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Stock Market & Financial Investment News

News Breaks
July 18, 2014
14:29 EDTBIDSotheby's board approves restructuring plan, sees $13M related charge in Q3
Sotheby's disclosed in a regulatory filing that on July 16, 2014 the executive committee of the company's board of directors approved a restructuring plan principally impacting Sotheby's operations in the United States and the United Kingdom. The restructuring plan is the result of a strategic review conducted by management and will result in the reallocation of resources to collecting categories and regions with the highest growth opportunity in the future. The restructuring plan is expected to result in employee-related restructuring charges in the range of approximately $13M recognized in Q3 and the corresponding headcount reductions are expected to be fully implemented by the end of 2014. "Sotheby’s will provide specific guidance on the anticipated cost savings in due course; upon full implementation, management expects a net benefit to Sotheby’s cost base as a result of this restructuring plan and resource reallocation," the company said.
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October 20, 2014
10:58 EDTBIDSotheby's Impressionist sale supply strong, says Barrington
Barrington said Sotheby's was a big winner of Impressionist consignments and that its supply for the auctions is "exceptionally" strong, noting that Christie's auction is much smaller in both size and value and that its Impressionist supply is below year-ago levels. Barrington said recent auction and art fair results give it confidence heading into November sales and the firm maintains its Outperform rating on Sotheby's.

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