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Sotheby’s Has $258.8m in Guarantees This Fall Offset by $144.2m in Irrevocable Bids

November 7, 2016 by Marion Maneker

Sotheby's Sale of Magnificent Jewels and Noble Jewels 17.05.16

One of the signal tropes of this auction season is that the auction totals are down because auction house guarantees have supposedly evaporated. But as this morning’s 10-Q shows, Sotheby’s is still making substantial and aggressive guarantees that are then covered with so-called “irrevocable bids.”

As of November 4, 2016, Sotheby’s had outstanding auction guarantees totaling $258.8 million and, as of that date, Sotheby’s financial exposure was reduced by irrevocable bids totaling $144.2 million

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Filed Under: General Tagged With: Guarantees

About Marion Maneker

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