense is expected to be amortized over a weighted-average period of approximately 2.6 years. We do not capitalize any 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 Sotheby's success, and such other factors as the Compensation Committee in its discretion deems relevant. RSU's and restricted stock shares issued under the Restricted Stock Unit Plan generally vest evenly over a three -year service period. Prior to vesting, holders of RSU's and restricted stock shares are entitled to receive non-forfeitable dividend equivalents and dividends, respectively, 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 the first quarter of 2017 , the Compensation Committee approved share-based payment awards with a total grant date fair value of $30.2 million , as follows: • 369,897 PSU's with a grant date fair value of $14.6 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 units awarded 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 739,794 . • 391,324 RSU's with a grant date fair value of $15.6 million and annual vesting opportunities over a three -year service period. Summary of Outstanding Share-Based Payment Awards —For the three months ended March 31, 2017 , changes to the number of outstanding RSU’s, PSU’s, and Restricted Stock shares were as follows (shares in thousands): Restricted Stock Shares, RSU's and PSU's Weighted Average Grant Date Fair Value Outstanding at January 1, 2017 2,235 $ 36.40 Granted 761 $ 39.72 Vested (757 ) $ 39.05 Canceled (58 ) $ 42.86 Outstanding at March 31, 2017 2,181 $ 36.47 As of March 31, 2017 , 2.2 million shares were available for future awards pursuant to the Restricted Stock Unit Plan. The aggregate fair value of RSU’s and PSU's that vested during the three months ended March 31, 2017 and 2016 was $36 million and $13.7 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 ten years after the date of grant. As of March 31, 2017 , 104,100 shares of our common stock were available for the issuance of stock options under the Stock Option Plan. As of March 31, 2017 , 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 2.9 years, and an aggregate intrinsic value of $1.2 million . No stock options were exercised or granted during the three months ended March 31, 2017 and 2016 . 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 New York Stock Exchange 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. For the three months ended March 31, 2017 and 2016 , we recognized $0.2 million within General and Administrative Expenses in our Condensed Consolidated Statements of Operations related to common stock shares awarded under the Directors Stock Plan. As of March 31, 2017 , 154,591 deferred stock units were outstanding under the Directors Stock Plan and 130,605 units were available for future issuance.

Loss Per Share

Loss Per Share	3 Months Ended
	Mar. 31, 2017
Earnings Per Share [Abstract]
Loss Per Share	Loss Per Share Basic loss per share —Basic loss 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 17 for information on our share-based payment programs. Diluted loss per share —Diluted loss per share attributable to Sotheby's common shareholders is computed in a similar manner to basic loss 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 17 for information on our share-based payment programs. For the three months ended March 31, 2017 and 2016 , 2.4 million and 2.6 million potential common shares related to share-based payment awards were excluded from the computation of diluted loss per share because their inclusion in the computation would be anti-dilutive in a loss period. The table below summarizes the computation of basic and diluted loss per share for the three months ended March 31, 2017 and 2016 (in thousands, except per share amounts): Three Months Ended March 31, 2017 2016 Numerator: Net loss attributable to Sotheby’s $ (11,325 ) $ (25,884 ) Less: Net income attributable to participating securities — — Net loss attributable to Sotheby’s common shareholders $ (11,325 ) $ (25,884 ) Denominator: Weighted average common shares outstanding 53,016 63,022 Basic and diluted loss per share - Sotheby’s common shareholders $ (0.21 ) $ (0.41 ) The decrease in weighted average common outstanding between the two reporting periods is due to common stock repurchases made throughout 2016. See Note 12 for additional information on our share repurchase program.

Acquisition of Art Agency, Part

Acquisition of Art Agency, Partners	3 Months Ended
	Mar. 31, 2017
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 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") was to be 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. Amounts owed pursuant to the earn-out arrangement are compensation for accounting purposes and were expensed to Salaries and Related Costs in our Condensed Consolidated Statements of Operations. For the three months ended March 31, 2016, we recognized $2.2 million of compensation expense associated with the AAP earn-out arrangement based on our initial estimate of progress against the Target. 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. 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, during that period. The $35 million owed under the earn-out arrangement is being 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 2018 ( $8.75 million ) is recorded within Accrued Salaries and Related Costs on our Condensed Consolidated Balance Sheets, and the remaining liability ( $17.5 million ) is recorded within Other Long-Term Liabilities. See Note 10 . 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 (see Note 5) 34,490 Intangible assets - customer relationships (see Note 5) 10,800 Intangible assets - non-compete agreements (see Note 5) 3,060 Deferred tax assets 1,094 Total purchase price $ 51,189 Upon completion of the purchase price allocation in the second quarter of 2016, $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. We incurred $0.8 million of transaction costs in connection with the acquisition of AAP, which were recognized within General and Administrative Expenses in the fourth quarter of 2015 ( $0.6 million ) and the first quarter of 2016 ( $0.2 million ). 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.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2017
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions From time-to-time, in the ordinary course of business, related parties such as members of the Board of Directors and management, buy and sell property at our auctions or through private sales brokered by Sotheby's. For the three months ended March 31, 2017 and 2016, we recognized Agency Commissions and Fees of $3.6 million and $0.5 million , respectively, related to property sold or purchased by related parties. As of March 31, 2017 and 2016, amounts owed to related party consignors totaled $9.2 million and $54.7 million , respectively.

Recent Accounting Standards Not

Recent Accounting Standards Not Yet Adopted	3 Months Ended
	Mar. 31, 2017
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
Recent Accounting Standards Not Yet Adopted	Recent Accounting Standards Not Yet Adopted In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers , which introduces a new five-step framework for revenue recognition. The core principal of the standard is that entities should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration for which the entity expects to be entitled in exchange for those goods or services. ASU 2014-09 also requires enhanced disclosures regarding the nature, amount, timing, and uncertainty of revenue and cash flows arising from an entity's contracts with customers. ASU 2014-09 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 have identified all material contract types and are in the process of evaluating the impact of adopting ASU 2014-09. We expect to quantify and disclose the expected impact, if any, of adopting ASU 2014-09, in our Form 10-Q for the period ended September 30, 2017. 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. However, based on our preliminary conclusions, we anticipate a change in the classification of certain ancillary revenue streams currently recorded on a net basis in our income statement. 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 ASU 2016-01 on our 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 ASU 2016-02 on our 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 ASU 2016-13 on our 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 ASU 2016-15 on our 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 ASU 2016-18 on our financial statements. In January 2017, the FASB issued ASU 2017-01, Clarifying the Definition of a Business , which amends the definition of a business to assist entities with evaluating when a set of transferred assets and activities is a business. ASU 2017-01 is effective for us beginning on January 1, 2018 and must be applied prospectively on or after the effective date. We do not expect the adoption of ASU 2017-01 to have a material impact on our financial statements. In January 2017, the FASB issued ASU 2017-04, Simplifying the Test for Goodwill Impairment , which eliminates the requirement to calculate the implied fair value of goodwill to measure a goodwill impairment charge. Instead, entities will record an impairment charge based on the excess of a reporting unit's carrying amount over its fair value. ASU 2017-04 is effective for us beginning on January 1, 2020. Early adoption is permitted. We do not expect the adoption of ASU 2017-04 to have a material impact on our financial statements. In March 2017, the FASB issued ASU 2017-07, Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost , which requires entities to disaggregate the current service cost component from the other components of net pension cost (the "other components") to be included in compensation costs in the income statement and present the other components elsewhere in the income statement and outside of income from operations, if that subtotal is presented. In addition, ASU 2017-07 requires entities to disclose the income statement lines that contain the other components if they are not presented on appropriately described separate lines. ASU 2017-07 is effective for us beginning on January 1, 2018. The adoption of ASU 2017-07 will result in the recording of the expected return on plan assets and the amortization of actuarial losses related to the U.K. Pension Plan outside of operating income. Currently, these components of net pension cost (credit) are recorded within Salaries and Related Costs. See Note 6.

Subsequent Event

Subsequent Event	3 Months Ended
	Mar. 31, 2017
Subsequent Events [Abstract]
Subsequent Event	Subsequent Event We are party to a partnership agreement with Acquavella Contemporary Art, Inc. ("ACA") governing Acquavella Modern Art (“AMA”), a partnership through which a collection of fine art is being sold. On April 27, 2017, the AMA partnership agreement was amended to extend the term of the partnership to May 1, 2022. The original term of the AMA partnership agreement was due to expire in 2000, but has generally been renewed on an annual basis since then. The amendment also removes the right of the successors-in-interest to ACA to require us to purchase ACA’s interest in AMA at a price equal to the fair market value of such interest upon the death of the majority shareholder of ACA.

