Sotheby\'s has reported its financial results for the fourth quarter and full year ended 31 December 2016, with the international auction house reporting a rise in income of nearly 70 percent.

For the year ended 31 December 2016, Sotheby\'s reported net income of $74.1 million, or $1.27 per diluted share, a 69 percent increase from $43.7 million, or $0.63 per diluted share in the prior year, largely due to a $65.7 million non-cash income tax charge in 2015 related to the planned repatriation of foreign earnings.

"Our fourth quarter 2016 results came in better than expected largely due to a number of strong fourth quart...