Art Market Monitor

Global Coverage ~ Unique Analysis

  • AMMpro
  • AMM Fantasy Collecting Game
  • Podcast
  • Contact Us

Activist Responds to Sotheby’s Capital Offer

January 29, 2014 by Marion Maneker

McGuire, Peltz & Loeb
McGuire, Peltz & Loeb

Mick McGuire was quick on the trigger responding to Sotheby’s announcement this morning:

Today’s announcement is a modest step in the right direction, but Sotheby’s can comfortably return more capital to shareholders and do it more quickly than under its proposed plan. Sotheby’s can and should return a total of $1 billion of capital to shareholders within 12 months using the earnings generated in 2013 and 2014, excess cash on the balance sheet, and capital released from appropriate financing of its Financial Services business and its real estate. Sotheby’s can return this capital to shareholders and still maintain more than adequate liquidity to meet its long-term strategic objectives. We encourage our fellow shareholders to continue to press this Board and management team to act urgently and return significant additional capital in 2014.

Marcato Responds To Sotheby’s Capital Allocation and Financial Policy Review

More from Art Market Monitor

  • Previewing The Sales, part 1Previewing The Sales, part 1
  • Sam Taylor-Wood's Fiancé Gets FierceSam Taylor-Wood's Fiancé Gets Fierce
  • Appreciating ArtAppreciating Art
  • Latin American Art ResultsLatin American Art Results
  • ArtList’s 3 Must See Shows: New Exhibits from Philippe Parreno & Tacita DeanArtList’s 3 Must See Shows: New Exhibits from Philippe Parreno & Tacita Dean
  • Japan’s Exchange Club, An Art Dealer’s Tool to Trade StockJapan’s Exchange Club, An Art Dealer’s Tool to Trade Stock

Filed Under: General

About Marion Maneker

LiveArt

Want to get Art Market Monitor‘s posts sent to you in our email? Sign up below by clicking on the Subscribe button.

  • About Us/ Contact
  • Podcast
  • AMMpro
  • Newsletter
  • FAQ

twitterfacebooksoundcloud
Privacy Policy
Terms & Conditions
California Privacy Rights
Do Not Sell My Personal Information
Advertise on Art Market Monitor
 

Loading Comments...