Segment Reporting (Tables)

Segment Reporting (Tables)	3 Months Ended
	Mar. 31, 2017
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	The following table presents our segment information for the three months ended March 31, 2017 and 2016 (in thousands of dollars): Three Months Ended March 31, 2017 Agency SFS All Other Reconciling items (a) Total Revenues $ 168,419 $ 14,371 $ 6,351 $ (1,604 ) $ 187,537 Segment (loss) income before taxes $ (28,422 ) $ 7,333 $ 2,466 $ (667 ) (b) $ (19,290 ) Three Months Ended March 31, 2016 Revenues $ 85,775 $ 16,480 $ 6,001 $ (1,725 ) $ 106,531 Segment (loss) income before taxes $ (50,292 ) $ 10,265 $ 1,331 $ (396 ) (b) $ (39,092 ) (a) The reconciling items related to Revenues consist principally of amounts charged by SFS to the Agency segment, including interest and facility fees related to certain loans made to Agency segment clients, as well as fees charged for term loan collateral sold at auction or privately through the Agency segment. (b) The reconciling items related to segment loss before taxes are detailed in the table below.
Reconciliation of Other Significant Reconciling Items from Segments to Consolidated	The table below presents a reconciliation of segment (loss) income before taxes to consolidated loss before taxes for the three months ended March 31, 2017 and 2016 (in thousands of dollars): Three Months Ended March 31, 2017 2016 Agency $ (28,422 ) $ (50,292 ) SFS 7,333 10,265 All Other 2,466 1,331 Segment loss before taxes (18,623 ) (38,696 ) Reconciling items: Equity in earnings of investees (a): RM Sotheby's (158 ) (317 ) Acquavella Modern Art (509 ) (79 ) Total equity in earnings of investees (667 ) (396 ) Loss before taxes $ (19,290 ) $ (39,092 ) (a) For segment reporting purposes, our share of earnings related to equity investees is included as part of loss before taxes. However, such earnings are reported separately below loss before taxes in our Condensed Consolidated Statements of Operations. For the periods presented above, Agency segment results include equity earnings related to RM Sotheby's, and All Other includes equity earnings related to Acquavella Modern Art.
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 March 31, 2017 , December 31, 2016 , and March 31, 2016 (in thousands of dollars): March 31, 2017 December 31, 2016 March 31, 2016 Agency $ 1,677,373 $ 1,759,670 $ 1,721,815 SFS 679,918 687,649 627,330 All Other 43,640 42,246 27,174 Total segment assets 2,400,931 2,489,565 2,376,319 Unallocated amounts: Deferred tax assets and income tax receivable 16,065 14,861 37,678 Consolidated assets $ 2,416,996 $ 2,504,426 $ 2,413,997

Receivables (Tables)

Receivables (Tables)	3 Months Ended
	Mar. 31, 2017
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 March 31, 2017 , December 31, 2016 , and March 31, 2016 (in thousands of dollars): March 31, December 31, March 31, Secured loans $ 666,456 $ 675,109 $ 610,658 Low auction estimate of collateral $ 1,375,569 $ 1,405,856 $ 1,327,493 Aggregate LTV ratio 48 % 48 % 46 % The table below provides the aggregate LTV ratio for secured loans made by SFS with an LTV ratio above 50% as of March 31, 2017 , December 31, 2016 , and March 31, 2016 (in thousands of dollars): March 31, December 31, March 31, Secured loans with an LTV ratio above 50% $ 273,895 $ 270,111 $ 268,348 Low auction estimate of collateral related to secured loans with an LTV ratio above 50% $ 481,711 $ 486,973 $ 490,103 Aggregate LTV ratio of secured loans with an LTV ratio above 50% 57 % 55 % 55 %
Summary of Other Credit Quality Information Regarding Finance Segment Secured Loans	The table below provides other credit quality information regarding secured loans made by SFS as of March 31, 2017 , December 31, 2016 , and March 31, 2016 (in thousands of dollars): March 31, December 31, March 31, Total secured loans $ 666,456 $ 675,109 $ 610,658 Loans past due $ 103,672 $ 90,508 $ 5,310 Loans more than 90 days past due $ 88,430 $ 158 $ 1,328 Non-accrual loans $ 160 $ 158 $ — Impaired loans $ — $ — $ — Allowance for credit losses: Allowance for credit losses for impaired loans $ — $ — $ — Allowance for credit losses based on historical data 1,275 1,270 1,445 Total allowance for credit losses - secured loans $ 1,275 $ 1,270 $ 1,445
Activity Related to Allowance For Credit Losses	During the period January 1, 2017 to March 31, 2017 , activity related to the Allowance for Credit Losses was as follows (in thousands of dollars): Allowance for credit losses as of January 1, 2017 $ 1,270 Change in loan loss provision 5 Allowance for credit losses as of March 31, 2017 $ 1,275

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill	For the three months ended March 31, 2017 and 2016 , changes in the carrying value of Goodwill were as follows (in thousands of dollars): Three Months Ended March 31, 2017 Three Months Ended March 31, 2016 Agency All Other Total Agency All Other Total Beginning balance as of December 31 $ 43,878 $ 6,151 $ 50,029 $ 13,621 $ — $ 13,621 Goodwill acquired — — — 34,225 (a) — 34,225 Foreign currency exchange rate changes 68 — 68 2 — 2 Ending balance as of March 31 $ 43,946 $ 6,151 $ 50,097 $ 47,848 $ — $ 47,848 (a) The goodwill acquired in the first quarter of 2016 relates to the acquisition of AAP (see Note 19). The attribution of the resulting goodwill between our segments was not completed until the second quarter of 2016.
Indefinite-lived Intangible Assets	Intangible Assets —As of March 31, 2017 , December 31, 2016 , and March 31, 2016 , intangible assets consisted of the following (in thousands of dollars): Amortization Period March 31, 2017 December 31, 2016 March 31, Indefinite lived intangible assets: License (a) N/A $ 324 $ 324 $ 324 Intangible assets subject to amortization: Customer relationships - AAP (see Note 19) 8 years 10,800 10,800 11,000 Non-compete agreements - AAP (see Note 19) 6 years 3,060 3,060 3,100 Artworks database (b) 10 years 1,125 1,125 — Total intangible assets subject to amortization 14,985 14,985 14,100 Accumulated amortization (2,409 ) (1,916 ) (472 ) Total amortizable intangible assets (net) 12,576 13,069 13,628 Total intangible assets (net) $ 12,900 $ 13,393 $ 13,952 (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 along with the associated business in the third quarter of 2016.
Finite-lived Intangible Assets	Intangible Assets —As of March 31, 2017 , December 31, 2016 , and March 31, 2016 , intangible assets consisted of the following (in thousands of dollars): Amortization Period March 31, 2017 December 31, 2016 March 31, Indefinite lived intangible assets: License (a) N/A $ 324 $ 324 $ 324 Intangible assets subject to amortization: Customer relationships - AAP (see Note 19) 8 years 10,800 10,800 11,000 Non-compete agreements - AAP (see Note 19) 6 years 3,060 3,060 3,100 Artworks database (b) 10 years 1,125 1,125 — Total intangible assets subject to amortization 14,985 14,985 14,100 Accumulated amortization (2,409 ) (1,916 ) (472 ) Total amortizable intangible assets (net) 12,576 13,069 13,628 Total intangible assets (net) $ 12,900 $ 13,393 $ 13,952 (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 along with the associated business 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 March 31, 2017 balance sheet date are as follows (in thousands of dollars): Period Amount April 2017 to March 2018 $ 1,972 April 2018 to March 2019 $ 1,972 April 2019 to March 2020 $ 1,972 April 2020 to March 2021 $ 1,972 April 2021 to March 2022 $ 1,845

Defined Benefit Pension Plan (T

Defined Benefit Pension Plan (Tables)	3 Months Ended
	Mar. 31, 2017
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract]
Pension Benefit Plan	For the three months ended March 31, 2017 and 2016 , we recorded net credits related to the U.K. Pension Plan of ($1.2) million and ($1.3) million , respectively, consisting of the following components (in thousands of dollars): Three Months Ended March 31, 2017 2016 Service cost $ — $ 864 Interest cost 1,938 2,604 Expected return on plan assets (3,407 ) (4,721 ) Prior service cost 15 — Amortization of actuarial loss 273 — Amortization of prior service cost (23 ) — Net pension credit $ (1,204 ) $ (1,253 )

