Sotheby’s filed an 8-K yesterday with this statement about the Taubman estate guarantee:
September 2, 2015, Sotheby’s entered into an arrangement with the Estate of A. Alfred Taubman (“the Estate”) under which Sotheby’s will sell works of art from the collection of A. Alfred Taubman at auctions expected to occur primarily in November 2015 and also in early 2016. Robert S. Taubman, a director of the Company, is a trustee and beneficiary of the Estate. The collection is estimated to be worth in excess of $500 million. In connection with this arrangement, Sotheby’s agreed to provide an auction guarantee for the collection at approximately that level. Sotheby’s may reduce its exposure under the auction guarantee by entering into risk and reward sharing arrangements prior to the auctions at which the Estate’s collection is offered.