Intrinsic value of Sotheby's - BID

Previous Close

$54.96

  Intrinsic Value

$304.83

stock screener

  Rating & Target

str. buy

+455%

Previous close

$54.96

 
Intrinsic value

$304.83

 
Up/down potential

+455%

 
Rating

str. buy

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 2017), $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 2.9

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  22.90
  21.11
  19.50
  18.05
  16.74
  15.57
  14.51
  13.56
  12.71
  11.93
  11.24
  10.62
  10.06
  9.55
  9.09
  8.69
  8.32
  7.99
  7.69
  7.42
  7.18
  6.96
  6.76
  6.59
  6.43
  6.29
  6.16
  6.04
  5.94
  5.84
Revenue, $m
  1,215
  1,472
  1,759
  2,077
  2,424
  2,802
  3,208
  3,644
  4,106
  4,597
  5,113
  5,656
  6,225
  6,819
  7,440
  8,086
  8,758
  9,458
  10,185
  10,940
  11,725
  12,541
  13,389
  14,271
  15,188
  16,143
  17,137
  18,172
  19,251
  20,376
Variable operating expenses, $m
  899
  1,088
  1,299
  1,532
  1,787
  2,065
  2,364
  2,683
  3,023
  3,383
  3,757
  4,156
  4,574
  5,010
  5,466
  5,941
  6,435
  6,949
  7,483
  8,038
  8,615
  9,214
  9,837
  10,485
  11,159
  11,861
  12,591
  13,351
  14,144
  14,971
Fixed operating expenses, $m
  91
  93
  95
  97
  99
  101
  104
  106
  108
  111
  113
  116
  118
  121
  123
  126
  129
  132
  135
  138
  141
  144
  147
  150
  153
  157
  160
  164
  167
  171
Total operating expenses, $m
  990
  1,181
  1,394
  1,629
  1,886
  2,166
  2,468
  2,789
  3,131
  3,494
  3,870
  4,272
  4,692
  5,131
  5,589
  6,067
  6,564
  7,081
  7,618
  8,176
  8,756
  9,358
  9,984
  10,635
  11,312
  12,018
  12,751
  13,515
  14,311
  15,142
Operating income, $m
  225
  291
  365
  448
  538
  636
  741
  854
  975
  1,102
  1,243
  1,385
  1,533
  1,688
  1,850
  2,019
  2,194
  2,377
  2,567
  2,765
  2,970
  3,183
  3,405
  3,636
  3,876
  4,125
  4,386
  4,657
  4,939
  5,234
EBITDA, $m
  282
  359
  445
  540
  645
  759
  881
  1,013
  1,152
  1,300
  1,457
  1,621
  1,793
  1,973
  2,160
  2,356
  2,560
  2,772
  2,992
  3,221
  3,459
  3,706
  3,963
  4,231
  4,509
  4,799
  5,100
  5,415
  5,742
  6,084
Interest expense (income), $m
  45
  63
  93
  128
  167
  210
  256
  307
  362
  421
  484
  550
  619
  693
  770
  850
  933
  1,021
  1,112
  1,206
  1,304
  1,406
  1,512
  1,622
  1,737
  1,856
  1,980
  2,108
  2,243
  2,382
  2,528
Earnings before tax, $m
  163
  198
  238
  281
  328
  379
  434
  492
  554
  619
  694
  765
  840
  919
  1,000
  1,085
  1,174
  1,266
  1,361
  1,460
  1,564
  1,671
  1,783
  1,899
  2,020
  2,146
  2,277
  2,414
  2,557
  2,706
Tax expense, $m
  44
  53
  64
  76
  89
  102
  117
  133
  150
  167
  187
  207
  227
  248
  270
  293
  317
  342
  368
  394
  422
  451
  481
  513
  545
  579
  615
  652
  690
  731
Net income, $m
  119
  145
  173
  205
  240
  277
  317
  359
  404
  452
  506
  559
  614
  671
  730
  792
  857
  924
  994
  1,066
  1,141
  1,220
  1,301
  1,386
  1,475
  1,567
  1,662
  1,762
  1,867
  1,975