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2017
Debt Instruments [Abstract]
Schedule of Line of Credit Facilities	The following tables summarize information related to the Credit Agreement as of and for the periods ended March 31, 2017 , December 31, 2016 , and March 31, 2016 (in thousands of dollars): As of and for the three months ended March 31, 2017 Agency Credit Facility SFS Credit Facility Total Maximum borrowing capacity $ 300,000 $ 1,035,000 $ 1,335,000 Borrowing base $ 149,215 $ 562,856 $ 712,071 Borrowings outstanding $ — $ 548,500 $ 548,500 Available borrowing capacity (a) $ 149,215 $ 14,356 $ 163,571 Average borrowings outstanding $ — $ 562,439 $ 562,439 Borrowing Costs: Interest $ — (b) $ 4,318 (c) $ 4,318 Fees 679 (b) 719 (c) 1,398 Total $ 679 $ 5,037 $ 5,716 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 As of and for the three months ended March 31, 2016 Agency Credit Facility SFS Credit Facility Total Maximum borrowing capacity $ 300,000 $ 1,035,000 $ 1,335,000 Borrowing base $ 225,378 $ 529,920 $ 755,298 Borrowings outstanding $ — $ 521,000 $ 521,000 Available borrowing capacity (a) $ 225,378 $ 8,920 $ 234,298 Available borrowings outstanding $ — $ 539,714 $ 539,714 Borrowing Costs: Interest $ — (b) $ 3,673 (c) $ 3,673 Fees 673 (b) 721 (c) 1,394 Total $ 673 $ 4,394 $ 5,067 (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 Condensed Consolidated Statements of Operations as Interest Expense. See the table below for additional information related to Interest Expense associated with the Agency Credit Facility. (c) Borrowing costs related to the SFS Credit Facility are reflected in our Condensed Consolidated Statements of Operations within Cost of Finance Revenues. For the three months ended March 31, 2017 and 2016, the weighted average cost of borrowings related to the SFS Credit Facility was approximately 3.6% and 3.3% , respectively.
Schedule of Debt	Long-Term Debt —As of March 31, 2017 , December 31, 2016 , and March 31, 2016 , Long-Term Debt consisted of the following (in thousands of dollars): March 31, December 31, March 31, York Property Mortgage, net of unamortized debt issuance costs of $5,303, $5,555, and $6,313 $ 307,533 $ 309,212 $ 313,942 2022 Senior Notes, net of unamortized debt issuance costs of $3,480, $3,642, and $4,124 296,520 296,358 295,876 Less current portion: York Property Mortgage, net of unamortized debt issuance costs of $1,010, $1,010, and $1,010 (6,711 ) (6,629 ) (6,409 ) Total Long-Term Debt, net $ 597,342 $ 598,941 $ 603,409
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 March 31, 2017 are as follows (in thousands of dollars): Period Amount April 2017 to March 2018 $ 35,492 April 2018 to March 2019 $ 36,589 April 2019 to March 2020 $ 36,600 April 2020 to March 2021 $ 585,110 April 2021 to March 2022 $ 36,623
Components of Interest Expense	For the three months ended March 31, 2017 and 2016 , Interest Expense consisted of the following (in thousands of dollars): Three Months Ended March 31, 2017 2016 Agency Credit Facility: Amendment and arrangement fees $ 288 $ 278 Commitment fees 391 395 Sub-total 679 673 York Property Mortgage 2,703 2,788 2022 Senior Notes 4,098 4,098 Other interest expense (credit) 53 (13 ) Total Interest Expense $ 7,533 $ 7,546

Derivative Financial Instrume34

Derivative Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Fair value of derivative financial instruments designated as hedging instruments in the Condensed Consolidated Balance Sheet	The following tables present fair value information related to the derivative financial instruments designated as hedging instruments as of March 31, 2017 , December 31, 2016 , and March 31, 2016 (in thousands of dollars): Assets Liabilities March 31, 2017 Balance Sheet Classification Fair Value Balance Sheet Classification Fair Value Cash Flow Hedges: Interest rate swaps Other Current Assets $ 330 N/A $ — Interest rate collar N/A — Other Current Liabilities 1,315 Interest rate collar N/A — Other Long-Term Liabilities 3,646 Total cash flow hedges 330 — 4,961 Net Investment Hedges: Foreign exchange contracts Other Current Assets 44 N/A — Total $ 374 $ 4,961 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 March 31, 2016 Balance Sheet Classification Fair Value Balance Sheet Classification Fair Value Cash Flow Hedges: Interest rate swap N/A $ — Other Current Liabilities $ 1,230 Interest rate collar N/A — Other Long-Term Liabilities 13,163 Total cash flow hedges — 14,393 Net Investment Hedges: Foreign exchange contracts N/A — N/A — Total $ — $ 14,393
Effect of derivative financial instruments designated as hedging instruments on Condensed Consolidated Income Statements	The following tables summarize the effect of the derivative financial instruments designated as hedging instruments on our Condensed Consolidated Statements of Operations and Condensed Consolidated Statements of Comprehensive Loss for the three months ended March 31, 2017 and 2016 (in thousands of dollars): Gain (Loss) Recognized in Other Comprehensive Income (Loss) - Effective Portion Classification of Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Net Loss Amount Reclassified from Accumulated Other Comprehensive Loss into Net Loss - Effective Portion Three Months Ended March 31, 2017 2016 2017 2016 Cash Flow Hedges: Interest rate swaps $ 141 $ (794 ) Interest Expense $ 85 $ 223 Interest rate collar 612 (3,918 ) N/A — — Total cash flow hedges 753 (4,712 ) 85 223 Net Investment Hedges: Foreign exchange contracts (624 ) — N/A — — Total $ 129 $ (4,712 ) $ 85 $ 223

Supplemental Condensed Balanc35

Supplemental Condensed Balance Sheet Information (Tables)	3 Months Ended
	Mar. 31, 2017
Supplemental Balance Sheet Information [Abstract]
Prepaid Expenses and Other Current Assets	As of March 31, 2017 , December 31, 2016 , and March 31, 2016 , Prepaid Expenses and Other Current Assets consisted of the following (in thousands of dollars): March 31, December 31, March 31, Prepaid expenses $ 29,517 $ 20,436 $ 23,851 Derivative financial instruments (see Note 8) 374 30,340 813 Other (a) 26,794 25,831 10,160 Total Prepaid Expenses and Other Current Assets $ 56,685 $ 76,607 $ 34,824 (a) Other principally includes receivables related to insurance recoveries and, to a much lesser extent, other miscellaneous short-term assets.
Other Long-Term Assets	As of March 31, 2017 , December 31, 2016 , and March 31, 2016 , Other Long-Term Assets consisted of the following (in thousands of dollars): March 31, December 31, March 31, Defined benefit pension plan asset (see Note 6) $ 81,341 $ 78,576 $ 66,300 Equity method investments 42,112 43,143 42,137 Trust assets related to deferred compensation liability 24,113 26,713 35,485 Restricted cash (a) 16,559 1,064 1,158 Other 20,410 15,928 14,755 Total Other Long-Term Assets $ 184,535 $ 165,424 $ 159,835 (a) As of March 31, 2017, restricted cash reflected within Other Long-Term Assets principally relates to $15.3 million of funds held in escrow pending the final settlement of a sale. As of December 31, 2016 and March 31, 2016, restricted cash reflected within Other Long-Term Assets primarily consists of segregated cash related to long-term lease arrangements.
Other Long-Term Liabilities	As of March 31, 2017 , December 31, 2016 , and March 31, 2016 , Other Long-Term Liabilities consisted of the following (in thousands of dollars): March 31, December 31, March 31, Deferred compensation liability $ 23,340 $ 25,914 $ 34,795 Acquisition earn-out consideration (see Note 19) 17,500 26,250 — Interest rate collar liability (see Note 8) 3,646 5,952 13,163 Other 6,449 6,964 7,103 Total Other Long-Term Liabilities $ 50,935 $ 65,080 $ 55,061

Supplemental Condensed Cash F36

Supplemental Condensed Cash Flow Information (Tables)	3 Months Ended
	Mar. 31, 2017
Supplemental Cash Flow Information [Abstract]
Supplemental Condensed Consolidated Cash Flow Information	For the three months ended March 31, 2017 and 2016 , changes in other operating assets and liabilities as reported in the Condensed Consolidated Statements of Cash Flows included the following (in thousands of dollars): Three Months Ended March 31, 2017 2016 (Increase) decrease in: Prepaid expenses and other current assets $ (6,362 ) $ (1,163 ) Other long-term assets (1,831 ) 2,364 Income tax receivables and deferred income tax assets (14,597 ) (26,377 ) (Decrease) increase in: Accrued income taxes and deferred income tax liabilities (22,654 ) (5,629 ) Accounts payable and accrued liabilities and other liabilities (51,114 ) (72,986 ) Total changes in other operating assets and liabilities $ (96,558 ) $ (103,791 )

Shareholders' Equity and Divi37

Shareholders' Equity and Dividend (Tables)	3 Months Ended
	Mar. 31, 2017
Equity [Abstract]
Common Stock Repurchase Program	The following table provides information regarding our common stock repurchase program as of and for the three months ended March 31, 2017 and 2016 (in thousands, except for per share data): Three Months Ended March 31, 2017 March 31, 2016 Shares repurchased — 6,525 Aggregate purchase price $ — $ 154,508 Average price per share $ — $ 23.68

