BID - Sotheby's

NYSE - Nasdaq Real Time Price. Currency in USD
58.59
+0.86 (+1.49%)
As of 2:51PM EDT. Market open.
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Previous Close57.73
Open57.88
Bid58.54 x 900
Ask58.55 x 800
Day's Range57.63 - 58.60
52 Week Range32.01 - 59.03
Volume289,769
Avg. Volume770,743
Market Cap2.731B
Beta (3Y Monthly)1.21
PE Ratio (TTM)27.38
EPS (TTM)2.14
Earnings DateAug 5, 2019 - Aug 9, 2019
Forward Dividend & YieldN/A (N/A)
Ex-Dividend Date2015-11-27
1y Target Est52.67
Trade prices are not sourced from all markets
  • Sotheby's to be taken private in $3.7B deal
    Yahoo Finance Video9 days ago

    Sotheby's to be taken private in $3.7B deal

    Sotheby's stock soaring after it agreed to be taken private by art collector Patrick Drahi. The deal is valued at $3.7 billion including debt. Yahoo Finance's Seana Smith and Ines Ferre discuss.

  • GlobeNewswire2 hours ago

    Legal Investigation Alert: Halper Sadeh LLP is Investigating Whether the Sale of These Companies is Fair to Shareholders – CZR, BID, CJ, MSL

    NEW YORK, June 26, 2019 -- Halper Sadeh LLP, a global investor rights law firm, is investigating Caesars Entertainment Corporation (NASDAQ: CZR), Sotheby’s (NYSE: BID), C&J.

  • Sotheby's must face Russian billionaire's lawsuit over art fraud: U.S. judge
    Reuters15 hours ago

    Sotheby's must face Russian billionaire's lawsuit over art fraud: U.S. judge

    A federal judge in New York rejected Sotheby's bid to dismiss a $380 million lawsuit where Russian billionaire Dmitry Rybolovlev accused the auction house of helping his longtime art dealer's scheme to overcharge him on dozens of masterworks. U.S. District Judge Jesse Furman said Sotheby's failed to establish that the case did not belong in his court because Rybolovlev was already litigating in Switzerland, where much of the key evidence and many witnesses were located, and that principles of international comity justified dismissal. Furman found no showing that New York was "genuinely inconvenient" and Switzerland was "significantly preferable," saying the New York case had made more progress and Sotheby's might save money by defending itself in its home forum.

  • GlobeNewswire23 hours ago

    SFLY, BID and AVP SHAREHOLDER ALERT: Rigrodsky & Long, P.A. Reminds Investors of Investigations of Mergers

    WILMINGTON, Del., June 25, 2019 -- Rigrodsky & Long, P.A. announces that it is investigating: Shutterfly, Inc. (NASDAQ GS: SFLY) regarding possible breaches of fiduciary.

  • Business Wire23 hours ago

    SOTHEBY’S INVESTOR ALERT by the Former Attorney General of Louisiana: Kahn Swick & Foti, LLC Investigates Adequacy of Price and Process in Proposed Sale of Sotheby’s - BID

    Under the terms of the proposed transaction, shareholders of Sotheby’s will receive only $57.00 in cash for each share of Sotheby’s that they own. KSF is seeking to determine whether this consideration and the process that led to it are adequate, or whether the consideration undervalues the Company. If you believe that this transaction undervalues the Company and/or if you would like to discuss your legal rights regarding the proposed sale, you may, without obligation or cost to you, e-mail or call KSF Managing Partner Lewis S. Kahn (lewis.kahn@ksfcounsel.com) toll free at any time at 855-768-1857, or visit https://www.ksfcounsel.com/cases/nyse-bid/ to learn more.