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
  3,798
  4,600
  5,497
  6,489
  7,576
  8,756
  10,026
  11,386
  12,833
  14,364
  15,979
  17,675
  19,453
  21,310
  23,249
  25,268
  27,369
  29,555
  31,827
  34,188
  36,641
  39,191
  41,841
  44,597
  47,463
  50,447
  53,552
  56,787
  60,159
  63,674
Adjusted assets (=assets-cash), $m
  3,798
  4,600
  5,497
  6,489
  7,576
  8,756
  10,026
  11,386
  12,833
  14,364
  15,979
  17,675
  19,453
  21,310
  23,249
  25,268
  27,369
  29,555
  31,827
  34,188
  36,641
  39,191
  41,841
  44,597
  47,463
  50,447
  53,552
  56,787
  60,159
  63,674
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
  507
  614
  734
  866
  1,011
  1,168
  1,338
  1,519
  1,712
  1,917
  2,132
  2,359
  2,596
  2,844
  3,102
  3,372
  3,652
  3,944
  4,247
  4,562
  4,889
  5,230
  5,583
  5,951
  6,334
  6,732
  7,146
  7,578
  8,028
  8,497
Working capital, $m
  -1,243
  -1,506
  -1,800
  -2,124
  -2,480
  -2,866
  -3,282
  -3,727
  -4,201
  -4,702
  -5,231
  -5,786
  -6,368
  -6,976
  -7,611
  -8,272
  -8,960
  -9,675
  -10,419
  -11,192
  -11,995
  -12,829
  -13,697
  -14,599
  -15,538
  -16,514
  -17,531
  -18,590
  -19,694
  -20,844
Total debt, $m
  1,727
  2,368
  3,086
  3,880
  4,749
  5,693
  6,709
  7,797
  8,954
  10,179
  11,471
  12,828
  14,250
  15,736
  17,287
  18,902
  20,584
  22,332
  24,149
  26,038
  28,001
  30,041
  32,161
  34,366
  36,659
  39,045
  41,530
  44,118
  46,815
  49,627
Total liabilities, $m
  3,039
  3,680
  4,398
  5,192
  6,061
  7,004
  8,021
  9,109
  10,266
  11,491
  12,783
  14,140
  15,562
  17,048
  18,599
  20,214
  21,895
  23,644
  25,461
  27,350
  29,313
  31,353
  33,473
  35,677
  37,971
  40,357
  42,842
  45,430
  48,127
  50,939
Total equity, $m
  760
  920
  1,099
  1,298
  1,515
  1,751
  2,005
  2,277
  2,567
  2,873
  3,196
  3,535
  3,891
  4,262
  4,650
  5,054
  5,474
  5,911
  6,365
  6,838
  7,328
  7,838
  8,368
  8,919
  9,493
  10,089
  10,710
  11,357
  12,032
  12,735
Total liabilities and equity, $m
  3,799
  4,600
  5,497
  6,490
  7,576
  8,755
  10,026
  11,386
  12,833
  14,364
  15,979
  17,675
  19,453
  21,310
  23,249
  25,268
  27,369
  29,555
  31,826
  34,188
  36,641
  39,191
  41,841
  44,596
  47,464
  50,446
  53,552
  56,787
  60,159
  63,674
Debt-to-equity ratio
  2.270
  2.570
  2.810
  2.990
  3.130
  3.250
  3.350
  3.420
  3.490
  3.540
  3.590
  3.630
  3.660
  3.690
  3.720
  3.740
  3.760
  3.780
  3.790
  3.810
  3.820
  3.830
  3.840
  3.850
  3.860
  3.870
  3.880
  3.880
  3.890
  3.900
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
  119
  145
  173
  205
  240
  277
  317
  359
  404
  452
  506
  559
  614
  671
  730
  792
  857
  924
  994
  1,066
  1,141
  1,220
  1,301
  1,386
  1,475
  1,567
  1,662
  1,762
  1,867
  1,975
Depreciation, amort., depletion, $m
  57
  68
  80
  93
  107
  123
  140
  158
  177
  198
  213
  236
  260
  284
  310
  337
  365
  394
  425
  456
  489
  523
  558
  595
  633
  673
  715
  758
  803
  850
Funds from operations, $m
  176
  212
  253
  298
  347
  400
  457
  517
  582
  650
  720
  795
  873
  955
  1,040
  1,129
  1,222
  1,318
  1,418
  1,522
  1,630
  1,743
  1,860
  1,981
  2,108
  2,240
  2,377
  2,520
  2,669
  2,825
Change in working capital, $m
  -232
  -262
  -294
  -325
  -356
  -386
  -416
  -445
  -474
  -501
  -529
  -555
