BID - Sotheby's

NYSE - NYSE Delayed Price. Currency in USD
0.0000
-56.9900 (-100.00%)
At close: 4:00PM EDT
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Previous Close56.9900
Open56.9800
Bid0.0000 x 4000
Ask0.0000 x 21500
Day's Range56.9800 - 57.0000
52 Week Range32.0100 - 59.9400
Volume1,548,678
Avg. Volume521,569
Market Cap0
Beta (3Y Monthly)N/A
PE Ratio (TTM)0.00
EPS (TTM)N/A
Earnings DateOct 30, 2019 - Nov 4, 2019
Forward Dividend & YieldN/A (N/A)
Ex-Dividend DateN/A
1y Target Est53.75
Trade prices are not sourced from all markets
  • Bob's Watches and Sotheby's Collaborate on Rare Driving Watch Auction
    Yahoo Finance Video

    Bob's Watches and Sotheby's Collaborate on Rare Driving Watch Auction

    It's classic car week at Monterey, leading up to Sunday's big show at Pebble Beach. But - it's not just classic cars that fans are flocking to see -- rare watches are in the spotlight as well. Inspired by a group of classic cars highlighting RM Sotheby’s auction, each of the 18 watches on offer in "Watches Online: The Driver’s Collection" were selected by Jonathan Burford, Sotheby’s Watches and Clocks Specialist in Los Angeles, along with partner Bob’s Watches, to pair with a car on offer in the auction. Jonathan Burford joined The Final Round to discuss.

  • Why luxury watch makers like Bremont are having their moment
    Yahoo Finance

    Why luxury watch makers like Bremont are having their moment

    Bremont, which began making watches in 2002, wants to bring British watchmaking back. The brand’s watches are inspired by, but not limited to, the British armed forces, famous cars, and legendary airplanes. Bremont’s latest watch is a very limited creation, with some very interesting bits.

  • American City Business Journals

    This Pacific Heights mansion could tie record for most expensive S.F. home ever sold

    The $39 million listing includes a double staircase with zebra-print carpeting, a Union Jack mosaic above a fireplace and a pub with an antique bar from an old British tavern.

  • PR Newswire

    Sotheby's Announces Closing Of Acquisition By Patrick Drahi

    NEW YORK , Oct. 3, 2019 /PRNewswire/ -- Sotheby's announced today that ownership of the Company has officially transferred to Patrick Drahi.  The acquisition, which was announced in June of this year, ...

  • Financial Times

    Banksy painting of chimps in the Commons sells for record £8.5m

    A Banksy painting of chimpanzees presiding over the House of Commons has shattered auction records for the anonymous street artist, going under the hammer at Sotheby’s for £8.5m, excluding fees. With British ...

  • PR Newswire

    Las Vegas Sands Set to Join S&P 500; Nektar Therapeutics to Join S&P MidCap 400; The Pennant Group to Join S&P SmallCap 600

    NEW YORK , Sept. 26, 2019 /PRNewswire/ -- S&P Dow Jones Indices will make the following changes to the S&P 500, S&P MidCap 400 and S&P SmallCap 600: Las Vegas Sands Corp. (NYSE: LVS) will replace Nektar ...

  • PR Newswire

    Sotheby's Announces Regulatory Approvals and Planned Closing Date of Acquisition by Patrick Drahi

    NEW YORK, Sept. 19, 2019 /PRNewswire/ -- Sotheby's (BID) announced today that all regulatory approvals required for the acquisition of the Company by BidFair USA, an entity wholly owned by Patrick Drahi, have been obtained.  Sotheby's shareholders previously approved the merger at a special meeting held in New York on September 5, 2019.  The closing date of the merger is expected to be on October 3, 2019, subject to the satisfaction of customary closing conditions.  The merger will return Sotheby's to private ownership after 31 years as a public company traded on the New York Stock Exchange.

