Sotheby's (BID) 10-Q 30 Jul 19 2019 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2019	Jul. 26, 2019
Cover page.
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2019
Document Transition Report	false
Entity File Number	1-9750
Entity Registrant Name	SOTHEBYS
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	38-2478409
Entity Address, Address Line One	1334 York Avenue
Entity Address, City or Town	New York,
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10021
City Area Code	212
Local Phone Number	606-7000
Title of 12(b) Security	Common stock, $0.01 par value
Trading Symbol	BID
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		46,613,443
Entity Central Index Key	0000823094
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q2
Amendment Flag	false

CONDENSED CONSOLIDATED INCOME S

CONDENSED CONSOLIDATED INCOME STATEMENTS (UNAUDITED) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Revenues:
Finance	$ 15,848	$ 9,641	$ 29,114	$ 19,522
Revenues	361,778	345,636	535,243	541,432
Expenses:
Marketing	6,546	6,276	12,454	11,998
Salaries and related	110,601	96,718	187,246	175,437
General and administrative	47,267	45,671	95,109	89,484
Depreciation and amortization	7,929	7,343	15,620	14,443
Merger-related expenses (see Note 22)	5,710	0	5,710	0
Restructuring charges, net	(31)	2,146	(50)	2,146
Total expenses	267,191	261,810	444,227	450,695
Operating income	94,587	83,826	91,016	90,737
Interest income	286	482	571	847
Interest expense	(13,604)	(8,894)	(26,755)	(18,207)
Write-off of credit facility fees	0	(3,982)	0	(3,982)
Extinguishment of debt	0	0	0	(10,855)
Non-operating income	1,687	2,449	3,535	3,873
Income before taxes	82,956	73,881	68,367	62,413
Income tax expense	26,808	17,838	20,822	13,702
Equity in earnings of investees	853	1,234	2,381	2,040
Net income	57,001	57,277	49,926	50,751
Less: Net loss attributable to noncontrolling interest	(5)	(5)	(9)	(9)
Net income attributable to Sotheby's	$ 57,006	$ 57,282	$ 49,935	$ 50,760
Basic earnings per share - Sotheby’s common shareholders (USD per share)	$ 1.21	$ 1.09	$ 1.06	$ 0.96
Diluted earnings per share - Sotheby's common shareholders (USD per share)	$ 1.20	$ 1.08	$ 1.05	$ 0.95
Weighted average basic shares outstanding (in shares)	46,614	51,780	46,518	52,122
Weighted average diluted shares outstanding (in shares)	47,124	52,210	47,077	52,491
Agency
Revenues:
Revenues from contracts with customers	$ 322,144	$ 290,879	$ 469,811	$ 456,405
Expenses:
Cost of revenue	73,834	59,449	105,637	94,722
Inventory sales
Revenues:
Revenues from contracts with customers	18,259	40,106	27,025	56,342
Expenses:
Cost of revenue	15,335	42,414	22,501	58,409
Finance
Expenses:
Cost of revenue	0	1,793	0	4,056
Other
Revenues:
Revenues from contracts with customers	$ 5,527	$ 5,010	$ 9,293	$ 9,163

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Net income	$ 57,001	$ 57,277	$ 49,926	$ 50,751
Other comprehensive loss:
Currency translation adjustments	(1,866)	(14,206)	(619)	(7,006)
Defined benefit pension plan	(13)	81	(26)	163
Total other comprehensive loss	(2,266)	(10,639)	(1,291)	(3,797)
Comprehensive income	54,735	46,638	48,635	46,954
Less: Comprehensive loss attributable to noncontrolling interests	(5)	(5)	(9)	(9)
Comprehensive income attributable to Sotheby's	54,740	46,643	48,644	46,963
Cash flow hedges
Other comprehensive loss:
Hedges	(1,428)	136	(1,641)	1,306
Net investment hedges
Other comprehensive loss:
Hedges	$ 1,041	$ 3,350	$ 995	$ 1,740

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018	Jun. 30, 2018
Current assets:
Cash and cash equivalents	$ 132,137	$ 178,579	$ 432,357
Restricted cash (see Notes 9 and 12)	38,016	4,836	28,979
Accounts receivable, net of allowance for doubtful accounts of $9,411, $9,125, and $9,667	900,362	978,140	1,088,569
Notes receivable, net of allowance for credit losses of $1,271, $1,075, and $1,132	39,889	103,834	92,770
Inventory	32,204	43,635	32,639
Income tax receivables	19,374	3,353	18,051
Prepaid expenses and other current assets (see Note 11)	41,279	38,631	43,262
Total current assets	1,203,261	1,351,008	1,736,627
Notes receivable, net of allowance for credit losses of $1,525, $1,525, and $1,525	714,918	602,389	390,507
Fixed assets, net of accumulated depreciation and amortization of $248,057, $237,211, and $239,705	405,657	386,736	356,162
Operating lease right-of-use assets (see Note 6)	77,636	0	0
Goodwill	55,540	55,573	55,670
Intangible assets, net	11,354	12,993	14,613
Income tax receivables	17,964	16,694	327
Deferred income taxes	31,849	37,035	27,948
Other long-term assets (see Note 11)	232,409	226,660	229,813
Total assets	2,750,588	2,689,088	2,811,667
Current liabilities:
Client payables	901,779	997,168	1,191,581
Accounts payable and accrued liabilities	94,752	101,366	104,608
Accrued salaries and related costs	71,887	92,219	62,160
Current portion of long-term debt, net	9,409	13,604	13,423
Operating lease liabilities (see Note 6)	17,129	0	0
Accrued income taxes	49,782	31,169	23,012
Other current liabilities	14,478	13,263	11,785
Total current liabilities	1,159,216	1,248,789	1,406,569
Credit facility borrowings	320,000	280,000	63,000
Long-term debt, net	639,689	638,786	648,411
Operating lease liabilities (see Note 6)	62,015	0	0
Accrued income taxes	22,648	19,933	26,737
Deferred income taxes	14,008	14,569	14,035
Other long-term liabilities (see Note 11)	39,789	45,517	46,171
Total liabilities	2,257,365	2,247,594	2,204,923
Commitments and contingencies (see Note 15)
Shareholders’ equity:
Common stock, $0.01 par value	716	711	711
Additional paid-in capital	477,107	463,623	458,712
Treasury stock shares, at cost — 25,027,989; 24,841,257; and 19,560,792	(849,784)	(839,284)	(617,048)
Retained earnings	938,375	888,333	830,459
Accumulated other comprehensive loss	(73,335)	(72,044)	(66,263)
Total shareholders’ equity	493,079	441,339	606,571
Noncontrolling interest	144	155	173
Total equity	493,223	441,494	606,744
Total liabilities and shareholders’ equity	$ 2,750,588	$ 2,689,088	$ 2,811,667

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018	Jun. 30, 2018
Statement of Financial Position [Abstract]
Accounts receivable, allowance for doubtful accounts	$ 9,411	$ 9,125	$ 9,667
Notes receivable, allowance for credit losses, current	1,271	1,075	1,132
Notes receivable, allowance for credit losses, noncurrent	1,525	1,525	1,525
Accumulated depreciation and amortization	$ 248,057	$ 237,211	$ 239,705
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01	$ 0.01
Authorized shares (in shares)	200,000,000	200,000,000	200,000,000
Issued shares (in shares)	71,640,967	71,188,120	71,173,857
Outstanding shares (in shares)	46,612,978	46,346,863	51,613,065
Treasury stock shares (in shares)	25,027,989	24,841,257	19,560,792

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Operating Activities:
Net income attributable to Sotheby's	$ 49,935	$ 50,760
Adjustments to reconcile net income attributable to Sotheby's to net cash (used) provided by operating activities:
Extinguishment of debt	0	10,855
Write-off of credit facility fees	0	3,982
Depreciation and amortization	15,620	14,443
Amortization of operating lease right-of-use assets	8,419	0
Deferred income tax expense	4,821	2,873
Share-based payments	15,917	14,689
Net pension benefit	(1,341)	(1,626)
Inventory writedowns and bad debt provisions	2,204	8,106
Amortization of debt issuance costs	862	877
Equity in earnings of investees	(2,381)	(2,040)
Other	1,013	947
Changes in assets and liabilities:
Accounts receivable	19,478	(285,172)
Client payables	(94,600)	205,791
Inventory	9,920	33,680
Changes in other operating assets and liabilities (see Note 12)	(37,100)	(41,370)
Net cash (used) provided by operating activities	(7,233)	16,795
Investing Activities:
Funding of notes receivable	(153,528)	(66,608)
Collections of notes receivable	165,348	161,192
Capital expenditures	(43,468)	(19,075)
Acquisitions, net of cash acquired	(759)	(5,702)
Funding of investments	(411)	(64)
Distributions from investees	2,050	2,179
Settlement of net investment hedges	548	(5,921)
Net cash (used) provided by investing activities	(30,220)	66,001
Financing Activities:
Proceeds from credit facility borrowings	725,000	108,000
Repayments of credit facility borrowings	(685,000)	(241,500)
Repayments of York Property Mortgage	(4,154)	(3,978)
Settlement of 2022 Senior Notes, including call premium	0	(307,875)
Debt issuance and other borrowing costs	(71)	(3,457)
Repurchases of common stock (see Note 13)	(10,500)	(62,497)
Settlement of forward contract indexed to Sotheby's common stock (see Note 13)	10,500	0
Funding of employee tax obligations upon the vesting of share-based payments	(11,666)	(9,903)
Net cash provided (used) by financing activities	24,109	(521,210)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	(83)	(6,734)
Decrease in cash, cash equivalents, and restricted cash	(13,427)	(445,148)
Cash, cash equivalents, and restricted cash at beginning of period	200,234	923,926
Cash, cash equivalents, and restricted cash at end of period	$ 186,807	$ 478,778

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Treasury Stock	Retained Earnings	Accumulated Other Comprehensive Loss
Beginning balance at Dec. 31, 2017	$ 616,755	$ 709	$ 453,364	$ (554,551)	$ 779,699	$ (62,466)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income attributable to Sotheby's	(6,522)				(6,522)
Other comprehensive loss	6,842					6,842
Common stock shares withheld to satisfy employee tax obligations	(9,548)		(9,548)
Restricted stock units vested, net	0	2	(2)
Amortization of share-based payment expense	8,377		8,377
Shares and deferred stock units issued to directors	250		250
Repurchases of common stock	(25,340)			(25,340)
Ending balance at Mar. 31, 2018	590,814	711	452,441	(579,891)	773,177	(55,624)
Beginning balance at Dec. 31, 2017	616,755	709	453,364	(554,551)	779,699	(62,466)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income attributable to Sotheby's	50,760
Other comprehensive loss	(3,797)
Repurchases of common stock	(62,500)
Ending balance at Jun. 30, 2018	606,571	711	458,712	(617,048)	830,459	(66,263)
Beginning balance at Mar. 31, 2018	590,814	711	452,441	(579,891)	773,177	(55,624)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income attributable to Sotheby's	57,282				57,282
Other comprehensive loss	(10,639)					(10,639)
Common stock shares withheld to satisfy employee tax obligations	(385)		(385)
Amortization of share-based payment expense	6,312		6,312
Shares and deferred stock units issued to directors	344		344
Repurchases of common stock	(37,157)			(37,157)
Ending balance at Jun. 30, 2018	606,571	711	458,712	(617,048)	830,459	(66,263)
Beginning balance at Dec. 31, 2018	441,339	711	463,623	(839,284)	888,333	(72,044)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income attributable to Sotheby's	(7,071)				(7,071)
Other comprehensive loss	975					975
Common stock shares withheld to satisfy employee tax obligations	(11,597)		(11,597)
Restricted stock units vested, net	0	5	(5)
Amortization of share-based payment expense	7,598		7,598
Shares and deferred stock units issued to directors	344		344
Forward contract indexed to Sotheby's common stock	0		10,500	(10,500)
Other	106				106
Ending balance at Mar. 31, 2019	431,694	716	470,463	(849,784)	881,368	(71,069)
Beginning balance at Dec. 31, 2018	441,339	711	463,623	(839,284)	888,333	(72,044)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income attributable to Sotheby's	49,935
Other comprehensive loss	(1,291)
Ending balance at Jun. 30, 2019	493,079	716	477,107	(849,784)	938,375	(73,335)
Beginning balance at Mar. 31, 2019	431,694	716	470,463	(849,784)	881,368	(71,069)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income attributable to Sotheby's	57,006				57,006
Other comprehensive loss	(2,266)					(2,266)
Common stock shares withheld to satisfy employee tax obligations	(69)		(69)
Amortization of share-based payment expense	8,319		8,319
Shares and deferred stock units issued to directors	375		375
Modification of share-based payment award (see Note 18)	(1,981)		(1,981)
Other	1				1
Ending balance at Jun. 30, 2019	$ 493,079	$ 716	$ 477,107	$ (849,784)	$ 938,375	$ (73,335)

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation Company Overview —Since 1744, Sotheby’s has been uniting collectors with world-class works of art, which in these financial statements is meant to include authenticated fine art, decorative art, jewelry, wine, and collectibles, and may also be referred to as "art," "artwork," or "property." Today, Sotheby's offers property from more than 70 collecting categories to clients from 130 countries and presents auctions in ten different salesrooms, including New York, London, Hong Kong, and Paris, and Sotheby’s BidNow program allows clients to view all auctions live online and place bids from anywhere in the world. Sotheby's also offers collectors 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, art-related financing, and art advisory services, as well as retail wine locations in New York and Hong Kong. As successor to a business that began in 1744, Sotheby's is the oldest company listed on the New York Stock Exchange ("NYSE") (symbol: BID) and is the only publicly traded investment opportunity in the art market. Sotheby's is incorporated in Delaware. On June 16, 2019, Sotheby's entered into an Agreement and Plan of Merger with Bidfair USA LLC and BidFair MergeRight Inc. If the pending Merger (as defined in Note 22) is consummated, Sotheby’s will cease to be a publicly traded company. (See Note 22 for information regarding the pending Merger of Sotheby's with Bidfair USA LLC and BidFair MergeRight Inc.) Accounting Principles —The unaudited Condensed Consolidated Financial Statements included herein have been prepared by the management of Sotheby’s in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") and pursuant to the rules and regulations of the Securities and Exchange Commission (the "SEC"). Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted from this report, as is permitted by such rules and regulations. In 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. The interim results presented in our Condensed Consolidated Income Statements are not necessarily indicative of results for a full year. See Note 2 for information about the seasonality of our business. We urge you to read these unaudited Condensed Consolidated Financial Statements in conjunction with the information included in our 2018 Form 10-K filed with the SEC on February 28, 2019. 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 loss attributable to the minority owner of Sotheby's Beijing is reported as "Net Loss Attributable to Noncontrolling Interest" in our Condensed Consolidated Income Statements, 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 may significantly influence, but not control, the investee, are accounted for using the equity method. Under the equity method, our share of investee earnings or losses is recorded in our Condensed Consolidated Income Statements within Equity in Earnings of Investees. Our interest in the net assets of these investees is recorded on our Condensed Consolidated Balance Sheets within Other Long-Term Assets. Our equity method investees include: (i) Acquavella Modern Art ("AMA"), a partnership through which a collection of fine art is being sold, (ii) RM Sotheby's, an auction house for investment-quality automobiles, and (iii) a partnership through which artworks are being purchased and sold. 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. Leases —In February 2016, the Financial Accounting Standards Board (the "FASB") issued Accounting Standards Update ("ASU") 2016-02, Leases , which requires long-term lease arrangements to be recognized as assets and liabilities on the balance sheet of the lessee. Under ASU 2016-02, a right-of-use asset and lease liability are recorded for all long-term leases, whether classified as an operating lease or a finance lease. On July 30, 2018, the FASB issued ASU 2018-11, which made targeted improvements to ASU 2016-02 (together, the "New Lease Standard"). We adopted the New Lease Standard on January 1, 2019 using the modified retrospective method and elected not to recast comparative prior year periods. We have also elected the package of practical expedients available under the transition provisions of the New Lease Standard, including (i) not reassessing whether expired or existing contracts contain leases, (ii) not reassessing previous lease classification, and (iii) not revaluing initial direct costs for existing leases. In addition, for all leases, we have elected the practical expedient that allows the aggregation of non-lease components, such as maintenance, utilities, and management services, with the related lease components when evaluating accounting treatment. As a result of our adoption of the New Lease Standard, we recorded a right-of-use asset of $78.4 million and a corresponding operating lease liability of $79.4 million on the January 1, 2019 effective date. The operating lease liability recorded upon adoption was measured using our approximate incremental borrowing rate as of that date. The New Lease Standard did not impact our results of operations, cash flows, or our compliance with existing debt covenants. (See Note 6 for additional information on our leases.)

Seasonality of Business

Seasonality of Business	6 Months Ended
	Jun. 30, 2019
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 76% and 80% of our total annual Net Auction Sales in 2018 and 2017, respectively, with auction commission revenues comprising approximately 74% and 66% , of our total revenues, respectively. 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	6 Months Ended
	Jun. 30, 2019
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting Our operations are organized under two segments—the Agency segment and the Finance segment, which does business, and is referred to in this report, as Sotheby's Financial Services (or "SFS"). Through our Agency segment, we accept works of art on consignment and match sellers (also known as consignors) to buyers through the auction or private sale process. In both auction and private sale transactions, we act as exclusive agent for the seller. Prior to offering a work of art for sale, we perform due diligence activities to authenticate and determine the ownership history and condition of the consigned artwork. 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, and RM Sotheby's, an equity investee that operates as an auction house for investment-quality automobiles. The Agency segment is an aggregation of operating segments which include the auction, private sale, and other related activities that are conducted within various collecting categories, all of 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 leverages the art expertise of the Agency segment, 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 art collectors with strategic guidance on collection identity and development, acquisitions, short and long-term planning, and provides advice to artists and artists' estates. In addition, from time-to-time, AAP brokers private art sales for its advisory clients. Our advisory services are classified within All Other for segment reporting purposes, along with our retail wine business, brand licensing activities, and the results from other certain equity method investments. Thomas S. Smith, Jr., Sotheby's CEO, 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. The following table presents our segment information for the three and six months ended June 30, 2019 and 2018 (in thousands): Three Months Ended June 30, 2019 Agency SFS All Other Reconciling items Total Revenues $ 338,139 $ 18,359 $ 7,791 $ (2,511 ) (a) $ 361,778 Segment income before taxes (b) $ 77,290 $ 9,584 $ 1,335 $ (5,253 ) (c) $ 82,956 Three Months Ended June 30, 2018 Revenues $ 327,445 $ 11,823 $ 8,550 $ (2,182 ) (a) $ 345,636 Segment income before taxes (b) $ 70,192 $ 6,380 $ 1,051 $ (3,742 ) (c) $ 73,881 Six Months Ended June 30, 2019 Revenues $ 492,441 $ 34,426 $ 13,688 $ (5,312 ) (a) $ 535,243 Segment income before taxes (b) $ 53,144 $ 17,561 $ 3,413 $ (5,751 ) (c) $ 68,367 Six Months Ended June 30, 2018 Revenues $ 507,178 $ 24,239 $ 14,732 $ (4,717 ) (a) $ 541,432 Segment income before taxes (b) $ 61,169 $ 13,131 $ 2,439 $ (14,326 ) (c) $ 62,413 (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) Our previous credit agreements provided for dedicated asset-based revolving credit facilities for the Agency segment and SFS (see Note 9). The SFS Credit Facility was used to fund a significant portion of client loans. Accordingly, any borrowing costs associated with the SFS Credit Facility were recorded within Cost of Finance Revenues in our Condensed Consolidated Income Statements. In September 2017, we modified our cash management strategy in order to reduce borrowing costs by applying excess cash balances against revolver credit facility borrowings. On June 26, 2018, we refinanced our previous credit agreements. The new credit agreement that was entered into in connection with this refinancing combined the Agency Credit Facility and the SFS Credit Facility into one asset-based revolving credit facility. Subsequent to the refinancing and resulting elimination of the SFS Credit Facility, the SFS loan portfolio is no longer directly funded with revolving credit facility borrowings. Accordingly, beginning in the third quarter of 2018, all borrowing costs associated with our revolving credit facility are recorded as interest expense in our Condensed Consolidated Income Statements. As a result of this refinancing and the concurrent elimination of the separate segment-based revolving credit facilities, beginning in the third quarter of 2018, when measuring segment profitability: (i) revolving credit facility costs are no longer allocated to our segments and (ii) SFS receives a corporate finance charge that is calculated assuming that 85% of their loan portfolio is funded with debt. Prior period segment results have been recast to reflect these changes in the measurement of segment profitability. (c) The unallocated amounts and reconciling items related to segment income before taxes are detailed in the table below. The table below presents a reconciliation of total segment income before taxes to consolidated income before taxes for the three and six months ended June 30, 2019 and 2018 (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Agency $ 77,290 $ 70,192 $ 53,144 $ 61,169 SFS 9,584 6,380 17,561 13,131 All Other 1,335 1,051 3,413 2,439 Segment income before taxes 88,209 77,623 74,118 76,739 Unallocated amounts and reconciling items: Revolving credit facility costs (a) (5,164 ) (6,473 ) (9,983 ) (9,419 ) SFS corporate finance charge 6,474 3,965 12,323 7,988 Merger-related expenses (5,710 ) — (5,710 ) — Extinguishment of debt — — — (10,855 ) Equity in earnings of investees (b) (853 ) (1,234 ) (2,381 ) (2,040 ) Income before taxes $ 82,956 $ 73,881 $ 68,367 $ 62,413 (a) For the three and six months ended June 30, 2018, revolving credit facility costs in the table above includes approximately $4 million of unamortized fees related to our previous credit agreements that were written off in the second quarter of 2018. (See Note 9.) (b) For segment reporting purposes, our share of earnings related to equity investees is included as part of income before taxes. However, such earnings are reported separately below income before taxes in our Condensed Consolidated Income Statements. The table below presents segment assets, as well as a reconciliation of segment assets to consolidated assets as of June 30, 2019 , December 31, 2018 , and June 30, 2018 (in thousands): June 30, 2019 December 31, 2018 June 30, 2018 Agency $ 1,884,330 $ 1,886,986 $ 2,227,296 SFS 759,623 705,779 494,420 All Other 37,448 39,241 43,625 Total segment assets 2,681,401 2,632,006 2,765,341 Unallocated amounts and reconciling items: Deferred tax assets and income tax receivable 69,187 57,082 46,326 Consolidated assets $ 2,750,588 $ 2,689,088 $ 2,811,667 Substantially all of our capital expenditures for the six months ended June 30, 2019 , the year ended December 31, 2018 , and the six months ended June 30, 2018