  -582
  -608
  -634
  -661
  -688
  -715
  -744
  -773
  -803
  -835
  -868
  -902
  -938
  -977
  -1,017
  -1,059
  -1,104
  -1,151
Cash from operations, $m
  407
  475
  547
  623
  703
  786
  873
  962
  1,055
  1,151
  1,248
  1,350
  1,455
  1,563
  1,675
  1,790
  1,910
  2,034
  2,162
  2,295
  2,434
  2,577
  2,727
  2,883
  3,046
  3,216
  3,394
  3,579
  3,773
  3,976
Maintenance CAPEX, $m
  -41
  -51
  -61
  -73
  -87
  -101
  -117
  -134
  -152
  -171
  -192
  -213
  -236
  -260
  -284
  -310
  -337
  -365
  -394
  -425
  -456
  -489
  -523
  -558
  -595
  -633
  -673
  -715
  -758
  -803
New CAPEX, $m
  -95
  -107
  -120
  -132
  -145
  -157
  -170
  -181
  -193
  -204
  -215
  -226
  -237
  -248
  -259
  -269
  -280
  -292
  -303
  -315
  -327
  -340
  -354
  -368
  -383
  -398
  -414
  -432
  -450
  -469
Cash from investing activities, $m
  -136
  -158
  -181
  -205
  -232
  -258
  -287
  -315
  -345
  -375
  -407
  -439
  -473
  -508
  -543
  -579
  -617
  -657
  -697
  -740
  -783
  -829
  -877
  -926
  -978
  -1,031
  -1,087
  -1,147
  -1,208
  -1,272
Free cash flow, $m
  272
  317
  366
  417
  471
  527
  586
  647
  710
  775
  841
  910
  982
  1,056
  1,132
  1,211
  1,292
  1,377
  1,464
  1,555
  1,650
  1,748
  1,851
  1,957
  2,069
  2,185
  2,306
  2,433
  2,565
  2,704
Issuance/(repayment) of debt, $m
  568
  641
  718
  794
  869
  944
  1,017
  1,088
  1,157
  1,225
  1,292
  1,357
  1,422
  1,486
  1,551
  1,615
  1,681
  1,748
  1,817
  1,889
  1,963
  2,040
  2,120
  2,205
  2,293
  2,386
  2,485
  2,588
  2,697
  2,812
Issuance/(repurchase) of shares, $m
  24
  16
  6
  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  
  592
  657
  724
  794
  869
  944
  1,017
  1,088
  1,157
  1,225
  1,292
  1,357
  1,422
  1,486
  1,551
  1,615
  1,681
  1,748
  1,817
  1,889
  1,963
  2,040
  2,120
  2,205
  2,293
  2,386
  2,485
  2,588
  2,697
  2,812
Total cash flow (excl. dividends), $m
  864
  974
  1,089
  1,211
  1,340
  1,471
  1,603
  1,735
  1,868
  2,001
  2,133
  2,268
  2,404
  2,542
  2,683
  2,826
  2,974
  3,125
  3,282
  3,444
  3,613
  3,788
  3,971
  4,162
  4,362
  4,571
  4,791
  5,021
  5,262
  5,516
Retained Cash Flow (-), $m
  -143
  -160
  -179
  -198
  -217
  -236
  -254
  -272
  -289
  -306
  -323
  -339
  -355
  -372
  -388
  -404
  -420
  -437
  -454
  -472
  -491
  -510
  -530
  -551
  -573
  -597
  -621
  -647
  -674
  -703
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
  24
  29
  35
  42
  50
  58
  67
  77
  87
  99
  110
  123
  136
  149
  164
  179
  194
  210
  227
  244
  263
  281
  301
  321
  343
  365
  387
  411
  436
  462
Cash available for distribution, $m
  721
  814
  910
  1,012
  1,123
  1,235
  1,349
  1,463
  1,578
  1,694
  1,810
  1,928
  2,048
  2,170
  2,295
  2,422
  2,553
  2,688
  2,828
  2,972
  3,122
  3,278
  3,441
  3,611
  3,789
  3,975
  4,170
  4,374
  4,588
  4,813
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
  691
  745
  792
  833
  870
  896
  911
  914
  907
  888
  859
  823
  779
  729
  674
  616
  556
  495
  435
  378
  323
  272
  226
  184
  147
  116
  89
  68
  50
  36
Current shareholders' claim on cash, %
  99.2
  98.8
  98.6
  98.6
  98.6
  98.6
  98.6
  98.6
  98.6
  98.6
  98.6
  98.6
  98.6
  98.6
  98.6
  98.6
  98.6
  98.6
  98.6
  98.6
  98.6
  98.6
  98.6
  98.6
  98.6
  98.6
  98.6
  98.6
  98.6
  98.6