Accumulated Other Comprehensi38

Accumulated Other Comprehensive Loss (Tables)	3 Months Ended
	Mar. 31, 2017
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 for the three months ended March 31, 2017 and 2016 (in thousands of dollars): Three Months Ended March 31, 2017 2016 Currency Translation Adjustments Balance at January 1 $ (89,478 ) $ (52,279 ) Other comprehensive income (loss) before reclassifications, net of tax of $586 and ($995) 2,625 (2,963 ) Other comprehensive income (loss) 2,625 (2,963 ) Balance at March 31 (86,853 ) (55,242 ) Cash Flow Hedges Balance at January 1 (3,664 ) (4,306 ) Other comprehensive income (loss) before reclassifications, net of tax of $466 and ($2,920) 753 (4,712 ) Reclassifications from other comprehensive income (loss), net of tax of $53 and $138 85 223 Other comprehensive income (loss) 838 (4,489 ) Balance at March 31 (2,826 ) (8,795 ) Net Investment Hedges Balance at January 1 16,618 — Other comprehensive loss before reclassifications, net of tax of ($385) and $0 (624 ) — Other comprehensive loss (624 ) — Balance at March 31 15,994 — Defined Benefit Pension Plan Balance at January 1 (13,834 ) (9,619 ) Currency translation adjustments (229 ) 337 Net actuarial gain, net of tax of $0 and ($81) — 81 Prior service cost amortization, net of tax of ($4) and $0 (19 ) — Actuarial loss amortization, net of tax of $46 and $0 227 — Other comprehensive (loss) income (21 ) 418 Balance at March 31 (13,855 ) (9,201 ) Total other comprehensive income (loss) attributable to Sotheby's 2,818 (7,034 ) Accumulated comprehensive loss as of March 31 $ (87,540 ) $ (73,238 )
Reclassification out of Accumulated Other Comprehensive Income	Three Months Ended March 31, 2017 2016 Cash Flow Hedges Settlement of interest rate swaps $ 138 $ 361 Tax effect (53 ) (138 ) Reclassification adjustment, net of tax 85 223 Defined Benefit Pension Plan Prior service cost amortization $ (23 ) $ — Actuarial loss amortization 273 — Pre-tax total 250 — Tax effect (42 ) — Reclassification adjustments, net of tax 208 — Total reclassification adjustments, net of tax $ 293 $ 223

Share-Based Payments (Tables)

Share-Based Payments (Tables)	3 Months Ended
	Mar. 31, 2017
Share-based Compensation [Abstract]
Compensation Expense Related to Share-Based Payments	For the three months ended March 31, 2017 and 2016 , compensation expense for share-based payments made to employees was reflected in the following accounts in our Condensed Consolidated Statements of Operations (in thousands of dollars): Three Months Ended March 31, 2017 2016 Salaries and related costs $ 6,069 $ 5,837 Voluntary separation incentive programs — (306 ) Total share-based payment expense (pre-tax) $ 6,069 $ 5,531 Total share-based payment expense (after-tax) $ 4,057 $ 3,801
Changes in Number of Outstanding Restricted Stock, RSU's and PSU's	For the three months ended March 31, 2017 , changes to the number of outstanding RSU’s, PSU’s, and Restricted Stock shares were as follows (shares in thousands): Restricted Stock Shares, RSU's and PSU's Weighted Average Grant Date Fair Value Outstanding at January 1, 2017 2,235 $ 36.40 Granted 761 $ 39.72 Vested (757 ) $ 39.05 Canceled (58 ) $ 42.86 Outstanding at March 31, 2017 2,181 $ 36.47

Loss Per Share (Tables)

Loss Per Share (Tables)	3 Months Ended
	Mar. 31, 2017
Earnings Per Share [Abstract]
Computation Of Basic And Diluted Earnings Per Share	The table below summarizes the computation of basic and diluted loss per share for the three months ended March 31, 2017 and 2016 (in thousands, except per share amounts): Three Months Ended March 31, 2017 2016 Numerator: Net loss attributable to Sotheby’s $ (11,325 ) $ (25,884 ) Less: Net income attributable to participating securities — — Net loss attributable to Sotheby’s common shareholders $ (11,325 ) $ (25,884 ) Denominator: Weighted average common shares outstanding 53,016 63,022 Basic and diluted loss per share - Sotheby’s common shareholders $ (0.21 ) $ (0.41 )

Acquisition of Art Agency, Pa41

Acquisition of Art Agency, Partners (Tables)	3 Months Ended
	Mar. 31, 2017
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 (see Note 5) 34,490 Intangible assets - customer relationships (see Note 5) 10,800 Intangible assets - non-compete agreements (see Note 5) 3,060 Deferred tax assets 1,094 Total purchase price $ 51,189

Basis of Presentation (Details)

Basis of Presentation (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Ownership percentage by parent	80.00%
Ownership percentage by non controlling interest	20.00%
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net cash provided by (used by) operating activities	$ (17,500)	$ (303,238)
Net cash provided by (used by) financing activities	(35,851)	$ (176,233)
Accounting Standards Update 2016-09
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Income tax benefit related to adoption of 2016-09	$ 2,600
Increase in benefit to effective tax rate related to adoption of 2016-09	14.00%
Net cash provided by (used by) operating activities	$ 2,600
Net cash provided by (used by) financing activities	$ (2,600)

Seasonality of Business (Detail

Seasonality of Business (Details) - principal_selling_season	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Mar. 31, 2017
Seasonality Of Business [Abstract]
Number of principal selling seasons			2
Q2 and Q4 Net Auction Sales as a percentage of total auction sales	82.00%	78.00%
Auction commission revenues as percentage of total revenues	75.00%	75000.00%

Segment Reporting (Schedule of

Segment Reporting (Schedule of Revenue and Income before Taxes by Segment) (Details) $ in Thousands		3 Months Ended
		Mar. 31, 2017USD ($)segment	Mar. 31, 2016USD ($)
Segment Reporting [Abstract]
Number of operating segments (in segment) | segment		2
Segment Reporting [Line Items]
Revenues		$ 187,537	$ 106,531
Segment (loss) income before taxes		(19,290)	(39,092)
Operating Segments
Segment Reporting [Line Items]
Segment (loss) income before taxes		(18,623)	(38,696)
Operating Segments | Agency
Segment Reporting [Line Items]
Revenues		168,419	85,775
Segment (loss) income before taxes		(28,422)	(50,292)
Operating Segments | SFS
Segment Reporting [Line Items]
Revenues		14,371	16,480
Segment (loss) income before taxes		7,333	10,265
Operating Segments | All Other
Segment Reporting [Line Items]
Revenues		6,351	6,001
Segment (loss) income before taxes		2,466	1,331
Reconciling Items
Segment Reporting [Line Items]
Revenues	[1]	(1,604)	(1,725)
Segment (loss) income before taxes	[1],[2]	$ (667)	$ (396)
[1]	The reconciling items related to Revenues consist principally of amounts charged by SFS to the Agency segment, including interest and facility fees related to certain loans made to Agency segment clients, as well as fees charged for term loan collateral sold at auction or privately through the Agency segment.
[2]	The reconciling items related to segment loss before taxes are detailed in the table below.

Segment Reporting (Reconciliati

Segment Reporting (Reconciliation of Segment Income (Loss) Before Taxes) (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2017	Mar. 31, 2016
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Segment (loss) income before taxes		$ (19,290)	$ (39,092)
Equity in (earnings) losses of investees		667	396
Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Segment (loss) income before taxes		(18,623)	(38,696)
Operating Segments | Agency
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Segment (loss) income before taxes		(28,422)	(50,292)
Operating Segments | SFS
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Segment (loss) income before taxes		7,333	10,265
Operating Segments | All Other Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Segment (loss) income before taxes		2,466	1,331
Reconciling Items
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Segment (loss) income before taxes	[1],[2]	(667)	(396)
Equity in (earnings) losses of investees	[3]	(667)	(396)
Reconciling Items | RM Auctions
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Equity in (earnings) losses of investees	[3]	(158)	(317)
Reconciling Items | Acquavella Modern Art
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Equity in (earnings) losses of investees	[3]	$ (509)	$ (79)
[1]	The reconciling items related to Revenues consist principally of amounts charged by SFS to the Agency segment, including interest and facility fees related to certain loans made to Agency segment clients, as well as fees charged for term loan collateral sold at auction or privately through the Agency segment.
[2]	The reconciling items related to segment loss before taxes are detailed in the table below.
[3]	For segment reporting purposes, our share of earnings related to equity investees is included as part of loss before taxes. However, such earnings are reported separately below loss before taxes in our Condensed Consolidated Statements of Operations. For the periods presented above, Agency segment results include equity earnings related to RM Sotheby's, and All Other includes equity earnings related to Acquavella Modern Art.

