BID - Sotheby's

NYSE - NYSE Delayed Price. Currency in USD
56.21
+0.08 (+0.14%)
At close: 4:01PM EDT

56.21 0.00 (0.00%)
After hours: 4:27PM EDT

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Previous Close56.13
Open56.13
Bid56.15 x 2200
Ask56.80 x 900
Day's Range55.99 - 56.63
52 Week Range32.01 - 59.88
Volume5,002,206
Avg. Volume593,215
Market Cap2.62B
Beta (3Y Monthly)1.21
PE Ratio (TTM)26.27
EPS (TTM)2.14
Earnings DateAug 5, 2019 - Aug 9, 2019
Forward Dividend & YieldN/A (N/A)
Ex-Dividend Date2015-11-27
1y Target Est45.50
Trade prices are not sourced from all markets
  • Moody's10 hours 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
    Zacks13 hours ago

    Company News For Jun 18, 2019

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

  • Barrons.com18 hours 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 Fool2 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.

  • Nasdaq Outperforms, Helped By Software, Biotech; Bitcoin Trading Heats Up
    Investor's Business Daily2 days ago

    Nasdaq Outperforms, Helped By Software, Biotech; Bitcoin Trading Heats Up

    Bitcoin trading was active again Monday amid a solid gain for the Nasdaq. The tech-laden index was helped by strength in software and biotech stocks.

  • TheStreet.com2 days ago

    Sotheby's to Be Bought by BidFair for $3.7 Billion

    hit the gavel on itself on Monday, announcing it has agreed to be acquired by BidFair USA, an entity wholly owned by media and telecom entrepreneur and art collector Patrick Drahi. Under the terms of the agreement, Sotheby's shareholders will receive $57 in cash per share of Sotheby's common stock, in a transaction with an enterprise value of $3.7 billion. The offer price represents a premium of 61% to Sotheby's Friday closing price of $35.39.

  • Private Deal for Sotheby's Pushes Art Market ‘Underground’
    Bloomberg2 days ago

    Private Deal for Sotheby's Pushes Art Market ‘Underground’

