Intrinsic value of Sotheby's - BID

Previous Close

$40.45

  Intrinsic Value

$38.74

stock screener

  Rating & Target

hold

-4%

Previous close

$40.45

 
Intrinsic value

$38.74

 
Up/down potential

-4%

 
Rating

hold

We calculate the intrinsic value of BID stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 0001), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 2.1

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  1,009
  1,032
  1,059
  1,089
  1,122
  1,158
  1,197
  1,240
  1,286
  1,335
  1,388
  1,445
  1,505
  1,568
  1,636
  1,708
  1,784
  1,864
  1,949
  2,038
  2,133
  2,232
  2,337
  2,448
  2,564
  2,687
  2,816
  2,952
  3,095
  3,245
Variable operating expenses, $m
  749
  766
  785
  807
  831
  858
  887
  919
  952
  989
  1,021
  1,063
  1,107
  1,154
  1,204
  1,256
  1,312
  1,371
  1,434
  1,499
  1,569
  1,642
  1,720
  1,801
  1,887
  1,977
  2,072
  2,172
  2,277
  2,388
Fixed operating expenses, $m
  89
  91
  93
  95
  97
  99
  101
  104
  106
  108
  111
  113
  115
  118
  121
  123
  126
  129
  132
  134
  137
  140
  144
  147
  150
  153
  157
  160
  164
  167
Total operating expenses, $m
  838
  857
  878
  902
  928
  957
  988
  1,023
  1,058
  1,097
  1,132
  1,176
  1,222
  1,272
  1,325
  1,379
  1,438
  1,500
  1,566
  1,633
  1,706
  1,782
  1,864
  1,948
  2,037
  2,130
  2,229
  2,332
  2,441
  2,555
Operating income, $m
  172
  176
  181
  187
  193
  201
  209
  218
  228
  239
  256
  269
  282
  296
  312
  328
  345
  364
  383
  404
  426
  449
  474
  500
  528
  557
  588
  620
  654
  691
EBITDA, $m
  201
  205
  211
  217
  225
  233
  242
  252
  263
  275
  288
  301
  316
  332
  349
  366
  386
  406
  427
  450
  474
  500
  527
  555
  586
  617
  651
  687
  724
  764
Interest expense (income), $m
  45
  63
  65
  69
  72
  76
  81
  85
  91
  97
  103
  109
  117
  124
  132
  141
  150
  160
  170
  181
  192
  204
  217
  230
  245
  260
  275
  292
  309
  328
  347
Earnings before tax, $m
  109
  110
  112
  114
  117
  120
  123
  127
  131
  136
  147
  152
  158
  164
  171
  178
  186
  194
  203
  212
  222
  232
  244
  256
  268
  282
  296
  311
  327
  344
Tax expense, $m
  29
  30
  30
  31
  32
  32
  33
  34
  35
  37
  40
  41
  43
  44
  46
  48
  50
  52
  55
  57
  60
  63
  66
  69
  72
  76
  80
  84
  88
  93
Net income, $m
  80
  81
  82
  84
  85
  88
  90
  93
  96
  99
  107
  111
  115
  120
  125
  130
  136
  142
  148
  155
  162
  170
  178
  187
  196
  206
  216
  227
  239
  251