Revenues

Revenues	6 Months Ended
	Jun. 30, 2019
Revenue from Contract with Customer [Abstract]
Revenues	Revenues The Agency segment, which is our predominant source of revenue, earns commissions and fees by acting as agent for clients wishing to sell their artworks through the auction or private sale process. To a much lesser extent, the Agency segment also earns revenues from the sale of artworks that are owned by Sotheby's. Outside of the Agency segment, we earn revenues from art advisory services, retail wine sales, and brand licensing activities, which are aggregated and classified within All Other for segment reporting purposes, as well as from the art-related financing activities conducted by SFS. The revenues earned by the Agency and All Other segments are accounted for in accordance with Accounting Standards Codification 606, Revenue from Contracts with Customers ("ASC 606"). The revenues earned by SFS are not within the scope of ASC 606. The following tables summarize our revenues by segment and type for the three and six months ended June 30, 2019 and 2018 (in thousands): Three Months Ended June 30, 2019 Three Months Ended June 30, 2018 Agency SFS All Other Total Agency SFS All Other Total Revenue from contracts with customers: Agency commissions and fees: Auction commissions $ 275,851 $ — $ — $ 275,851 $ 257,799 $ — $ — $ 257,799 Auction related fees, net (a) 19,086 — — 19,086 6,081 — — 6,081 Private sale commissions 24,780 — 114 24,894 24,016 — 500 24,516 Other Agency commissions and fees 2,302 — 11 2,313 2,359 — 124 2,483 Total Agency commissions and fees 322,019 — 125 322,144 290,255 — 624 290,879 Inventory sales 16,120 — 2,139 18,259 37,190 — 2,916 40,106 Advisory revenues — — 1,315 1,315 — — 1,156 1,156 License fee and other revenues — — 4,212 4,212 — — 3,854 3,854 Total revenue from contracts with customers 338,139 — 7,791 345,930 327,445 — 8,550 335,995 Finance revenue: Interest and related fees — 15,848 — 15,848 — 9,641 — 9,641 Total revenues $ 338,139 $ 15,848 $ 7,791 $ 361,778 $ 327,445 $ 9,641 $ 8,550 $ 345,636 Six Months Ended June 30, 2019 Six Months Ended June 30, 2018 Agency SFS All Other Total Agency SFS All Other Total Revenue from contracts with customers: Agency commissions and fees: Auction commissions $ 392,889 $ — $ — $ 392,889 $ 389,929 $ — $ — $ 389,929 Auction related fees, net (a) 28,514 — — 28,514 17,824 — — 17,824 Private sale commissions 43,019 — 114 43,133 43,501 — 500 44,001 Other Agency commissions and fees 5,220 — 55 5,275 4,351 — 300 4,651 Total Agency commissions and fees 469,642 — 169 469,811 455,605 — 800 456,405 Inventory sales 22,799 — 4,226 27,025 51,573 — 4,769 56,342 Advisory revenues — — 2,722 2,722 — — 2,406 2,406 License fee and other revenues — — 6,571 6,571 — — 6,757 6,757 Total revenue from contracts with customers 492,441 — 13,688 506,129 507,178 — 14,732 521,910 Finance revenue: Interest and related fees — 29,114 — 29,114 — 19,522 — 19,522 Total revenues $ 492,441 $ 29,114 $ 13,688 $ 535,243 $ 507,178 $ 19,522 $ 14,732 $ 541,432 (a) Auction Related Fees, net, includes the net overage or shortfall attributable to auction guarantees, consignor expense recoveries, and shipping fees charged to buyers. Contract Balances —We are predominantly an agency business that collects and remits cash on behalf of our clients. Following the completion of an auction or private sale, we invoice the buyer for the aggregate purchase price of the property, which includes our buyer's premium or private sale commission, as well as any applicable taxes and royalties. The amount owed by the buyer is recorded within Accounts Receivable, and the amount of net sale proceeds due to the seller is recorded within Client Payables. Upon collection from the buyer, we are obligated to remit the net proceeds to the seller after deducting our commissions and related fees, as well as any applicable taxes and royalties, which are ultimately paid to the appropriate taxing authority or royalty association. Under our standard auction payment terms, the purchase price is due from the buyer no more than 30 days after the sale date, with the net proceeds due to the consignor 35 days after the sale date. For private sales, payment from the buyer is typically due on the sale date, with the net sale proceeds due to the consignor shortly thereafter. We also sometimes provide extended payment terms to an auction or private sale buyer. For auctions, the extent to which extended payment terms are provided can vary considerably from selling season to selling season. Extended payment terms typically extend the payment due date to a date that is no longer than one year from the sale date. In limited circumstances, the payment due date may be extended to a date that is beyond one year from the sale date. When providing extended payment terms, we attempt to match the timing of cash receipt from the buyer with the timing of our payment to the consignor, but are not always successful in doing so. Accordingly, in these situations, the net sale proceeds are paid to the consignor before payment is collected from the buyer. Under our standard auction terms, we retain possession of the property until payment is received from the buyer, though, in certain limited situations, we may allow the buyer to take possession of the property before making payment. In these situations, we are liable to the seller for the net sales proceeds whether or not the buyer makes payment. All extended payment term and property release 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 seller does not provide matched payment terms, the receivable balance is reclassified from Accounts Receivable to Notes Receivable on our Condensed Consolidated Balance Sheets. (See Note 5 for information on Agency segment Notes Receivable.) When the buyer's due date is extended to a date that is one year or less from the sale date, as a practical expedient, we do not record a discount to our commission to account for the effects of the financing component. However, in the limited circumstances when the buyer's due date is extended to a date that is beyond one year from the sale date, we record a discount to our commission revenue to reflect the financing component, if material. The table below presents the Accounts Receivable balances related to our contracts with customers and associated Client Payables as of June 30, 2019, December 31, 2018, and June 30, 2018. The net receivable (payable) balance reported at each balance sheet date is dependent on the timing of auction and private sale settlements, as well as the extent of extended payment terms granted to buyers, particularly if not matched by the consignor. (in thousands) June 30, December 31, June 30, Accounts receivable $ 890,330 $ 967,817 $ 1,076,152 Client payables 901,779 997,168 1,191,581 Net payable $ (11,449 ) $ (29,351 ) $ (115,429 ) As of June 30, 2019, the net payable balance was ($11.4) million , as compared to net payable balances of ($29.4) million as of December 31, 2018 and ($115.4) million as of June 30, 2018. As of June 30, 2019, Accounts Receivable includes $91.1 million related to situations when we paid the consignor prior to collecting from the buyer, as compared to $118.7 million as of December 31, 2018 and $75.3 million as of June 30, 2018. As of June 30, 2019 , December 31, 2018 , and June 30, 2018 , Accounts Receivable (net) also included $39.3 million , $39.6 million , and $26.9 million , respectively, related to situations when we allowed the buyer to take possession of the property before making payment. Deferred revenue balances are generally not material. Contract Costs —We incur various direct costs in the fulfillment of our auction services. These costs principally relate to the transport of consigned artworks to the location of the auction sale, various sale marketing activities including catalogue production and distribution, and the exhibition of consigned artworks. A large portion of these costs are funded prior to the auction and are recorded on our Condensed Consolidated Balance Sheets within Prepaid Expenses and Other Current Assets until the date of the auction sale when they are expensed to Direct Costs of Services in the Condensed Consolidated Income Statements. As of June 30, 2019 , December 31, 2018 , and June 30, 2018 , the contract cost balances recorded within Prepaid Expenses and Other Current Assets were $11 million , $10.8 million , and $6.8 million

Notes Receivable

Notes Receivable	6 Months Ended
	Jun. 30, 2019
Receivables [Abstract]
Notes Receivable	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 through the sale of the collateral at the conclusion of the loan and/or through future purchases of new property by the borrower. In certain situations, term loans are made to refinance the accounts receivable balances generated by the auction and private sale purchases of our clients. Term loans normally have an initial maturity of one year with an option to renew for an additional year, 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 the 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. As of June 30, 2019 , December 31, 2018 , and June 30, 2018 , the net Notes Receivable balance of SFS was $747.3 million , $694 million , and $480 million , respectively. As of June 30, 2019 , December 31, 2018 , and June 30, 2018 , $39.9 million , $99.7 million , and $91.8 million , respectively, of the net Notes Receivable balance of SFS was classified within current assets on our Condensed Consolidated Balance Sheets, with the remainder classified within non-current assets. The classification of a loan as current or non-current takes into account the contractual maturity date of the loan, as well as the likelihood of renewing the loan on or before its contractual maturity date. As of June 30, 2019 , December 31, 2018 , and June 30, 2018 , the total net Notes Receivable balance of SFS included $188.5 million , $126.2 million , and $28.4 million , respectively, of term loans issued by SFS to refinance client auction and private sale purchases. For the six months ended June 30, 2019 and 2018 , SFS issued $68.6 million and $15.1 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 (net) 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 six months ended June 30, 2019 and 2018 , such repayments totaled $6.3 million and $41.1 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 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 a semi-annual basis, or more frequently, if there is a material change in the circumstances related to the loan, the value of the collateral, the disposal plans for the collateral, or if an event of default occurs. We believe that the LTV ratio is the critical credit quality indicator for the secured loans made by SFS. The table below provides the aggregate LTV ratio for the SFS loan portfolio as of June 30, 2019 , December 31, 2018 , and June 30, 2018 (in thousands): June 30, December 31, June 30, Secured loans $ 747,312 $ 693,977 $ 479,972 Low auction estimate of collateral $ 1,633,504 $ 1,629,270 $ 1,159,693 Aggregate LTV ratio 46 % 43 % 41 % The table below provides the aggregate LTV ratio for secured loans made by SFS with an LTV ratio above 50% as of June 30, 2019 , December 31, 2018 , and June 30, 2018 (in thousands): June 30, December 31, June 30, Secured loans with an LTV ratio above 50% $ 266,931 $ 264,916 $ 105,744 Low auction estimate of collateral related to secured loans with an LTV ratio above 50% $ 479,638 $ 476,157 $ 182,398 Aggregate LTV ratio of secured loans with an LTV ratio above 50% 56 % 56 % 58 % The table below provides other credit quality information regarding secured loans made by SFS as of June 30, 2019 , December 31, 2018 , and June 30, 2018 (in thousands): June 30, December 31, June 30, Total secured loans $ 747,312 $ 693,977 $ 479,972 Loans past due $ 42,424 $ 14,405 $ 62,310 Loans more than 90 days past due $ 14,561 $ 8,911 $ 41,819 Non-accrual loans $ — $ 3,854 $ 15,402 Impaired loans $ — $ — $ — Allowance for credit losses: Allowance for credit losses for impaired loans $ — $ — $ — Allowance for credit losses based on historical data 1,271 1,075 1,132 Total allowance for credit losses - secured loans $ 1,271 $ 1,075 $ 1,132 We consider a loan to be past due when principal payments are not paid by the contractual maturity date. Typically, a loan becomes past due only for a short period of time during which either the loan is renewed or collateral is sold to satisfy the borrower's obligations. As of June 30, 2019 , $42.4 million of the net Notes Receivable balance was past due, of which $14.6 million was more than 90 days past due. We are continuing to accrue interest on all past due loans and, as of June 30, 2019 , the collateral securing such loans had a low auction estimate of approximately $83.6 million , resulting in a weighted average LTV ratio of approximately 51% . In consideration of expected loan renewals, as well as the value of the remaining collateral, 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 will not be 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. 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. The determination of whether a specific loan is impaired and the amount of any required allowance is based on the facts available to management and is reevaluated and adjusted as additional facts become known. If a loan is considered to be impaired, Finance Revenue is no longer recognized and bad debt expense is recorded for any principal or accrued interest that is deemed uncollectible. As of June 30, 2019 , December 31, 2018 , and June 30, 2018 , there were no impaired loans outstanding. As of June 30, 2019 , unfunded commitments to extend additional credit through SFS were approximately $65.8 million . Agency Segment —As discussed in Note 4, 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. 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. As of June 30, 2018 , Notes Receivable (net) within the Agency segment included $1.2 million of such amounts reclassified from Accounts Receivable (net), 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 June 30, 2019 , December 31, 2018 and June 30, 2018 loans of this type had a balance of $2.1 million , $3.1 million , and $2.1 million respectively. In certain limited situations, the Agency segment will also provide advances to consignors that are secured by property scheduled to be offered at auction in the near term. Such Agency segment consignor advances are recorded on our Condensed Consolidated Balance Sheets within Notes Receivable (net) and totaled $3.2 million as of December 31, 2018 . There were no Agency segment consignor advances outstanding as of June 30, 2019 and June 30, 2018 . Allowance for Credit Losses —During the period January 1, 2019 to June 30, 2019 , activity related to the Allowance for Credit Losses by segment was as follows (in thousands): SFS Agency Total Balance as of January 1, 2019 $ 1,075 $ 1,525 $ 2,600 Change in loan loss provision based on historical data 196 — 196 Balance as of June 30, 2019 $ 1,271 $ 1,525 $ 2,796

Leases

Leases	6 Months Ended
	Jun. 30, 2019
Leases [Abstract]
Leases	Leases We conduct business in leased premises, which are primarily used to conduct Agency segment operations, including space used for auction salesrooms, gallery and exhibition space, administrative offices, and warehouse facilities. A substantial portion of our leased premises are located in London, England; Hong Kong, China; Paris, France; Geneva, Switzerland; and Zurich, Switzerland. Our determination of whether a contract is or contains a lease and whether that lease should be classified as a finance or operating lease is performed at lease inception, which is the date on which we sign the lease agreement. Lease components, which represent our right to use specified assets, and non-lease components such as maintenance, utilities, and management services contained within a lease are accounted for as a single lease component. Lease right-of-use assets and lease liabilities are measured and recognized on our Condensed Consolidated Balance Sheets on the lease commencement date, which is the date on which the lessor makes the underlying asset available to use. The measurement of lease right-of-use assets and lease liabilities is based on the present value of lease payments not yet made, discounted using our incremental borrowing rate ("IBR") as of the commencement date of the lease. In determining our IBR, a number of factors are considered, including the term of the lease, the effects of collateral, the economic environment of the lessee, and the creditworthiness of the lessee. Short-term operating leases, which have an initial term of twelve months or less, are not recognized on our Condensed Consolidated Balance Sheets. Operating lease cost is calculated so that the aggregate amount of fixed minimum lease payments for each lease is recognized in our Condensed Consolidated Income Statements on a straight-line basis over the term of the lease. Variable lease payments are not included in the lease liability recorded on our Condensed Consolidated Balance Sheets, but are recognized in our Condensed Consolidated Income Statements during the period in which the obligation for those payments is incurred. Our variable lease payments principally relate to lease obligations which are periodically adjusted for changes in an index or rate, including fair market rental rate adjustments that typically occur according to a scheduled rent review period. For leases with such provisions, the operating right-of-use asset and lease liability are measured using the index or fair market rental rate in effect at the lease commencement date. Under the terms of most leases, we are required to pay various service fees, real estate taxes, and insurance costs which are variable in nature and, therefore not included in the measurement of our lease liabilities. Certain of our leases provide us the option to extend or terminate the lease term. Such options are factored into the measurement of our lease right-of-use assets and lease liabilities when we determine it is reasonably certain that the option will be exercised. The following table summarizes the components of the operating lease cost reflected in our Condensed Consolidated Income Statements within General and Administrative Expenses for the three and six months ended June 30, 2019 (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2019 2019 Operating lease cost $ 4,869 $ 9,730 Variable lease cost 671 1,428 Sublease income (377 ) (856 ) Total lease cost $ 5,163 $ 10,302 The following table summarizes information about the amount and timing of our future operating lease commitments as of June 30, 2019 (in thousands): 2019 (remaining) $ 9,978 2020 18,638 2021 14,622 2022 12,027 2023 8,899 Thereafter 31,720 Total undiscounted operating lease payments $ 95,884 Less: Imputed interest (16,740 ) Present value of operating lease liabilities $ 79,144 As of June 30, 2019 , the weighted-average remaining lease term for our operating leases is 7.43 years, and the weighted average discount rate used to measure our operating lease liabilities is 4.70% . For the six months ended June 30, 2019 , operating lease liabilities arising from obtaining right-of-use assets totaled $8.7 million . For the six months ended June 30, 2019 , cash payments made in respect of our lease liabilities totaled $9.4 million and are classified within operating activities in our Condensed Consolidated Statements of Cash Flows. The following table summarizes the future minimum lease payments due under non-cancellable operating leases in effect at December 31, 2018 (in thousands): January 2019 to December 2019 January 2020 to December 2020 January 2021 to December 2021 January 2022 to December 2022 January 2023 to December 2023 Thereafter Total (a) $ 20,039 $ 17,771 $ 14,033 $ 11,750 $ 9,449 $ 32,318 $ 105,360 The following table summarizes the future minimum lease payments due under non-cancellable operating leases in effect at June 30, 2018 (in thousands): July 2018 to June 2019 July 2019 to June 2020 July 2020 to June 2021 July 2021 to June 2022 July 2022 to June 2023 Thereafter Total (a) $ 19,311 $ 16,802 $ 14,384 $ 11,522 $ 9,652 $ 30,121 $ 101,792 (a) These amounts represent our undiscounted non-cancellable future minimum operating lease commitments, including any contractual market-based or indexed rent adjustments that are currently in effect. The lease commitments reflected in the table also include any future fixed minimum payments for common area maintenance, insurance, or tax payments for which we are also obligated under the terms of certain leases.

Goodwill and Intangible Assets

Goodwill and Intangible Assets	6 Months Ended
	Jun. 30, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	Goodwill and Intangible Assets Goodwill —For the six months ended June 30, 2019 and 2018 , changes in the carrying value of Goodwill were as follows (in thousands): Six Months Ended June 30, 2019 2018 Agency All Other Total Agency All Other Total Beginning balance as of January 1 $ 49,422 $ 6,151 $ 55,573 $ 44,396 $ 6,151 $ 50,547 Goodwill acquired — — — 5,259 — 5,259 Foreign currency exchange rate changes (33 ) — (33 ) (136 ) — (136 ) Ending balance as of June 30 $ 49,389 $ 6,151 $ 55,540 $ 49,519 $ 6,151 $ 55,670 On February 2, 2018, we acquired Viyet, an online marketplace for interior design specializing in vintage and antique furniture, decorative objects, and accessories. This acquisition complements and enhances our online sales program, and provides an additional sale format to offer clients. In October 2018, Viyet was rebranded as Sotheby's Home. Intangible Assets —As of June 30, 2019 , December 31, 2018 , and June 30, 2018 , intangible assets consisted of the following (in thousands): Amortization Period June 30, 2019 December 31, 2018 June 30, 2018 Indefinite lived intangible assets: License (a) N/A $ 324 $ 324 $ 324 Intangible assets subject to amortization: Customer relationships - Art Advisory Partners 8 years 10,800 10,800 10,800 Non-compete agreements - Art Advisory Partners 5-6 years 3,060 3,060 3,060 Artworks database (b) 10 years 1,275 1,275 1,200 Technology 4 years 4,461 4,461 4,461 Total intangible assets subject to amortization 19,596 19,596 19,521 Accumulated amortization (8,566 ) (6,927 ) (5,232 ) Total amortizable intangible assets (net) 11,030 12,669 14,289 Total intangible assets (net) $ 11,354 $ 12,993 $ 14,613 (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 exchange for an initial cash payment made in the third quarter of 2016 and subsequent cash payments made in the third quarters of 2017 and 2018. For the three and six months ended June 30, 2019, amortization expense related to intangible assets was approximately $0.8 million and $1.6 million , respectively. For the three and six months ended June 30, 2018, amortization expense related to intangible assets was approximately $0.7 million and $1.3 million , respectively. The estimated aggregate amortization expense for the remaining useful lives of intangible assets subject to amortization during the five -year period succeeding the June 30, 2019 balance sheet date are as follows (in thousands): Period Amount July 2019 to June 2020 $ 3,186 July 2020 to June 2021 $ 3,062 July 2021 to June 2022 $ 2,302 July 2022 to June 2023 $ 1,480 July 2023 to June 2024 $ 805

Defined Benefit Pension Plan

Defined Benefit Pension Plan	6 Months Ended
	Jun. 30, 2019
Retirement Benefits [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"), which was closed to future service cost accruals on April 30, 2016. For the three and six months ended June 30, 2019 and 2018 , the components of the net pension credit related to the U.K. Pension Plan recorded within Non-Operating Income in our Condensed Consolidated Income Statements were as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Interest cost $ 1,990 $ 1,939 $ 4,006 $ 3,920 Expected return on plan assets (2,640 ) (2,839 ) (5,315 ) (5,741 ) Amortization of actuarial loss — 122 — 247 Amortization of prior service cost (16 ) (26 ) (32 ) (52 ) Net pension credit $ (666 ) $ (804 ) $ (1,341 ) $ (1,626 )