    (Bloomberg) -- Like masterpieces by Van Gogh, Picasso and Rothko, the storied auction house Sotheby’s is slipping into wealthy private hands, in a $2.7 billion deal that will reshape the global art market.Billionaire Patrick Drahi agreed to buy the 275-year-old firm, ending Sotheby’s three decades as a public company. Drahi, a disciple of media mogul John Malone, is seizing on the upheavals that have shaken the centuries-old auction model.The deal announced Monday pulls the inner workings of the art market even deeper into the shadows. As a private company, Sotheby’s will no longer be required to disclose quarterly results, which had put it at a competitive disadvantage compared with arch-rival Christie’s, owned by another French billionaire, Francois Pinault. Those periodic reports also provided a “public bellwether” for the art market with insight into margins, executive compensation, strategy, capital allocation and the stock’s reaction to major economic and political forces, said Evan Beard, an art-service executive at Bank of America Corp.“That all goes underground now,” Beard said. “It’s a transparency shift."Investors including Dan Loeb’s Third Point hedge fund, Sotheby’s second-biggest shareholder, will receive $57 in cash for each share of Sotheby’s common stock, the New York-based auction house said Monday in a statement. The offer represents a 61% premium to Friday’s closing price.Sotheby’s shares had dropped 40% in the past year as the company grappled with higher costs and shrinking margins even as masterpieces and contemporary works set auction records. Drahi, 55, is chairman of Altice Europe NV, a publicly traded telecommunications firm with more than 30 million customers. He’s worth $8.6 billion and the sixth-richest person in France, according to the Bloomberg Billionaires Index."It’s a trophy acquisition," said Franck Prazan, owner of Applicat-Prazan gallery, who was a managing director at Christie’s France when Pinault bought the company. “These auction houses aren’t really meant to be publicly traded, and they’re better off being owned by a personal fortune. The profitability of a publicly traded auction house is extremely volatile.”Bold dealmaking is well in character for Drahi, who single-handedly built a global telecom behemoth in the span of two decades through relentless acquisitions and an embrace of debt. The Moroccan-born Frenchman, who’s also an Israeli citizen, is said to have proposed to his wife within an hour of meeting her. He harbored ambitions of one day running a global company. Realizing that goal could take decades to materialize if he stayed on the corporate track, he quit his first job with a Dutch satellite firm and founded his own cable businesses with the help of a student loan.Cutthroat CompetitionIn 2016, in a $17.8 billion deal, Altice acquired Cablevision Systems Corp., where Sotheby’s Chief Executive Officer Tad Smith honed his managerial skills before taking the reins at Madison Square Garden Co.Altice Europe’s main asset is SFR, a French telecommunications company. The business is finally returning to growth after years of customer losses amid cutthroat competition. Shares of Altice Europe have advanced about 70% this year, though they remain more than 50% below their 2015 peak.Drahi’s takeover would mean that French citizens will own the world’s two major auction houses. Pinault, the founder of Paris-based luxury goods giant Kering SA, initially acquired a stake in Christie’s two decades ago from British billionaire Joe Lewis.“It was ripe for Sotheby’s to go private,” said former Christie’s executive Philip Hoffman, now CEO of the Fine Art Group. “Christie’s has more advantages being run privately and not having public quarterly reporting that puts pressure on their ability to do deals.”The branding potential of Sotheby’s had attracted investors including Loeb, whose Third Point hedge fund is the second-largest shareholder, with a 14.3% stake.Loeb joined the board in 2014 after a bitter proxy fight, and senior managers were replaced soon after. Investments in technology and advisory services followed -- as well as significant milestones, such as the sale of a Jean-Michel Basquiat painting for $110 million in 2017. Still, Sotheby’s has consistently trailed Christie’s in annual sales.“Today’s sale price affirms the value we saw when we first invested in Sotheby’s, and rewards long-term investors like Third Point who believed in its potential,” Loeb said Monday in a email.To contact the reporters on this story: Katya Kazakina in New York at kkazakina@bloomberg.net;Angelina Rascouet in Paris at arascouet1@bloomberg.net;Devon Pendleton in New York at dpendleton@bloomberg.netTo contact the editors responsible for this story: Pierre Paulden at ppaulden@bloomberg.net, ;Alan Goldstein at agoldstein5@bloomberg.net, Peter EichenbaumFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Sotheby’s News: BID Stock Flies on $3.7 Billion Buyout Deal
    InvestorPlace2 days ago

    Sotheby’s News: BID Stock Flies on $3.7 Billion Buyout Deal

    Sotheby's news about the company being taken private has BID stock heading higher on Monday.Source: Shutterstock Sotheby's (NYSE:BID) says that the new offer to take the company private comes from BidFair USA. This is a company controlled and owned by Patrick Drahi, who is an art collector. The deal values the company at $3.70 billion.The Sotheby's news release about the deal also includes the offer being made for it on a per share basis. BidFair USA will be paying $57.00 per share for BID stock. The company will be using cash to fund the transaction.InvestorPlace - Stock Market News, Stock Advice & Trading TipsBidFair USA's offer of $57.00 is a heavy premium over the closing price of $35.39 per share for BID stock on Friday. This represents a 61% premium over that price. It is also 56.3% above the company's 30 trading-day volume weighted average share price.The Sotheby's news already has the approval of the company's Board of Directors. The Board is also recommending that all shareholders of BID stock offer up their approval for the deal with BidFair USA. * 7 Top-Rated Biotech Stocks to Invest In Today Sotheby's and BidFair USA still need to complete customary closing conditions before the deal can close. This includes getting approval from regulators, as well as shareholders. If the deal doesn't run into any problems, it will close during the fourth quarter of 2019. This will return the company to private ownership after 31 years on a public stock exchange.BID stock was up 58% as of noon Monday. More From InvestorPlace * 4 Top American Penny Pot Stocks (Buy Before June 21) * The 7 Best Tech Stocks to Buy for the Second Half of 2019 * 7 Top-Rated Biotech Stocks to Invest In Today * 4 Semiconductor Stocks to Sell As of this writing, William White did not hold a position in any of the aforementioned securities.Compare Brokers The post Sotheby's News: BID Stock Flies on $3.7 Billion Buyout Deal appeared first on InvestorPlace.