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  3,154
  3,226
  3,309
  3,402
  3,505
  3,619
  3,742
  3,875
  4,019
  4,173
  4,338
  4,514
  4,702
  4,901
  5,112
  5,336
  5,573
  5,824
  6,089
  6,369
  6,664
  6,976
  7,304
  7,650
  8,014
  8,397
  8,801
  9,225
  9,672
  10,142
Adjusted assets (=assets-cash), $m
  3,154
  3,226
  3,309
  3,402
  3,505
  3,619
  3,742
  3,875
  4,019
  4,173
  4,338
  4,514
  4,702
  4,901
  5,112
  5,336
  5,573
  5,824
  6,089
  6,369
  6,664
  6,976
  7,304
  7,650
  8,014
  8,397
  8,801
  9,225
  9,672
  10,142
Revenue / Adjusted assets
  0.320
  0.320
  0.320
  0.320
  0.320
  0.320
  0.320
  0.320
  0.320
  0.320
  0.320
  0.320
  0.320
  0.320
  0.320
  0.320
  0.320
  0.320
  0.320
  0.320
  0.320
  0.320
  0.320
  0.320
  0.320
  0.320
  0.320
  0.320
  0.320
  0.320
Average production assets, $m
  389
  397
  408
  419
  432
  446
  461
  477
  495
  514
  534
  556
  579
  604
  630
  657
  687
  718
  750
  785
  821
  859
  900
  942
  987
  1,035
  1,084
  1,137
  1,192
  1,250
Working capital, $m
  -306
  -313
  -321
  -330
  -340
  -351
  -363
  -376
  -390
  -405
  -421
  -438
  -456
  -475
  -496
  -517
  -540
  -565
  -590
  -618
  -646
  -676
  -708
  -742
  -777
  -814
  -853
  -894
  -938
  -983
Total debt, $m
  1,211
  1,269
  1,335
  1,410
  1,492
  1,583
  1,681
  1,788
  1,903
  2,026
  2,158
  2,299
  2,449
  2,609
  2,778
  2,957
  3,147
  3,347
  3,559
  3,783
  4,019
  4,268
  4,531
  4,807
  5,099
  5,406
  5,728
  6,068
  6,426
  6,802
Total liabilities, $m
  2,523
  2,581
  2,647
  2,722
  2,804
  2,895
  2,993
  3,100
  3,215
  3,338
  3,470
  3,611
  3,761
  3,921
  4,090
  4,269
  4,459
  4,659
  4,871
  5,095
  5,331
  5,580
  5,843
  6,120
  6,411
  6,718
  7,041
  7,380
  7,738
  8,114
Total equity, $m
  631
  645
  662
  680
  701
  724
  748
  775
  804
  835
  868
  903
  940
  980
  1,022
  1,067
  1,115
  1,165
  1,218
  1,274
  1,333
  1,395
  1,461
  1,530
  1,603
  1,679
  1,760
  1,845
  1,934
  2,028
Total liabilities and equity, $m
  3,154
  3,226
  3,309
  3,402
  3,505
  3,619
  3,741
  3,875
  4,019
  4,173
  4,338
  4,514
  4,701
  4,901
  5,112
  5,336
  5,574
  5,824
  6,089
  6,369
  6,664
  6,975
  7,304
  7,650
  8,014
  8,397
  8,801
  9,225
  9,672
  10,142
Debt-to-equity ratio
  1.920
  1.970
  2.020
  2.070
  2.130
  2.190
  2.250
  2.310
  2.370
  2.430
  2.490
  2.550
  2.600
  2.660
  2.720
  2.770
  2.820
  2.870
  2.920
  2.970
  3.020
  3.060
  3.100
  3.140
  3.180
  3.220
  3.250
  3.290
  3.320
  3.350
Adjusted equity ratio
  0.200
  0.200
  0.200
  0.200
  0.200
  0.200
  0.200
  0.200
  0.200
  0.200
  0.200
  0.200
  0.200
  0.200
  0.200
  0.200
  0.200
  0.200
  0.200
  0.200
  0.200
  0.200
  0.200
  0.200
  0.200
  0.200
  0.200
  0.200
  0.200
  0.200