Segment Reporting (Reconcilia46

Segment Reporting (Reconciliation of Segment Assets to Consolidated Assets) (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016	Mar. 31, 2016
Segment Reporting [Line Items]
Consolidated assets	$ 2,416,996	$ 2,504,426	$ 2,413,997
Operating Segments
Segment Reporting [Line Items]
Consolidated assets	2,400,931	2,489,565	2,376,319
Operating Segments | Agency
Segment Reporting [Line Items]
Consolidated assets	1,677,373	1,759,670	1,721,815
Operating Segments | SFS
Segment Reporting [Line Items]
Consolidated assets	679,918	687,649	627,330
Operating Segments | All Other
Segment Reporting [Line Items]
Consolidated assets	43,640	42,246	27,174
Deferred tax assets and income tax receivable
Segment Reporting [Line Items]
Consolidated assets	$ 16,065	$ 14,861	$ 37,678

Receivables (Narrative) (Detail

Receivables (Narrative) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Jun. 30, 2013	Dec. 31, 2016
Accounts, Notes, Loans and Financing Receivable [Line Items]
Maximum buyer payment term	30 days
Consignor payment term	35 days
Net accounts receivable	$ 392,022,000	$ 501,136,000		$ 433,614,000
Cash received in settlement of Notes Receivable	$ 4,900,000	4,700,000
Loan-to-value ratio	50.00%
Permitted borrowings, percentage of loan	85.00%
Unfunded lending commitment to extend additional credit	$ 30,900,000
Proceeds from the sale of equity investment	$ 75,000	100,000
Minimum
Accounts, Notes, Loans and Financing Receivable [Line Items]
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	$ 13,700,000	141,100,000		90,100,000
Transfer of Possession Without Payment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Net accounts receivable	$ 23,200,000	38,800,000		76,300,000
Notes receivable past due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan-to-value ratio	53.00%
Low auction estimate of collateral	$ 194,600,000
Agency
Accounts, Notes, Loans and Financing Receivable [Line Items]
Buyer receivables	2,500,000	23,900,000		7,500,000
Secured loans	3,600,000	4,200,000		3,800,000
Cash received in settlement of Notes Receivable	600,000	200,000
Low auction estimate of collateral	3,100,000	7,000,000		3,100,000
Consignor advances	4,000,000	2,000,000		1,000,000
Agency | Non Accrual Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Other loans	2,100,000
SFS
Accounts, Notes, Loans and Financing Receivable [Line Items]
Secured loans	666,456,000	610,658,000		675,109,000
Balance of secured loan to refinance auction or private sale receivable	85,500,000	110,200,000		$ 88,700,000
Secured loan issued to refinance auction or private sale receivable	$ 1,700,000	$ 6,100,000
Loan-to-value ratio	48.00%	46.00%		48.00%
Loans past due	$ 103,672,000	$ 5,310,000		$ 90,508,000
Loans more than 90 days past due	88,430,000	1,328,000		158,000
Low auction estimate of collateral	1,375,569,000	1,327,493,000		1,405,856,000
Non-accrual loans outstanding	160,000	0		158,000
Impaired loans	0	0		0
All Other Segments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Other loans	$ 2,100,000	$ 2,400,000		$ 2,100,000
Sale of interest in equity method investee			$ 4,300,000
All Other Segments | Up-front Payment Arrangement
Accounts, Notes, Loans and Financing Receivable [Line Items]
Proceeds from the sale of equity investment			800,000
All Other Segments | Unsecured Loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Sale of interest in equity method investee			$ 3,500,000

Receivables (Summary of Other C

Receivables (Summary of Other Credit Quality Information Regarding Finance Segment Secured Loans) (Details) - USD ($)	Mar. 31, 2017	Dec. 31, 2016	Mar. 31, 2016
Accounts, Notes, Loans and Financing Receivable [Line Items]
Aggregate LTV ratio	50.00%
Allowance for credit losses:
Total allowance for credit losses - secured loans	$ 1,275,000	$ 1,270,000
SFS
Accounts, Notes, Loans and Financing Receivable [Line Items]
Secured loans	666,456,000	675,109,000	$ 610,658,000
Low auction estimate of collateral	$ 1,375,569,000	$ 1,405,856,000	$ 1,327,493,000
Aggregate LTV ratio	48.00%	48.00%	46.00%
Secured loans	$ 666,456,000	$ 675,109,000	$ 610,658,000
Loans past due	103,672,000	90,508,000	5,310,000
Loans more than 90 days past due	88,430,000	158,000	1,328,000
Non-accrual loans	160,000	158,000	0
Impaired loans	0	0	0
Allowance for credit losses:
Allowance for credit losses for impaired loans	0	0	0
Allowance for credit losses based on historical data	1,275,000	1,270,000	1,445,000
Total allowance for credit losses - secured loans	1,275,000	1,270,000	1,445,000
SFS | Loan to Value Ratio Above 50% [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Secured loans	273,895,000	270,111,000	268,348,000
Low auction estimate of collateral	$ 481,711,000	$ 486,973,000	$ 490,103,000
Aggregate LTV ratio	57.00%	55.00%	55.00%

Receivables (Activity Related t

Receivables (Activity Related to Allowance for Credit Losses) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2017USD ($)
Allowance for Loan and Lease Losses [Roll Forward]
Allowance for credit losses, beginning balance	$ 1,270
Change in loan loss provision	5
Allowance for credit losses, ending balance	$ 1,275

Goodwill and Intangible Asset50

Goodwill and Intangible Assets (Goodwill) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Jun. 30, 2016	Mar. 31, 2016
Goodwill [Roll Forward]
Beginning balance	$ 50,029	$ 47,848	$ 13,621
Goodwill acquired	0		34,225
Foreign currency exchange rate changes	68		2
Ending balance	50,097		47,848
Agency
Goodwill [Roll Forward]
Beginning balance	43,878	47,848	13,621
Goodwill acquired	0	28,300	34,225	[1]
Foreign currency exchange rate changes	68		2
Ending balance	43,946		47,848
All Other
Goodwill [Roll Forward]
Beginning balance	6,151	0	0
Goodwill acquired	0	$ 6,200	0
Foreign currency exchange rate changes	0		0
Ending balance	$ 6,151		$ 0
[1]	The goodwill acquired in the first quarter of 2016 relates to the acquisition of AAP (see Note 19). The attribution of the resulting goodwill between our segments was not completed until the second quarter of 2016.

Goodwill and Intangible Asset51

Goodwill and Intangible Assets (Intangible Assets) (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2017	Dec. 31, 2016	Mar. 31, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Indefinite-lived intangible assets	[1]	$ 324	$ 324	$ 324
Finite-Lived Intangible Assets [Line Items]
Intangible assets subject to amortization		14,985	14,985	14,100
Accumulated amortization		(2,409)	(1,916)	(472)
Total amortizable intangible assets (net)		12,576	13,069	13,628
Total intangible assets (net)		12,900	13,393	13,952
Amortization of intangible assets		500
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Intangible assets subject to amortization		$ 10,800	10,800	11,000
Amortization Period		8 years
Non-compete agreements
Finite-Lived Intangible Assets [Line Items]
Intangible assets subject to amortization		$ 3,060	3,060	3,100
Amortization Period		6 years
Artworks database
Finite-Lived Intangible Assets [Line Items]
Intangible assets subject to amortization	[2]	$ 1,125	$ 1,125	$ 0
Amortization Period	[2]	10 years
[1]	Relates to a license obtained in conjunction with the purchase of a retail wine business in 2008.
[2]	Relates to a database containing historic information concerning repeat sales of works of art. This database was acquired along with the associated business in the third quarter of 2016.

Goodwill and Intangible Asset52

Goodwill and Intangible Assets (Future Amortization Expense) (Details) $ in Thousands	Mar. 31, 2017USD ($)
Finite-Lived Intangible Assets, Net, Amortization Expense, Rolling Maturity [Abstract]
April 2017 to March 2018	$ 1,972
April 2018 to March 2019	1,972
April 2019 to March 2020	1,972
April 2020 to March 2021	1,972
April 2021 to March 2022	$ 1,845

Defined Benefit Pension Plan (D

Defined Benefit Pension Plan (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract]
Service cost	$ 0	$ 864
Interest cost	1,938	2,604
Expected return on plan assets	(3,407)	(4,721)
Prior service cost	15	0
Amortization of actuarial loss	273	0
Amortization of prior service cost	(23)	0
Net pension credit	$ (1,204)	$ (1,253)

Debt (Narrative) (Details)

