Katya Kazakina is reporting that Sotheby’s Q4 earnings are a loss:
- The net loss will probably be in a range of $10 million to $19 million, Sotheby’s said in a report Friday. The company said it would no longer pay its 10 cent quarterly dividend, after board of directors approved a $200 million increase to the remaining $125 million share buyback program.
- The company will not earn any commission on the Taubman property until it covers the guarantee, Smith said in November. The running tally for the Taubman collection is $437.8 million, Sotheby’s said. The final evening auction for the collection on Jan. 27 will offer Old Master artworks estimated from $21.2 million to $30.3 million.
- Sotheby’s said the fourth-quarter loss was caused by two factors, a non-cash charge of $63 million to $68 million tied to the repatriation of foreign earnings, which it needs for corporate strategic initiatives in the U.S.; and a $37 million charge for the employee buyouts.
Sotheby’s Sees Fourth-Quarter Loss; Scraps Dividend for Buyback (Bloomberg Business)