Last $39.32 USD
Change Today -0.88 / -2.19%
Volume 1.3M
As of 8:04 PM 04/15/14 All times are local (Market data is delayed by at least 15 minutes).
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Company Description

Contact Info

1334 York Avenue

New York, NY 10021

United States

Phone: 212-606-7000

Fax: 212-606-7107

Sotheby’s operates as an auctioneer of authenticated fine and decorative art, jewelry, and collectibles. Segments The company’s operations are organized under three segments: Auction, Finance, and Dealer. Auction The Auction segment functions principally as an agent by offering works of art for sale at auction and by brokering private art sales. This segment functions as an agent by accepting property on consignment, stimulating buyer interest through professional marketing techniques, and matching sellers (also known as consignors) to buyers through the auction or private sale process. Seasonality: The company's auction results are seasonal, with peak revenues and operating income generally occurring in second and fourth quarters of the year (year ended December 31, 2013). Competition: The company’s competitors include Christie’s International, PLC; Bonhams; Phillips; Beijing Poly International Auction Co. Ltd.; China Guardian Auctions Co. Ltd.; and Beijing Hanhai Auction Co. Ltd. Auction Regulation: The company is subject to local auction regulations, such as New York City Auction Regulations Subchapter M of Title 6 §§ 2-121–2-125, et. seq. Finance The Finance segment provides certain collectors and art dealers with financing secured by works of art that the company either has in its possession or permits borrowers to possess. This segment makes two types of secured loans: advances secured by consigned property to borrowers who are contractually committed, in the near term, to sell the property at auction; and general purpose term loans secured by property not intended for sale. Dealer The Dealer segment principally includes the activities of Noortman Master Paintings, an art dealer that sells works of art from inventory directly to private collectors and museums and acts as a broker in private purchases and sales of art. The activities of the Dealer segment also include the purchase and resale of artworks directly by the company and retail wine sales and the activities of certain equity investees, including Acquavella Modern Art. This segment also provides secured loans to certain art dealers to finance the purchase of works of art. Brand Licensing Activities The Sotheby’s name is also licensed for use in connection with the art auction business in Australia, art education services in the United States and the United Kingdom, and print management services. History Sotheby’s was founded in 1744.

 

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