Sotheby’s stock (BID) traditionally wallows during the August market doldrums. This Summer, the stock has been given an extra downdraft by the calendar somewhat accentuating Q2 weakness beyond reality. The net result seems to be a buying opportunity as Sotheby’s Chairman grabbed a handful of stock yesterday. And the corporate treasury is most likely taking advantage of this buying opportunity too to load up on as much of the company’s stock as it can to meet the $250m buyback commitment.
Director Sole Domenico De bought 6,607 shares of the company’s stock in a transaction on Monday, August 17th. The stock was bought at an average price of $37.92 per share, for a total transaction of $250,537.44. Following the completion of the purchase, the director now directly owns 17,165 shares in the company, valued at $650,896.80.