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  80
  81
  82
  84
  85
  88
  90
  93
  96
  99
  107
  111
  115
  120
  125
  130
  136
  142
  148
  155
  162
  170
  178
  187
  196
  206
  216
  227
  239
  251
Depreciation, amort., depletion, $m
  29
  29
  30
  31
  31
  32
  33
  34
  35
  36
  31
  33
  34
  35
  37
  38
  40
  42
  44
  46
  48
  50
  53
  55
  58
  60
  63
  66
  70
  73
Funds from operations, $m
  109
  110
  112
  114
  117
  120
  123
  127
  131
  135
  138
  144
  149
  155
  162
  168
  176
  184
  192
  201
  210
  220
  230
  242
  254
  266
  279
  293
  308
  324
Change in working capital, $m
  -6
  -7
  -8
  -9
  -10
  -11
  -12
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -22
  -23
  -24
  -26
  -27
  -29
  -30
  -32
  -34
  -35
  -37
  -39
  -41
  -43
  -46
Cash from operations, $m
  115
  117
  120
  123
  127
  131
  135
  140
  145
  150
  154
  161
  167
  174
  182
  190
  199
  208
  217
  228
  239
  250
  262
  275
  289
  303
  318
  335
  352
  369
Maintenance CAPEX, $m
  -22
  -23
  -23
  -24
  -25
  -25
  -26
  -27
  -28
  -29
  -30
  -31
  -33
  -34
  -35
  -37
  -38
  -40
  -42
  -44
  -46
  -48
  -50
  -53
  -55
  -58
  -60
  -63
  -66
  -70
New CAPEX, $m
  -8
  -9
  -10
  -11
  -13
  -14
  -15
  -16
  -18
  -19
  -20
  -22
  -23
  -25
  -26
  -28
  -29
  -31
  -33
  -34
  -36
  -38
  -40
  -43
  -45
  -47
  -50
  -52
  -55
  -58
Cash from investing activities, $m
  -30
  -32
  -33
  -35
  -38
  -39
  -41
  -43
  -46
  -48
  -50
  -53
  -56
  -59
  -61
  -65
  -67
  -71
  -75
  -78
  -82
  -86
  -90
  -96
  -100
  -105
  -110
  -115
  -121
  -128
Free cash flow, $m
  85
  85
  87
  88
  90
  92
  94
  96
  99
  102
  104
  108
  112
  116
  121
  126
  131
  137
  143
  149
  156
  164
  172
  180
  189
  198
  208
  219
  230
  242
Issuance/(repayment) of debt, $m
  52
  58
  66
  74
  83
  91
  99
  107
  115
  123
  132
  141
  150
  159
  169
  179
  190
  201
  212
  224
  236
  249
  263
  277
  291
  307
  323
  340
  357
  376
Issuance/(repurchase) of shares, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  52
  58
  66
  74
  83
  91
  99
  107
  115
  123
  132
  141
  150
  159
  169
  179
  190
  201
  212
  224
  236
  249
  263
  277
  291
  307
  323
  340
  357
  376
Total cash flow (excl. dividends), $m
  137
  143
  153
  162
  172
  182
  193
  203
  214
  226
  236
  249
  262
  275
  290
  305
  321
  337
  355
  373
  393
  413
  434
  457
  480
  505
  531
  559
  587
  618
Retained Cash Flow (-), $m
  -14
  -15
  -17
  -19
  -21
  -23
  -25
  -27
  -29
  -31
  -33
  -35
  -37
  -40
  -42
  -45
  -47
  -50
  -53
  -56
  -59
  -62
  -66
  -69
  -73
  -77
  -81
  -85
  -89
  -94
Prev. year cash balance distribution, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
  123
  129
  136
  144
  152
  160
  168
  177
  186
  195
  203
  213
  224
  236
  248
  260
  273
  287
  302
  317
  333
  351
  369
  387
  407
  428
  450
  474
  498
  524
Discount rate, %
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
  118
  118
  119
  118
  118
  116
  113
  110
  107
  102
  96
  91
  85
  79
  73
  66
  59
  53
  46
  40
  34
  29
  24
  20
  16
  12
  10
  7
  5
  4
Current shareholders' claim on cash, %
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Sotheby's is a global art business company. The Company is engaged in offering its clients opportunities to connect with and transact in a range of objects. The Company offers a range of art-related services, including the brokerage of private art sales, private jewelry sales through Sotheby's Diamonds, private selling exhibitions at its galleries, art-related financing, and art advisory services, as well as retail wine locations in New York and Hong Kong. The Company operates through two segments: Agency and Finance. The Agency segment matches buyers and sellers of authenticated fine art, decorative art, jewelry, wine and collectibles (collectively, art or works of art or artwork or property) through the auction or private sale process. The Finance segment is engaged in art-related financing activities by making loans that are secured by works of art. The Company's advisory services are classified within All Other segment.

FINANCIAL RATIOS  of  Sotheby's (BID)

Valuation Ratios
P/E Ratio 29
Price to Sales 2.7
Price to Book 4.2
Price to Tangible Book
Price to Cash Flow 13.6
Price to Free Cash Flow 15.6
Growth Rates
Sales Growth Rate -16.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 90.9%
Cap. Spend. - 3 Yr. Gr. Rate -1.8%
Financial Strength
Quick Ratio 71
Current Ratio 0.1
LT Debt to Equity 230.5%
Total Debt to Equity 231.9%
Interest Coverage 3
Management Effectiveness
Return On Assets 3.7%
Ret/ On Assets - 3 Yr. Avg. 3.4%
Return On Total Capital 4.1%
Ret/ On T. Cap. - 3 Yr. Avg. 4.4%
Return On Equity 11.3%
Return On Equity - 3 Yr. Avg. 9.4%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 78.6%
Gross Margin - 3 Yr. Avg. 79.5%
EBITDA Margin 20.4%
EBITDA Margin - 3 Yr. Avg. 24.3%
Operating Margin 15.2%
Oper. Margin - 3 Yr. Avg. 20.1%
Pre-Tax Margin 12%
Pre-Tax Margin - 3 Yr. Avg. 16.7%
Net Profit Margin 9.2%
Net Profit Margin - 3 Yr. Avg. 8.8%
Effective Tax Rate 26.8%
Eff/ Tax Rate - 3 Yr. Avg. 47.9%
Payout Ratio 2.7%

