Last night I received my trade confirmation, apparently BID hit my buy price at $14.00.
I think that the stock has finally adjusted to reflect the one time income recorded last year in Q1 and is now a good value. I believe that the market had misconstrued that as being recurring and recently realized that it was not.
Good luck to all.
This seems would be a real plus for stocks. Also, if they were to go to a shorter holding period for longterm capital gains.
These percentages have been played with over and over again.
Sotheby's has a cloud because of the previous alleged price fixing and the Taubman control imo.
No longer have shares in BID. Bought as soon as it went public------when the price fixing scandal broke everything went kaput.
Even before that I was not pleased as a shareholder and wrote expressing my concern that the shareholders were not getting the return they should be getting. Actually have a reply from Brooks that I am tempted to sell at auction-----however will keep and frame it for a 100 years from now when I am gone.
the "market" is not that stupid. Anyone who spends more than 2 minutes looking at BID's financials can figure that one out.
I think the underlying problem here is that SG&A looks out of control.
I like the idea of buying into a space that is a fairly high margin oligopoly (Butter and Christies are their only real comp) with high barriers to entry and etc, but there appears to be a real problem here with the overhead, I know this is a relationship business and the rainmakers and all the affiliated folks need to be compensated highly, but I think a real effort toward tightening-up is in order.
It's like its being run for the employees and not the shareholders.
I think the only salvation here for investors is for someone like Blackstone or Cerberus or some other vulture/value shop to buy the thing and fire a lot of people.