  • Reutersyesterday

    Sotheby's must face Russian billionaire's lawsuit over art fraud -U.S. judge

    A federal judge in New York rejected Sotheby's bid to dismiss a $380 million lawsuit where Russian billionaire Dmitry Rybolovlev accused the auction house of helping his longtime art dealer's scheme to overcharge him on dozens of masterworks. U.S. District Judge Jesse Furman said Sotheby's failed to establish that the case did not belong in his court because Rybolovlev was already litigating in Switzerland, where much of the key evidence and many witnesses were located, and that principles of international comity justified dismissal. Furman found no showing that New York was "genuinely inconvenient" and Switzerland was "significantly preferable," saying the New York case had made more progress and Sotheby's might save money by defending itself in its home forum.

  • GlobeNewswireyesterday

    Bragar Eagel & Squire, P.C. is Investigating the Board of Directors of Sotheby’s (NYSE: BID) on Behalf of Sotheby’s Shareholders and Encourages Sotheby’s Investors to Contact the Firm

    Bragar Eagel & Squire, P.C. is investigating potential claims against the board of directors of Sotheby’s (BID) on behalf of Sotheby’s shareholders concerning its proposed acquisition by BidFair USA. Pursuant to the proposed transaction, announced on June 17, 2019, and valued at approximately $3.7 billion, Sotheby’s shareholders will receive $57 for each share of Sotheby’s common stock owned.  The investigation focuses on whether Sotheby’s and its board of directors violated the federal securities laws and/or breached their fiduciary duties to the Company’s shareholders by failing to conduct a fair process and whether and by how much the proposed transaction undervalues the Company.

  • GlobeNewswire2 days ago

    MERGER ALERT – MDSO, LTXB, and BID: Levi & Korsinsky, LLP Reminds Investors of Investigations Concerning the Sale of these Companies

    NEW YORK, June 24, 2019 -- The following statement is being issued by Levi & Korsinsky, LLP: Levi & Korsinsky, LLP announces that investigations have commenced on.

  • ACCESSWIRE2 days ago

    CJ, ARRY, BID INVESTOR ALERT: Halper Sadeh LLP Continues To Investigate Whether The Sale Of These Companies Is Fair To Shareholders - CJ, ARRY, BID

    NEW YORK, NY / ACCESSWIRE / June 24, 2019 / Halper Sadeh LLP, a global investor rights law firm, announces it is investigating C&J Energy Services, Inc. (NYSE: CJ), Array BioPharma Inc. (NASDAQ: ARRY), ...

