Sotheby's Increases Quarterly Dividend and Accelerates Payment of Two Quarters
NEW YORK, Dec. 6, 2012 (GLOBE NEWSWIRE) -- The Board of Directors of Sotheby's
(NYSE:BID), consistent with its frequent review of the Company's dividend
payments, has declared an accelerated first and second quarter of 2013 cash
dividend totaling $0.20 per share of outstanding common stock. This $0.10 per
share per quarter dividend reflects a 25% increase from the previous quarterly
dividend of $0.08 per share. This accelerated dividend is intended by the
Board to be in lieu of quarterly dividends Sotheby's would have otherwise
announced in the first and second quarters of 2013, and that would have been
paid in calendar year 2013.
"Management recommended the acceleration of these dividends in recognition of
the strong liquidity and ongoing strength of Sotheby's and in light of the
future uncertainties surrounding U.S. tax policies," said William Sheridan,
Executive Vice President and Chief Financial Officer of Sotheby's.
This accelerated dividend will be payable on, or before, December 31, 2012 to
holders of record as of December 26, 2012.
Sotheby's is a global company that engages in art auction, private sales and
art-related financing activities. The Company operates in 40 countries, with
principal salesrooms located in New York, London, Hong Kong and Paris. The
Company also regularly conducts auctions in seven other salesrooms around the
world. Sotheby's is listed on the New York Stock Exchange under the symbol
CONTACT: Press Department
212 606 7176
212 894 1023
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