Debt

Debt	6 Months Ended
	Jun. 30, 2019
Debt Disclosure [Abstract]
Debt	Debt Revolving Credit Faciliti es —Prior to June 26, 2018, we were party to credit agreements with an international syndicate of lenders that, among other things, provided for dedicated asset-based revolving credit facilities for the Agency segment (the "Agency Credit Facility") and SFS (the "SFS Credit Facility") (collectively, the "Previous Credit Agreements"). The Previous Credit Agreements were scheduled to mature on August 22, 2020. On June 26, 2018, we refinanced the Previous Credit Agreements and entered into a new credit agreement with an international syndicate of lenders led by JPMorgan Chase Bank, N.A. (the “New Credit Agreement”). The proceeds under the New Credit Agreement may be used for our working capital needs and other general corporate purposes, and borrowings thereunder are available in U.S. Dollars, Pounds Sterling, Euros, Swiss Francs, and Hong Kong Dollars. The New Credit Agreement reduced the interest rate margins for borrowings when compared to those under the Previous Credit Agreements by 25 basis points . Such interest rate margins are determined by reference to a pricing grid that is based on the level of borrowings outstanding under the New Credit Agreement. The New Credit Agreement is scheduled to mature on June 26, 2023. The New Credit Agreement combined the Agency Credit Facility and SFS Credit Facility into one asset-based revolving credit facility with an aggregate borrowing capacity of $1.1 billion , which is subject to an enhanced borrowing base. The New Credit Agreement has a sub-limit of $350 million for foreign currency borrowings, as well as an accordion feature, which allows us to seek an increase to the borrowing capacity of the New Credit Agreement by an amount not to exceed $300 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 borrowing capacity under the New Credit Agreement pursuant to an expedited documentation process. The borrowing base under the New Credit Agreement is determined by a calculation that is based upon, among other things, a percentage of: (i) eligible cash; (ii) the carrying value of certain auction guarantee advances; (iii) the carrying value of certain art inventory; (iv) the carrying value of certain extended payment term receivables arising from auction or private sale transactions; (v) the carrying value of certain loans in the SFS loan portfolio; (vi) the fair market value of certain eligible real property located in the U.K., subject to a cap; and (vii) the net orderly liquidation value of certain of our trademarks, subject to a cap. Domestic borrowers are jointly and severally liable for all obligations under the New 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 New Credit Agreement. In addition, the obligations of the borrowers under the New Credit Agreement are guaranteed by certain of their subsidiaries. Our obligations under the New 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 New Credit Agreement. The New Credit Agreement contains certain customary affirmative and negative covenants including, but not limited to, limitations on indebtedness, liens, investments, restricted payments, and the use of proceeds from borrowings thereunder. The New Credit Agreement also contains a limitation on net outstanding auction guarantees (i.e., auction guarantees less the impact of related risk sharing arrangements). Subject to maintaining a minimum level of available borrowing capacity, the New Credit Agreement permits dividend payments, common stock repurchases, investments, and certain debt prepayments, so long as no event of default exists. The New 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 June 30, 2019 . (See Note 22 for information regarding the pending Merger of Sotheby's with Bidfair USA LLC and BidFair MergeRight Inc., as well as the potential impact of the pending Merger on the New Credit Agreement .) We have incurred aggregate fees of approximately $4.4 million related to the New Credit Agreement, which are being amortized on a straight-line basis through its June 26, 2023 maturity date. The following tables summarize information related to our revolving credit facilities as of and for the periods ended June 30, 2019 , December 31, 2018 , and June 30, 2018 (in thousands): As of and for the periods ended June 30, 2019 December 31, 2018 June 30, 2018 Maximum borrowing capacity $ 1,100,000 $ 1,100,000 $ 1,100,000 Borrowing base $ 907,133 $ 857,773 $ 655,198 Borrowings outstanding $ 320,000 $ 280,000 $ 63,000 Available borrowing capacity (a) $ 587,133 $ 577,773 $ 592,198 Average Borrowings Outstanding: Three months ended June 30, $ 325,055 N/A $ 63,637 Six months ended June 30, $ 338,857 N/A $ 105,823 Year ended December 31, N/A $ 106,181 N/A (a) The available borrowing capacity is calculated as the borrowing base less borrowings outstanding. Borrowing costs under the Previous Credit Agreements related to the Agency segment are reflected in our Condensed Consolidated Income Statements as Interest Expense. Borrowing costs under the Previous Credit Agreements related to SFS are reflected in our Condensed Consolidated Income Statements within Cost of Finance Revenues as any borrowings thereunder were used to directly fund client loans. Subsequent to the change in our cash management strategy (as discussed in Note 3 ), the refinancing of the Previous Credit Agreements, and the resulting elimination of the SFS Credit Facility on June 26, 2018, the SFS loan portfolio is no longer being directly funded with revolving credit facility borrowings. Accordingly, all borrowing costs associated with the New Credit Agreement are recorded as Interest Expense in our Condensed Consolidated Income Statements. Long-Term Debt —As of June 30, 2019 , December 31, 2018 , and June 30, 2018 , Long-Term Debt consisted of the following (in thousands): June 30, December 31, June 30, York Property Mortgage, net of unamortized debt issuance costs of $3,051, $3,559, and $4,039 $ 253,638 $ 257,284 $ 267,082 2025 Senior Notes, net of unamortized debt issuance costs of $4,540, $4,894, and $5,248 395,460 395,106 394,752 Less current portion: York Property Mortgage, net of unamortized debt issuance costs of $1,017, $1,010, and $1,010 (9,409 ) (13,604 ) (13,423 ) Total Long-Term Debt, net $ 639,689 $ 638,786 $ 648,411 See the captioned sections below for information related to the York Property Mortgage and the 2025 Senior Notes. York Property Mortgage —The York Property, our headquarters building located at 1334 York Avenue in New York, is subject to a seven -year, $325 million mortgage loan (the "York Property Mortgage") that matures on July 1, 2022. As of June 30, 2019 , the York Property Mortgage had an outstanding principal balance of $256.7 million and its fair value approximated its book value due to the variable interest rate associated with the mortgage. The fair value measurement of the York Property Mortgage is considered to be a Level 2 fair value measurement in the hierarchy provided by ASC 820, Fair Value Measurements . 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. On June 21, 2017, the York Property Mortgage was amended (the "First Amendment") to reduce the minimum net worth that Sotheby's is required to maintain f rom $425 million to $325 million in order to provide continued flexibility regarding potential future common stock repurchases. On October 18, 2018, the York Property Mortgage was further amended (the "Second Amendment") to modify the definition of net worth whereby the balance recorded within Treasury Stock Shares on our Condensed Consolidated Balance Sheets is added back to Total Equity for the purposes of calculating net worth. Although the minimum net worth required by the York Property Mortgage remains at $325 million , the change to the definition of net worth provides continued flexibility regarding potential future common stock repurchases. Sotheby’s net worth as of June 30, 2019 , as calculated under the Second Amendment, is approximately $1.3 billion . In conjunction with the First Amendment, on July 3, 2017, we made a prepayment of $32 million to reduce the outstanding principal balance of the York Property Mortgage, and agreed to make annual prepayments funded primarily with cash accumulated in a restricted cash management account, as discussed below, beginning in July 2018 and continuing through July 2021 that are not to exceed $25 million in the aggregate during that period. The $32 million principal payment made on July 3, 2017 was funded with $25 million from existing cash balances and $7 million from a restricted cash management account associated with the York Property Mortgage. On July 2, 2018, a $6.25 million principal payment funded primarily from the restricted cash management account was made in accordance with the First Amendment. On July 1, 2019, a $1.9 million principal payment funded from the restricted cash management account was made in accordance with the First Amendment. (See Note 10 for information related to the interest protection agreements that were entered into in connection with the York Property Mortgage.) 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 measured on 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 Sotheby's 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, Sotheby's corporate credit rating from S&P was downgraded to "BB-" from "BB". As a result, a Cash Management Account was established under the control of the lender. The lender will retain any excess cash after monthly debt service, insurance, and taxes as security. As of June 30, 2019 , December 31, 2018 , and June 30, 2018 , the Cash Management Account had a balance of $1.6 million , $0.7 million , and $5.3 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 minimum net worth as discussed above, subject to a cure period. (See Note 22 for information regarding the pending Merger of Sotheby's with Bidfair USA LLC and BidFair MergeRight Inc., as well as the potential impact of the pending Merger on the York Property Mortgage.) Senior Unsecured Debt —On September 27, 2012, we issued $300 million aggregate principal amount of 5.25% Senior Notes, due October 1, 2022 (the "2022 Senior Notes"). On December 12, 2017, we issued $400 million aggregate principal amount of 4.875% Senior Notes due December 15, 2025 (the “2025 Senior Notes”). The net proceeds from the sale of the 2025 Senior Notes were approximately $395.5 million , after deducting fees paid to the initial purchasers, of which $312.3 million was irrevocably deposited with a trustee for the benefit of the holders of the 2022 Senior Notes, which were redeemed using these funds on January 11, 2018. The $312.3 million r edemption price that was deposited with the trustee, consisting of the $300 million principal amount plus $4.4 million of accrued interest and a call premium of $7.9 million , was classified within Restricted Cash on our Condensed Consolidated Balance Sheets as of December 31, 2017. As a result of the redemption of the 2022 Senior Notes, we wrote-off $3 million of related unamortized debt issuance costs, which, when combined with the $7.9 million call premium, resulted in a total loss on the extinguishment of $10.9 million recognized in the first quarter of 2018. Interest on the 2025 Senior Notes is payable in cash semi-annually in arrears on June 15 and December 15 of each year, beginning June 15, 2018. The 2025 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 2025 Senior Notes do not have registration rights, and the 2025 Senior Notes have not been and will not be registered under the Securities Act. The 2025 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. The 2025 Senior Notes will be redeemable, in whole or in part, on or after December 15, 2020, at specified redemption prices set forth in the underlying indenture, plus accrued and unpaid interest to, but excluding, the redemption date. Prior to December 15, 2020, the 2025 Senior Notes are redeemable, in whole or in part, at a redemption price equal to 100% of the principal amount of the 2025 Senior Notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date, plus a make-whole premium (as defined in the underlying indenture). In addition, at any time prior to December 15, 2020, we may redeem up to 40% of the aggregate principal amount of the 2025 Senior Notes with the net cash proceeds of certain equity offerings at the redemption price of 104.875% plus accrued and unpaid interest. If Sotheby's experiences a Change of Control (as defined in the underlying indenture), we must offer to repurchase all of the 2025 Senior Notes then outstanding at 101% of the aggregate principal amount of the 2025 Senior Notes, plus accrued and unpaid interest. (See Note 22 for information regarding the pending Merger of Sotheby's with Bidfair USA LLC and BidFair MergeRight Inc., as well as the potential impact of the pending Merger on the 2025 Senior Notes.) The underlying indenture for the 2025 Senior Notes also contains customary covenants that limit, among other things, our ability to grant liens on our assets; enter into sale and leaseback transactions; and merge, consolidate or transfer or dispose of substantially all of our assets. The above covenants are subject to a number of exceptions and qualifications set forth in the underlying indenture. As of June 30, 2019 , the $400 million principal amount of the 2025 Senior Notes had a fair value of approximately $405.5 million , reflecting a redemption price of 101.375% , 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 hierarchy provided by ASC 820. Future Payments Due Under Outstanding Debt —The aggregate future principal and interest payments due under the New Credit Agreement, the York Property Mortgage, and the 2025 Senior Notes during the five-year period after June 30, 2019 are as follows (in thousands): Period Amount July 2019 to June 2020 $ 41,350 July 2020 to June 2021 $ 41,198 July 2021 to June 2022 $ 41,098 July 2022 to June 2023 $ 563,514 July 2023 to June 2024 $ 19,500 The table above assumes that the annual interest rate for the York Property Mortgage will be within the ceiling and floor rates of the associated interest rate collar for the remainder of the mortgage term based on available forecasts of LIBOR rates for the future periods through maturity (see Note 10 ). The table above also assumes York Property Mortgage principal payments consistent with the related mortgage amortization schedule, as well as currently anticipated annual principal prepayments of approximately $2 million each July through 2021. The table above does not reflect the required potential redemption of the 2025 Senior Notes, the potential required repayment of outstanding revolving credit facility borrowings under the New Credit Agreement, or the potential required repayment of the York Property Mortgage upon the change of control that would occur if the pending Merger discussed in Note 22 is consummated.

Derivative Financial Instrument

Derivative Financial Instruments	6 Months Ended
	Jun. 30, 2019
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 June 30, 2019 , December 31, 2018 , and June 30, 2018 (in thousands): Assets Liabilities June 30, 2019 Balance Sheet Classification Fair Value Balance Sheet Classification Fair Value Cash Flow Hedges: Interest rate collar N/A $ — Other Current Liabilities $ 629 Interest rate collar N/A — Other Long-Term Liabilities 2,778 Total cash flow hedges — 3,407 Net Investment Hedges: Foreign exchange contracts Prepaid Expenses and Other Current Assets 1,235 N/A — Total $ 1,235 $ 3,407 Assets Liabilities December 31, 2018 Balance Sheet Classification Fair Value Balance Sheet Classification Fair Value Cash Flow Hedges: Interest rate collar N/A $ — Other Current Liabilities $ 40 Interest rate collar N/A — Other Long-Term Liabilities 1,185 Total cash flow hedges — 1,225 Net Investment Hedges: Foreign exchange contracts Prepaid Expenses and Other Current Assets 462 N/A — Total $ 462 $ 1,225 Assets Liabilities June 30, 2018 Balance Sheet Classification Fair Value Balance Sheet Classification Fair Value Cash Flow Hedges: Interest rate swap Prepaid Expenses and Other Current Assets $ 274 N/A $ — Interest rate collar N/A — Other Current Liabilities 25 Interest rate collar N/A — Other Long-Term Liabilities 207 Total cash flow hedges 274 232 Net Investment Hedges: Foreign exchange contracts Prepaid Expenses and Other Current Assets 4,444 N/A — Total $ 4,718 $ 232 During the six months ended June 30, 2019, we settled derivative financial instruments designated as net investment hedges with an aggregate notional value of $22.9 million and realized an aggregate gain of $0.5 million . During the six months ended June 30, 2018, we settled derivative financial instruments designated as net investment hedges with an aggregate notional value of $97.9 million and realized a net loss of ($5.9) million. The following table summarizes the effect of the derivative financial instruments designated as hedging instruments on our Condensed Consolidated Income Statements and Condensed Consolidated Statements of Comprehensive Income for the three and six months ended June 30, 2019 and 2018 (in thousands): (Loss) Gain Recognized in Other Comprehensive Loss - Effective Portion Classification of (Loss) Gain Reclassified from Accumulated Other Comprehensive Loss into Net Income Amount Reclassified from Accumulated Other Comprehensive Loss into Net Income - Effective Portion Three Months Ended June 30, 2019 2018 2019 2018 Cash Flow Hedges: Interest rate swap $ — $ 15 Interest Expense $ — $ (93 ) Interest rate collar (1,428 ) 207 Interest Expense — 7 Total cash flow hedges (1,428 ) 222 — (86 ) Net Investment Hedges: Foreign exchange contracts 1,041 3,350 N/A — — Total $ (387 ) $ 3,572 $ — $ (86 ) (Loss) Gain Recognized in Other Comprehensive Loss - Effective Portion Classification of (Loss) Gain Reclassified from Accumulated Other Comprehensive Loss into Net Income Amount Reclassified from Accumulated Other Comprehensive Loss into Net Income - Effective Portion Six Months Ended June 30, 2019 2018 2019 2018 Cash Flow Hedges: Interest rate swap $ — $ 95 Interest Expense $ — $ (145 ) Interest rate collar (1,641 ) 1,187 Interest Expense — 169 Total cash flow hedges (1,641 ) 1,282 — 24 Net Investment Hedges: Foreign exchange contracts 995 1,740 N/A — — Total $ (646 ) $ 3,022 $ — $ 24 See the captioned sections below for information related to the derivative financial instruments designated as cash flow hedges or net investment hedges. Derivative Financial Instruments Designated as Cash Flow Hedges —In connection with the York Property Mortgage (see Note 9 ), we entered into interest rate protection agreements secured by the York Property, consisting of a 2 -year interest rate swap (the "Mortgage Swap"), effective as of July 1, 2015 , and a 5 -year interest rate collar (the "Mortgage Collar"), effective as of July 1, 2017 . The Mortgage Swap fixed the LIBOR rate on the York Property Mortgage at an annual rate equal to 0.877% through its July 1, 2017 expiration date. The Mortgage Collar effectively fixes the LIBOR rate on the York Property Mortgage at an annual rate of no less than 1.917% , but no more than 3.75% , for the remainder of the mortgage's 7 -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 was approximately 3.127% and then will be between a floor of 4.167% and a cap of 6% for the remainder of its term. Beginning on the effective date of the Mortgage Collar through June 30, 2019 , the average interest rate for the York Property Mortgage was 4.4% . In conjunction and concurrent with the First Amendment to the York Property Mortgage in June 2017 (see Note 9), the notional value of the Mortgage Collar was reduced by $57 million to reflect: (i) the $32 million principal prepayment made on the York Property Mortgage on July 3, 2017 and (ii) potential annual prepayments of $6.25 million each, beginning in July 2018 and continuing through July 2021. The reduction in the notional value of the Mortgage Collar relates to previously forecasted interest payments that are no longer probable of occurring following the June 2017 amendment to the York Property Mortgage. As of June 30, 2019 , the notional value of the Mortgage Collar was $256.7 million , which is equal to the principal balance of the York Property Mortgage on that date. For the remainder of its term, the Mortgage Collar will have a notional value that is no greater than the applicable forecasted principal balance of the York Property Mortgage. The York Property, the York Property Mortgage, and the related interest rate protection agreement(s) 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. On November 21, 2016, we entered into a two -year interest rate swap agreement to eliminate the variability in expected cash outflows associated with the one-month LIBOR-indexed interest payments owed on $63 million of revolving credit facility borrowings (the "Revolving Credit Facility Swap"). In the third quarter of 2018, these revolving credit facility borrowings were repaid, and the Revolving Credit Facility Swap was terminated, resulting in a $0.2 million (net of tax) reclassification from Accumulated Other Comprehensive Loss into Net Loss in that period. At their inception, the Mortgage Collar and the Revolving Credit Facility 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 remains outstanding and 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 to the extent that there are any hedge settlements, the after-tax amount of any such settlement is reclassified to Interest Expense in our Condensed Consolidated Income Statements in the same period that interest expense related to the underlying debt instruments is recorded. Any hedge ineffectiveness is immediately recognized in Net Income. In addition, if any of the forecasted transactions associated with the Cash Flow Hedges are no longer probable of occurring, any related amounts previously recorded in Accumulated Other Comprehensive Loss on our Condensed Consolidated Balance Sheets would be immediately reclassified into Net Income. Management performs a quarterly assessment to determine whether the Mortgage Collar, as amended, 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 the York Property Mortgage. As of June 30, 2019 , the Mortgage Collar, as amended, is expected to continue 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 the York Property Mortgage. 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 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 Revolving Credit Facility Swap was based on a discounted cash flow methodology using the contractual terms of the instrument and observable LIBOR-curve rates that were consistent with the timing of the interest payments related to our revolving 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 June 30, 2019 , the aggregate notional value of our outstanding net investment hedge contracts was $36.7 million . We use the forward rate method to assess the effectiveness of our net investment hedges. Under the forward rate method, if both the notional value 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 Income Statements in Non-Operating Income. The following table presents the fair values of forward exchange contract assets and liabilities recorded on our Condensed Consolidated Balance Sheets as of June 30, 2019, December 31, 2018, and June 30, 2018 (in thousands): June 30, 2019 December 31, 2018 June 30, 2018 Fair value of forward exchange contracts recorded within Prepaid Expenses and Other Current Assets $ 77 $ 351 $ 3,712 Fair value of forward exchange contracts recorded within Accounts Payable and Accrued Liabilities $ 115 $ 125 $ 2 As of June 30, 2019 , the notional value of outstanding forward exchange contracts not designated as hedging instruments was $324 million

Supplemental Condensed Consolid

Supplemental Condensed Consolidated Balance Sheet Information	6 Months Ended
	Jun. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Supplemental Condensed Consolidated Balance Sheet Information	Supplemental Condensed Consolidated Balance Sheet Information As of June 30, 2019 , December 31, 2018 , and June 30, 2018 , Prepaid Expenses and Other Current Assets consisted of the following (in thousands): June 30, December 31, June 30, Prepaid expenses $ 25,440 $ 25,672 $ 25,586 Derivative financial instruments (see Note 10) 1,235 462 274 Insurance recoveries 4,147 4,353 2,335 Other 10,457 8,144 15,067 Total Prepaid Expenses and Other Current Assets $ 41,279 $ 38,631 $ 43,262 As of June 30, 2019 , December 31, 2018 , and June 30, 2018 , Other Long-Term Assets consisted of the following (in thousands): June 30, December 31, June 30, Defined benefit pension plan asset $ 103,931 $ 103,539 $ 107,647 Equity method investments (a) 47,897 47,507 46,789 Trust assets related to deferred compensation liability 33,457 28,517 30,017 Restricted cash (see Note 12) 16,654 16,819 17,442 Insurance recoveries 13,205 13,882 12,782 Other 17,265 16,396 15,136 Total Other Long-Term Assets $ 232,409 $ 226,660 $ 229,813 (a) Includes our equity method investments in RM Sotheby's and AMA, as well as a partnership through which artworks are being purchased and sold. As of June 30, 2019 , December 31, 2018 , and June 30, 2018 , Other Long-Term Liabilities consisted of the following (in thousands): June 30, December 31, June 30, Deferred compensation liability $ 32,894 $ 28,255 $ 29,605 Acquisition earn-out consideration — 8,750 8,750 Interest rate collar liability (see Note 10) 2,778 1,185 207 Other 4,117 7,327 7,609 Total Other Long-Term Liabilities $ 39,789 $ 45,517 $ 46,171

Supplemental Condensed Consol_2

Supplemental Condensed Consolidated Cash Flow Information	6 Months Ended
	Jun. 30, 2019
Supplemental Cash Flow Information [Abstract]
Supplemental Condensed Consolidated Cash Flow Information	Supplemental Condensed Consolidated Cash Flow Information Cash, Cash Equivalents, and Restricted Cash —As of June 30, 2019 , December 31, 2018 , and June 30, 2018 , cash, cash equivalents, and restricted cash consisted of the following (in thousands): June 30, December 31, June 30, Cash and cash equivalents $ 132,137 $ 178,579 $ 432,357 Restricted cash, recorded within current assets: Consignor funds held in legally segregated accounts 36,187 3,938 23,528 Cash Management Account related to the York Property Mortgage (see Note 9) 1,648 716 5,264 Other 181 182 187 Restricted cash, recorded within current assets 38,016 4,836 28,979 Restricted cash, recorded within other long-term assets (a) 16,654 16,819 17,442 Total restricted cash 54,670 21,655 46,421 Cash, cash equivalents, and restricted cash $ 186,807 $ 200,234 $ 478,778 (a) Principally relates to funds held in escrow pending the payment of sale proceeds to a consignor. Changes in Other Operating Assets and Liabilities —For the six months ended June 30, 2019 and 2018 , changes in other operating assets and liabilities as reported in the Condensed Consolidated Statements of Cash Flows include the following (in thousands): Six Months Ended June 30, 2019 2018 Increase in: Prepaid expenses and other current assets $ (3,435 ) $ (8,233 ) Other long-term assets (4,839 ) (3,611 ) Income tax receivables and deferred income tax assets (17,022 ) (9,782 ) (Decrease)/increase in: Accounts payable and accrued liabilities and other liabilities (33,110 ) (23,870 ) Accrued income taxes and deferred income tax liabilities 21,306 4,126 Total changes in other operating assets and liabilities $ (37,100 ) $ (41,370 )

