Sotheby’s filed an 8-K which contains some information on the increase in a facility to provide auction guarantees. This information comes after a Summer when collectors and buyers report that Sotheby’s has become more aggressive in soliciting third-party guarantees for works in the $1-2m range:
Increase the maximum permissible amount of net outstanding auction guarantees (i.e., auction guarantees less the impact of related risk and reward sharing arrangements) from $300 million to $600 million.
