Last $42.75 USD
Change Today -0.25 / -0.58%
Volume 923.9K
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New York
As of 8:04 PM 01/28/15 All times are local (Market data is delayed by at least 15 minutes).

sotheby's (BID) Snapshot

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52 Week High
02/27/14 - $51.23
52 Week Low
10/2/14 - $34.74
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sotheby's (BID) Details

Sotheby’s, one of the oldest auction houses in the world, is an auctioneer of various properties including fine art, antiques, decorative art, jewelry, and collectibles. The New York company’s finance subsidiary offers certain collectors and dealers financing, primarily secured by works of art. It is also involved in licensing activities. Sotheby’s dealer segment sells works of art directly to private collectors and museums and acts as a broker in private purchases and sales of art. Sotheby’s, founded in 1744, operates principally in the U.S, Britain, and China.

1,577 Employees
Last Reported Date: 02/27/14
Founded in 1744

sotheby's (BID) Top Compensated Officers

Chairman, Chief Executive Officer, President,...
Total Annual Compensation: $700.0K
Chief Financial Officer and Executive Vice Pr...
Total Annual Compensation: $466.2K
Chief Operating Officer and Executive Vice Pr...
Total Annual Compensation: $550.0K
Chief Executive Officer of Asia
Total Annual Compensation: $644.7K
Executive Vice President of Global Auction Tr...
Total Annual Compensation: $535.0K
Compensation as of Fiscal Year 2013.

sotheby's (BID) Key Developments

Court Dismisses Caravaggio Claim Against Sotheby's

Freshfields Bruckhaus Deringer has successfully defended a negligence claim brought against Sotheby's in which the auction house was accused of failing to notice that a work of art could have been painted by the Italian artist Caravaggio. The painting, depicting the same scene as Caravaggio's 'The Cardsharps', was sold by claimant Lancelot Thwaytes through Sotheby's for the sum of £42,000 plus buyer's commission. It was later claimed that the painting was an autograph replica of 'The Cardsharps' by the painter himself - although this has not been confirmed. Mrs. Justice Rose dismissed Thwaytes' claim. In the judgment issued 16 January 2015, she said that the painting probably would have made slightly more at auction or by private treaty if it had been sold with a catalogue entry, but not a great deal more.

Sotheby's Announces William F. Ruprecht to Step Down as Chairman and Chief Executive Officer

The chairman and chief executive of Sotheby's is stepping down. The company said that the departure of the executive, William F. Ruprecht, was 'by mutual consent' and that he would remain in his job until his successor was found. Mr. Ruprecht, a longtime executive of the auction house and its chief for the last 14 years. Mr. Ruprecht, who joined Sotheby's in 1980, has worn many hats at the auction house. He has been an expert in its rug department, a director of marketing and a managing director. When he became chief executive in 2000.

Sotheby's Announces Unaudited Consolidated Earnings Results for the Third Quarter and First Nine Months Ended 30 September 2014; Provides Effective Income Tax Rate Guidance for the Year 2014

Sotheby's announced unaudited consolidated earnings results for the third quarter and first nine months ended 30 September 2014. For the quarter, the company reported total revenues were $94,201,000 against $107,864,000 a year ago. Operating loss was $37,469,000 against $34,361,000 a year ago. Loss before taxes was $44,167,000 against $41,860,000 a year ago. Net loss was $27,698,000 against $30,131,000 a year ago. Net loss attributable to company was $27,726,000 against $30,131,000 a year ago. Basic and diluted loss per share was $0.40 against $0.44 a year ago. Adjusted pre-tax loss was $34,051,000 against $41,860,000 a year ago, principally due to a lower level of expenses, largely attributable to management's continued cost reduction initiatives. The third quarter is always a slow quarter at Sotheby's due to the seasonality of the global art auction business. On an after-tax basis, the company’s third quarter results improved by $2.4 million (8%) as a result of a higher income tax benefit recorded in the quarter due to an increase in Sotheby's annual effective income tax rate. For the third quarter, adjusted net loss is $20.6 million and adjusted loss per share is $0.30. The adjusted net income numbers exclude restructuring and special charges. For the nine months, the company reported total revenues were $586,829,000 against $514,477,000 a year ago. Operating income was $97,053,000 against $77,640,000 a year ago. Income before taxes was $72,874,000 against $48,847,000 a year ago. Net income was $44,052,000 against $39,253,000 a year ago. Net loss attributable to company was $43,792,000 against $39,253,000 a year ago. Diluted earnings per share were $0.61 against $0.57 a year ago. Adjusted pre-tax income was $107,247,000 against $48,847,000 a year ago. The company achieved a 120% increase in adjusted pre-tax income and a 49% increase in pre-tax income for the nine months ended September 30, 2014. This improvement is principally due to the performance of the Agency segment, which reported an increase in gross profit of $48.9 million (12%) for the period. On an after-tax basis, company’s year-to-date results improved $4.5 million (12%), as the improvement in pre-tax income was partially offset by an increase in Sotheby's effective income tax rate. Adjusted net income was $64.3 million, and adjusted diluted EPS is $0.91, in comparison to $39.3 million or 0.57 per diluted share a year ago. Management estimates that Sotheby's annual effective income tax rate for 2014, excluding discrete items, will be approximately 38%. In 2013, Sotheby's annual effective income tax rate, excluding discrete items, was approximately 30%.


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