Common Stock Repurchase Program

Common Stock Repurchase Program	6 Months Ended
	Jun. 30, 2019
Equity [Abstract]
Common Stock Repurchase Program	Common Stock Repurchase Program On December 13, 2018, we paid $70 million upon entry into an Accelerated Share Repurchase ("ASR") agreement (the "December 2018 ASR Agreement"). Pursuant to the December 2018 ASR Agreement, on December 14, 2018, we received an initial delivery of 1,605,938 shares of our common stock with a value of $59.5 million , or $37.05 per share. In conjunction with our entry into the December 2018 ASR Agreement, we recorded $59.5 million to Treasury Stock to reduce Shareholders’ Equity for the value of the initial shares received and $10.5 million to Additional Paid-In Capital to reduce Shareholders’ Equity for the unsettled portion of the December 2018 ASR Agreement, which represented a forward contract indexed to our common stock. On March 1, 2019, the December 2018 ASR Agreement expired, and we received an additional 186,732 shares of our common stock. Upon conclusion of the December 2018 ASR Agreement, the $10.5 million initially recorded to Additional Paid-In Capital was reclassified to Treasury Stock on our Condensed Consolidated Statements of Shareholders' Equity. In total, the December 2018 ASR Agreement resulted in the repurchase of 1,792,670 shares of our common stock for an average price of $39.05 per share. The amount paid to enter into the December 2018 ASR Agreement effectively utilized the remaining share repurchase authorization from our Board of Directors. During the first six months of 2018, we repurchased 1,192,604 shares of our common stock for an aggregate purchase price of $62.5 million , resulting in an average price of $52.40 per share. These share repurchases were made through open market purchases and purchases made pursuant to an SEC Rule 10b5-1 plan codified at 17 C.F.R. 240.10b5-1.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	6 Months Ended
	Jun. 30, 2019
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 and six months ended June 30, 2019 and 2018 (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Currency Translation Adjustments Balance at beginning of period $ (82,722 ) $ (67,280 ) $ (84,051 ) $ (74,505 ) Other comprehensive loss before reclassifications, net of tax of $0, $0, $0, and $400 (1,972 ) (14,238 ) (643 ) (7,013 ) Other comprehensive loss (1,972 ) (14,238 ) (643 ) (7,013 ) Balance at end of period (84,694 ) (81,518 ) (84,694 ) (81,518 ) Cash Flow Hedges Balance at beginning of period (843 ) 141 (630 ) (1,029 ) Other comprehensive (loss) income before reclassifications, net of tax of ($471), $73, ($541), and $423 (1,428 ) 222 (1,641 ) 1,282 Reclassifications from accumulated other comprehensive loss, net of tax of $0, ($28), $0, and $8 — (86 ) — 24 Other comprehensive (loss) income (1,428 ) 136 (1,641 ) 1,306 Balance at end of period (2,271 ) 277 (2,271 ) 277 Net Investment Hedges Balance at beginning of period 15,281 11,949 15,327 13,559 Other comprehensive income before reclassifications, net of tax of $341, $1,094, $329, and $569 1,041 3,350 995 1,740 Other comprehensive income 1,041 3,350 995 1,740 Balance at end of period 16,322 15,299 16,322 15,299 Defined Benefit Pension Plan Balance at beginning of period (2,785 ) (434 ) (2,690 ) (491 ) Currency translation adjustments 106 32 24 7 Other comprehensive income before reclassifications 106 32 24 7 Prior service cost amortization, net of tax of ($3), ($4), ($6), and ($8) (13 ) (21 ) (26 ) (43 ) Actuarial loss amortization, net of tax of $0, $19, $0, and $40 — 102 — 206 Reclassifications from accumulated other comprehensive loss, net of tax (13 ) 81 (26 ) 163 Other comprehensive income (loss) 93 113 (2 ) 170 Balance at end of period (2,692 ) (321 ) (2,692 ) (321 ) Total other comprehensive loss attributable to Sotheby's (2,266 ) (10,639 ) (1,291 ) (3,797 ) Accumulated other comprehensive loss as of June 30 $ (73,335 ) $ (66,263 ) $ (73,335 ) $ (66,263 ) Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Cash Flow Hedges Settlements $ — $ (114 ) $ — $ 32 Tax effect — 28 — (8 ) Reclassification adjustments, net of tax — (86 ) — 24 Defined Benefit Pension Plan Prior service cost amortization (16 ) (26 ) (32 ) (52 ) Actuarial loss amortization — 122 — 247 Pre-tax total (16 ) 96 (32 ) 195 Tax effect 3 (15 ) 6 (32 ) Reclassification adjustments, net of tax (13 ) 81 (26 ) 163 Total reclassification adjustments, net of tax $ (13 ) $ (5 ) $ (26 ) $ 187

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2019
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Compensation Arrangements —We are party to compensation arrangements with certain senior employees, which expire at various points between March 31, 2020 and December 31, 2022 . 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 $18.7 million as of June 30, 2019 . Indirect Tax Contingencies —We are subject to laws and regulations in many countries involving sales, use, value-added and other indirect taxes which are assessed by various governmental authorities and imposed on certain revenue-producing transactions between us and our clients. The application of these laws and regulations to our unique business and global client base, and the estimation of any related liabilities, is complex and requires a significant amount of judgment. We are generally not responsible for these indirect tax liabilities unless we fail to collect the correct amount of sales, use, value-added, or other indirect taxes. Failure to collect the correct amount of indirect tax on a transaction may expose us to claims from tax authorities and could require us to record a liability and corresponding charge to our income statement. 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 (including the matter discussed below), individually or in the aggregate, will have a material adverse effect on our consolidated financial condition. Rybolovlev Litigation —On November 17, 2017, Sotheby’s, together with its London, Geneva and Vienna subsidiaries, and one of its employees (collectively, “the Sotheby’s Parties”), initiated a declaratory judgment action (requête en conciliation) in Switzerland (the “Swiss Action”), at the Tribunal de Première Instance de la République et Canton de Genève, against Dmitry Rybolovlev and various persons and entities affiliated with him. The Sotheby’s Parties’ action seeks a declaration that the Sotheby’s Parties owe no liability or debt to Mr. Rybolovlev and his affiliates in connection with sales of art and related services to entities affiliated with Mr. Yves Bouvier, as discussed in more detail below. Sotheby’s filed its detailed Statement of Claim on July 11, 2017. The Sotheby’s Parties filed the Swiss Action in response to the stated intent of Mr. Rybolovlev’s counsel to initiate litigation in the U.K. against several of the Sotheby’s Parties. Specifically, on October 27, 2017, counsel for entities affiliated with Mr. Rybolovlev filed papers with the U.S. District Court for the Southern District of New York requesting authority to use documents previously obtained from Sotheby’s pursuant to 28 U.S.C. § 1782. This statute allows parties to conduct discovery in the U.S. for use in foreign legal proceedings. Mr. Rybolovlev sought discovery to support a contemplated U.K. proceeding alleging that Sotheby’s and its agents aided and abetted an alleged fraud that Mr. Bouvier allegedly perpetrated against Mr. Rybolovlev and affiliated entities. On December 22, 2017, the District Court in New York approved Mr. Rybolovlev’s request to use Sotheby’s previously disclosed documents both in the contemplated U.K. proceedings, and in the Sotheby’s Parties’ Swiss declaratory judgment proceeding against Mr. Rybolovlev and his affiliates. To date, we are not aware of Mr. Rybolovlev actually filing the threatened U.K. litigation against Sotheby’s, and believe that Geneva is the correct venue for the dispute, that the Lugano Convention effectively precludes Mr. Rybolovlev from sustaining an action in the U.K., and that the Sotheby’s Parties will prevail in the Swiss Action. On October 2, 2018, two entities controlled by Mr. Rybolovlev commenced proceedings against Sotheby’s and Sotheby’s, Inc. in the U.S. District Court for the Southern District of New York. In their complaint, these entities allege that Sotheby’s and Sotheby's Inc. and their agents, aided and abetted an alleged fraud that Mr. Bouvier allegedly perpetrated against Mr. Rybolovlev and affiliated entities and are claiming a minimum of $380 million in damages. The plaintiffs also allege that the Sotheby's Parties, in commencing the Swiss Action, violated a tolling agreement that the parties had entered into and seek an injunction prohibiting the Sotheby's Parties from prosecuting the Swiss Action. On January 18, 2019, the Sotheby's and Sotheby's Inc. filed a motion to dismiss this complaint, which they believe to be meritless, on numerous grounds. On June 25, 2019, the District Court in New York granted in part and denied in part Sotheby's and Sotheby's Inc.'s motion to dismiss this case on forum non conveniens and international comity grounds and to dismiss the plaintiffs’ breach of contract claim for failure to state a claim, pursuant to Rule 12(b) of the Federal Rules of Civil Procedure. The District Court in New York granted Sotheby's and Sotheby's Inc.'s motion insofar as it sought to dismiss the plaintiffs’ claim for an injunction prohibiting the Sotheby's Parties from prosecuting the Swiss Action. The District Court in New York otherwise denied the Sotheby's and Sotheby's Inc.'s motion to dismiss. In the same June 25 ruling, the District Court in New York granted in part and denied in part Sotheby's and Sotheby's Inc.'s motion to seal certain publicly filed documents in the case. On July 23, 2019, Sotheby's and Sotheby's Inc. filed their answer with the District Court in New York. The case will now proceed to discovery. Litigation Related to Pending Merger —Following the announcement on June 17, 2019 of the pending Merger (see Note 22), Sotheby's and members of its Board of Directors have been named in three putative class action complaints, Shiva Stein vs. Sotheby's, et al. and Eli D. Goffmna vs. Sotheby's, et al. filed in the U.S. District Court for the Southern District of New York, and a third putative class action complaint, Michael Kent vs. Sotheby's, et al. filed in the U.S. District Court for the District of Delaware, by alleged stockholders of Sotheby’s. The plaintiffs allege, among other things, that the preliminary proxy statement filed with the SEC by Sotheby's on July 12, 2019 in connection with the pending Merger misstates or omits material information regarding Sotheby's financial projections, the analyses performed by Sotheby's financial advisors, and the process leading up to the pending Merger, in violation of the federal securities laws. Litigation such as this is routine in the United States following the announcement of a pending acquisition, and additional, duplicative actions may be filed in the future. We believe that any claim that the preliminary proxy statement is inaccurate or misleading in any way is without merit, and we will vigorously defend against any assertions in these or in any similar actions that may be filed against Sotheby's. Therefore, at this time, we do not believe the ultimate resolution of these lawsuits will have a material adverse effect on Sotheby's.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2019
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The U.S. Tax Cuts and Jobs Act (“the Act”) was enacted on December 22, 2017. Upon enactment, the SEC issued Staff Accounting Bulletin No. 118 (“SAB 118”), Income Tax Accounting Implications of the Tax Cuts and Jobs Act , which allowed companies to record the income tax effects of the Act as a provisional amount based on reasonable estimates for those tax effects and provided a one-year measurement period for companies to finalize the accounting of the income tax effects of the Act. Our accounting for the effects of the Act was complete as of December 31, 2018; however, there may be some elements of the Act that remain subject to further clarification by the issuance of future regulations or notices by the U.S. Treasury Department or IRS which could result in future adjustments to previously recorded amounts. Final regulations related to the computation of the one-time transition tax on certain unremitted and untaxed earnings of our foreign subsidiaries were issued on January 15, 2019. These regulations did not have a material impact on the related liability that was recorded. On June 21, 2019, the Internal Revenue Service issued final regulations relating to the global intangible low-taxed income and foreign tax credit provisions of the U.S. tax law changes included in the Act. We do not believe these regulations will have a material impact on our financial statements. As of June 30, 2019, December 31, 2018, and June 30, 2018, our Condensed Consolidated Balance Sheets reflect long-term accrued income taxes (net of foreign tax credits) of $15.3 million , $15.3 million , and $20.2 million

Auction Guarantees

Auction Guarantees	6 Months Ended
	Jun. 30, 2019
Guarantees [Abstract]
Auction Guarantees	Auction Guarantees From time-to-time, in the ordinary course of business, we will provide a guarantee to the consignor that their consigned artwork will achieve a specified minimum sale price at auction. This type of arrangement is known as an auction guarantee. If the property offered under an auction guarantee sells above the minimum guaranteed price, we are generally entitled to a share of 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 shortfall between the sale price at auction and the amount of the auction guarantee. If the property offered under the auction guarantee does not sell, we must pay the amount of the auction guarantee to the consignor and then 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. In situations when an item of guaranteed property does not sell and we take ownership of the property, it is taken into Inventory and recorded 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 sharing arrangements. Such auction guarantee risk sharing arrangements include irrevocable bid arrangements and, from time-to-time, partner sharing arrangements. An irrevocable bid is an arrangement under which a counterparty irrevocably 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, as their fee, a share of the buyer's premium earned on the sale and/or a share of any auction guarantee overage. If the irrevocable bid is the winning bid, the counterparty may sometimes receive a fee as compensation for providing the irrevocable bid. This fee is netted against the counterparty's obligation to pay the aggregate purchase price (i.e., the hammer price plus 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, if the property sells, the counterparty in a partner sharing arrangement is generally entitled to receive, as their fee, a share of the buyer's premium earned on the sale and/or a share of any auction guarantee overage. The counterparties to these auction guarantee risk 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. Additionally, although risk 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. As of June 30, 2019 , we had outstanding auction guarantees totaling $68.7 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. All of the property related to these auction guarantees is being offered at auctions during the third and fourth quarters of 2019 . Our financial exposure under these auction guarantees is reduced by $59.1 million as a result of our use of contractual risk sharing arrangements with third parties. After taking into account these risk-sharing arrangements, as of June 30, 2019 , our net financial exposure related to the auction guarantees was $9.6 million . We are obligated under the terms of certain auction guarantees to advance all or a portion of the guaranteed amount prior to auction. There were no auction guarantee advances outstanding as of June 30, 2019, December 31, 2018 , and June 30, 2018 . As of June 30, 2019 , December 31, 2018 , and June 30, 2018 , the estimated fair value of our obligation to perform under our outstanding auction guarantees totaled $1.9 million , $2.9 million , and $0.9 million , respectively, and is recorded within Accounts Payable and Accrued Liabilities on our Condensed Consolidated Balance Sheets. This estimated fair value is based on an analysis of historical loss experience related to auction guarantees and does not include the impact of risk-sharing arrangements that may have mitigated all or a portion of any historical losses. As of July 26, 2019 , we had outstanding auction guarantees totaling $44.2 million and, as of that date, our financial exposure was reduced by risk-sharing arrangements totaling $32.9 million . After taking into account these risk-sharing arrangements, as of July 26, 2019 , our net financial exposure related to auction guarantees was $11.4 million . Each of the auction guarantees outstanding as of July 26, 2019 has a minimum guaranteed price that is within or below the range of the pre-sale auction estimates for the underlying property. The majority of property related to these auction guarantees is being offered at auctions during the fourth quarter of 2019. As of July 26, 2019 , we have no auction guarantee advances outstanding.

Share-Based Payments

Share-Based Payments	6 Months Ended
	Jun. 30, 2019
Share-based Payment Arrangement [Abstract]
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, and restricted shares. Share-based payments are also made to members of our Board of Directors through the issuance of common stock and deferred stock units. A description of each of these share-based payments is provided below. For the three and six months ended June 30, 2019 and 2018 , compensation expense related to share-based payments was as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Amortization of share-based payments $ 7,269 $ 6,312 $ 14,867 $ 14,689 Accelerated expense attributable to contractual severance agreement 1,050 — 1,050 — Total share-based payment expense (pre-tax) $ 8,319 $ 6,312 $ 15,917 $ 14,689 Total share-based payment expense (after-tax) $ 6,386 $ 5,087 $ 12,214 $ 11,726 In the second quarter of 2019, we entered into a contractual severance agreement with a named executive officer (the "NEO”) pursuant to which, among other things, the NEO will no longer be required to provide service in order for his share-based payment awards to vest. In addition, in conjunction with this contractual severance agreement and in anticipation of the pending Merger (see Note 22), the NEO’s stock units were immediately canceled and converted into a right to receive an amount in cash equal in value to the product of: (i) the number of shares of Sotheby’s common stock underlying such awards and (ii) $57.00 . As a result of the contractual severance agreement with the NEO, for the three and six months ended June 30, 2019, we recognized accelerated share-based payment expense of $1.1 million related to the removal of the NEO's service requirement and an additional $0.7 million related to the revaluing of the NEO's share-based payment awards to $57.00 per share from their grant date fair value. Also in conjunction with the modification of the NEO's share-based payment awards, in the second quarter of 2019, $2 million was reclassified from Additional Paid-in Capital to Accrued Salaries and Related Costs in our Condensed Consolidated Balance Sheets to reflect the required cash settlement of those awards. For the six months ended June 30, 2019 and 2018, we recog nized $1.5 million and $1.2 million , respectively, in excess tax benefits related to share-based payments in our Condensed Consolidated Income Statements. These tax benefits represent the amount by which the tax deduction resulting from the vesting of share-based payments in the period exceeded the tax benefit initially recognized in our Condensed Consolidated Financial Statements. As of June 30, 2019 , unrecognized compensation expense related to the unvested portion of share-based payments to employees was $37.6 million . This compensation expense is expected to be amortized over a weighted-average period of approximately 2.2 years. We do not capitalize any compensation expense related to share-based payments to employees. 2018 Equity Incentive Plan —The Sotheby’s 2018 Equity Incentive Plan (the “Equity Plan”) was adopted by our Board of Directors on February 28, 2018 and approved by our stockholders on May 3, 2018. The Equity Plan replaced the Sotheby’s Restricted Stock Unit Plan (as amended and restated, the "Restricted Stock Unit Plan") and the Sotheby’s 1997 Stock Option Plan (collectively, the “Prior Plans”), which are discussed in more detail below. The Equity Plan permits the issuance of restricted stock, restricted stock units, performance shares, performance share units, stock options, stock appreciation rights (or, "SAR's"), and other equity-related awards. No further awards will be granted under the Prior Plans after May 3, 2018. However, the terms and conditions of the Prior Plans and related award agreements will continue to apply to all awards granted prior to May 3, 2018 under the Prior Plans. The Equity Plan is a fungible share plan. Each option or SAR granted under the Equity Plan will count as one share from the available share pool. Each full-value award granted under the Equity Plan, including restricted stock units and performance share units, will count as 2.14 shares from the available pool. Restricted Stock Unit Plan —Prior to May 3, 2018, the Restricted Stock Unit Plan provided for the issuance of restricted stock units ("RSU's") and restricted shares to employees. Awards made under the Restricted Stock Unit Plan were subject to the approval of the Compensation Committee of our Board of Directors. RSU's and restricted 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 shares issued under the Restricted Stock Unit Plan 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 issued under the Restricted Stock Unit Plan do not have voting rights, while holders of restricted shares have voting rights. RSU's and restricted shares may not be sold, assigned, transferred, pledged or otherwise encumbered until they vest. For RSU's and restricted shares issued after May 3, 2018 under the new Equity Plan, dividend equivalents will generally be credited to holders of RSU's at the same rate as dividends are paid on our common stock (if and when such dividends are paid), but will only be paid for RSU's and restricted shares that vest. Performance Share Units (or "PSU's") are RSU's that generally vest over three -year service periods, subject to the achievement of certain profitability targets (for awards granted prior to 2016) or certain 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. For the six months ended June 30, 2019 , the Compensation Committee approved share-based payment awards with a total grant date fair value of $31.4 million , as follows: • 325,027 PSU's with a grant date fair value of $13.1 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 650,054 . • 454,519 RSU's with a grant date fair value of $18.3 million and annual vesting opportunities over a three -year service period. Summary of Outstanding Share-Based Payment Awards —For the six months ended June 30, 2019 , changes to the number of outstanding RSU’s, PSU’s, and restricted shares were as follows (in thousands): Restricted Shares, RSU's and PSU's Weighted Average Grant Date Fair Value Outstanding at January 1, 2019 1,852 $ 39.12 Granted 780 $ 40.20 Vested (744 ) $ 30.35 Canceled (200 ) $ 32.38 Outstanding at June 30, 2019 1,688 $ 44.56 As of June 30, 2019 , 5.9 million shares were available for future awards issued pursuant to the new Equity Plan. The aggregate fair value of RSU’s and PSU's that vested during the six months ended June 30, 2019 and 2018 was $29.7 million and $26.8 million , respectively, based on the closing stock price on the dates the shares vested. 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 June 30, 2019 and 2018 , we recognized $0.4 million and $0.3 million , respectively, within General and Administrative Expenses in our Condensed Consolidated Income Statements related to common stock shares awarded under the Directors Stock Plan. For the six months ended June 30, 2019 and 2018, such expense was $0.7 million and $0.6 million , respectively. As of June 30, 2019 , 203,149 deferred stock units were outstanding under the Directors Stock Plan and 70,248

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 2019
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share Basic earnings per share —Basic earnings per share attributable to Sotheby's common shareholders is computed under the two-class method using the weighted average number of common shares outstanding during the period. The two-class method requires that the amount of net income attributable to participating securities be deducted from consolidated net income in the computation of basic earnings per share. In periods with a net loss, the net loss attributable to participating securities is not deducted from consolidated net loss in the computation of basic loss per share as the impact would be anti-dilutive. Our participating securities include unvested restricted stock units and unvested restricted shares held by employees, both of which have non-forfeitable rights to dividends. (See Note 18 for information on our share-based payment programs.) Diluted earnings per share —Diluted earnings per share attributable to Sotheby's common shareholders is computed in a similar manner to basic 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 principally include unvested performance share units held by employees, unvested restricted stock units that do not have non-forfeitable rights to dividends, and deferred stock units held by members of our Board of Directors. (See Note 18 for information on our share-based payment programs.) The table below summarizes the computation of basic and diluted earnings per share for the three and six months ended June 30, 2019 and 2018 (in thousands, except per share amounts): Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Basic : Numerator: Net income attributable to Sotheby’s $ 57,006 $ 57,282 $ 49,935 $ 50,760 Less: Net income attributable to participating securities 412 844 495 763 Net income attributable to Sotheby’s common shareholders $ 56,594 $ 56,438 $ 49,440 $ 49,997 Denominator: Weighted average common shares outstanding 46,614 51,780 46,518 52,122 Basic earnings per share - Sotheby’s common shareholders $ 1.21 $ 1.09 $ 1.06 $ 0.96 Diluted : Numerator: Net income attributable to Sotheby’s $ 57,006 $ 57,282 49,935 $ 50,760 Less: Net income attributable to participating securities 412 844 495 763 Net income attributable to Sotheby’s common shareholders $ 56,594 $ 56,438 $ 49,440 $ 49,997 Denominator: Weighted average common shares outstanding 46,614 51,780 46,518 52,122 Weighted average effect of dilutive potential common shares: Performance share units 198 259 290 197 Deferred stock units 203 171 199 172 Restricted stock units 109 — 70 — Weighted average dilutive potential common shares outstanding 510 430 559 369 Weighted average diluted shares outstanding 47,124 52,210 47,077 52,491 Diluted earnings per share - Sotheby’s common shareholders $ 1.20 $ 1.08 $ 1.05 $ 0.95 For the three and six months ended June 30, 2019, approximately 0.6 million potential common shares related to share-based payments were excluded from the computation of diluted loss per share because the financial performance or stock price targets inherent in such awards were not achieved as of their respective balance sheet dates. For the three and six months ended June 30, 2018, approximately 1 million

Restructuring Charges

Restructuring Charges	6 Months Ended
	Jun. 30, 2019
Restructuring and Related Activities [Abstract]
Restructuring Charges	Restructuring Charges Beginning in the second quarter of 2018, we implemented a restructuring plan with the principal goal of reducing headcount through the elimination of certain Agency segment and corporate level positions (the "2018 Restructuring Plan"). The 2018 Restructuring Plan was completed in the fourth quarter of 2018 and resulted in $10.8 million of Restructuring Charges in 2018, of which $2.1 million were recorded in the second quarter of 2018. The remaining restructuring liability of $1.1 million as of June 30, 2019 is recorded on our Condensed Consolidated Balance Sheets within Accounts Payable and Accrued Liabilities. This liability is expected to be substantially settled through cash payments to be made throughout 2019.

