Sotheby�s is a global art business company. The Company operates in three segments such as Agency, Finance, and Principal. The Agency segment matches buyers and sellers of authenticated fine art, decorative art, and high-end jewelry through the auction or private sale process. The Finance segment conducts art-related financing activities by providing certain collectors and dealers with loans secured by works of art. Sotheby�s is also involved in brand licensing activities. Agency segment functions as an agent by offering works of art for sale at auction and by brokering private sales of artwork. Sotheby�s also purchases and resells works of art through its Dealer segment, conducts art-related financing activities through its Finance segment and is engaged, to a lesser extent, in brand licensing activities. Principal segment was referred to as the Dealer segment.