Debt (Narrative) (Details)	Jul. 01, 2015USD ($)	Sep. 27, 2012USD ($)	Mar. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Mar. 31, 2016USD ($)	Jun. 15, 2013USD ($)	Nov. 23, 2012USD ($)	Feb. 06, 2009USD ($)	Jan. 11, 2008USD ($)
Debt [Line Items]
Incremental credit facility additional extension period			365 days
Escrow deposit			$ 15,300,000
Percentage of principal amount of debt as component of premium price		1.00%
Senior Notes 2022
Debt [Line Items]
Debt instrument maturity date			Oct. 1, 2022
Debt instrument stated interest percentage		5.25%
Aggregate principal value of debt		$ 300,000,000	$ 300,000,000
Net proceeds from issuance of long term debt		$ 294,600,000
Percentage of senior notes principal as part of redemption price		100.00%
Long-term debt, fair value			$ 301,500,000
York Property Mortgage Member
Debt [Line Items]
Remaining principal repayments	$ 268,200,000
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
Convertible Notes
Debt [Line Items]
Long-term debt						$ 182,000,000
Mortgages | New Mortgage Loan
Debt [Line Items]
Debt instrument term	7 years
Aggregate principal value of debt	$ 325,000,000
Proceeds from issuance of debt	$ 98,000,000
Amortization period	25 years
Maximum LTV ratio under agreement			0.65
Minimum debt yield under agreement			8.50%
Escrow deposit			$ 6,000,000
Restricted cash			6,100,000	$ 4,600,000	$ 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
Effective interest rate			3.127%
Mortgages | New Mortgage Loan | Collar
Debt [Line Items]
Derivative contract term	5 years
Mortgages | New Mortgage Loan | One-Month LIBOR
Debt [Line Items]
Spread on variable rate	2.25%
Mortgages | Standard & Poor's, B Rating | New Mortgage Loan
Debt [Line Items]
Required debt service period			12 months
Mortgages | Standard & Poor's, B Plus Rating | New Mortgage Loan
Debt [Line Items]
Required debt service period			6 months
Senior Notes
Debt [Line Items]
Long-term debt							$ 80,000,000
Minimum | York Property Mortgage Member
Debt [Line Items]
Debt instrument stated interest percentage			5.60%
Maximum | York Property Mortgage Member
Debt [Line Items]
Debt instrument stated interest percentage			10.60%
New Credit Agreement
Debt [Line Items]
Maximum borrowing capacity			$ 1,335,000,000	1,335,000,000	1,335,000,000
Incremental revolving credit facility			712,071,000	734,464,000	755,298,000
Line of credit facility, sub-limit			400,000,000
Maximum available increase in borrowing capacity			150,000,000
Maximum amount of net auction guarantees permissible			600,000,000
Covenant, aggregate borrowing availability			100,000,000
Covenant, total liquidity amount			200,000,000
Total life-to-date credit facility fees paid			$ 21,700,000
Debt instrument maturity date			Aug. 22, 2020
Unamortized debt fees			$ 7,200,000
Agency Credit Facility
Debt [Line Items]
Maximum borrowing capacity			300,000,000	300,000,000	300,000,000
Incremental revolving credit facility			149,215,000	165,443,000	225,378,000
Line of credit facility, sub-limit			50,000,000
Incremental Credit Facility
Debt [Line Items]
Incremental revolving credit facility			50,000,000
SFS Credit Facility
Debt [Line Items]
Maximum borrowing capacity			1,035,000,000	1,035,000,000	1,035,000,000
Incremental revolving credit facility			562,856,000	$ 569,021,000	$ 529,920,000
Line of credit facility, sub-limit			$ 350,000,000

Debt (Schedule of Line of Credi

Debt (Schedule of Line of Credit Facilities) (Details) - USD ($)		3 Months Ended		12 Months Ended
		Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Line of Credit Facility [Line Items]
Borrowings outstanding		$ 548,500,000	$ 521,000,000	$ 565,000,000
Agency Credit Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity		300,000,000	300,000,000	300,000,000
Borrowing base		149,215,000	225,378,000	165,443,000
Borrowings outstanding		0	0	0
Available borrowing capacity	[1]	149,215,000	225,378,000	165,443,000
Average borrowings outstanding		0	0	0
Borrowing Costs:
Interest	[2]	0	0
Fees	[2]	679,000	673,000
Total		679,000	673,000
SFS Credit Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity		1,035,000,000	1,035,000,000	1,035,000,000
Borrowing base		562,856,000	529,920,000	569,021,000
Borrowings outstanding		548,500,000	521,000,000	565,000,000
Available borrowing capacity	[1]	14,356,000	8,920,000	4,021,000
Average borrowings outstanding		562,439,000	539,714,000	534,433,000
Borrowing Costs:
Interest	[3]	4,318,000	3,673,000
Fees	[3]	719,000	721,000
Total		$ 5,037,000	$ 4,394,000
Weighted-average cost of borrowing (as a percent)		3.60%	3.30%
Total
Line of Credit Facility [Line Items]
Maximum borrowing capacity		$ 1,335,000,000	$ 1,335,000,000	1,335,000,000
Borrowing base		712,071,000	755,298,000	734,464,000
Borrowings outstanding		548,500,000	521,000,000	565,000,000
Available borrowing capacity	[1]	163,571,000	234,298,000	169,464,000
Average borrowings outstanding		562,439,000	539,714,000	$ 534,433,000
Borrowing Costs:
Interest		4,318,000	3,673,000
Fees		1,398,000	1,394,000
Total		$ 5,716,000	$ 5,067,000
[1]	The available borrowing capacity is calculated as the borrowing base less borrowings outstanding.
[2]	Borrowing costs related to the Agency Credit Facility, which include interest and fees, are reflected in our Condensed Consolidated Statements of Operations as Interest Expense. See the table below for additional information related to Interest Expense associated with the Agency Credit Facility.
[3]	Borrowing costs related to the SFS Credit Facility are reflected in our Condensed Consolidated Statements of Operations within Cost of Finance Revenues. For the three months ended March 31, 2017 and 2016, the weighted average cost of borrowings related to the SFS Credit Facility was approximately 3.6% and 3.3%, respectively.

Debt (Summary of Long-Term Debt

Debt (Summary of Long-Term Debt) (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016	Mar. 31, 2016
Debt [Line Items]
Total Long-Term Debt, net	$ 597,342	$ 598,941	$ 603,409
York Property Mortgage
Debt [Line Items]
Long-term debt	307,533	309,212	313,942
Unamortized debt issuance costs, non-current	5,303	5,555	6,313
Less current portion	(6,711)	(6,629)	(6,409)
Unamortized debt issuance costs, current	1,010	1,010	1,010
Senior Notes 2022
Debt [Line Items]
Long-term debt	296,520	296,358	295,876
Unamortized debt issuance costs, non-current	$ 3,480	$ 3,642	$ 4,124

Debt (Aggregate Future Principa

Debt (Aggregate Future Principal and Interest Payments) (Details) $ in Thousands	Mar. 31, 2017USD ($)
Debt Instruments [Abstract]
April 2017 to March 2018	$ 35,492
April 2018 to March 2019	36,589
April 2019 to March 2020	36,600
April 2020 to March 2021	585,110
April 2021 to March 2022	$ 36,623

Debt (Components of Interest Ex

Debt (Components of Interest Expense) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Debt [Line Items]
Interest expense	$ 7,533	$ 7,546
Other interest expense (credit)	53	(13)
York Property Mortgage
Debt [Line Items]
Interest expense	2,703	2,788
Senior Notes 2022
Debt [Line Items]
Interest expense	4,098	4,098
Agency Credit Facility
Debt [Line Items]
Amendment and arrangement fees	288	278
Commitment fees	391	395
Sub-total	$ 679	$ 673

Derivative Financial Instrume59

Derivative Financial Instruments (Fair Value) (Details) - Designated as Hedging Instruments - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016	Mar. 31, 2016
Derivatives, Fair Value [Line Items]
Asset Derivatives, Fair Value	$ 374	$ 30,340
Liability Derivatives, Fair Value	4,961	6,115	$ 14,393
Cash flow hedges
Derivatives, Fair Value [Line Items]
Asset Derivatives, Fair Value	330	82
Liability Derivatives, Fair Value	4,961	6,115	14,393
Cash flow hedges | Interest rate swaps
Derivatives, Fair Value [Line Items]
Asset Derivatives, Fair Value		82
Cash flow hedges | Interest rate swaps | Other Current Assets
Derivatives, Fair Value [Line Items]
Asset Derivatives, Fair Value	330
Cash flow hedges | Interest rate swaps | N/A
Derivatives, Fair Value [Line Items]
Liability Derivatives, Fair Value	1,315	163	1,230
Cash flow hedges | Interest rate collar | Other Long-Term Liabilities
Derivatives, Fair Value [Line Items]
Liability Derivatives, Fair Value	3,646	5,952	$ 13,163
Net investment hedges | Foreign exchange contracts | Other Current Assets
Derivatives, Fair Value [Line Items]
Asset Derivatives, Fair Value	$ 44	$ 30,258

Derivative Financial Instrume60

Derivative Financial Instruments (Gain (Loss) Recognized) (Details) - Designated as Hedging Instruments - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Derivative Instruments
Gain (Loss) Recognized in Other Comprehensive Income (Loss) - Effective Portion	$ 129	$ (4,712)
Amount Reclassified from Accumulated Other Comprehensive Loss into Net Loss - Effective Portion	85	223
Cash flow hedges
Derivative Instruments
Gain (Loss) Recognized in Other Comprehensive Income (Loss) - Effective Portion	753	(4,712)
Amount Reclassified from Accumulated Other Comprehensive Loss into Net Loss - Effective Portion	85	223
Cash flow hedges | Interest rate swaps
Derivative Instruments
Gain (Loss) Recognized in Other Comprehensive Income (Loss) - Effective Portion	141	(794)
Cash flow hedges | Interest rate swaps | Interest Expense
Derivative Instruments
Amount Reclassified from Accumulated Other Comprehensive Loss into Net Loss - Effective Portion	85	223
Cash flow hedges | Interest rate collar
Derivative Instruments
Gain (Loss) Recognized in Other Comprehensive Income (Loss) - Effective Portion	612	(3,918)
Cash flow hedges | Interest rate collar | Interest Expense
Derivative Instruments
Amount Reclassified from Accumulated Other Comprehensive Loss into Net Loss - Effective Portion	0	0
Net investment hedges | Foreign exchange contracts
Derivative Instruments
Gain (Loss) Recognized in Other Comprehensive Income (Loss) - Effective Portion	(624)	0
Net investment hedges | Foreign exchange contracts | N/A
Derivative Instruments
Amount Reclassified from Accumulated Other Comprehensive Loss into Net Loss - Effective Portion	$ 0	$ 0