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2019
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. For the three and six months ended June 30, 2019, our Condensed Consolidated Income Statements include Agency Commissions and Fees of $1.5 million , respectively, attributable to transactions with related parties. For the three and six months ended June 30, 2018, our Condensed Consolidated Income Statements include Agency Commissions and Fees of $3.2 million and $3.4 million , respectively, attributable to transactions with related parties. For the six months ended June 30, 2018, our Condensed Consolidated Income Statements include Inventory Sales (and related cost of sales) of $5.3 million attributable to transactions with related parties. As of June 30, 2018, Accounts Receivable included amounts due from related party purchasers of $3.6 million . As of December 31, 2018 and June 30, 2018, Client Payables included amounts owed to related party consignors totaling $4.3 million and $0.4 million , respectively. As of June 30, 2019, no

Pending Merger

Pending Merger	6 Months Ended
	Jun. 30, 2019
Business Combinations [Abstract]
Pending Merger	Pending Merger On June 16, 2019, Sotheby's entered into an Agreement and Plan of Merger (the “Merger Agreement”) by and among Sotheby's, Bidfair USA LLC, a Delaware limited liability company (“Parent”) and BidFair MergeRight Inc., a Delaware corporation and wholly-owned subsidiary of Parent (“Merger Sub”). Parent and Merger Sub are ultimately controlled by Patrick Drahi. Pursuant to the Merger Agreement, Merger Sub will be merged with and into Sotheby's (the “Merger”), with Sotheby's continuing as the surviving company in the Merger. Subject to the terms and conditions set forth in the Merger Agreement, at the effective time of the Merger, each share of common stock, $0.01 par value, of Sotheby's issued and outstanding immediately prior to the effective time of the Merger (other than shares of common stock held in the treasury of Sotheby's or owned by any subsidiary of Sotheby's, Parent, Merger Sub, or any other subsidiary or affiliate of Parent and shares of common stock owned by stockholders of Sotheby's who have neither voted in favor of the Merger nor consented thereto in writing and properly exercised and perfected and not withdrawn a demand for appraisal rights under Delaware law) will be converted into the right to receive $57.00 in cash, without interest (the "Merger Consideration"). The Merger Agreement contains customary “no-shop” restrictions on Sotheby's ability to solicit alternative transaction proposals from third parties and to provide non-public information to and engage in discussions or negotiations with third parties regarding alternative transaction proposals. Notwithstanding the limitations applicable under the “no-shop” restrictions, after the date of the Merger Agreement, and prior to obtaining the approval of the Merger Agreement by holders of a majority of Sotheby's outstanding common stock, Sotheby's may under certain circumstances provide non-public information to and participate in discussions or negotiations with third parties with respect to an unsolicited alternative transaction proposal that Sotheby's Board of Directors has determined would reasonably be expected to lead to a Superior Proposal (as defined in the Merger Agreement). The consummation of the Merger is subject to various conditions, including, among others, customary conditions relating to (i) the adoption of the Merger Agreement by holders of a majority of Sotheby's outstanding common stock, (ii) certain non-U.S. regulatory approvals relating to competition matters, (iii) written determination from the Committee on Foreign Investment in the United States that there are no unresolved national security concerns with respect to the transactions contemplated by the Merger Agreement, (iv) the absence of a legal restraint or injunction that prohibits or enjoins the consummation of the Merger or any other transactions contemplated under the Merger Agreement, and (v) the absence of a Company Material Adverse Effect (as defined in the Merger Agreement). The obligation of each party to consummate the Merger is also conditioned on the accuracy of the other party’s representations and warranties (subject to certain materiality exceptions) and the other party’s compliance, in all material respects, with its covenants and agreements under the Merger Agreement. On July 10, 2019, the Federal Trade Commission (the “FTC”) granted early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act (“HSR Act”). Parent and Merger Sub have secured committed financing, consisting of a combination of equity financing to be provided by NEXT ALT S.à r.l., an affiliate of Parent, and debt financing from BNP Paribas Securities Corp. and BNP Paribas, the aggregate proceeds of which Parent and Merger Sub have represented will be sufficient for Parent and Merger Sub to pay the aggregate Merger Consideration and other fees and expenses under the Merger Agreement. Parent and Merger Sub have agreed to use their respective commercially reasonable efforts to obtain the financing on the terms and conditions described in the debt commitment letter and the equity commitment letter, each entered into on June 16, 2019. In addition, an affiliate of Parent has provided Sotheby's with a guaranty in favor of Sotheby's, which guarantees the payment obligations of Parent’s affiliate under the equity commitment letter and certain payment obligations of Parent and Merger Sub under the Merger Agreement. The equity commitment letter provides that Sotheby's has the right to rely on and enforce certain terms of the agreement. The Merger Agreement does not contain a financing condition. The Merger Agreement provides for certain customary termination rights of Sotheby's and Parent, including the right of either party to terminate the Merger Agreement if the Merger is not completed on or before December 13, 2019 (the “Outside Date”), provided that the Outside Date may, under certain circumstances, be extended up to an additional 90 days by either party. Sotheby's may terminate the Merger Agreement, in certain circumstances, including to accept a Superior Proposal pursuant to terms set forth in the Merger Agreement. The Merger Agreement also provides that (1) Sotheby's will be required to pay Parent a termination fee of $110.9 million and/or reimburse Parent for up to $4 million of expenses in certain circumstances, including if Sotheby's terminates the Merger Agreement to accept a Superior Proposal and (2) Parent will be required to pay Sotheby's a termination fee of $221.7 million in certain other circumstances due to Parent’s inability to obtain the debt financing. The foregoing description of the Merger Agreement is qualified in its entirety by the full text of the Merger Agreement, which is attached as Exhibit 2.1 to our Current Report on Form 8-K filed with the SEC on June 17, 2019. For additional information regarding the Merger, please also refer to our Preliminary Proxy Statement filed with the SEC on July 12, 2019. Assuming timely receipt of required regulatory approvals and timely satisfaction of other closing conditions, including the approval by our shareholders of the merger proposal, we currently expect the closing of the Merger to occur during the fourth quarter of 2019. If the Merger is consummated, within 30 days of the resulting change of control, we must commence and consummate an offer to purchase all of the outstanding 2025 Senior Notes at a purchase price equal to 101% of their principal amount, plus any accrued interest. However, we shall not be required to make such an offer to purchase all of the outstanding 2025 Senior Notes if (i) a third party makes the offer to purchase the 2025 Senior Notes in the manner, at the times and otherwise in compliance with the requirements set forth in the indenture, and purchases all of the 2025 Senior Notes properly tendered and not withdrawn under the offer to purchase, or (ii) a notice of redemption has been given pursuant to the indenture and until there is a default in payment of the applicable redemption price. We or a third party may make such an offer to purchase the 2025 Senior Notes in advance of a change of control if a definitive agreement to effect the change of control is in place at the time such offer to purchase is made, and the offer to purchase is effected upon the consummation of the change of control, and such offer to purchase may be conditional on the change of control. If consummated, the Merger will also be considered an event of default under the Change of Control provisions of the New Credit Agreement, upon which the respective lenders may accelerate the repayment of any outstanding borrowings and the New Credit Agreement commitments may be terminated. If such an acceleration of outstanding borrowings under the New Credit Agreement occurred, it would also be considered an event of default under the York Property Mortgage, upon which the lenders can accelerate the repayment of any outstanding borrowings. (See Note 9 for a discussion of our outstanding debt obligations.) For the three and six months ended June 30, 2019, we incurred $5.7 million

Accounting Standards Not Yet Ad

Accounting Standards Not Yet Adopted	6 Months Ended
	Jun. 30, 2019
Accounting Changes and Error Corrections [Abstract]
Accounting Standards Not Yet Adopted	Accounting Standards Not Yet Adopted Credit Losses —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. For public business entities, ASU 2016-13 is effective for fiscal years beginning after December 15, 2019. For all other entities, ASU 2016-13 is effective for fiscal years beginning after December 15, 2020. We are currently assessing the potential impact of adopting ASU 2016-13 on our financial statements. Consolidation —In October 2018, the FASB issued ASU 2018-17, Targeted Improvements to Related Party Guidance for VIE's , which, among other things, addresses fees paid to decision makers and related party service providers. For public business entities, ASU 2018-17 is effective for fiscal years beginning after December 15, 2019. For all other entities, ASU 2018-17 is effective for fiscal years beginning after December 15, 2020. We are currently assessing the potential impact of adopting ASU 2018-17 on our financial statements.

Basis of Presentation (Policies

Basis of Presentation (Policies)	6 Months Ended
	Jun. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accounting Principles	Accounting Principles —The unaudited Condensed Consolidated Financial Statements included herein have been prepared by the management of Sotheby’s in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") and pursuant to the rules and regulations of the Securities and Exchange Commission (the "SEC"). Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted from this report, as is permitted by such rules and regulations. In 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. The interim results presented in our Condensed Consolidated Income Statements are not necessarily indicative of results for a full year. See Note 2 for information about the seasonality of our business. We urge you to read these unaudited Condensed Consolidated Financial Statements in conjunction with the information included in our 2018 Form 10-K filed with the SEC on February 28, 2019.
Principles of Consolidation	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 loss attributable to the minority owner of Sotheby's Beijing is reported as "Net Loss Attributable to Noncontrolling Interest" in our Condensed Consolidated Income Statements, 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 Method Investments	Equity investments through which we may significantly influence, but not control, the investee, are accounted for using the equity method. Under the equity method, our share of investee earnings or losses is recorded in our Condensed Consolidated Income Statements within Equity in Earnings of Investees. Our interest in the net assets of these investees is recorded on our Condensed Consolidated Balance Sheets within Other Long-Term Assets. Our equity method investees include: (i) Acquavella Modern Art ("AMA"), a partnership through which a collection of fine art is being sold, (ii) RM Sotheby's, an auction house for investment-quality automobiles, and (iii) a partnership through which artworks are being purchased and sold.
Estimates and Assumptions	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.
Leases	Leases —In February 2016, the Financial Accounting Standards Board (the "FASB") issued Accounting Standards Update ("ASU") 2016-02, Leases , which requires long-term lease arrangements to be recognized as assets and liabilities on the balance sheet of the lessee. Under ASU 2016-02, a right-of-use asset and lease liability are recorded for all long-term leases, whether classified as an operating lease or a finance lease. On July 30, 2018, the FASB issued ASU 2018-11, which made targeted improvements to ASU 2016-02 (together, the "New Lease Standard"). We adopted the New Lease Standard on January 1, 2019 using the modified retrospective method and elected not to recast comparative prior year periods. We have also elected the package of practical expedients available under the transition provisions of the New Lease Standard, including (i) not reassessing whether expired or existing contracts contain leases, (ii) not reassessing previous lease classification, and (iii) not revaluing initial direct costs for existing leases. In addition, for all leases, we have elected the practical expedient that allows the aggregation of non-lease components, such as maintenance, utilities, and management services, with the related lease components when evaluating accounting treatment.
Accounting Standards Not Yet Adopted	Accounting Standards Not Yet Adopted Credit Losses —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. For public business entities, ASU 2016-13 is effective for fiscal years beginning after December 15, 2019. For all other entities, ASU 2016-13 is effective for fiscal years beginning after December 15, 2020. We are currently assessing the potential impact of adopting ASU 2016-13 on our financial statements. Consolidation —In October 2018, the FASB issued ASU 2018-17, Targeted Improvements to Related Party Guidance for VIE's , which, among other things, addresses fees paid to decision makers and related party service providers. For public business entities, ASU 2018-17 is effective for fiscal years beginning after December 15, 2019. For all other entities, ASU 2018-17 is effective for fiscal years beginning after December 15, 2020. We are currently assessing the potential impact of adopting ASU 2018-17 on our financial statements.

Segment Reporting (Tables)

Segment Reporting (Tables)	6 Months Ended
	Jun. 30, 2019
Segment Reporting [Abstract]
Schedule of Segment Information	The following table presents our segment information for the three and six months ended June 30, 2019 and 2018 (in thousands): Three Months Ended June 30, 2019 Agency SFS All Other Reconciling items Total Revenues $ 338,139 $ 18,359 $ 7,791 $ (2,511 ) (a) $ 361,778 Segment income before taxes (b) $ 77,290 $ 9,584 $ 1,335 $ (5,253 ) (c) $ 82,956 Three Months Ended June 30, 2018 Revenues $ 327,445 $ 11,823 $ 8,550 $ (2,182 ) (a) $ 345,636 Segment income before taxes (b) $ 70,192 $ 6,380 $ 1,051 $ (3,742 ) (c) $ 73,881 Six Months Ended June 30, 2019 Revenues $ 492,441 $ 34,426 $ 13,688 $ (5,312 ) (a) $ 535,243 Segment income before taxes (b) $ 53,144 $ 17,561 $ 3,413 $ (5,751 ) (c) $ 68,367 Six Months Ended June 30, 2018 Revenues $ 507,178 $ 24,239 $ 14,732 $ (4,717 ) (a) $ 541,432 Segment income before taxes (b) $ 61,169 $ 13,131 $ 2,439 $ (14,326 ) (c) $ 62,413 (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) Our previous credit agreements provided for dedicated asset-based revolving credit facilities for the Agency segment and SFS (see Note 9). The SFS Credit Facility was used to fund a significant portion of client loans. Accordingly, any borrowing costs associated with the SFS Credit Facility were recorded within Cost of Finance Revenues in our Condensed Consolidated Income Statements. In September 2017, we modified our cash management strategy in order to reduce borrowing costs by applying excess cash balances against revolver credit facility borrowings. On June 26, 2018, we refinanced our previous credit agreements. The new credit agreement that was entered into in connection with this refinancing combined the Agency Credit Facility and the SFS Credit Facility into one asset-based revolving credit facility. Subsequent to the refinancing and resulting elimination of the SFS Credit Facility, the SFS loan portfolio is no longer directly funded with revolving credit facility borrowings. Accordingly, beginning in the third quarter of 2018, all borrowing costs associated with our revolving credit facility are recorded as interest expense in our Condensed Consolidated Income Statements. As a result of this refinancing and the concurrent elimination of the separate segment-based revolving credit facilities, beginning in the third quarter of 2018, when measuring segment profitability: (i) revolving credit facility costs are no longer allocated to our segments and (ii) SFS receives a corporate finance charge that is calculated assuming that 85% of their loan portfolio is funded with debt. Prior period segment results have been recast to reflect these changes in the measurement of segment profitability. (c) The unallocated amounts and reconciling items related to segment income before taxes are detailed in the table below.
Reconciliation of Segment (Loss) Income Before Taxes	The table below presents a reconciliation of total segment income before taxes to consolidated income before taxes for the three and six months ended June 30, 2019 and 2018 (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Agency $ 77,290 $ 70,192 $ 53,144 $ 61,169 SFS 9,584 6,380 17,561 13,131 All Other 1,335 1,051 3,413 2,439 Segment income before taxes 88,209 77,623 74,118 76,739 Unallocated amounts and reconciling items: Revolving credit facility costs (a) (5,164 ) (6,473 ) (9,983 ) (9,419 ) SFS corporate finance charge 6,474 3,965 12,323 7,988 Merger-related expenses (5,710 ) — (5,710 ) — Extinguishment of debt — — — (10,855 ) Equity in earnings of investees (b) (853 ) (1,234 ) (2,381 ) (2,040 ) Income before taxes $ 82,956 $ 73,881 $ 68,367 $ 62,413 (a) For the three and six months ended June 30, 2018, revolving credit facility costs in the table above includes approximately $4 million of unamortized fees related to our previous credit agreements that were written off in the second quarter of 2018. (See Note 9.) (b) For segment reporting purposes, our share of earnings related to equity investees is included as part of income before taxes. However, such earnings are reported separately below income before taxes in our Condensed Consolidated Income Statements.
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 June 30, 2019 , December 31, 2018 , and June 30, 2018 (in thousands): June 30, 2019 December 31, 2018 June 30, 2018 Agency $ 1,884,330 $ 1,886,986 $ 2,227,296 SFS 759,623 705,779 494,420 All Other 37,448 39,241 43,625 Total segment assets 2,681,401 2,632,006 2,765,341 Unallocated amounts and reconciling items: Deferred tax assets and income tax receivable 69,187 57,082 46,326 Consolidated assets $ 2,750,588 $ 2,689,088 $ 2,811,667

Revenues (Tables)

Revenues (Tables)	6 Months Ended
	Jun. 30, 2019
Revenue from Contract with Customer [Abstract]
Schedule of Revenue by Segment	The following tables summarize our revenues by segment and type for the three and six months ended June 30, 2019 and 2018 (in thousands): Three Months Ended June 30, 2019 Three Months Ended June 30, 2018 Agency SFS All Other Total Agency SFS All Other Total Revenue from contracts with customers: Agency commissions and fees: Auction commissions $ 275,851 $ — $ — $ 275,851 $ 257,799 $ — $ — $ 257,799 Auction related fees, net (a) 19,086 — — 19,086 6,081 — — 6,081 Private sale commissions 24,780 — 114 24,894 24,016 — 500 24,516 Other Agency commissions and fees 2,302 — 11 2,313 2,359 — 124 2,483 Total Agency commissions and fees 322,019 — 125 322,144 290,255 — 624 290,879 Inventory sales 16,120 — 2,139 18,259 37,190 — 2,916 40,106 Advisory revenues — — 1,315 1,315 — — 1,156 1,156 License fee and other revenues — — 4,212 4,212 — — 3,854 3,854 Total revenue from contracts with customers 338,139 — 7,791 345,930 327,445 — 8,550 335,995 Finance revenue: Interest and related fees — 15,848 — 15,848 — 9,641 — 9,641 Total revenues $ 338,139 $ 15,848 $ 7,791 $ 361,778 $ 327,445 $ 9,641 $ 8,550 $ 345,636 Six Months Ended June 30, 2019 Six Months Ended June 30, 2018 Agency SFS All Other Total Agency SFS All Other Total Revenue from contracts with customers: Agency commissions and fees: Auction commissions $ 392,889 $ — $ — $ 392,889 $ 389,929 $ — $ — $ 389,929 Auction related fees, net (a) 28,514 — — 28,514 17,824 — — 17,824 Private sale commissions 43,019 — 114 43,133 43,501 — 500 44,001 Other Agency commissions and fees 5,220 — 55 5,275 4,351 — 300 4,651 Total Agency commissions and fees 469,642 — 169 469,811 455,605 — 800 456,405 Inventory sales 22,799 — 4,226 27,025 51,573 — 4,769 56,342 Advisory revenues — — 2,722 2,722 — — 2,406 2,406 License fee and other revenues — — 6,571 6,571 — — 6,757 6,757 Total revenue from contracts with customers 492,441 — 13,688 506,129 507,178 — 14,732 521,910 Finance revenue: Interest and related fees — 29,114 — 29,114 — 19,522 — 19,522 Total revenues $ 492,441 $ 29,114 $ 13,688 $ 535,243 $ 507,178 $ 19,522 $ 14,732 $ 541,432 (a) Auction Related Fees, net, includes the net overage or shortfall attributable to auction guarantees, consignor expense recoveries, and shipping fees charged to buyers.
Schedule of Contract with Customer	The table below presents the Accounts Receivable balances related to our contracts with customers and associated Client Payables as of June 30, 2019, December 31, 2018, and June 30, 2018. The net receivable (payable) balance reported at each balance sheet date is dependent on the timing of auction and private sale settlements, as well as the extent of extended payment terms granted to buyers, particularly if not matched by the consignor. (in thousands) June 30, December 31, June 30, Accounts receivable $ 890,330 $ 967,817 $ 1,076,152 Client payables 901,779 997,168 1,191,581 Net payable $ (11,449 ) $ (29,351 ) $ (115,429 )

Notes Receivable (Tables)

Notes Receivable (Tables)	6 Months Ended
	Jun. 30, 2019
Receivables [Abstract]
Schedule of Aggregate LTV Ratio	The table below provides the aggregate LTV ratio for the SFS loan portfolio as of June 30, 2019 , December 31, 2018 , and June 30, 2018 (in thousands): June 30, December 31, June 30, Secured loans $ 747,312 $ 693,977 $ 479,972 Low auction estimate of collateral $ 1,633,504 $ 1,629,270 $ 1,159,693 Aggregate LTV ratio 46 % 43 % 41 % The table below provides the aggregate LTV ratio for secured loans made by SFS with an LTV ratio above 50% as of June 30, 2019 , December 31, 2018 , and June 30, 2018 (in thousands): June 30, December 31, June 30, Secured loans with an LTV ratio above 50% $ 266,931 $ 264,916 $ 105,744 Low auction estimate of collateral related to secured loans with an LTV ratio above 50% $ 479,638 $ 476,157 $ 182,398 Aggregate LTV ratio of secured loans with an LTV ratio above 50% 56 % 56 % 58 %
Schedule of Other Credit Quality Information	The table below provides other credit quality information regarding secured loans made by SFS as of June 30, 2019 , December 31, 2018 , and June 30, 2018 (in thousands): June 30, December 31, June 30, Total secured loans $ 747,312 $ 693,977 $ 479,972 Loans past due $ 42,424 $ 14,405 $ 62,310 Loans more than 90 days past due $ 14,561 $ 8,911 $ 41,819 Non-accrual loans $ — $ 3,854 $ 15,402 Impaired loans $ — $ — $ — Allowance for credit losses: Allowance for credit losses for impaired loans $ — $ — $ — Allowance for credit losses based on historical data 1,271 1,075 1,132 Total allowance for credit losses - secured loans $ 1,271 $ 1,075 $ 1,132
Schedule of Activity Related to Allowance for Credit Losses	Allowance for Credit Losses —During the period January 1, 2019 to June 30, 2019 , activity related to the Allowance for Credit Losses by segment was as follows (in thousands): SFS Agency Total Balance as of January 1, 2019 $ 1,075 $ 1,525 $ 2,600 Change in loan loss provision based on historical data 196 — 196 Balance as of June 30, 2019 $ 1,271 $ 1,525 $ 2,796

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2019
Leases [Abstract]
Summary of the Components of Operating Lease Cost	The following table summarizes the components of the operating lease cost reflected in our Condensed Consolidated Income Statements within General and Administrative Expenses for the three and six months ended June 30, 2019 (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2019 2019 Operating lease cost $ 4,869 $ 9,730 Variable lease cost 671 1,428 Sublease income (377 ) (856 ) Total lease cost $ 5,163 $ 10,302
Summary of Operating Lease Liability Maturity	The following table summarizes information about the amount and timing of our future operating lease commitments as of June 30, 2019 (in thousands): 2019 (remaining) $ 9,978 2020 18,638 2021 14,622 2022 12,027 2023 8,899 Thereafter 31,720 Total undiscounted operating lease payments $ 95,884 Less: Imputed interest (16,740 ) Present value of operating lease liabilities $ 79,144
Summary of Future Minimum Lease Payments Under Non-Cancellable Operating Leases	The following table summarizes the future minimum lease payments due under non-cancellable operating leases in effect at December 31, 2018 (in thousands): January 2019 to December 2019 January 2020 to December 2020 January 2021 to December 2021 January 2022 to December 2022 January 2023 to December 2023 Thereafter Total (a) $ 20,039 $ 17,771 $ 14,033 $ 11,750 $ 9,449 $ 32,318 $ 105,360 The following table summarizes the future minimum lease payments due under non-cancellable operating leases in effect at June 30, 2018 (in thousands): July 2018 to June 2019 July 2019 to June 2020 July 2020 to June 2021 July 2021 to June 2022 July 2022 to June 2023 Thereafter Total (a) $ 19,311 $ 16,802 $ 14,384 $ 11,522 $ 9,652 $ 30,121 $ 101,792 (a) These amounts represent our undiscounted non-cancellable future minimum operating lease commitments, including any contractual market-based or indexed rent adjustments that are currently in effect. The lease commitments reflected in the table also include any future fixed minimum payments for common area maintenance, insurance, or tax payments for which we are also obligated under the terms of certain leases.

