Art Market Monitor

Global Coverage ~ Unique Analysis

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

No Suprise! Sotheby’s Adds Another $200 Million to Credit Facility for Guarantees

September 17, 2015 by Marion Maneker

Sotheby's 715 Cont Eve Auction Pic

Bloomberg’s Katya Kazakina jumps on the 8-k filing from Sotheby’s showing the firm has added $200m to its $600m credit facility with GE to accommodate the Taubman collection.

Taubman accounts for $500m. Sotheby’s active and growing finance arm also uses the $600m facility to make loans against art works. So it was only a matter of time before the auction house announced it would restock with financial ammunition:

“They need to have this money in order to compete in the contemporary market against Christie’s,” said Emmanuel Di Donna, whose gallery on Manhattan’s Upper East Side specializes in modern and postwar art. “A lot of sellers expect guarantees.”

Sotheby’s Gains $200 Million More for Guarantees as Sales Loom  (Bloomberg Business)

More from Art Market Monitor

  • Rybolovlev’s Losses Don’t Overshadow Christie’s Solid SaleRybolovlev’s Losses Don’t Overshadow Christie’s Solid Sale
  • La-La-Lalanne!La-La-Lalanne!
  • Sotheby’s Mod & Postwar British = £9.4m ($11.8)Sotheby’s Mod & Postwar British = £9.4m ($11.8)
  • Costco Experiments with PrintsCostco Experiments with Prints
  • Focus On: Impressionist & ModernFocus On: Impressionist & Modern
  • ARCO Exceeds "Sales Forecasts"ARCO Exceeds "Sales Forecasts"

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...