SOTHEBY’S PAINTS A ROSY PICTURE

Art-lovers and investors flocked to Sotheby’s in the last three months of the year, helping the New York-listed auction house post a 31 per cent rise in net income to $96.2m (£59.1m) on the back of a 46 per cent rise in revenue to $318m. The world’s largest listed auctioneer sold Picasso’s La Lecture (pictured) for £25.2m earlier this month and said sales were strong around the globe. Commission margins slipped slightly to 18 per cent.