  • Bloomberg3 days ago

    Debt King Drahi's Bid for Sotheby's Puts the Art World in Play

    (Bloomberg) -- In a career defined by audacious takeovers, Patrick Drahi’s bid for Sotheby’s ranks as perhaps the most surprising of all.The French-Israeli tycoon has long followed his own path in business, tapping the market for junk-rated debt to help build the second-biggest telecom company in France. And Drahi shunned the elite bastions of Paris by listing Altice Europe NV in Amsterdam and settling in the alpine town of Zermatt, Switzerland.When this consummate outsider announced on June 17 that he would shell out $2.7 billion to purchase Sotheby’s, the iconic 275-year-old auction house, a raft of questions followed. Is he seeking a trophy asset to sit on his shelf, or will he shake up a firm that had seen its share price tumble by 40% in a year? Is it wise to pile more debt onto Sotheby’s? And just who is Drahi anyway?One thing is already clear: the bid opens a new chapter for an entrepreneur who turned a $9,000 student loan into an $8.5 billion fortune, making him the sixth-richest person in France, according to the Bloomberg Billionaires Index.It’s also possible that other bidders could challenge Drahi’s offer, which was set at a 61% premium to Sotheby’s closing share price on June 14. On Friday, the New York Post reported that other potential buyers may be circling, which pushed the firm’s stock above the offering price. If Sotheby’s accepted a rival bid, it would have to pay Drahi a termination fee of almost $111 million, according to a regulatory filing.In any event, Drahi, 55, said little about his reason for the acquisition in Monday’s statement, save that he’s long been a client and admirer of Sotheby’s. He declined to be interviewed for this article.Arthur Dreyfuss, a spokesman for Drahi, said the purchase “is a long-term family investment in an industry he is passionate about.”Art Lover?The bid roiled the art world and sent dealers scrambling for information about the man, who wasn’t widely known as a serious collector. Experts steeped in the ebb and flow of the market were hard-pressed to identify what paintings he’s bought, although a person with knowledge of Drahi’s collection said he owns pieces by Picasso, Matisse and Chagall, as well as works by 19th century French masters Gericault and Delacroix.Born in Casablanca, Drahi moved to southern France from Morocco when he was 15. He attended his first art auction around then, though at that age he could only observe. That changed by 2007, the year he cobbled together regional cable operators into a new company called Numericable. Drahi likes to steal an hour or two while on business trips and visit local galleries and cathedrals, as he did on a recent detour to the Louvre’s outpost in the northern French city of Lens, said the person, who asked not to be identified.‘Instant Fame’Taking Sotheby’s private after 31 years on the New York Stock Exchange will certainly make Drahi an influential figure in the market for fine art and collectibles, which amounted to $67.4 billion last year, according to an annual report published by UBS Group AG and Art Basel.He will stand opposite Francois Pinault, the French billionaire who founded a luxury-goods empire that encompasses names like Gucci and St. Laurent and controls Christie’s, Sotheby’s historic rival. In acquiring Sotheby’s, Drahi would mirror A. Alfred Taubman, the late American shopping mall developer, who scooped up Sotheby’s in 1983 and took it private.“People didn’t know Alfred incredibly well at the time, but it gave him instant fame in the art and cultural world,” says Warren Weitman, a former Sotheby’s executive and co-founder of Art Market Advisors in New York.Owning Sotheby’s would give Drahi a first look at pieces coming onto the market, plus a ready outlet for selling his own works, industry experts said. Taubman bought sculptures by Alberto Giacometti and paintings by Georgia O’Keeffe and Picasso, among others, at auctions, and by the time of his death in 2015 he’d amassed a collection once valued at $500 million. (The businessman was convicted of price fixing in an industry-shaking trial in 2001 and served almost 10 months in prison).‘Coveted Works’For his part, Pinault is among the world’s top collectors with works from virtually every major modern, postwar and contemporary artist. His $1.2 billion collection is so vast that he exhibits pieces in two palazzos in Venice and is building a museum in Paris.“I am sure the idea of access to the most coveted works before anyone else is an additional perk to this acquisition in the back of Drahi’s mind, as must have been the case with an obsessive collector like Mr. Pinault,” says Wendy Goldsmith, founder of Goldsmith Art Advisory, a London-based consulting firm.Yet Drahi will be on the hook should the finances of his new acquisition go sideways. Buffeted by sudden swings in buying activity, the art world can be a volatile and inscrutable place. In 2016, for instance, sales in China slid sharply and contributed to a 16% drop in revenue at Sotheby’s, says Alex Maroccia, an equity analyst with Berenberg Capital Markets in London.Moody’s ReviewDespite the astronomical sums paid for top works -- Claude Monet’s ethereal rendering of haystacks called “Meules” fetched $110.7 million at Sotheby’s in May -- the company has struggled to post consistent growth. In 2018, the firm, which makes money primarily by sales commissions, earned $108.6 million in net income on $1 billion in revenue, an 8.5% skid from 2017. In the first quarter of this year, it lost $7 million.On Tuesday, Moody’s said Sotheby’s adjusted debt was five times its earnings before interest, tax, depreciation and amortization -- a high level for a luxury-goods concern. Moody’s, which already ranks Sotheby’s debt at below investment grade, placed the firm on review for a credit-rating downgrade. Drahi may be planning on financing a big chunk of his deal by selling more junk-rated debt.High Tech Shakeup?Drahi, a graduate of France’s elite engineering school, Ecole Polytechnique, may be tempted to bring his technological expertise to bear. Sotheby’s mobile-phone app already permits users to bid around the clock in online auctions of fine books and manuscripts or 19th century European paintings. Last year, the firm bought a New York startup called Thread Genius that uses “image recognition” software to ply users with art they may like based on past purchases. It’s widely accepted that the art market is long overdue for the type of digital revolution that transformed other industries.But if Drahi is contemplating using digital automation to slash salaries, Sotheby’s biggest expense, he may want to think again, experts said. The auction business is still driven by the relationships between sales representatives who know what art buyers want and well-heeled customers who require hand-holding and trust.“Patrick Drahi may have some wiggle room to cut costs, but not massive wiggle room,” says Franck Prazan, the owner of Applicat-Prazan gallery in Paris.More than anything, the art world is bracing to see how Drahi, the newcomer, will square off against the veteran Pinault. Locked in a fierce rivalry, Christie’s and Sotheby’s control about 20% of the global art market, according to the UBS report. Christie’s had $7 billion in sales last year, compared with $6.4 billion at Sotheby’s.Whatever course Drahi takes, there’s bound to be drama as Sotheby’s rejoins Christie’s in the opaque world of private ownership and a new player makes his imprint on an idiosyncratic industry.“Every successful businessman who gets involved with the auction houses thinks that he can reinvent the wheel,” says Goldsmith, the art adviser. “Mr. Drahi may indeed find that he can’t reinvent the wheel, but he will have a lot of fun trying.”\--With assistance from Fabio Benedetti-Valentini and Laura Benitez.To contact the reporters on this story: Edward Robinson in London at edrobinson@bloomberg.net;Katya Kazakina in New York at kkazakina@bloomberg.net;Angelina Rascouet in Paris at arascouet1@bloomberg.netTo contact the editors responsible for this story: Pierre Paulden at ppaulden@bloomberg.net, ;Jacqueline Simmons at jackiem@bloomberg.net, ;Rebecca Penty at rpenty@bloomberg.net, Frank Connelly, Steven CrabillFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • PR Newswire4 days ago