  • Billionaire Art Lover Pays a Da Vinci-Style Price for Sotheby’s
    Bloomberg2 days ago

    Billionaire Art Lover Pays a Da Vinci-Style Price for Sotheby’s

    (Bloomberg Opinion) -- For full tycoon status, you need to own a real trophy asset. Patrick Drahi has moved to obtain lasting renown by securing a $3.7 billion deal to buy the venerable auction house Sotheby’s. Getting noticed doesn’t come cheap.Drahi is best known as the acquisitive founder of Altice Europe NV, a Dutch-listed telecoms group, and its sister business Altice USA Inc. He’s No. 174 in the Bloomberg Billionaires index, with an estimated net worth of $8.6 billion, just above his mentor, Liberty Global Plc’s John Malone. He can afford to buy Sotheby’s. But expect him to be using a heap of debt to do so, something straight out of his and Malone’s playbooks.You never get a trophy for a bargain sum and so it is here. Drahi is offering a 61% premium to the Sotheby’s closing price on Friday, and a 56% premium to the 30-day average price. On a longer-term view, the auction house is slightly better value. The $57-a-share bid is still 3% below the company’s year high, and is 21 times expected earnings over the next 12 months. The stock was trading at 23 times earnings back in September. The market isn’t expecting a counterbid. But there’s only one Sotheby’s and it can’t be ruled out.For Sotheby’s, it’s hard to see how an offer with this premium, and from an art lover, could have been rejected. Indeed, the company is voicing the now familiar lament that private ownership may suit the business better. It’s certainly been tough for the board on the public markets. Shareholder activist assaults have included a 2014 whipping from Dan Loeb’s Third Point LLC, a 14% shareholder, who complained about poor governance and weak cost control.For Drahi the commercial attractions are less clear cut. He’s paying a handsome premium that only he can justify. Running auctions is a tricky business: The market is highly volatile, clients may demand guaranteed minimum prices to choose a particular auction house, and there are lots of expensive staff on the books. The economics are similar to owning a blue chip investment bank, even if the social cachet is on another level (arch-rival Christie’s is owned by the Pinaults, no strangers to trophy assets).Still, with the numbers of the world’s super-wealthy expanding, art prices tend to do the same thing. The issue for the auction houses is making sure they get the very top contemporary pieces, so popular with Drahi’s billionaire cohort.What does Drahi bring other than his commitment to the arts and experience as a Sotheby’s client? It would be brave to bet against him, but his undoubted skills in financial structuring don’t seem particularly relevant in this case. Possibly his experience of cutting costs and transforming businesses will be of benefit, in particular as Sotheby’s adapts to digital sales.It’s not obvious why full ownership of Sotheby's would be the first recommendation of an adviser to Drahi’s family office. It’s a risky business. There may be wiser uses of $4 billion – just not ones that put you on the cultural map.To contact the author of this story: Chris Hughes at chughes89@bloomberg.netTo contact the editor responsible for this story: James Boxell at jboxell@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.

  • GlobeNewswire2 days ago

    SHAREHOLDER ALERT: Levi & Korsinsky, LLP Notifies Investors of an Investigation Regarding Whether the Sale of Sotheby's to BidFair USA is Fair to Shareholders

    NEW YORK, June 17, 2019 -- The following statement is being issued by Levi & Korsinsky, LLP: To: All Persons or Entities who purchased Sotheby's (the “Company”) (NYSE:.

  • GlobeNewswire2 days ago

    SOTHEBY’S SHAREHOLDER ALERT: Rigrodsky & Long, P.A. Announces Investigation Of Buyout

    WILMINGTON, Del., June 17, 2019 -- Rigrodsky & Long, P.A.: Do you own shares of Sotheby’s (NYSE: BID)? Did you purchase any of your shares prior to June 17, 2019?Do you.

  • PR Newswire2 days ago

    Shareholder Alert: Ademi & O'Reilly, LLP Investigates whether Sotheby's has obtained a Fair Price in its BidFair USA

    MILWAUKEE , June 17, 2019 /PRNewswire/ -- Ademi & O'Reilly, LLP is investigating the Sotheby's (NYSE: BID) for possible breaches of fiduciary duty and other violations of the law in connection with the ...