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	6 Months Ended
	Jun. 30, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill	For the six months ended June 30, 2019 and 2018 , changes in the carrying value of Goodwill were as follows (in thousands): Six Months Ended June 30, 2019 2018 Agency All Other Total Agency All Other Total Beginning balance as of January 1 $ 49,422 $ 6,151 $ 55,573 $ 44,396 $ 6,151 $ 50,547 Goodwill acquired — — — 5,259 — 5,259 Foreign currency exchange rate changes (33 ) — (33 ) (136 ) — (136 ) Ending balance as of June 30 $ 49,389 $ 6,151 $ 55,540 $ 49,519 $ 6,151 $ 55,670
Schedule of Indefinite-Lived Intangible Assets	As of June 30, 2019 , December 31, 2018 , and June 30, 2018 , intangible assets consisted of the following (in thousands): Amortization Period June 30, 2019 December 31, 2018 June 30, 2018 Indefinite lived intangible assets: License (a) N/A $ 324 $ 324 $ 324 Intangible assets subject to amortization: Customer relationships - Art Advisory Partners 8 years 10,800 10,800 10,800 Non-compete agreements - Art Advisory Partners 5-6 years 3,060 3,060 3,060 Artworks database (b) 10 years 1,275 1,275 1,200 Technology 4 years 4,461 4,461 4,461 Total intangible assets subject to amortization 19,596 19,596 19,521 Accumulated amortization (8,566 ) (6,927 ) (5,232 ) Total amortizable intangible assets (net) 11,030 12,669 14,289 Total intangible assets (net) $ 11,354 $ 12,993 $ 14,613 (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 exchange for an initial cash payment made in the third quarter of 2016 and subsequent cash payments made in the third quarters of 2017 and 2018.
Schedule of Finite-lived Intangible Assets	As of June 30, 2019 , December 31, 2018 , and June 30, 2018 , intangible assets consisted of the following (in thousands): Amortization Period June 30, 2019 December 31, 2018 June 30, 2018 Indefinite lived intangible assets: License (a) N/A $ 324 $ 324 $ 324 Intangible assets subject to amortization: Customer relationships - Art Advisory Partners 8 years 10,800 10,800 10,800 Non-compete agreements - Art Advisory Partners 5-6 years 3,060 3,060 3,060 Artworks database (b) 10 years 1,275 1,275 1,200 Technology 4 years 4,461 4,461 4,461 Total intangible assets subject to amortization 19,596 19,596 19,521 Accumulated amortization (8,566 ) (6,927 ) (5,232 ) Total amortizable intangible assets (net) 11,030 12,669 14,289 Total intangible assets (net) $ 11,354 $ 12,993 $ 14,613 (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 exchange for an initial cash payment made in the third quarter of 2016 and subsequent cash payments made in the third quarters of 2017 and 2018.
Schedule of Estimated Aggregate 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 June 30, 2019 balance sheet date are as follows (in thousands): Period Amount July 2019 to June 2020 $ 3,186 July 2020 to June 2021 $ 3,062 July 2021 to June 2022 $ 2,302 July 2022 to June 2023 $ 1,480 July 2023 to June 2024 $ 805

Defined Benefit Pension Plan (T

Defined Benefit Pension Plan (Tables)	6 Months Ended
	Jun. 30, 2019
Retirement Benefits [Abstract]
Components of Net Credits Related to the U.K. Pension Plan	For the three and six months ended June 30, 2019 and 2018 , the components of the net pension credit related to the U.K. Pension Plan recorded within Non-Operating Income in our Condensed Consolidated Income Statements were as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Interest cost $ 1,990 $ 1,939 $ 4,006 $ 3,920 Expected return on plan assets (2,640 ) (2,839 ) (5,315 ) (5,741 ) Amortization of actuarial loss — 122 — 247 Amortization of prior service cost (16 ) (26 ) (32 ) (52 ) Net pension credit $ (666 ) $ (804 ) $ (1,341 ) $ (1,626 )

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2019
Debt Disclosure [Abstract]
Summary of Information Related to the Credit Agreement	The following tables summarize information related to our revolving credit facilities as of and for the periods ended June 30, 2019 , December 31, 2018 , and June 30, 2018 (in thousands): As of and for the periods ended June 30, 2019 December 31, 2018 June 30, 2018 Maximum borrowing capacity $ 1,100,000 $ 1,100,000 $ 1,100,000 Borrowing base $ 907,133 $ 857,773 $ 655,198 Borrowings outstanding $ 320,000 $ 280,000 $ 63,000 Available borrowing capacity (a) $ 587,133 $ 577,773 $ 592,198 Average Borrowings Outstanding: Three months ended June 30, $ 325,055 N/A $ 63,637 Six months ended June 30, $ 338,857 N/A $ 105,823 Year ended December 31, N/A $ 106,181 N/A (a) The available borrowing capacity is calculated as the borrowing base less borrowings outstanding.
Schedule of Long-Term Debt	As of June 30, 2019 , December 31, 2018 , and June 30, 2018 , Long-Term Debt consisted of the following (in thousands): June 30, December 31, June 30, York Property Mortgage, net of unamortized debt issuance costs of $3,051, $3,559, and $4,039 $ 253,638 $ 257,284 $ 267,082 2025 Senior Notes, net of unamortized debt issuance costs of $4,540, $4,894, and $5,248 395,460 395,106 394,752 Less current portion: York Property Mortgage, net of unamortized debt issuance costs of $1,017, $1,010, and $1,010 (9,409 ) (13,604 ) (13,423 ) Total Long-Term Debt, net $ 639,689 $ 638,786 $ 648,411
Schedule of Aggregate Future Principal and Interest Payments	The aggregate future principal and interest payments due under the New Credit Agreement, the York Property Mortgage, and the 2025 Senior Notes during the five-year period after June 30, 2019 are as follows (in thousands): Period Amount July 2019 to June 2020 $ 41,350 July 2020 to June 2021 $ 41,198 July 2021 to June 2022 $ 41,098 July 2022 to June 2023 $ 563,514 July 2023 to June 2024 $ 19,500

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Fair Value Information Related to Derivative Financial Instruments	The following tables present fair value information related to the derivative financial instruments designated as hedging instruments as of June 30, 2019 , December 31, 2018 , and June 30, 2018 (in thousands): Assets Liabilities June 30, 2019 Balance Sheet Classification Fair Value Balance Sheet Classification Fair Value Cash Flow Hedges: Interest rate collar N/A $ — Other Current Liabilities $ 629 Interest rate collar N/A — Other Long-Term Liabilities 2,778 Total cash flow hedges — 3,407 Net Investment Hedges: Foreign exchange contracts Prepaid Expenses and Other Current Assets 1,235 N/A — Total $ 1,235 $ 3,407 Assets Liabilities December 31, 2018 Balance Sheet Classification Fair Value Balance Sheet Classification Fair Value Cash Flow Hedges: Interest rate collar N/A $ — Other Current Liabilities $ 40 Interest rate collar N/A — Other Long-Term Liabilities 1,185 Total cash flow hedges — 1,225 Net Investment Hedges: Foreign exchange contracts Prepaid Expenses and Other Current Assets 462 N/A — Total $ 462 $ 1,225 Assets Liabilities June 30, 2018 Balance Sheet Classification Fair Value Balance Sheet Classification Fair Value Cash Flow Hedges: Interest rate swap Prepaid Expenses and Other Current Assets $ 274 N/A $ — Interest rate collar N/A — Other Current Liabilities 25 Interest rate collar N/A — Other Long-Term Liabilities 207 Total cash flow hedges 274 232 Net Investment Hedges: Foreign exchange contracts Prepaid Expenses and Other Current Assets 4,444 N/A — Total $ 4,718 $ 232
Summary of the Effect of the Derivative Financial Instruments	The following table summarizes the effect of the derivative financial instruments designated as hedging instruments on our Condensed Consolidated Income Statements and Condensed Consolidated Statements of Comprehensive Income for the three and six months ended June 30, 2019 and 2018 (in thousands): (Loss) Gain Recognized in Other Comprehensive Loss - Effective Portion Classification of (Loss) Gain Reclassified from Accumulated Other Comprehensive Loss into Net Income Amount Reclassified from Accumulated Other Comprehensive Loss into Net Income - Effective Portion Three Months Ended June 30, 2019 2018 2019 2018 Cash Flow Hedges: Interest rate swap $ — $ 15 Interest Expense $ — $ (93 ) Interest rate collar (1,428 ) 207 Interest Expense — 7 Total cash flow hedges (1,428 ) 222 — (86 ) Net Investment Hedges: Foreign exchange contracts 1,041 3,350 N/A — — Total $ (387 ) $ 3,572 $ — $ (86 ) (Loss) Gain Recognized in Other Comprehensive Loss - Effective Portion Classification of (Loss) Gain Reclassified from Accumulated Other Comprehensive Loss into Net Income Amount Reclassified from Accumulated Other Comprehensive Loss into Net Income - Effective Portion Six Months Ended June 30, 2019 2018 2019 2018 Cash Flow Hedges: Interest rate swap $ — $ 95 Interest Expense $ — $ (145 ) Interest rate collar (1,641 ) 1,187 Interest Expense — 169 Total cash flow hedges (1,641 ) 1,282 — 24 Net Investment Hedges: Foreign exchange contracts 995 1,740 N/A — — Total $ (646 ) $ 3,022 $ — $ 24
Schedule of Fair Values of Forward Exchange Contract Assets and Liabilities Recorded on Condensed Consolidated Balance Sheets	The following table presents the fair values of forward exchange contract assets and liabilities recorded on our Condensed Consolidated Balance Sheets as of June 30, 2019, December 31, 2018, and June 30, 2018 (in thousands): June 30, 2019 December 31, 2018 June 30, 2018 Fair value of forward exchange contracts recorded within Prepaid Expenses and Other Current Assets $ 77 $ 351 $ 3,712 Fair value of forward exchange contracts recorded within Accounts Payable and Accrued Liabilities $ 115 $ 125 $ 2

Supplemental Condensed Consol_3

Supplemental Condensed Consolidated Balance Sheet Information (Tables)	6 Months Ended
	Jun. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Prepaid Expenses and Other Current Assets	As of June 30, 2019 , December 31, 2018 , and June 30, 2018 , Prepaid Expenses and Other Current Assets consisted of the following (in thousands): June 30, December 31, June 30, Prepaid expenses $ 25,440 $ 25,672 $ 25,586 Derivative financial instruments (see Note 10) 1,235 462 274 Insurance recoveries 4,147 4,353 2,335 Other 10,457 8,144 15,067 Total Prepaid Expenses and Other Current Assets $ 41,279 $ 38,631 $ 43,262
Schedule of Other Long-Term Assets	As of June 30, 2019 , December 31, 2018 , and June 30, 2018 , Other Long-Term Assets consisted of the following (in thousands): June 30, December 31, June 30, Defined benefit pension plan asset $ 103,931 $ 103,539 $ 107,647 Equity method investments (a) 47,897 47,507 46,789 Trust assets related to deferred compensation liability 33,457 28,517 30,017 Restricted cash (see Note 12) 16,654 16,819 17,442 Insurance recoveries 13,205 13,882 12,782 Other 17,265 16,396 15,136 Total Other Long-Term Assets $ 232,409 $ 226,660 $ 229,813 (a) Includes our equity method investments in RM Sotheby's and AMA, as well as a partnership through which artworks are being purchased and sold.
Schedule of Other Long-Term Liabilities	As of June 30, 2019 , December 31, 2018 , and June 30, 2018 , Other Long-Term Liabilities consisted of the following (in thousands): June 30, December 31, June 30, Deferred compensation liability $ 32,894 $ 28,255 $ 29,605 Acquisition earn-out consideration — 8,750 8,750 Interest rate collar liability (see Note 10) 2,778 1,185 207 Other 4,117 7,327 7,609 Total Other Long-Term Liabilities $ 39,789 $ 45,517 $ 46,171

Supplemental Condensed Consol_4

Supplemental Condensed Consolidated Cash Flow Information (Tables)	6 Months Ended
	Jun. 30, 2019
Supplemental Cash Flow Information [Abstract]
Schedule of Restricted Cash Classified Within Current Assets	As of June 30, 2019 , December 31, 2018 , and June 30, 2018 , cash, cash equivalents, and restricted cash consisted of the following (in thousands): June 30, December 31, June 30, Cash and cash equivalents $ 132,137 $ 178,579 $ 432,357 Restricted cash, recorded within current assets: Consignor funds held in legally segregated accounts 36,187 3,938 23,528 Cash Management Account related to the York Property Mortgage (see Note 9) 1,648 716 5,264 Other 181 182 187 Restricted cash, recorded within current assets 38,016 4,836 28,979 Restricted cash, recorded within other long-term assets (a) 16,654 16,819 17,442 Total restricted cash 54,670 21,655 46,421 Cash, cash equivalents, and restricted cash $ 186,807 $ 200,234 $ 478,778 (a) Principally relates to funds held in escrow pending the payment of sale proceeds to a consignor.
Supplemental Condensed Consolidated Cash Flow Information	For the six months ended June 30, 2019 and 2018 , changes in other operating assets and liabilities as reported in the Condensed Consolidated Statements of Cash Flows include the following (in thousands): Six Months Ended June 30, 2019 2018 Increase in: Prepaid expenses and other current assets $ (3,435 ) $ (8,233 ) Other long-term assets (4,839 ) (3,611 ) Income tax receivables and deferred income tax assets (17,022 ) (9,782 ) (Decrease)/increase in: Accounts payable and accrued liabilities and other liabilities (33,110 ) (23,870 ) Accrued income taxes and deferred income tax liabilities 21,306 4,126 Total changes in other operating assets and liabilities $ (37,100 ) $ (41,370 )

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Loss (Tables)	6 Months Ended
	Jun. 30, 2019
Equity [Abstract]
Summary of Changes in 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 and six months ended June 30, 2019 and 2018 (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Currency Translation Adjustments Balance at beginning of period $ (82,722 ) $ (67,280 ) $ (84,051 ) $ (74,505 ) Other comprehensive loss before reclassifications, net of tax of $0, $0, $0, and $400 (1,972 ) (14,238 ) (643 ) (7,013 ) Other comprehensive loss (1,972 ) (14,238 ) (643 ) (7,013 ) Balance at end of period (84,694 ) (81,518 ) (84,694 ) (81,518 ) Cash Flow Hedges Balance at beginning of period (843 ) 141 (630 ) (1,029 ) Other comprehensive (loss) income before reclassifications, net of tax of ($471), $73, ($541), and $423 (1,428 ) 222 (1,641 ) 1,282 Reclassifications from accumulated other comprehensive loss, net of tax of $0, ($28), $0, and $8 — (86 ) — 24 Other comprehensive (loss) income (1,428 ) 136 (1,641 ) 1,306 Balance at end of period (2,271 ) 277 (2,271 ) 277 Net Investment Hedges Balance at beginning of period 15,281 11,949 15,327 13,559 Other comprehensive income before reclassifications, net of tax of $341, $1,094, $329, and $569 1,041 3,350 995 1,740 Other comprehensive income 1,041 3,350 995 1,740 Balance at end of period 16,322 15,299 16,322 15,299 Defined Benefit Pension Plan Balance at beginning of period (2,785 ) (434 ) (2,690 ) (491 ) Currency translation adjustments 106 32 24 7 Other comprehensive income before reclassifications 106 32 24 7 Prior service cost amortization, net of tax of ($3), ($4), ($6), and ($8) (13 ) (21 ) (26 ) (43 ) Actuarial loss amortization, net of tax of $0, $19, $0, and $40 — 102 — 206 Reclassifications from accumulated other comprehensive loss, net of tax (13 ) 81 (26 ) 163 Other comprehensive income (loss) 93 113 (2 ) 170 Balance at end of period (2,692 ) (321 ) (2,692 ) (321 ) Total other comprehensive loss attributable to Sotheby's (2,266 ) (10,639 ) (1,291 ) (3,797 ) Accumulated other comprehensive loss as of June 30 $ (73,335 ) $ (66,263 ) $ (73,335 ) $ (66,263 )
Summary of Reclassification Adjustments	Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Cash Flow Hedges Settlements $ — $ (114 ) $ — $ 32 Tax effect — 28 — (8 ) Reclassification adjustments, net of tax — (86 ) — 24 Defined Benefit Pension Plan Prior service cost amortization (16 ) (26 ) (32 ) (52 ) Actuarial loss amortization — 122 — 247 Pre-tax total (16 ) 96 (32 ) 195 Tax effect 3 (15 ) 6 (32 ) Reclassification adjustments, net of tax (13 ) 81 (26 ) 163 Total reclassification adjustments, net of tax $ (13 ) $ (5 ) $ (26 ) $ 187

Share-Based Payments (Tables)

Share-Based Payments (Tables)	6 Months Ended
	Jun. 30, 2019
Share-based Payment Arrangement [Abstract]
Schedule of Compensation Expense for Share-Based Payments	For the three and six months ended June 30, 2019 and 2018 , compensation expense related to share-based payments was as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Amortization of share-based payments $ 7,269 $ 6,312 $ 14,867 $ 14,689 Accelerated expense attributable to contractual severance agreement 1,050 — 1,050 — Total share-based payment expense (pre-tax) $ 8,319 $ 6,312 $ 15,917 $ 14,689 Total share-based payment expense (after-tax) $ 6,386 $ 5,087 $ 12,214 $ 11,726
Schedule of Changes to the Number of Outstanding RSU's, PSU's, and Restricted Shares	For the six months ended June 30, 2019 , changes to the number of outstanding RSU’s, PSU’s, and restricted shares were as follows (in thousands): Restricted Shares, RSU's and PSU's Weighted Average Grant Date Fair Value Outstanding at January 1, 2019 1,852 $ 39.12 Granted 780 $ 40.20 Vested (744 ) $ 30.35 Canceled (200 ) $ 32.38 Outstanding at June 30, 2019 1,688 $ 44.56

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2019
Earnings Per Share [Abstract]
Computation Of Basic And Diluted Earnings Per Share	The table below summarizes the computation of basic and diluted earnings per share for the three and six months ended June 30, 2019 and 2018 (in thousands, except per share amounts): Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Basic : Numerator: Net income attributable to Sotheby’s $ 57,006 $ 57,282 $ 49,935 $ 50,760 Less: Net income attributable to participating securities 412 844 495 763 Net income attributable to Sotheby’s common shareholders $ 56,594 $ 56,438 $ 49,440 $ 49,997 Denominator: Weighted average common shares outstanding 46,614 51,780 46,518 52,122 Basic earnings per share - Sotheby’s common shareholders $ 1.21 $ 1.09 $ 1.06 $ 0.96 Diluted : Numerator: Net income attributable to Sotheby’s $ 57,006 $ 57,282 49,935 $ 50,760 Less: Net income attributable to participating securities 412 844 495 763 Net income attributable to Sotheby’s common shareholders $ 56,594 $ 56,438 $ 49,440 $ 49,997 Denominator: Weighted average common shares outstanding 46,614 51,780 46,518 52,122 Weighted average effect of dilutive potential common shares: Performance share units 198 259 290 197 Deferred stock units 203 171 199 172 Restricted stock units 109 — 70 — Weighted average dilutive potential common shares outstanding 510 430 559 369 Weighted average diluted shares outstanding 47,124 52,210 47,077 52,491 Diluted earnings per share - Sotheby’s common shareholders $ 1.20 $ 1.08 $ 1.05 $ 0.95

Basis of Presentation (Details)

Basis of Presentation (Details) $ in Thousands	Jun. 30, 2019USD ($)countryCategorysalesroom	Jan. 01, 2019USD ($)	Dec. 31, 2018USD ($)	Jun. 30, 2018USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Number of collecting categories offered | Category	70
Number of countries of clients | country	130
Number of salesroom | salesroom	10
Operating lease right-of-use assets	$ 77,636		$ 0	$ 0
Operating lease, liability	$ 79,144
Accounting Standards Update 2016-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease right-of-use assets		$ 78,400
Operating lease, liability		$ 79,400
Sotheby's Beijing
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Controlling ownership interest percentage by parent	80.00%
Noncontrolling ownership interest percentage	20.00%

Seasonality of Business (Detail

Seasonality of Business (Details) - principal_selling_season	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Jun. 30, 2019
Seasonality Of Business [Abstract]
Number of principal selling seasons			2
Second and fourth quarter Net Auction Sales (as a percent)	76.00%	80.00%
Auction commission revenues (as a percent)	74.00%	66.00%

Segment Reporting - Narrative (

Segment Reporting - Narrative (Details)	6 Months Ended
	Jun. 30, 2019segment
Segment Reporting [Abstract]
Number of operating segments	2

Segment Reporting - Schedule of

Segment Reporting - Schedule of Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Segment Reporting Information [Line Items]
Revenues	$ 361,778	$ 345,636	$ 535,243	$ 541,432
Segment income before taxes	82,956	73,881	68,367	62,413
Agency
Segment Reporting Information [Line Items]
Revenues	338,139	327,445	492,441	507,178
SFS
Segment Reporting Information [Line Items]
Revenues	$ 15,848	9,641	29,114	19,522
Loan portfolio to debt percent	85.00%
Operating Segments
Segment Reporting Information [Line Items]
Segment income before taxes	$ 88,209	77,623	74,118	76,739
Operating Segments | Agency
Segment Reporting Information [Line Items]
Revenues	338,139	327,445	492,441	507,178
Segment income before taxes	77,290	70,192	53,144	61,169
Operating Segments | SFS
Segment Reporting Information [Line Items]
Revenues	18,359	11,823	34,426	24,239
Segment income before taxes	9,584	6,380	17,561	13,131
All Other
Segment Reporting Information [Line Items]
Revenues	7,791	8,550	13,688	14,732
Segment income before taxes	1,335	1,051	3,413	2,439
Reconciling items
Segment Reporting Information [Line Items]
Revenues	(2,511)	(2,182)	(5,312)	(4,717)
Segment income before taxes	$ (5,253)	$ (3,742)	$ (5,751)	$ (14,326)

Segment Reporting - Reconciliat

Segment Reporting - Reconciliation of Segment (Loss) Income Before Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Segment income before taxes	$ 82,956	$ 73,881	$ 68,367	$ 62,413
Merger-related expenses	5,710	0	5,710	0
Extinguishment of debt	0	0	0	(10,855)
Equity in earnings of investees	853	1,234	2,381	2,040
Unamortized fees written off		4,000
SFS corporate finance charge
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
SFS corporate finance charge	0	1,793	0	4,056
Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Segment income before taxes	88,209	77,623	74,118	76,739
Operating Segments | Agency
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Segment income before taxes	77,290	70,192	53,144	61,169
Operating Segments | SFS
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Segment income before taxes	9,584	6,380	17,561	13,131
All Other
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Segment income before taxes	1,335	1,051	3,413	2,439
Reconciling items
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Segment income before taxes	(5,253)	(3,742)	(5,751)	(14,326)
Revolving credit facility costs	(5,164)	(6,473)	(9,983)	(9,419)
Extinguishment of debt	0	0	0	(10,855)
Equity in earnings of investees	(853)	(1,234)	(2,381)	(2,040)
Reconciling items | SFS corporate finance charge
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
SFS corporate finance charge	6,474	3,965	12,323	7,988
Merger-related expenses	$ (5,710)	$ 0	$ (5,710)	$ 0