  • Moody's

    BidFair MergeRight Inc. -- Moody's assigns B1 to BidFair MergeRight (Sotheby's) sr secured bonds

    Moody's Investors Service ("Moody's") assigned a B1 rating to the proposed $550 million senior secured notes due 2027 issued initially by BidFair MergeRight Inc. ("BidFair") which will be merged with and into Sotheby's as the surviving entity. The proceeds from the proposed secured note offering, a proposed $550 million bank term loan, and approximately $1.45 billion of cash equity will be used to acquire Sotheby's equity ($3.7 billion), repay its outstanding debt ($990 million) and pay transaction fees and expenses. Sotheby's existing operations will be split into three subsidiaries, the legacy Sotheby's auction business (which forms the credit group for the notes and bank facilities) and two non-recourse subsidiaries, that will run Sotheby's financial service operation and the other that will own and lease the London and New York offices to Sotheby's.

  • Daniel Loeb's Top 5 Holdings as of the 2nd Quarter
    GuruFocus.com

    Daniel Loeb's Top 5 Holdings as of the 2nd Quarter

    Activist guru’s top holdings include Baxter and United Technologies Continue reading...

  • Insider Monkey

    Here Is A Groundbreaking Investment Idea For Hedge Fund, Fixed Income and Gold Investors

    Hedge funds aren’t what they used to be. They used to be exclusive investment vehicles where wealthy investors could generate double digit alpha with very little correlation to the major market indices. Nowadays most hedge funds don’t deliver uncorrelated returns at all and they generate minuscule returns after fees and expenses. I am not saying […]

  • Will Copart's (CPRT) Expansion Drive Bolster Q4 Earnings?
    Zacks

    Will Copart's (CPRT) Expansion Drive Bolster Q4 Earnings?

    High activity levels in the United States and expansion efforts in European markets, primarily in the United Kingdom and Germany, are likely to boost Copart's revenues in fourth-quarter fiscal 2019.

  • Auction of one-of-a-kind Porsche falls apart after bizarre bidding error
    MarketWatch

    Auction of one-of-a-kind Porsche falls apart after bizarre bidding error

    A much-hyped car auction sputtered out in the weirdest way Saturday. A 1939 Porsche “Type 64,” the only of its kind still existing, was expected to sell for around $20 million at an auction by RM Sotheby’s (BID)  in Monterey, Calif., on Saturday night. Auction-goers heard bidding start at $30 million, then $40 million, and as the now-abuzz crowd gasped and cheered, it quickly zipped up to $70 million — a record price for any car auction.

  • Barrons.com

    The $2 Billion Break-Up Fee in Sotheby’s Merger Agreement

    Sotheby’s could receive almost $2bn in damages if French media tycoon Patrick Drahi’s walks away from his $3.7 billion takeover bid