  • Barrons.com2 days ago

    Sotheby’s Stock Surges on $3.7 Billion Deal to Take It Private

    Altice founder Patrick Drahi’s privately held BidFair USA will acquire the auction house Sotheby’s in a deal valued at $3.7 billion.

  • Why Shares of Sotheby's Are Rocketing Higher on Monday
    Motley Fool2 days ago

    Why Shares of Sotheby's Are Rocketing Higher on Monday

    The company, which has had a difficult run recently as a public entity, has a deal in place to go private.

  • GlobeNewswire2 days ago

    SOTHEBY’S MERGER INVESTIGATION: Halper Sadeh LLP Announces Investigation Into Whether the Sale of Sotheby’s is Fair to Shareholders – BID

    Halper Sadeh LLP, a global investor rights law firm, is investigating whether the sale of Sotheby’s (BID) to BidFair USA (“BidFair”) is fair to Sotheby’s shareholders. On behalf of Sotheby’s shareholders, Halper Sadeh LLP may seek increased consideration for shareholders, additional disclosures and information concerning the proposed transaction, or other relief and benefits. If you are a Sotheby’s shareholder and would like to discuss your legal rights and options, please visit Sotheby’s Merger or contact Daniel Sadeh or Zachary Halper at (212) 763-0060 or sadeh@halpersadeh.com or zhalper@halpersadeh.com.

  • Sotheby's snapped up by French tycoon Drahi for $3.7 billion
    Reuters2 days ago

    Sotheby's snapped up by French tycoon Drahi for $3.7 billion

    PARIS/BOSTON (Reuters) - Franco-Israeli cable magnate Patrick Drahi made a surprise move into the art world by snapping up Sotheby's in a deal worth $3.7 billion, marking the art auction house's return to private ownership after 31 years. The acquisition allows Drahi to join French billionaire Francois Pinault - who owns Sotheby's main rival Christie's - at the top of the art world and New York society.

  • Sotheby's Sold for $2.7 Billion to  French Media Titan Patrick Drahi
    Bloomberg2 days ago

    Sotheby's Sold for $2.7 Billion to  French Media Titan Patrick Drahi

    (Bloomberg) -- Telecom titan Patrick Drahi is buying Sotheby’s for $2.7 billion, taking it private after more than three decades as a public company, and placing the world’s two leading auction houses under the control of French billionaires.Sotheby’s shares had taken a beating in the past year as the company battled expenses and margins even as masterpieces and contemporary works set auction records. Activist investor Dan Loeb, whose Third Point hedge fund is the second-largest shareholder, had waged a battle against the auction house after first reporting a stake in 2013.Drahi, who controls Altice Europe NV, a publicly traded telecommunications business with more than 30 million customers, has the money and background. An avid art collector, he’s worth $8.6 billion, according to the Bloomberg Billionaires Index.“Sotheby’s is one of the most elegant and aspirational brands in the world,” Drahi, 55, said in the statement. “As a longtime client and lifetime admirer of the company, I am acquiring Sotheby’s together with my family.”Investors will receive $57 in cash per share of Sotheby’s common stock under terms of the agreement, according to a statement Monday from the New York-based company. The offer represents a 61% premium to the closing price on Friday. Sotheby’s shares rose 57% to $55.58 as of 9:40 a.m. in New York. The enterprise value is $3.7 billion.Drahi’s latest purchase is a surprise move for a man known for the telecoms empire he built, which grew out of a string of debt-financed acquisitions in France before eventually expanding to the U.S. in 2015. Drahi said he intends to “monetize” a small piece of the U.S. business for as much as $400 million to fund the Sotheby’s deal.Altice Europe’s main asset is SFR in France. The business is finally returning to growth after years of customer losses amid cutthroat competition for subscribers in France. Shares in Altice Europe have gained more than 70% this year.Drahi’s takeover would mean that French citizens will own the world’s two major auction houses. The family of Francois Pinault, founder of Paris-based luxury goods giant Kering SA, owns Christie’s after first buying a stake in the company from British billionaire Joe Lewis two decades ago.“It was ripe for Sotheby’s to go private,” said Philip Hoffman, chief executive officer of the Fine Art Group and a former Christie’s executive. “Christie’s has more advantages being run privately and not having public quarterly reporting that puts pressure on their ability to do deals.”Sotheby’s had been under pressure from Dan Loeb, whose Third Point hedge fund is the second-largest shareholder, with a 14.3% stake.“Today’s sale price affirms the value we saw when we first invested in Sotheby’s, and rewards long-term investors like Third Point who believed in its potential,” Loeb said Monday in a email.LionTree Advisors is advising Sotheby’s, while BNP Paribas and Morgan Stanley working with BidFair, an entity controlled by Drahi. BNP Paribas is sole financing provider.(Adds Loeb comment in 10th paragraph. An earlier version of this story corrected Philip Hoffman’s title at Christie’s.)\--With assistance from Ben Stupples and Scott Deveau.To contact the reporters on this story: Angelina Rascouet in Paris at arascouet1@bloomberg.net;Devon Pendleton in New York at dpendleton@bloomberg.net;Katya Kazakina in New York at kkazakina@bloomberg.netTo contact the editors responsible for this story: Pierre Paulden at ppaulden@bloomberg.net, ;Alan Goldstein at agoldstein5@bloomberg.net, Steven CrabillFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Reuters2 days ago