Derivative Financial Instrume61

Derivative Financial Instruments (Narrative) (Details) - USD ($)	Jul. 01, 2015	Mar. 31, 2017	Jul. 01, 2017	Mar. 22, 2017	Dec. 31, 2016	Nov. 21, 2016	Mar. 31, 2016
Derivative [Line Items]
Line of credit facility, fair value of amount outstanding						$ 63,000,000
Net hedge ineffectiveness		$ 0
Derivative asset							$ 600,000
Interest rate swaps
Derivative [Line Items]
Notional amount of derivative		312,800,000
Interest rate collar
Derivative [Line Items]
Notional amount of derivative		310,300,000
Foreign exchange contracts
Derivative [Line Items]
Notional amount of derivative		215,400,000
Derivative liability		$ 300,000			$ 3,600,000
Mortgages | New Mortgage Loan
Derivative [Line Items]
Debt instrument term	7 years
Aggregate principal value of debt	$ 325,000,000
Amortization period	25 years
Mortgages | New Mortgage Loan | Interest rate swaps
Derivative [Line Items]
Derivative contract term	2 years
Fixed interest rate on hedge	0.877%
Effective interest rate		3.127%
Mortgages | New Mortgage Loan | Interest rate collar
Derivative [Line Items]
Derivative contract term	5 years
Mortgages | New Mortgage Loan | Interest rate collar | Minimum
Derivative [Line Items]
Effective interest rate		4.167%
Mortgages | New Mortgage Loan | Interest rate collar | Forecast | Minimum
Derivative [Line Items]
Fixed interest rate on hedge			1.917%
Mortgages | New Mortgage Loan | Interest rate collar | Forecast | Maximum
Derivative [Line Items]
Fixed interest rate on hedge			3.75%
Effective interest rate			6.00%
Mortgages | New Mortgage Loan | One-Month LIBOR
Derivative [Line Items]
Spread on variable rate	2.25%
Credit Facility Borrowings | Interest rate swaps
Derivative [Line Items]
Notional amount of derivative		$ 63,000,000
Net investment hedges | Designated as Hedging Instruments | Foreign exchange contracts
Derivative [Line Items]
Notional amount of derivatives sold		200,200,000
Gain recognized from settling hedge		29,200,000
Notional amount of derivative		$ 63,200,000		$ 49,700,000

Other Current Liabilities (Deta

Other Current Liabilities (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	May 10, 2017	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Other Liabilities Disclosure [Abstract]
Beneficial ownership interest in jointly held inventory (as a percent)		50.00%
Advances on inventory purchases		$ 34,200
Product Information [Line Items]
Inventory		150,762	$ 205,475	$ 159,043
Cost of inventory sales		71,407	$ 10,738
Pink Diamond
Product Information [Line Items]
Inventory		$ 68,400
Pink Diamond | Subsequent Event
Product Information [Line Items]
Sale of inventory	$ 71,200
Gain	700
Cost of inventory sales	$ 70,500

Supplemental Condensed Balanc63

Supplemental Condensed Balance Sheet Information (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2017	Dec. 31, 2016	Mar. 31, 2016
Prepaid Expenses and Other Current Assets
Prepaid expenses		$ 29,517	$ 20,436	$ 23,851
Derivative financial instruments (see Note 8)		374	30,340	813
Other	[1]	26,794	25,831	10,160
Total Prepaid Expenses and Other Current Assets		56,685	76,607	34,824
Other Long-Term Assets
Defined benefit pension plan asset (see Note 6)		81,341	78,576	66,300
Equity method investments		42,112	43,143	42,137
Trust assets related to deferred compensation liability		24,113	26,713	35,485
Restricted cash	[1]	16,559	1,064	1,158
Other		20,410	15,928	14,755
Total Other Long-Term Assets		184,535	165,424	159,835
Funds held in escrow		15,300
Other Long-Term Liabilities
Deferred compensation liability		23,340	25,914	34,795
Acquisition earn-out consideration (see Note 19)		17,500	26,250	0
Interest rate collar liability (see Note 8)		3,646	5,952	13,163
Other		6,449	6,964	7,103
Total Other Long-Term Liabilities		50,935	$ 65,080	$ 55,061
Designated as Hedging Instruments | Foreign exchange contracts | Net investment hedges
Derivative Instruments
Notional amount of derivatives sold		200,200
Gain realized within Accumulated Other Comprehensive Loss		$ 29,200
[1]	As of March 31, 2017, restricted cash reflected within Other Long-Term Assets principally relates to $15.3 million of funds held in escrow pending the final settlement of a sale. As of December 31, 2016 and March 31, 2016, restricted cash reflected within Other Long-Term Assets primarily consists of segregated cash related to long-term lease arrangements.

Supplemental Condensed Cash F64

Supplemental Condensed Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Decrease (increase) in:
Prepaid expenses and other current assets	$ (6,362)	$ (1,163)
Other long-term assets	(1,831)	2,364
Income tax receivables and deferred income tax assets	(14,597)	(26,377)
(Decrease) increase in:
Accrued income taxes and deferred income tax liabilities	(22,654)	(5,629)
Accounts payable and accrued liabilities and other liabilities	(51,114)	(72,986)
Total changes in other operating assets and liabilities	$ (96,558)	$ (103,791)

Shareholders' Equity and Divi65

Shareholders' Equity and Dividend (Details) - USD ($) $ / shares in Units, $ in Thousands	Jan. 29, 2014	May 09, 2017	Mar. 31, 2017	Mar. 31, 2016
Stock repurchased during period, shares			0	6,525,000
Aggregate purchase price			$ 0	$ 154,508
Average share price of stock repurchased (usd per share)			$ 0	$ 23.68
Stock repurchase program, remaining authorized amount			$ 40,200
Dividend equivalents paid to employees			$ 2,000	$ 1,400
Subsequent Event
Stock repurchased during period, shares		740,000
Aggregate purchase price		$ 33,900
Average share price of stock repurchased (usd per share)		$ 45.86
Stock repurchase program, remaining authorized amount		$ 6,300
Special Dividend
Dividends, common stock	$ 300,000
Dividends declared (usd per share)	$ 4.34
Dividends accrued	$ 11,000

Accumulated Other Comprehensi66

Accumulated Other Comprehensive Loss (Components of AOCI) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	$ 505,418
Amounts reclassified from accumulated other comprehensive loss	293	$ 223
Total other comprehensive income (loss)	2,818	(7,034)
Ending balance	490,199	618,815
Currency Translation Adjustments
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	(89,478)	(52,279)
Other comprehensive (loss) income before reclassifications	2,625	(2,963)
Total other comprehensive income (loss)	2,625	(2,963)
Ending balance	(86,853)	(55,242)
Before reclassifications, tax impacts	586	(995)
Cash Flow Hedges | Cash flow hedges
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	(3,664)	(4,306)
Other comprehensive (loss) income before reclassifications	753	(4,712)
Amounts reclassified from accumulated other comprehensive loss	85	223
Total other comprehensive income (loss)	838	(4,489)
Ending balance	(2,826)	(8,795)
Before reclassifications, tax impacts	466	(2,920)
Reclassifications, tax impacts	53	138
Cash Flow Hedges | Net investment hedges
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	16,618	0
Other comprehensive (loss) income before reclassifications	(624)	0
Total other comprehensive income (loss)	(624)	0
Ending balance	15,994	0
Before reclassifications, tax impacts	(385)	0
Reclassifications, tax impacts	0	0
Defined Benefit Pension Plan
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	(13,834)	(9,619)
Amounts reclassified from accumulated other comprehensive loss	227	0
Total other comprehensive income (loss)	(21)	418
Ending balance	(13,855)	(9,201)
Reclassifications, tax impacts	46	0
Currency translation adjustments
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Other comprehensive (loss) income before reclassifications	(229)	337
Prior service cost
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Other comprehensive (loss) income before reclassifications	0	81
Before reclassifications, tax impacts	0	(81)
Net actuarial gain
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Amounts reclassified from accumulated other comprehensive loss	(19)	0
Reclassifications, tax impacts	(4)	0
Accumulated comprehensive loss
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Ending balance	$ (87,540)	$ (73,238)

Accumulated Other Comprehensi67

Accumulated Other Comprehensive Loss (Reclassifications) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Reclassification adjustments, net of tax	$ 293	$ 223
Cash Flow Hedges | Reclassification out of Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Reclassification adjustment, before tax	138	361
Tax effect	(53)	(138)
Reclassification adjustments, net of tax	85	223
Net actuarial gain
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Tax effect	4	0
Reclassification adjustments, net of tax	(19)	0
Net actuarial gain | Reclassification out of Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Reclassification adjustment, before tax	(23)	0
Prior service cost | Reclassification out of Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Reclassification adjustment, before tax	273	0
Defined Benefit Pension Plan
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Tax effect	(46)	0
Reclassification adjustments, net of tax	227	0
Defined Benefit Pension Plan | Reclassification out of Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Reclassification adjustment, before tax	250	0
Tax effect	(42)	0
Reclassification adjustments, net of tax	$ 208	$ 0