BID stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the BID stock intrinsic value calculation we used $989.389 million for the last fiscal year's total revenue generated by Sotheby's. The default revenue input number comes from 0001 income statement of Sotheby's. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our BID stock valuation model: a) initial revenue growth rate of 2% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for BID is calculated based on our internal credit rating of Sotheby's, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Sotheby's.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of BID stock the variable cost ratio is equal to 74.2%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $87 million in the base year in the intrinsic value calculation for BID stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.4% for Sotheby's.

Corporate tax rate of 27% is the nominal tax rate for Sotheby's. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the BID stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for BID are equal to 38.5%.

Life of production assets of 17.1 years is the average useful life of capital assets used in Sotheby's operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for BID is equal to -30.3%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $616.755 million for Sotheby's - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 51.613 million for Sotheby's is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Sotheby's at the current share price and the inputted number of shares is $2.1 billion.

RELATED COMPANIES Price Int.Val. Rating
CLCT Collectors Uni 14.09 16.48  buy
LQDT Liquidity Serv 6.50 0.68  str.sell

COMPANY NEWS

▶ A Billion Dollar Week of Auctions at Sotheby's Worldwide   [Nov-16-18 05:38PM  PR Newswire]
▶ Marie-Antoinette jewels sell for record sum   [12:08PM  Reuters Videos]
▶ Blue Eyes special: Frank, Barbara Sinatra auction upcoming   [Nov-12-18 08:16AM  Associated Press]
▶ [$$] Brazilian photographer captures our greed for gold   [Nov-09-18 11:32PM  Financial Times]
▶ Sotheby's: 3Q Earnings Snapshot   [07:33AM  Associated Press]
▶ Collectors look to get latest slice of Banksy art   [Oct-24-18 10:56AM  Yahoo Finance Video]
▶ Sotheby's Launches New Student Loan Repayment Plan   [Oct-23-18 09:00AM  PR Newswire]
▶ Sotheby's uncovers auction scam   [Oct-19-18 11:22AM  American City Business Journals]
▶ Banksy posts video saying incomplete shredding a malfunction   [Oct-17-18 08:17PM  Associated Press]
▶ Sale of Shredded Banksy Artwork Is Confirmed   [Oct-11-18 03:58PM  Barrons.com]
▶ [$$] Banksy Buyer Plans to Keep Shredded Painting   [02:56PM  The Wall Street Journal]
▶ [$$] Introducing Sotheby's Home, The RealReal of Interiors   [11:13AM  The Wall Street Journal]
▶ [$$] Banksy painting self-destructs on podium in auction prank   [Oct-05-18 06:25AM  Financial Times]
▶ [$$] Ambition takes root at Frieze in London   [Oct-04-18 10:33PM  Financial Times]
▶ Sothebys Offers Nelson and Happy Rockefellers Collection   [Sep-26-18 01:13PM  Barrons.com]
▶ St. Regis penthouse on the block for $11 million   [Sep-14-18 05:27PM  American City Business Journals]
▶ Robin Williams memorabilia and artworks to be auctioned   [Sep-13-18 08:37AM  Associated Press Videos]
▶ Asian Art Takes Center Stage at Sothebys and Christies   [Sep-07-18 04:12PM  Barrons.com]
▶ Moving Average Crossover Alert: Sotheby's (BID)   [Aug-31-18 08:09AM  Zacks]
▶ Sotheby's Wine Collection   [Aug-23-18 04:33PM  Bloomberg]
▶ Sotheby's Expands Team In Asia   [09:00AM  PR Newswire]
▶ The Most Expensive Cars Ever Sold at Auction   [Aug-15-18 07:36PM  TheStreet.com]
▶ "Twilight" house up for sale in Oregon   [Aug-14-18 10:19PM  CBS MoneyWatch]
▶ [$$] Sothebys Sales Climb, Boosted by Private and Online Buyers   [Aug-06-18 07:41PM  The Wall Street Journal]
▶ Sotheby's: 2Q Earnings Snapshot   [07:14AM  Associated Press]
▶ Sotheby's Class A to Host Earnings Call   [07:00AM  ACCESSWIRE]
▶ [$$] Some help please   [Jul-27-18 08:48AM  Financial Times]
▶ [$$] Swiss empire expands into Singapore   [Jul-12-18 10:16PM  Financial Times]

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