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 39.3
Price to Sales 3.6
Price to Book 5.8
Price to Tangible Book
Price to Cash Flow 18.4
Price to Free Cash Flow 21.2
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 million for the last fiscal year's total revenue generated by Sotheby's. The default revenue input number comes from 2017 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 22.9% 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 74.1%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $89 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 2.4%.

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 41.7%.

Life of production assets of 10 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 -102.3%. 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 - $617 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 53 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 $2.9 billion.

RELATED COMPANIES Price Int.Val. Rating
CLCT Collectors Uni 13.88 35.33  str.buy
LQDT Liquidity Serv 6.90 0.70  str.sell

COMPANY NEWS

▶ [$$] Swiss empire expands into Singapore   [Jul-12-18 10:16PM  Financial Times]
▶ [$$] A Banksy holiday crowd-puller   [12:00AM  Financial Times]
▶ [$$] A high ratio of champagne   [12:01AM  Financial Times]
▶ [$$] At Londons Art Auctions, the Middle Is Where the Action Is   [Jun-25-18 07:54PM  The Wall Street Journal]
▶ Should You Buy Sothebys (NYSE:BID) At US$059.07?   [Jun-22-18 11:33AM  Simply Wall St.]
▶ [$$] Master influencer: Victoria Beckham shows Old Masters   [Jun-21-18 09:59PM  Financial Times]
▶ [$$] Daily briefing: Trade wars, divorce guide, Le cost killer   [Jun-15-18 06:50AM  Financial Times]
▶ [$$] Fair play for top names   [12:00AM  Financial Times]
▶ Vase found in shoebox fetches $19 mln   [Jun-13-18 06:47AM  Reuters Videos]
▶ [$$] Sothebys takes Greece to court in antiquities test case   [Jun-05-18 12:53AM  Financial Times]
▶ [$$] Middle-Market Works Power New York Auctions   [09:46AM  The Wall Street Journal]
▶ [$$] Middle-Market Works Power New York Auctions   [May-19-18 07:01AM  The Wall Street Journal]
▶ A Billion Dollar Week of Sales at Sotheby's Worldwide   [May-18-18 04:00PM  PR Newswire]
▶ Top 3 diamonds fetch $24.1M at Sotheby's auction in Geneva   [May-15-18 05:48PM  Associated Press]
▶ [$$] Modigliani Nude Sells for a Record $157 Million   [01:54PM  The Wall Street Journal]
▶ Modigliani fetches $157 million at auction   [12:38PM  Reuters Videos]
▶ Modigliani Nude Sells for $157.2 Million   [07:24AM  Bloomberg Video]
▶ [$$] In the Art World, Is $100 Million the New $10 Million?   [12:28AM  The Wall Street Journal]
▶ [$$] In the Art World, Is $100 Million the New $10 Million?   [May-12-18 01:11PM  The Wall Street Journal]
▶ In the Art World, Is $100 Million the New $10 Million?   [01:11PM  The Wall Street Journal]
▶ Collector sues to block daughter from selling Basquiat work   [May-04-18 03:36PM  Associated Press]
▶ Burgundy Is Battering Bordeaux, Says Sothebys   [May-03-18 05:09PM  Bloomberg]
▶ Sotheby's: 1Q Earnings Snapshot   [04:28PM  Associated Press]
▶ An auction house goes high tech   [Apr-13-18 03:10PM  Yahoo Finance Video]
▶ Correction: Australia-People-Russell Crowe story   [Apr-08-18 08:17AM  Associated Press]
▶ [$$] Bidding for a larger piece of the auction   [12:00AM  Financial Times]
▶ Sotheby's Sets World Record For A Wine Sales Series   [Mar-31-18 10:13AM  PR Newswire]
▶ Sotheby's Expands Investor Relations Team   [Mar-29-18 03:38PM  PR Newswire]
▶ Petrus Imperial From '82 Vintage Fetches $64,200   [Mar-25-18 02:39AM  Bloomberg]
▶ [$$] Confident Collectors Snap Up $1 Billion of Art in London   [Mar-12-18 12:30AM  The Wall Street Journal]
▶ Two Weeks Of Sales Brings Over $430 Million At Sotheby's   [Mar-09-18 09:00AM  PR Newswire]
▶ Company News For Mar 2, 2018   [Mar-02-18 09:41AM  Zacks]
▶ Stock Movers: Best Buy gains, Monster Beverage tanks   [Mar-01-18 05:32PM  Yahoo Finance Video]
▶ Sotheby's Enters 2018 With a Win   [09:37AM  Motley Fool]
▶ Sotheby's Class A to Host Earnings Call   [07:30AM  ACCESSWIRE]
▶ Sotheby's posts 4Q profit   [07:21AM  Associated Press]
▶ [$$] New Signs of Confidence in the Art Market   [Feb-26-18 11:37AM  The Wall Street Journal]
▶ [$$] Sotheby's Acquires Vintage Marketplace Viyet   [Feb-14-18 12:21AM  The Wall Street Journal]
▶ How Sothebys Persuaded Clients to Sex Up Their Art   [Feb-13-18 09:59AM  Bloomberg]
▶ Sotheby's Expands E-Commerce Program   [09:00AM  PR Newswire]
▶ 'Rarest white diamond ever' to be sold in London   [Feb-08-18 05:54PM  Reuters]
▶ Sotheby's Enhances Data Capabilities   [09:00AM  PR Newswire]
▶ Sotheby's 2017 Auctions Reach $4.7 Billion Worldwide   [Dec-22-17 09:00AM  PR Newswire]
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