Segment Reporting - Reconcili_2

Segment Reporting - Reconciliation of Segment Assets to Consolidated Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018	Jun. 30, 2018
Segment Reporting Information [Line Items]
Consolidated assets	$ 2,750,588	$ 2,689,088	$ 2,811,667
Operating Segments
Segment Reporting Information [Line Items]
Consolidated assets	2,681,401	2,632,006	2,765,341
Operating Segments | Agency
Segment Reporting Information [Line Items]
Consolidated assets	1,884,330	1,886,986	2,227,296
Operating Segments | SFS
Segment Reporting Information [Line Items]
Consolidated assets	759,623	705,779	494,420
All Other
Segment Reporting Information [Line Items]
Consolidated assets	37,448	39,241	43,625
Unallocated amounts and reconciling items
Segment Reporting Information [Line Items]
Consolidated assets	$ 69,187	$ 57,082	$ 46,326

Revenues - Revenues by Segment

Revenues - Revenues by Segment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Disaggregation of Revenue [Line Items]
Interest and related fees	$ 15,848	$ 9,641	$ 29,114	$ 19,522
Revenues	361,778	345,636	535,243	541,432
Auction commissions
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	275,851	257,799	392,889	389,929
Auction related fees, net
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	19,086	6,081	28,514	17,824
Private sale commissions
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	24,894	24,516	43,133	44,001
Other Agency commissions and fees
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	2,313	2,483	5,275	4,651
Total Agency commissions and fees
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	322,144	290,879	469,811	456,405
Inventory sales
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	18,259	40,106	27,025	56,342
Advisory revenues
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	1,315	1,156	2,722	2,406
License fee and other revenues
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	4,212	3,854	6,571	6,757
Total revenue from contracts with customers
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	345,930	335,995	506,129	521,910
Interest and related fees
Disaggregation of Revenue [Line Items]
Interest and related fees	15,848	9,641	29,114	19,522
Agency
Disaggregation of Revenue [Line Items]
Revenues	338,139	327,445	492,441	507,178
Agency | Auction commissions
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	275,851	257,799	392,889	389,929
Agency | Auction related fees, net
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	19,086	6,081	28,514	17,824
Agency | Private sale commissions
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	24,780	24,016	43,019	43,501
Agency | Other Agency commissions and fees
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	2,302	2,359	5,220	4,351
Agency | Total Agency commissions and fees
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	322,019	290,255	469,642	455,605
Agency | Inventory sales
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	16,120	37,190	22,799	51,573
Agency | Advisory revenues
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	0	0	0	0
Agency | License fee and other revenues
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	0	0	0	0
Agency | Total revenue from contracts with customers
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	338,139	327,445	492,441	507,178
Agency | Interest and related fees
Disaggregation of Revenue [Line Items]
Interest and related fees	0	0	0	0
SFS
Disaggregation of Revenue [Line Items]
Revenues	15,848	9,641	29,114	19,522
SFS | Auction commissions
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	0	0	0	0
SFS | Auction related fees, net
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	0	0	0	0
SFS | Private sale commissions
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	0	0	0	0
SFS | Other Agency commissions and fees
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	0	0	0	0
SFS | Total Agency commissions and fees
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	0	0	0	0
SFS | Inventory sales
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	0	0	0	0
SFS | Advisory revenues
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	0	0	0	0
SFS | License fee and other revenues
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	0	0	0	0
SFS | Total revenue from contracts with customers
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	0	0	0	0
SFS | Interest and related fees
Disaggregation of Revenue [Line Items]
Interest and related fees	15,848	9,641	29,114	19,522
All Other
Disaggregation of Revenue [Line Items]
Revenues	7,791	8,550	13,688	14,732
All Other | Auction commissions
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	0	0	0	0
All Other | Auction related fees, net
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	0	0	0	0
All Other | Private sale commissions
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	114	500	114	500
All Other | Other Agency commissions and fees
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	11	124	55	300
All Other | Total Agency commissions and fees
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	125	624	169	800
All Other | Inventory sales
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	2,139	2,916	4,226	4,769
All Other | Advisory revenues
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	1,315	1,156	2,722	2,406
All Other | License fee and other revenues
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	4,212	3,854	6,571	6,757
All Other | Total revenue from contracts with customers
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	7,791	8,550	13,688	14,732
All Other | Interest and related fees
Disaggregation of Revenue [Line Items]
Interest and related fees	$ 0	$ 0	$ 0	$ 0

Revenues - Narrative (Details)

Revenues - Narrative (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Dec. 31, 2018	Jun. 30, 2018
Disaggregation of Revenue [Line Items]
Buyer payment term	30 days
Consignor payment term	35 days
Net receivable (payable)	$ (11,449)	$ (29,351)	$ (115,429)
Accounts receivable, net	900,362	978,140	1,088,569
Contract costs	890,330	967,817	1,076,152
Prepaid Expenses and Other Current Assets
Disaggregation of Revenue [Line Items]
Contract costs	11,000	10,800	6,800
Accounts Rec, Consignor Paid
Disaggregation of Revenue [Line Items]
Accounts receivable, net	91,100	118,700	75,300
Transfer Of Possession Without Payment
Disaggregation of Revenue [Line Items]
Accounts receivable, net	$ 39,300	$ 39,600	$ 26,900

Revenues - Contracts with Custo

Revenues - Contracts with Customers (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018	Jun. 30, 2018
Revenue from Contract with Customer [Abstract]
Accounts receivable	$ 890,330	$ 967,817	$ 1,076,152
Client payables	901,779	997,168	1,191,581
Net payable	$ (11,449)	$ (29,351)	$ (115,429)

Notes Receivable - Sotheby's Fi

Notes Receivable - Sotheby's Financial Services Narrative (Details) - USD ($)	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Accounts, Notes, Loans and Financing Receivable [Line Items]
Period in advance during which sellers may receive funds upon consignment (up to)	1 year
Notes receivable, current	$ 39,889,000	$ 92,770,000	$ 103,834,000
Repayments collected	$ 6,300,000	$ 41,100,000
Target LTV ratio	50.00%	50.00%	50.00%
Past due period	90 days
Unfunded commitments to extend additional credit through SFS	$ 65,800,000
Minimum
Accounts, Notes, Loans and Financing Receivable [Line Items]
LTV ratio	51.00%
Maximum
Accounts, Notes, Loans and Financing Receivable [Line Items]
LTV ratio	60.00%
SFS
Accounts, Notes, Loans and Financing Receivable [Line Items]
Net Notes Receivable balance of SFS	$ 747,312,000	$ 479,972,000	$ 693,977,000
Notes receivable, current	39,900,000	91,800,000	99,700,000
Term loans issued by SFS	188,500,000	28,400,000	$ 126,200,000
Loans issued to refinance client auction and private sale purchases	$ 68,600,000	$ 15,100,000
Target LTV ratio	46.00%	41.00%	43.00%
Net Notes Receivable balance past due	$ 42,424,000	$ 62,310,000	$ 14,405,000
Net Notes Receivable balance 90 days past due	14,561,000	41,819,000	8,911,000
Collateral held against amounts reclassified from Accounts Receivable (net)	1,633,504,000	1,159,693,000	1,629,270,000
Non-accrual loan outstanding	0	15,402,000	3,854,000
Agency
Accounts, Notes, Loans and Financing Receivable [Line Items]
Net Notes Receivable balance of SFS	$ 2,100,000	2,100,000	3,100,000
There were no Agency segment consignor advances outstanding as of June 30, 2019 and June 30, 2018.		$ 0	$ 3,200,000
Term loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Initial maturities of term loans (up to) (term)	1 year
Past due loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Target LTV ratio	51.00%
Collateral held against amounts reclassified from Accounts Receivable (net)	$ 83,600,000

Notes Receivable - Schedule of

Notes Receivable - Schedule of Aggregate LTV Ratio (Details) - USD ($)	Jun. 30, 2019	Dec. 31, 2018	Jun. 30, 2018
Segment Reporting Information [Line Items]
Aggregate LTV ratio	50.00%	50.00%	50.00%
SFS
Segment Reporting Information [Line Items]
Secured loans	$ 747,312,000	$ 693,977,000	$ 479,972,000
Low auction estimate of collateral	$ 1,633,504,000	$ 1,629,270,000	$ 1,159,693,000
Aggregate LTV ratio	46.00%	43.00%	41.00%
Impaired Financing Receivable, Recorded Investment	$ 0	$ 0	$ 0
SFS | Loan to Value Ratio Above 50%
Segment Reporting Information [Line Items]
Secured loans	266,931,000	264,916,000	105,744,000
Low auction estimate of collateral	$ 479,638,000	$ 476,157,000	$ 182,398,000
Aggregate LTV ratio	56.00%	56.00%	58.00%

Notes Receivable - Schedule o_2

Notes Receivable - Schedule of Other Credit Quality Information (Details) - USD ($)	Jun. 30, 2019	Dec. 31, 2018	Jun. 30, 2018
Allowance for credit losses:
Total allowance for credit losses - secured loans	$ 2,796,000	$ 2,600,000
SFS
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total secured loans	747,312,000	693,977,000	$ 479,972,000
Loans past due	42,424,000	14,405,000	62,310,000
Loans more than 90 days past due	14,561,000	8,911,000	41,819,000
Non-accrual loans	0	3,854,000	15,402,000
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	1,271,000	1,075,000	1,132,000
Total allowance for credit losses - secured loans	$ 1,271,000	$ 1,075,000	$ 1,132,000

Notes Receivable - Agency Segme

Notes Receivable - Agency Segment Narrative (Details) - Agency - USD ($)	Jun. 30, 2019	Dec. 31, 2018	Jun. 30, 2018
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes Receivable within the Agency segment			$ 1,200,000
Total secured loans	$ 2,100,000	$ 3,100,000	2,100,000
There were no Agency segment consignor advances outstanding as of June 30, 2019 and June 30, 2018.		$ 3,200,000	$ 0

Notes Receivable - Schedule o_3

Notes Receivable - Schedule of Activity Related to Allowance for Credit Losses (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2019USD ($)
Allowance for Loan and Lease Losses
Allowance for credit losses, beginning balance	$ 2,600
Change in loan loss provision	196
Allowance for credit losses, ending balance	2,796
SFS
Allowance for Loan and Lease Losses
Allowance for credit losses, beginning balance	1,075
Change in loan loss provision	196
Allowance for credit losses, ending balance	1,271
Agency
Allowance for Loan and Lease Losses
Allowance for credit losses, beginning balance	1,525
Change in loan loss provision	0
Allowance for credit losses, ending balance	$ 1,525

Leases - Lease Cost (Details)

Leases - Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2019
Leases [Abstract]
Operating lease cost	$ 4,869	$ 9,730
Variable lease cost	671	1,428
Sublease income	(377)	(856)
Total lease cost	$ 5,163	$ 10,302

Leases - Summary of Operating L

Leases - Summary of Operating Lease Liability Maturity (Details) $ in Thousands	Jun. 30, 2019USD ($)
Leases [Abstract]
2019 (remaining)	$ 9,978
2020	18,638
2021	14,622
2022	12,027
2023	8,899
Thereafter	31,720
Total undiscounted operating lease payments	95,884
Less: Imputed interest	(16,740)
Present value of operating lease liabilities	$ 79,144

Leases - Narrative (Details)

Leases - Narrative (Details) $ in Millions	6 Months Ended
	Jun. 30, 2019USD ($)
Leases [Abstract]
Weighted average remaining lease term	7 years 5 months 4 days
Weighted average discount rate, percent	4.70%
Operating lease liabilities arising from obtaining right-of-use assets	$ 8.7
Operating lease payments	$ 9.4

Leases - Summary of Minimum Fut

Leases - Summary of Minimum Future Lease Payments Under Topic 840 (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Jun. 30, 2018
Leases [Abstract]
Due year 1	$ 20,039	$ 19,311
Due year 2	17,771	16,802
Due year 3	14,033	14,384
Due year 4	11,750	11,522
Due year 5	9,449	9,652
Thereafter	32,318	30,121
Total	$ 105,360	$ 101,792

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets - Schedule of Goodwill (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Goodwill
Beginning balance	$ 55,573	$ 50,547
Goodwill acquired	0	5,259
Foreign currency exchange rate changes	(33)	(136)
Ending balance	55,540	55,670
Agency
Goodwill
Beginning balance	49,422	44,396
Goodwill acquired	0	5,259
Foreign currency exchange rate changes	(33)	(136)
Ending balance	49,389	49,519
All Other
Goodwill
Beginning balance	6,151	6,151
Goodwill acquired	0	0
Foreign currency exchange rate changes	0	0
Ending balance	$ 6,151	$ 6,151

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets - Schedule of Indefinite and Finite-Lived Intangible Assets (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Dec. 31, 2018	Jun. 30, 2018
Finite-Lived Intangible Assets [Line Items]
Intangible assets subject to amortization	$ 19,596	$ 19,596	$ 19,521
Accumulated amortization	(8,566)	(6,927)	(5,232)
Total amortizable intangible assets (net)	11,030	12,669	14,289
Total intangible assets (net)	$ 11,354	12,993	14,613
Customer relationships - Art Advisory Partners
Finite-Lived Intangible Assets [Line Items]
Amortization Period	8 years
Intangible assets subject to amortization	$ 10,800	10,800	10,800
Non-compete agreements - Art Advisory Partners
Finite-Lived Intangible Assets [Line Items]
Intangible assets subject to amortization	$ 3,060	3,060	3,060
Artworks database
Finite-Lived Intangible Assets [Line Items]
Amortization Period	10 years
Intangible assets subject to amortization	$ 1,275	1,275	1,200
Technology
Finite-Lived Intangible Assets [Line Items]
Amortization Period	4 years
Intangible assets subject to amortization	$ 4,461	4,461	4,461
Minimum | Non-compete agreements - Art Advisory Partners
Finite-Lived Intangible Assets [Line Items]
Amortization Period	5 years
Maximum | Non-compete agreements - Art Advisory Partners
Finite-Lived Intangible Assets [Line Items]
Amortization Period	6 years
License
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	$ 324	$ 324	$ 324

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense related to intangible assets	$ 0.8	$ 0.7	$ 1.6	$ 1.3

Goodwill and Intangible Asset_5

Goodwill and Intangible Assets - Schedule of Estimated Aggregate Amortization Expense (Details) $ in Thousands	Jun. 30, 2019USD ($)
Finite-Lived Intangible Assets, Net, Amortization Expense, Rolling Maturity [Abstract]
July 2019 to June 2020	$ 3,186
July 2020 to June 2021	3,062
July 2021 to June 2022	2,302
July 2022 to June 2023	1,480
July 2023 to June 2024	$ 805

Defined Benefit Pension Plan (D

Defined Benefit Pension Plan (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Retirement Benefits [Abstract]
Interest cost	$ 1,990	$ 1,939	$ 4,006	$ 3,920
Expected return on plan assets	(2,640)	(2,839)	(5,315)	(5,741)
Amortization of actuarial loss	0	122	0	247
Amortization of prior service cost	(16)	(26)	(32)	(52)
Net pension credit	$ (666)	$ (804)	$ (1,341)	$ (1,626)

Debt - Revolving Credit Facilit

Debt - Revolving Credit Facility Narrative (Details) - Credit Agreement - USD ($) $ in Thousands	Jun. 26, 2018	Jun. 30, 2019	Dec. 31, 2018	Jun. 30, 2018
Debt [Line Items]
Maximum borrowing capacity	$ 1,100,000	$ 1,100,000	$ 1,100,000	$ 1,100,000
Line of credit, sub limit	350,000
Maximum increase in borrowing capacity	$ 300,000
Aggregate fees paid		$ 4,400
LIBOR
Debt [Line Items]
Decrease in basis points	0.25%

Debt - Summary of Information R

Debt - Summary of Information Related to the Credit Agreement (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018	Jun. 26, 2018
Line of Credit Facility [Line Items]
Borrowings outstanding	$ 320,000	$ 63,000	$ 320,000	$ 63,000	$ 280,000
Credit Agreement
Line of Credit Facility [Line Items]
Maximum borrowing capacity	1,100,000	1,100,000	1,100,000	1,100,000	1,100,000	$ 1,100,000
Borrowing base	907,133	655,198	907,133	655,198	857,773
Borrowings outstanding	320,000	63,000	320,000	63,000	280,000
Available borrowing capacity	587,133	592,198	587,133	592,198	577,773
Average borrowings outstanding	$ 325,055	$ 63,637	$ 338,857	$ 105,823	$ 106,181

Debt - Schedule of Long-Term De

Debt - Schedule of Long-Term Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018	Jun. 30, 2018
Debt [Line Items]
Total Long-Term Debt, net	$ 639,689	$ 638,786	$ 648,411
York Property Mortgage
Debt [Line Items]
Debt	253,638	257,284	267,082
Less current portion	(9,409)	(13,604)	(13,423)
Unamortized debt issuance costs, noncurrent	3,051	3,559	4,039
Unamortized debt issuance costs, current	1,017	1,010	1,010
2025 Senior Notes
Debt [Line Items]
Debt	395,460	395,106	394,752
Unamortized debt issuance costs, noncurrent	$ 4,540	$ 4,894	$ 5,248

Debt - York Property Mortgage N

Debt - York Property Mortgage Narrative (Details) - USD ($) $ in Thousands	Jul. 01, 2019	Jul. 02, 2018	Jul. 03, 2017	Jul. 01, 2017	Jul. 01, 2015	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018	Jun. 20, 2017
Debt [Line Items]
Equity						$ 493,223	$ 606,744	$ 441,494
Annual prepayments						4,154	3,978
Second Amendment | Parent Company
Debt [Line Items]
Equity						1,300,000
Mortgages
Debt [Line Items]
Annual prepayments			$ 32,000
Mortgages | Maximum
Debt [Line Items]
Annual prepayments			25,000
Mortgages | Cash
Debt [Line Items]
Annual prepayments			25,000
Mortgages | Restricted Cash
Debt [Line Items]
Annual prepayments		$ 6,250	$ 7,000
Mortgages | York Property Mortgage
Debt [Line Items]
Debt term				7 years	7 years
Principal amount					$ 325,000
Long-term debt						256,700
Amortization period					25 years
Minimum net worth required for compliance						$ 325,000			$ 425,000
Maximum Loan-To-Value ratio under agreement (as a percent)						65.00%
Minimum debt yield under agreement (as a percent)						8.50%
Restricted cash and cash equivalents						$ 1,600	$ 5,300	$ 700
Mortgages | York Property Mortgage | Standard & Poor's, B Plus Rating
Debt [Line Items]
Required debt service						6 months
Mortgages | York Property Mortgage | Standard & Poor's, B Rating
Debt [Line Items]
Required debt service						12 months
Mortgages | York Property Mortgage | LIBOR
Debt [Line Items]
Basis spread on variable rate (as a percent)					2.25%
Subsequent Event | Mortgages | Restricted Cash
Debt [Line Items]
Annual prepayments	$ 1,900

Debt - Senior Unsecured Debt Na

Debt - Senior Unsecured Debt Narrative (Details) - USD ($) $ in Thousands

Jun. 16, 2019

Jan. 11, 2018

Dec. 12, 2017

Jul. 03, 2017

Jun. 30, 2019

Mar. 31, 2019

Jun. 30, 2018

Mar. 31, 2018

Jun. 30, 2019

Jun. 30, 2018

Jul. 31, 2021

Sep. 27, 2012

Debt [Line Items]

Extinguishment of debt

$ 0

$ 0

$ 0

$ (10,855)

Annual prepayments

4,154

$ 3,978

Mortgages

Debt [Line Items]

Annual prepayments

$ 32,000

2022 Senior Notes | Senior Notes

Debt [Line Items]

Principal amount

$ 300,000

$ 300,000

Debt instrument stated interest percentage

5.25%

Interest Paid, Including Capitalized Interest, Operating and Investing Activities

4,400

Debt Instrument, Unamortized Premium

7,900

Write off of debt issuance cost

$ 3,000

Gain (Loss) on Extinguishment of Debt, before Write off of Debt Issuance Cost

7,900

Extinguishment of debt

$ (10,900)

2025 Senior Notes | Senior Notes

Debt [Line Items]

Principal amount

$ 400,000

400,000

400,000

Debt instrument stated interest percentage

4.875%

Net proceeds from issuance of long term debt

$ 395,500

Amount deposited to trustee

$ 312,300

$ 312,300

Redemption percentage

101.375%

Fair value

$ 405,500

$ 405,500

2025 Senior Notes | Senior Notes | Prior to December 15, 2020

Debt [Line Items]

Percentage of principal amount redeemed

100.00%

2025 Senior Notes | Senior Notes | After December 15, 2020

Debt [Line Items]

Percentage of principal amount redeemed

40.00%

Redemption percentage

104.875%

Scenario, Forecast | Mortgages

Debt [Line Items]

Annual prepayments

$ 2,000

Pending Merger | 2025 Senior Notes | Senior Notes

Debt [Line Items]

Redemption percentage

101.00%

Debt - Schedule of Aggregate Fu

Debt - Schedule of Aggregate Future Principal and Interest Payments (Details) $ in Thousands	Jun. 30, 2019USD ($)
Debt Disclosure [Abstract]
July 2019 to June 2020	$ 41,350
July 2020 to June 2021	41,198
July 2021 to June 2022	41,098
July 2022 to June 2023	563,514
July 2023 to June 2024	$ 19,500

Derivative Financial Instrume_3

Derivative Financial Instruments - Schedule of Fair Value Information Related to Derivative Financial Instruments (Details) - Designated as Hedging Instruments - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018	Jun. 30, 2018
Derivatives, Fair Value [Line Items]
Assets	$ 1,235	$ 462	$ 4,718
Liabilities	3,407	1,225	232
Cash Flow Hedges
Derivatives, Fair Value [Line Items]
Assets			274
Liabilities	3,407	1,225	232
Cash Flow Hedges | Interest rate collar | Other Current Liabilities
Derivatives, Fair Value [Line Items]
Liabilities	629	40	25
Cash Flow Hedges | Interest rate collar | Other Long-Term Liabilities
Derivatives, Fair Value [Line Items]
Liabilities	2,778	1,185	207
Cash Flow Hedges | Interest rate swap | Prepaid Expenses and Other Current Assets
Derivatives, Fair Value [Line Items]
Assets			274
Net Investment Hedges | Foreign exchange contracts | Prepaid Expenses and Other Current Assets
Derivatives, Fair Value [Line Items]
Assets	$ 1,235	$ 462	$ 4,444

