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Sotheby's Message Board

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  • andevenabs andevenabs Jun 3, 2005 11:06 AM Flag

    Looks like I am in...

    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.

 
BID
41.21-0.53(-1.27%)4:00 PMEST

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