This improvement is principally due to higher auction and private sale commission revenues, partially offset by an increase in operating expenses that is due, in part, to higher incentive compensation costs, a higher level of direct costs consistent with the volume and composition of auction sales, and the cost of investments in strategic initiatives.

FORBES: Sotheby's Q3 Sales Down 4%

The employment contract of former Salomon Smith Barney telecom analyst Jack Grubman granted him compensation both for bringing in specific investment banking deals and for generating stock trading volume in the issues he covered, according to an attorney familiar with the document.

FORBES: Magazine Article