Derivative Financial Instrume_4

Derivative Financial Instruments - Summary of the Effect of the Derivative Financial Instruments (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2019	Sep. 30, 2018	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Interest rate swap
Derivative Instruments
Amount Reclassified from Accumulated Other Comprehensive Loss into Net Income - Effective Portion		$ 200
Designated as Hedging Instruments
Derivative Instruments
(Loss) Gain Recognized in Other Comprehensive Loss - Effective Portion	$ (387)		$ 3,572	$ (646)	$ 3,022
Amount Reclassified from Accumulated Other Comprehensive Loss into Net Income - Effective Portion	0		(86)	0	24
Designated as Hedging Instruments | Cash Flow Hedges
Derivative Instruments
(Loss) Gain Recognized in Other Comprehensive Loss - Effective Portion	(1,428)		222	(1,641)	1,282
Amount Reclassified from Accumulated Other Comprehensive Loss into Net Income - Effective Portion	0		(86)	0	24
Designated as Hedging Instruments | Cash Flow Hedges | Interest rate swap
Derivative Instruments
(Loss) Gain Recognized in Other Comprehensive Loss - Effective Portion	0		15	0	95
Designated as Hedging Instruments | Cash Flow Hedges | Interest rate swap | Interest Expense
Derivative Instruments
Amount Reclassified from Accumulated Other Comprehensive Loss into Net Income - Effective Portion	0		(93)	0	(145)
Designated as Hedging Instruments | Cash Flow Hedges | Interest rate collar
Derivative Instruments
(Loss) Gain Recognized in Other Comprehensive Loss - Effective Portion	(1,428)		207	(1,641)	1,187
Designated as Hedging Instruments | Cash Flow Hedges | Interest rate collar | Interest Expense
Derivative Instruments
Amount Reclassified from Accumulated Other Comprehensive Loss into Net Income - Effective Portion	0		7	0	169
Designated as Hedging Instruments | Net Investment Hedges | Foreign exchange contracts
Derivative Instruments
(Loss) Gain Recognized in Other Comprehensive Loss - Effective Portion	1,041		3,350	995	1,740
Amount Reclassified from Accumulated Other Comprehensive Loss into Net Income - Effective Portion	$ 0		$ 0	$ 0	$ 0

Derivative Financial Instrume_5

Derivative Financial Instruments - Narrative (Details) - USD ($) $ in Thousands	Jul. 03, 2017	Jul. 01, 2017	Nov. 21, 2016	Jul. 01, 2015	Jun. 30, 2017	Jun. 30, 2019	Sep. 30, 2018	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Jul. 31, 2021
Derivative [Line Items]
Reduction to notional amount of derivative					$ 57,000
Aggregate gain (loss) of derivative settlement									$ 500	$ (5,900)
Initial period under interest rate protection agreements									2 years
Annual prepayments									$ 4,154	3,978
SFS Credit Facility borrowings			$ 63,000
Mortgages
Derivative [Line Items]
Annual prepayments	$ 32,000
Mortgages | Maximum
Derivative [Line Items]
Annual prepayments	$ 25,000
Mortgages | Scenario, Forecast
Derivative [Line Items]
Annual prepayments											$ 2,000
Mortgages | Scenario, Forecast | Minimum
Derivative [Line Items]
Annual prepayments											$ 6,250
Mortgages | York Property Mortgage
Derivative [Line Items]
Term of mortgage loan		7 years		7 years
Interest rate swap
Derivative [Line Items]
Term of derivative contract			2 years
Amount reclassified from Accumulated Other Comprehensive Loss into Net Loss							$ 200
Interest rate swap | Mortgages | York Property Mortgage
Derivative [Line Items]
Term of derivative contract				2 years
Fixed annual rate				0.877%
Annual interest rate taking into account the interest rate protection agreements						3.127%			3.127%
Interest rate collar
Derivative [Line Items]
Notional value of derivative						$ 256,700			$ 256,700
Interest rate collar | Mortgages | York Property Mortgage
Derivative [Line Items]
Term of derivative contract		5 years
Annual interest rate taking into account the interest rate protection agreements						4.40%			4.40%
Interest rate collar | Mortgages | York Property Mortgage | Minimum
Derivative [Line Items]
Fixed annual rate		1.917%
Annual interest rate taking into account the interest rate protection agreements						4.167%			4.167%
Interest rate collar | Mortgages | York Property Mortgage | Maximum
Derivative [Line Items]
Fixed annual rate		3.75%
Annual interest rate taking into account the interest rate protection agreements						6.00%			6.00%
Foreign exchange contracts
Derivative [Line Items]
Notional value of derivative						$ 324,000			$ 324,000
Designated as Hedging Instruments
Derivative [Line Items]
Amount reclassified from Accumulated Other Comprehensive Loss into Net Loss						0		$ (86)	$ 0	24
Not Designated as Hedging Instrument | Forward exchange contracts
Derivative [Line Items]
Term of derivative contract									6 months
Net investment hedges | Designated as Hedging Instruments | Foreign exchange contracts
Derivative [Line Items]
Reduction to notional amount of derivative									$ 22,900	97,900
Notional value of derivative						36,700			36,700
Amount reclassified from Accumulated Other Comprehensive Loss into Net Loss						$ 0		$ 0	$ 0	$ 0

Derivative Financial Instrume_6

Derivative Financial Instruments - Schedule of Fair Values of Forward Exchange Contract Assets and Liabilities Recorded on Condensed Consolidated Balance Sheets (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018	Jun. 30, 2018
Prepaid Expenses and Other Current Assets
Derivative [Line Items]
Fair value of forward exchange contracts recorded	$ 77	$ 351	$ 3,712
Accounts Payable and Accrued Liabilities
Derivative [Line Items]
Fair value of forward exchange contracts recorded	$ 115	$ 125	$ 2

Supplemental Condensed Consol_5

Supplemental Condensed Consolidated Balance Sheet Information - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018	Jun. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Prepaid expenses	$ 25,440	$ 25,672	$ 25,586
Derivative financial instruments (see Note 10)	1,235	462	274
Insurance recoveries	4,147	4,353	2,335
Other	10,457	8,144	15,067
Total Prepaid Expenses and Other Current Assets	$ 41,279	$ 38,631	$ 43,262

Supplemental Condensed Consol_6

Supplemental Condensed Consolidated Balance Sheet Information - Schedule of Other Long-Term Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018	Jun. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Defined benefit pension plan asset	$ 103,931	$ 103,539	$ 107,647
Equity method investments	47,897	47,507	46,789
Trust assets related to deferred compensation liability	33,457	28,517	30,017
Restricted cash (see Note 12)	16,654	16,819	17,442
Insurance recoveries	13,205	13,882	12,782
Other	17,265	16,396	15,136
Total Other Long-Term Assets	$ 232,409	$ 226,660	$ 229,813

Supplemental Condensed Consol_7

Supplemental Condensed Consolidated Balance Sheet Information - Schedule of Other Long-Term Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018	Jun. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Deferred compensation liability	$ 32,894	$ 28,255	$ 29,605
Acquisition earn-out consideration	0	8,750	8,750
Interest rate collar liability (see Note 10)	2,778	1,185	207
Other	4,117	7,327	7,609
Total Other Long-Term Liabilities	$ 39,789	$ 45,517	$ 46,171

Supplemental Condensed Consol_8

Supplemental Condensed Consolidated Cash Flow Information - Schedule of Restricted Cash Classified Within Current Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018	Jun. 30, 2018	Dec. 31, 2017
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	$ 132,137	$ 178,579	$ 432,357
Total restricted cash	54,670	21,655	46,421
Cash, cash equivalents, and restricted cash	186,807	200,234	478,778	$ 923,926
Current Assets
Cash and Cash Equivalents [Line Items]
Total restricted cash	38,016	4,836	28,979
Other Noncurrent Assets
Cash and Cash Equivalents [Line Items]
Total restricted cash	16,654	16,819	17,442
Consignor funds held in legally segregated accounts
Cash and Cash Equivalents [Line Items]
Total restricted cash	36,187	3,938	23,528
Cash Management Account related to the York Property Mortgage (see Note 8)
Cash and Cash Equivalents [Line Items]
Total restricted cash	1,648	716	5,264
Other
Cash and Cash Equivalents [Line Items]
Total restricted cash	$ 181	$ 182	$ 187

Supplemental Condensed Consol_9

Supplemental Condensed Consolidated Cash Flow Information - Changes in Other Operating Assets and Liabilities (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Increase in:
Prepaid expenses and other current assets	$ (3,435)	$ (8,233)
Other long-term assets	(4,839)	(3,611)
Income tax receivables and deferred income tax assets	(17,022)	(9,782)
(Decrease)/increase in:
Accounts payable and accrued liabilities and other liabilities	(33,110)	(23,870)
Accrued income taxes and deferred income tax liabilities	21,306	4,126
Total changes in other operating assets and liabilities	$ (37,100)	$ (41,370)

Common Stock Repurchase Progr_2

Common Stock Repurchase Program (Details) - USD ($) $ / shares in Units, $ in Thousands	Mar. 01, 2019	Dec. 13, 2018	Mar. 01, 2019	Jun. 30, 2018	Mar. 31, 2018	Jun. 30, 2018	Jun. 30, 2019	Dec. 31, 2018
Dividends Payable [Line Items]
Shares repurchased (in shares)						1,192,604
Average price per share (in dollars per share)						$ 52.40
Equity				$ 606,744		$ 606,744	$ 493,223	$ 441,494
Repurchases of common stock				37,157	$ 25,340	$ 62,500
Accelerated Share Repurchase Agreement December 2018
Dividends Payable [Line Items]
Initial purchase price		$ 70,000
Shares repurchased (in shares)	186,732	1,605,938	1,792,670
Aggregate purchase price		$ 59,500
Average price per share (in dollars per share)		$ 37.05	$ 39.05
Treasury Stock
Dividends Payable [Line Items]
Repurchases of common stock				$ 37,157	$ 25,340
Treasury Stock | Accelerated Share Repurchase Agreement December 2018
Dividends Payable [Line Items]
Equity	$ 10,500	$ 59,500	$ 10,500
Additional Paid-In Capital | Accelerated Share Repurchase Agreement December 2018
Dividends Payable [Line Items]
Equity		$ 10,500

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Loss - Summary of Changes in Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2018	Mar. 31, 2018	Jun. 30, 2019	Jun. 30, 2018
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period		$ 441,494			$ 441,494
Total other comprehensive loss	$ (2,266)	975	$ (10,639)	$ 6,842	(1,291)	$ (3,797)
Balance at end of period	493,223		606,744		493,223	606,744
Accumulated Other Comprehensive Loss
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Total other comprehensive loss	(2,266)	975	(10,639)	6,842
Balance at end of period	(73,335)		(66,263)		(73,335)	(66,263)
Currency Translation Adjustments
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period	(82,722)	(84,051)	(67,280)	(74,505)	(84,051)	(74,505)
Other comprehensive income (loss) before reclassifications, net of tax	(1,972)		(14,238)		(643)	(7,013)
Total other comprehensive loss	(1,972)		(14,238)		(643)	(7,013)
Balance at end of period	(84,694)	(82,722)	(81,518)	(67,280)	(84,694)	(81,518)
Other comprehensive income (loss) before reclassifications, tax	0		0		0	400
Cash Flow & Net Investment Hedges | Cash Flow Hedges
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period	(843)	(630)	141	(1,029)	(630)	(1,029)
Other comprehensive income (loss) before reclassifications, net of tax	(1,428)		222		(1,641)	1,282
Reclassifications from accumulated other comprehensive gain (loss), net of tax	0		(86)		0	24
Total other comprehensive loss	(1,428)		136		(1,641)	1,306
Balance at end of period	(2,271)	(843)	277	141	(2,271)	277
Other comprehensive income (loss) before reclassifications, tax	(471)		73		(541)	423
Reclassifications from accumulated other comprehensive gain (loss), tax	0		(28)		0	8
Cash Flow & Net Investment Hedges | Net Investment Hedges
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period	15,281	15,327	11,949	13,559	15,327	13,559
Other comprehensive income (loss) before reclassifications, net of tax	1,041		3,350		995	1,740
Total other comprehensive loss	1,041		3,350		995	1,740
Balance at end of period	16,322	15,281	15,299	11,949	16,322	15,299
Other comprehensive income (loss) before reclassifications, tax	341		1,094		329	569
Defined Benefit Pension Plan
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period	(2,785)	(2,690)	(434)	(491)	(2,690)	(491)
Other comprehensive income (loss) before reclassifications, net of tax	106		32		24	7
Reclassifications from accumulated other comprehensive gain (loss), net of tax	(13)		81		(26)	163
Total other comprehensive loss	93		113		(2)	170
Balance at end of period	(2,692)	$ (2,785)	(321)	$ (434)	(2,692)	(321)
Currency translation adjustments
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Other comprehensive income (loss) before reclassifications, net of tax	106		32		24	7
Prior service cost amortization, net of tax
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Reclassifications from accumulated other comprehensive gain (loss), net of tax	(13)		(21)		(26)	(43)
Reclassifications from accumulated other comprehensive gain (loss), tax	(3)		(4)		(6)	(8)
Actuarial loss amortization, net of tax
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Reclassifications from accumulated other comprehensive gain (loss), net of tax	0		102		0	206
Reclassifications from accumulated other comprehensive gain (loss), tax	$ 0		$ 19		$ 0	$ 40

Accumulated Other Comprehensi_4

Accumulated Other Comprehensive Loss - Summary of Reclassification Adjustments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Defined Benefit Pension Plan
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Reclassification adjustments, net of tax	$ (13)	$ 81	$ (26)	$ 163
Prior service cost amortization
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Tax effect	3	4	6	8
Reclassification adjustments, net of tax	(13)	(21)	(26)	(43)
Actuarial loss amortization
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Tax effect	0	(19)	0	(40)
Reclassification adjustments, net of tax	0	102	0	206
Reclassification out of Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Reclassification adjustments, net of tax	(13)	(5)	(26)	187
Reclassification out of Accumulated Other Comprehensive Income | Cash Flow Hedges
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Reclassification adjustment, before tax	0	(114)	0	32
Tax effect	0	28	0	(8)
Reclassification adjustments, net of tax	0	(86)	0	24
Reclassification out of Accumulated Other Comprehensive Income | Defined Benefit Pension Plan
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Reclassification adjustment, before tax	(16)	96	(32)	195
Tax effect	3	(15)	6	(32)
Reclassification adjustments, net of tax	(13)	81	(26)	163
Reclassification out of Accumulated Other Comprehensive Income | Prior service cost amortization
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Reclassification adjustment, before tax	(16)	(26)	(32)	(52)
Reclassification out of Accumulated Other Comprehensive Income | Actuarial loss amortization
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Reclassification adjustment, before tax	$ 0	$ 122	$ 0	$ 247

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	Jun. 17, 2019Litigation	Oct. 02, 2018USD ($)	Jun. 30, 2019USD ($)
Loss Contingencies [Line Items]
Aggregate remaining commitment for salaries and other cash compensation, excluding any participation in incentive compensation programs			$ 18.7
Number of putative class action complaints filed | Litigation	3
Threatened Litigation
Loss Contingencies [Line Items]
Damages sought		$ 380

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018	Jun. 30, 2018
Income Tax Disclosure [Abstract]
Accrued income taxes related to the Act	$ 15.3	$ 15.3	$ 20.2

Auction Guarantees (Details)

Auction Guarantees (Details) - USD ($)	Jul. 26, 2019	Jun. 30, 2019	Dec. 31, 2018	Jun. 30, 2018
Guarantor Obligations [Line Items]
Outstanding auction guarantees		$ 68,700,000
Irrevocable bids		59,100,000
Financial exposure for auction guarantees		9,600,000
Auction guarantee advances outstanding		0	$ 0	$ 0
Estimated fair value of obligation to perform under outstanding auction guarantees		$ 1,900,000	$ 2,900,000	$ 900,000
Subsequent Event
Guarantor Obligations [Line Items]
Outstanding auction guarantees	$ 44,200,000
Irrevocable bids	32,900,000
Financial exposure for auction guarantees	11,400,000
Auction guarantee advances outstanding	$ 0

Share-Based Payments - Schedule

Share-Based Payments - Schedule of Compensation Expense for Share-Based Payments (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based payment expense (pre-tax)	$ 8,319,000	$ 6,312,000	$ 15,917,000	$ 14,689,000
Total share-based payment expense (after-tax)	6,386,000	5,087,000	12,214,000	11,726,000
Voluntary Separation Incentive Programs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based payment expense (pre-tax)	7,269,000	6,312,000	14,867,000	14,689,000
Contractual Severance Agreement
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based payment expense (pre-tax)	$ 1,050,000	$ 0	$ 1,050,000	$ 0

Share-Based Payments - Narrativ

Share-Based Payments - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018	May 03, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards canceled and converted, price per share (in dollars per share)	$ 57
Share-based payment expense	$ 8,319,000	$ 6,312,000	$ 15,917,000	$ 14,689,000
Additional paid-in capital	(477,107,000)	(458,712,000)	(477,107,000)	(458,712,000)	$ (463,623,000)
Accrued salaries and related costs	71,887,000	62,160,000	71,887,000	62,160,000	$ 92,219,000
Excess tax benefit related to share-based payments			1,500,000	1,200,000
Unrecognized compensation expense related to the unvested portion of share-based payments	$ 37,600,000		$ 37,600,000
Weighted average period of amortization			2 years 2 months 12 days
Shares granted (in shares)			780,000
Company's Incentive Compensation Programs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant date fair value			$ 31,400,000
Employee Stock Option and SARS
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares from the available pool (in shares)						1
RSUs and PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares from the available pool (in shares)						2.14
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			3 years
Performance Shares | Cliff Vesting
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant date fair value			$ 13,100,000
Shares granted (in shares)			325,027
Performance Shares | Cliff Vesting | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total maximum vesting opportunity of initial award (as a percent)			100.00%
Performance Shares | Cliff Vesting | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (in shares)			650,054
Total maximum vesting opportunity of initial award (as a percent)			200.00%
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			3 years
Restricted Stock Units (RSUs) | Incremental Vesting | Company's Incentive Compensation Programs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			3 years
Grant date fair value			$ 18,300,000
Shares granted (in shares)			454,519
Restricted Shares, RSU's And PSU's
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for future awards (in shares)	5,900,000		5,900,000
Aggregate fair value of RSU's and PSU's that vested			$ 29,700,000	26,800,000
Contractual Severance Agreement
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Accelerated share-based payment expense	$ 1,100,000
Share-based payment expense	1,050,000	$ 0	1,050,000	$ 0
Additional paid-in capital	2,000,000		2,000,000
Accrued salaries and related costs	2,000,000		2,000,000
Contractual Severance Agreement, Revaluing
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment expense	$ 700,000		$ 700,000

Share-Based Payments - Schedu_2

Share-Based Payments - Schedule of Changes to the Number of Outstanding RSU's, PSU's, and Restricted Shares (Details) shares in Thousands	6 Months Ended
	Jun. 30, 2019$ / sharesshares
Restricted Shares, RSU's and PSU's
Outstanding, beginning balance (in shares) | shares	1,852
Granted (in shares) | shares	780
Vested (in shares) | shares	(744)
Canceled (in shares) | shares	(200)
Outstanding, ending balance (in shares) | shares	1,688
Weighted Average Grant Date Fair Value
Outstanding, beginning balance (in dollars per share) | $ / shares	$ 39.12
Granted (in dollars per share) | $ / shares	40.20
Vested (in dollars per share) | $ / shares	30.35
Canceled (in dollars per share) | $ / shares	32.38
Outstanding, ending balance (in dollars per share) | $ / shares	$ 44.56

Share-Based Payments - Director

Share-Based Payments - Directors Stock Plan Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment expense	$ 8,319	$ 6,312	$ 15,917	$ 14,689
Number of deferred stock units outstanding (in shares)	1,688,000		1,688,000		1,852,000
Director's Stock Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment expense	$ 400	$ 300	$ 700	$ 600
Number of deferred stock units outstanding (in shares)	203,149		203,149
Shares available for future awards (in shares)	70,248		70,248

Earnings Per Share - Computatio

Earnings Per Share - Computation of Basic and Diluted (Loss) Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2018	Mar. 31, 2018	Jun. 30, 2019	Jun. 30, 2018
Numerator:
Net income attributable to Sotheby's	$ 57,006	$ (7,071)	$ 57,282	$ (6,522)	$ 49,935	$ 50,760
Less: Net income attributable to participating securities	412		844		495	763
Net income attributable to Sotheby’s common shareholders	$ 56,594		$ 56,438		$ 49,440	$ 49,997
Denominator:
Weighted average basic shares outstanding (shares)	46,614		51,780		46,518	52,122
Basic earnings per share - Sotheby’s common shareholders (USD per share)	$ 1.21		$ 1.09		$ 1.06	$ 0.96
Numerator:
Net income attributable to Sotheby’s	$ 57,006		$ 57,282		$ 49,935	$ 50,760
Less: Net income attributable to participating securities	412		844		495	763
Net income attributable to Sotheby’s common shareholders	$ 56,594		$ 56,438		$ 49,440	$ 49,997
Denominator:
Performance share units (shares)	198		259		290	197
Deferred stock units (shares)	203		171		199	172
Restricted Stock Units (shares)	109		0		70	0
Weighted average dilutive potential common shares outstanding (shares)	510		430		559	369
Weighted average diluted shares outstanding (shares)	47,124		52,210		47,077	52,491
Diluted earnings per share - Sotheby's common shareholders (USD per share)	$ 1.20		$ 1.08		$ 1.05	$ 0.95

Earnings Per Share - Narrative

Earnings Per Share - Narrative (Details) - shares shares in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2019	Jun. 30, 2018
Earnings Per Share [Abstract]
Potential common shares excluded from computation of diluted earnings per share (in shares)	0.6	0.6	1

Restructuring Charges (Details)

Restructuring Charges (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ (31)	$ 2,146	$ (50)	$ 2,146
2018 Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Restructuring charges		$ 2,100			$ 10,800
Accounts Payable and Accrued Liabilities | 2018 Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Restructuring liability	$ 1,100		$ 1,100

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2018	Dec. 31, 2018
Related Party Transactions [Abstract]
Agency commissions and fees	$ 1,500,000	$ 3,200,000	$ 3,400,000
Inventory sales			5,300,000
Due from related party purchasers	0	3,600,000	3,600,000
Amounts owed to related party	$ 0	$ 400,000	$ 400,000	$ 4,300,000

Pending Merger (Details)

Pending Merger (Details) - USD ($) $ / shares in Units, $ in Thousands	Jun. 16, 2019	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Business Acquisition [Line Items]
Common stock, par value (in dollars per share)		$ 0.01		$ 0.01	$ 0.01	$ 0.01	$ 0.01
Merger-related expenses		$ 5,710		$ 0	$ 5,710	$ 0
Pending Merger
Business Acquisition [Line Items]
Business acquisition, share price (in dollars per share)	$ 57
Merger agreement termination extension period	90 days
Merger agreement, termination fee required by acquiree	$ 110,900
Merger agreement, maximum reimbursement by acquiree	4,000
Merger agreement, termination fee required by acquirer	$ 221,700
2025 Senior Notes | Senior Notes
Business Acquisition [Line Items]
Redemption percentage			101.375%
2025 Senior Notes | Senior Notes | Pending Merger
Business Acquisition [Line Items]
Redemption percentage	101.00%