    UPDATE 1-Billionaire Patrick Drahi agrees to buy Sotheby's in $3.7 bln deal

    Patrick Drahi, the billionaire behind telecoms and media group Altice , has agreed to buy art auction house Sotheby's in a deal worth $3.7 billion on an enterprise value basis. Sotheby's said it had signed a definitive agreement to be acquired by BidFair USA, an acquisition vehicle set up by Drahi, that had offered $57 in cash per share to buy out Sotheby's. The offer represented a premium of 61% to Sotheby's closing price on Friday.

  • Benzinga2 days ago

    Sotheby's To Be Acquired By BidFair, Shares Rise 60%

    Sotheby’s (NYSE: BID ) shares traded sharply higher Monday morning after the company announced it will be acquired by BidFair for $57 per share in cash. The offer price represents a premium of 61% to Sotheby's ...

  • Reuters2 days ago

    Sotheby's to be taken private by French billionaire Patrick Drahi

    June 17 (Reuters) - Art auction house Sotheby's said on Monday it would be taken private for $2.66 billion by a company owned by Altice Europe founder Patrick Drahi. Sotheby's shareholders will receive $57 in cash per share held. The offer represents a premium of 61% to Sotheby's Friday close. (Reporting by Nivedita Balu in Bengaluru; Editing by Sriraj Kalluvila

  • MarketWatch2 days ago

    Sotheby's stock soars after $3.7 billion buyout deal with Altice Chairman Patrick Drahi

    Shares of Sotheby's soared 60% toward an 11-month high in premarket trading Monday, after the auction house announced a deal to be acquired by BidFair USA, which is owned by telcom and media entrepreneur and art collector Patrick Drahi, in a deal valued at $3.7 billion. Under terms of the deal, Sotheby's shareholders will receive $57 in cash for each Sotheby's stock they own, which is 61% above Friday's closing price of $35.39 and represents a market capitalization of $2.66 billion. Drahi is Chairman and controlling shareholder of Altice USA Inc. . The deal is expected to close in the fourth quarter. "This acquisition will provide Sotheby's with the opportunity to accelerate the successful program of growth initiatives of the past several years in a more flexible private environment," said Sotheby's Chief Executive Tad Smith. "It positions us very well for our future and I strongly believe that the company will be in excellent hands for decades to come with Patrick as our owner." Sotheby's stock has dropped 40% over the past 12 months through Friday, while the Dow Jones Industrial Average has gained 4%.

  • PR Newswire2 days ago

    Sotheby's Announces Definitive Agreement to be Acquired by Patrick Drahi

    Sotheby's Shareholders to Receive $57 Per Share in Cash Transaction Valued at $3.7 Billion Acquisition Would Result in Sotheby's Becoming a Private Company NEW YORK , June 17, 2019 /PRNewswire/ -- Sotheby's ...