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	Mar. 31, 2017USD ($)
Commitments and Contingencies Disclosure [Abstract]
Commitment for salaries and other cash compensation under employment arrangement	$ 18.1
Guarantee of Collection | Minimum
Loss Contingencies [Line Items]
Pre-sale estimate of property	5
Guarantee of Collection | Maximum
Loss Contingencies [Line Items]
Pre-sale estimate of property	$ 7

Uncertain Tax Positions (Detail

Uncertain Tax Positions (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Dec. 31, 2016	Mar. 31, 2016
Income Tax Uncertainties [Abstract]
Unrecognized tax benefits	$ 19.4	$ 19.5	$ 19
Decrease in unrecognized tax benefits	0.1
Unrecognized tax benefits that would impact effective tax rate	9.4	$ 9.3	$ 12.4
Decrease in unrecognized tax benefits within 12 months	9.9
Increase in accrual for interest & penalties related to unrecognized tax benefits	$ 0.3

Auction Guarantees (Details)

Auction Guarantees (Details) - USD ($)	Mar. 31, 2017	May 09, 2017	Dec. 31, 2016	Mar. 31, 2016
Guarantor Obligations [Line Items]
Outstanding guarantee	$ 103,100,000
Irrevocable bids that reduce exposure under auction guarantees	39,600,000
Estimated fair value of obligation to perform under auction guarantees	3,700,000		$ 600,000	$ 700,000
Subsequent Event
Guarantor Obligations [Line Items]
Outstanding guarantee		$ 266,000,000
Irrevocable bids that reduce exposure under auction guarantees		177,700,000
Consignor advances		$ 42,600,000
New Credit Agreement
Guarantor Obligations [Line Items]
Maximum amount of net auction guarantees permissible	600,000,000
Agency
Guarantor Obligations [Line Items]
Consignor advances	$ 4,000,000		$ 1,000,000	$ 2,000,000

Share-Based Payments (Narrative

Share-Based Payments (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment expense (benefit)	$ 6,069	$ 5,531
Proceeds and Excess Tax Benefit from Share-based Compensation	(2,600)
Tax shortfall related to share-based payment arrangements		$ (1,300)
Unrecognized compensation expense related to the unvested portion of share-based payments	$ 41,100
Compensation expense is expected to be amortized over a weighted-average period	2 years 7 months
Shares granted (shares)	761,000
Stock options expiration period	10 years
Options outstanding and exercisable (shares)	50,000
Weighted average exercise price of options outstanding and exercisable (usd per share)	$ 22.11
Weighted average remaining contractual term of outstanding stock options	2 years 11 months 9 days
Aggregate intrinsic value of options outstanding	$ 1,200
Number of equity instruments outstanding	2,181,000		2,235,000
Company's Incentive Compensation Programs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of shares issued	$ 30,200
Director's Stock Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment expense (benefit)	$ 200
Shares available for future awards (shares)	130,605
Number of equity instruments outstanding	154,591
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Shares available for future awards (shares)	2,200,000
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	4 years
Shares available for future awards (shares)	104,100
Stock options exercised (shares)	0	0
Stock options granted (shares)	0	0
Restricted Stock, RSU's And PSU's
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of share vested	$ 36,000	$ 13,700
Minimum | Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Maximum | Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	4 years
Cliff Vesting | Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (shares)	369,897
Fair value of shares issued	$ 14,600
Cliff Vesting | Minimum | Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum vesting percentage of initial performance units awarded	100.00%
Cliff Vesting | Maximum | Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (shares)	739,794
Maximum vesting percentage of initial performance units awarded	200.00%
Incremental Vesting | Restricted Stock Units (RSUs) | Company's Incentive Compensation Programs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Shares granted (shares)	391,324
Fair value of shares issued	$ 15,600
Restructuring charges (net) | Voluntary separation incentive programs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment expense (benefit)	$ 0	$ (306)

Share-Based Payments (Compensat

Share-Based Payments (Compensation Expense) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total share-based payment expense (pre-tax)	$ 6,069	$ 5,531
Total share-based payment expense (after-tax)	4,057	3,801
Salaries and related costs
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total share-based payment expense (pre-tax)	6,069	5,837
Restructuring charges (net) | Voluntary separation incentive programs
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total share-based payment expense (pre-tax)	$ 0	$ (306)

Share-Based Payments (Restricte

Share-Based Payments (Restricted Stock, RSU's And PSU's Activity) (Details) shares in Thousands	3 Months Ended
	Mar. 31, 2017$ / sharesshares
Restricted Stock Shares, RSU's and PSU's
Beginning Balance, Number of RSU's and PSU's, Shares | shares	2,235
Granted, Number of RSU's and PSU's, Shares | shares	761
Vested, Number of RSU's and PSU's, Shares | shares	(757)
Canceled, Number of RSU's and PSU's, Shares | shares	(58)
Ending Balance, Number of RSU's and PSU's, Shares | shares	2,181
Weighted Average Grant Date Fair Value
Beginning Balance, Weighted Average Grant Date Fair Value (in usd per share) | $ / shares	$ 36.40
Granted, Weighted Average Grant Date Fair Value (in usd per share) | $ / shares	39.72
Vested, Weighted Average Grant Date Fair Value (in usd per share) | $ / shares	39.05
Canceled, Weighted Average Grant Date Fair Value (in usd per share) | $ / shares	42.86
Ending Balance, Weighted Average Grant Date Fair Value (in usd per share) | $ / shares	$ 36.47

Loss Per Share (Narrative) (Det

Loss Per Share (Narrative) (Details) - shares shares in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Earnings Per Share [Abstract]
Potential common share excluded from computation of diluted earnings per share	2.4	2.6

Loss Per Share (Computation of

Loss Per Share (Computation of Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Earnings Per Share [Abstract]
Net loss attributable to Sotheby’s	$ (11,325)	$ (25,884)
Less: Net income attributable to participating securities	0	0
Net loss attributable to Sotheby’s common shareholders	$ (11,325)	$ (25,884)
Denominator:
Weighted average common shares outstanding (shares)	53,016	63,022
Basic and diluted loss per share - Sotheby’s common shareholders (usd per share)	$ (0.21)	$ (0.41)

Acquisition of Art Agency, Pa76

Acquisition of Art Agency, Partners (Narrative) (Details) - USD ($) $ in Thousands	Jan. 11, 2016	Mar. 31, 2017	Jun. 30, 2016	Mar. 31, 2016		Dec. 31, 2015	Dec. 31, 2016
Business Acquisition [Line Items]
Acquisition earn-out consideration (see Note 19)		$ 17,500		$ 0			$ 26,250
Goodwill acquired		0		34,225
Agency
Business Acquisition [Line Items]
Goodwill acquired		0	$ 28,300	34,225	[1]
All Other
Business Acquisition [Line Items]
Goodwill acquired		$ 0	$ 6,200	0
Period over which goodwill is tax deductible		15 years
Art Agency, Partners
Business Acquisition [Line Items]
Initial cash consideration	$ 50,000
Transaction costs	$ 800
Art Agency, Partners | General and Administrative Expenses
Business Acquisition [Line Items]
Acquisition related costs				200		$ 600
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]
Compensation expense related to earn-out arrangement				$ 2,200			35,000
Contingent consideration, current		$ 8,750
Acquisition earn-out consideration (see Note 19)		$ 17,500
Art Agency, Partners | Minimum | Earn Out
Business Acquisition [Line Items]
Settlement period for earn-out payments	4 years
Art Agency, Partners | Maximum | Earn Out
Business Acquisition [Line Items]
Maximum annual payments under contingent earn-out agreement							$ 8,750
[1]	The goodwill acquired in the first quarter of 2016 relates to the acquisition of AAP (see Note 19). The attribution of the resulting goodwill between our segments was not completed until the second quarter of 2016.

Acquisition of Art Agency, Pa77

Acquisition of Art Agency, Partners (Purchase Price Allocation) (Details) - USD ($) $ in Thousands	Jan. 11, 2016	Mar. 31, 2017	Dec. 31, 2016	Mar. 31, 2016	Dec. 31, 2015
Allocation of purchase price:
Goodwill (see Note 5)		$ 50,097	$ 50,029	$ 47,848	$ 13,621
Art Agency, Partners
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 (see Note 5)	34,490
Deferred tax assets	1,094
Total purchase price	51,189
Art Agency, Partners | Customer relationships
Allocation of purchase price:
Intangible assets	10,800
Art Agency, Partners | Non-compete agreements
Allocation of purchase price:
Intangible assets	$ 3,060

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Related Party Transaction [Line Items]
Auction commission revenues from related party	$ 3,600	$ 500
Client payables	532,288	350,475	$ 511,876
Related Party Consignors
Related Party Transaction [Line Items]
Client payables	$ 9,200	$ 54,700