  • Sotheby's, the Billionaire and the Reserve Price
    Bloomberg

    Sotheby's, the Billionaire and the Reserve Price

    (Bloomberg Opinion) -- Sotheby’s is under fire for accepting a $2.7 billion takeover bid from billionaire art lover Patrick Drahi. The handling of the sale reflects poorly on the board, even if it led to a generous offer relative to where the stock was trading.The venerable auctioneer received a takeover approach from a group of unidentified private equity investors in December. Others, including Drahi, followed. As the shares fell from nearly $60 in the middle of 2018 to less than $40 by the year-end, the board should have been on alert to repel opportunistic approaches. It doesn’t look that way judging by the timeline set out in Sotheby’s regulatory filings.The buyout consortium said it thought the auctioneer was worth a mere $50 a share. The board rejected this – but without much conviction. In fact, it offered the bidder help to raise the price. That would have given the impression Sotheby’s was keen to sell itself. Doubtless encouraged by the board’s friendly rejection, the private equity group raised its offer to a still ungenerous $52.50 a share in May.Meanwhile, Drahi and a host of others were sniffing around. Board members discussed the correct price for any deal, but they couldn’t agree. The designated director for Sotheby’s biggest shareholder, Chinese insurer Taikang Asset Management, suggested $100 a share.A knockout bid still hadn’t emerged. Time to get on with the day job? No. A message was conveyed to Drahi that the board was open to a deal and “certain directors” would back one at $65 a share. Faced with this blatant come-on, the billionaire refused to make the desired offer.A board confident in its view of the company’s intrinsic value, and unswayed by short-term share price falls, would surely have left it there. Not Sotheby’s. It invited Drahi to “get as close as he could” to a price “in the $60s”. He still didn’t oblige.Sotheby’s lowered its target to $57.50 a share. An intermediary was told that Third Point LLC, an activist that owns 14% of the company and controls several board seats, was ready to sell at the right price. Drahi called the board’s bluff once more, returning with a $57 a share offer in June.Sotheby’s buckled and also agreed to pay Drahi $111 million if a gatecrasher came along. His offer was at a big 61% premium to then share price, but largely because the stock had fallen further.Obviously boards should have diverse opinions. Still, couldn’t Sotheby’s have come to a solid view of what it was worth and stuck to it? If some directors think the company is worth $65 a share – barely above where the shares traded last year – why was it backing this deal? Or was that number a tactical ploy? As unhappy U.K. shareholder RWC Partners notes, the auctioneer only used the more pessimistic of its internal financial forecasts as it weighed up its future as an independent company.The board was at least right not to try to get an auction going or solicit a firm offer from Taikang: it’s far from certain a Chinese bidder would be able to complete a deal. Above all, Sotheby’s shouldn’t have been actively trying to sell itself in the face of bad offers.If a deal is too cheap, an auction will follow. The snag here is that the break fee adds to the cost of any counter-bid. At 3% of Sotheby’s enterprise value, it is unhelpful to shareholders but not an insurmountable obstacle. The board’s tactics could yet be vindicated if an auction gets going.To contact the author of this story: Chris Hughes at chughes89@bloomberg.netTo contact the editor responsible for this story: Edward Evans at eevans3@bloomberg.netThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Chris Hughes is a Bloomberg Opinion columnist covering deals. He previously worked for Reuters Breakingviews, as well as the Financial Times and the Independent newspaper.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.

  • ACCESSWIRE

    SHAREHOLDER ALERT: Monteverde & Associates PC Launches an Investigation Regarding the Following Buyout

    NEW YORK, NY / ACCESSWIRE / August 16, 2019 / Juan Monteverde , founder and managing partner at Monteverde & Associates PC , a national securities firm headquartered at the Empire State Building in New ...

  • ACCESSWIRE

    Rigrodsky & Long, P.A. Files Class Action Suit Against Sotheby’s

    WILMINGTON, DE / ACCESSWIRE / July 31, 2019 / Rigrodsky & Long, P.A. announces that it has filed a class action complaint in the United States District Court for the District of Delaware on behalf of holders ...

  • GlobeNewswire

    Shareholder Investigation Alert: Halper Sadeh LLP Reminds Investors That it is Investigating Whether the Sale of These Companies is Fair to Shareholders – CZR, DFRG, BID, LTXB

    NEW YORK, July 31, 2019 -- Halper Sadeh LLP, a global investor rights law firm, reminds investors that it is investigating the following companies: Caesars Entertainment.

  • Classic 1939 Porsche Type 64 - 'The Ancestor of All Porsches' - Goes to Auction
    TheStreet.com

    Classic 1939 Porsche Type 64 - 'The Ancestor of All Porsches' - Goes to Auction

    It might be a little worse for wear, but it comes with spare parts. Take a look at these pictures of the 90-year-old race car that birthed today's Porsches -- and which could fetch millions at auction this month.

  • GlobeNewswire

    Sotheby’s Reports 2019 Second Quarter Financial Results

    NEW YORK, July 30, 2019 -- Sotheby’s (NYSE: BID) today reported its financial results for the second quarter and six months ended June 30, 2019.  For the three months.

  • GuruFocus.com

    Daniel Loeb's Third Point 2nd-Quarter 2019 Investor Letter

    Discussion of markets and holdings Continue reading...