    URGENT ALERT: Monteverde & Associates PC Launches an Investigation Regarding the Following Merger

    NEW YORK , June 21, 2019 /PRNewswire/ -- Juan Monteverde , founder and managing partner at Monteverde & Associates PC , a national securities firm headquartered at the Empire State Building in New York ...

  • Reuters5 days ago

    UPDATE 1-U.S. judge rejects Greece bid to dismiss Sotheby's lawsuit over bronze horse

    A U.S. judge on Friday rejected Greece's effort to dismiss an unusual lawsuit in which Sotheby's and the owners of an ancient Greek bronze horse sued the country, seeking court permission to put the statue on the auction block. U.S. District Judge Katherine Polk Failla rejected Greece's claim that she lacked jurisdiction under the Foreign Sovereign Immunities Act, saying the case triggered an exception for "commercial activity" that allowed Greece to be sued. Filed by Sotheby's and descendants of art collectors Howard and Saretta Barnet, the lawsuit sought a declaration that the family owned the 14-centimeter (5.5-inch) high horse, which dates from the 8th century BC - and that Sotheby's could sell it.

  • Sotheby's May Get Competing Offers to Drahi Deal, NYPost Reports
    Bloomberg5 days ago

    Sotheby's May Get Competing Offers to Drahi Deal, NYPost Reports

    (Bloomberg) -- Sotheby’s shares gained after the New York Post reported that the auction house could get competing offers days after striking an agreement with billionaire Patrick Drahi to sell itself for $2.7 billion.A group of wealthy New York-based art “afficianados” is forming to assemble a bid, the newspaper reported Friday, citing sources “close to the talks” that it didn’t identify. Hedge fund manager Alexander Klabin of Senator Investment Group is among those who have been approached to finance a competing offer, the paper said. Sotheby’s shares rose 4.2% to $58.92 in New York.Sotheby’s and Klabin declined to comment.Read More: Billionaire’s deal for Sotheby’s pushes art market ‘underground’Taikang Asset Management, Sotheby’s largest shareholder with a 17% stake, is also considering whether to make a higher offer, the newspaper said. Under the agreement with Drahi announced on Monday, investors will receive $57 in cash per share of Sotheby’s common stock. The offer represented a 61% premium to its prior closing price. Drahi would get a termination fee of more than $100 million if Sotheby’s accepted a higher bid, according to a regulatory filing.(Updates share price in second paragraph.)To contact the reporter on this story: Katya Kazakina in New York at kkazakina@bloomberg.netTo contact the editors responsible for this story: Pierre Paulden at ppaulden@bloomberg.net, Steven CrabillFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • GlobeNewswire5 days ago

    LTXB, CJ and BID SHAREHOLDER ALERT: Rigrodsky & Long, P.A. Reminds Investors of Investigations of Mergers

    WILMINGTON, Del., June 21, 2019 -- Rigrodsky & Long, P.A. announces that it is investigating: LegacyTexas Financial Group, Inc. (NASDAQ GS: LTXB) regarding possible.

  • Benzinga5 days ago

    Report: Sotheby's Could Get Other Offers

    Sotheby’s (NYSE: BID ) could get offers from other rival investors, according to the New York Post. Patrick Drahi's BidFair earlier this week reached an agreement to acquire Sotheby's for $3.7 billion, ...

  • Motley Fool5 days ago

    Sotheby’s Sells Itself to One Rich Collector

    Telecom mogul Patrick Drahi is paying $3.7 billion for the auction house.

  • iBuying Is Transforming The Real Estate Market
    Zacks6 days ago

    iBuying Is Transforming The Real Estate Market

    Investors are buying up US real estate like hot cakes making up 11% of total home sales in 2018, the highest on record, according to WSJ. Zillow (ZG) is one such investor that has pivoted to be more than just a real estate tool.

  • GlobeNewswire6 days ago

    MERGER ALERT – GDI, BID, and LTXB: Levi & Korsinsky, LLP Reminds Investors of Investigations Concerning the Sale of these Companies

    NEW YORK, June 20, 2019 -- The following statement is being issued by Levi & Korsinsky, LLP: Levi & Korsinsky, LLP announces that investigations have commenced on.

  • Motley Fool6 days ago

    What Do Mark Zuckerberg, Marco Rubio, and Patrick Drahi Have in Common?

    Each one singlehandedly moved the news on Tuesday.

  • Financial Times6 days ago

    Sotheby’s surprise sale to Patrick Drahi

    The $3.7bn deal valued Sotheby’s shares at $57, a 61 per cent premium to their closing price on June 14. Sotheby’s is the oldest firm on the New York Stock Exchange, where it has been listed — as BID — since 1988, but has never been entirely comfortable as a public company. As a public company, Sotheby’s has also laid itself open to active and vocal investors, not least Third Point’s Daniel Loeb.

  • SHAREHOLDER ALERT: WeissLaw LLP Investigates Sotheby's Acquisition
    PR Newswire7 days ago

    SHAREHOLDER ALERT: WeissLaw LLP Investigates Sotheby's Acquisition

    WeissLaw is investigating whether Sotheby's Board acted to maximize shareholder value prior to entering into the agreement.  Notably, prior to the acquisition announcement, BID reported a 16% annual increase in consolidated sales for fiscal year 2018.

  • Moody's8 days ago

    Sotheby's -- Moody's places Sotheby's Ba2 CFR on review for downgrade

    Moody's Investors Service ("Moody's") placed Sotheby's ratings on review for downgrade including the Ba2 Corporate Family Rating, Ba2-PD Probability of Default rating and Ba3 senior unsecured note rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating.

  • Company News For Jun 18, 2019
    Zacks8 days ago

    Company News For Jun 18, 2019

    Companies In The News Are: DISH,TMUS,S,ARRY,PFE,BID,BA

  • Barrons.com8 days ago

    Podcast: Bitcoin Reaches Its Highest Value In a Year

    Bitcoin’s price peaked in December 2017, when it briefly rose to over 19,000 dollars. The cryptocurrency lost half its value over the following two months. Before its recent surge, Bitcoin was trading around 4,000 dollars.

  • What Happened in the Stock Market Today
    Motley Fool9 days ago

    What Happened in the Stock Market Today

    Acquisitions made headlines, with Pfizer buying Array BioPharma and a private investor picking up Sotheby's.