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Sotheby’s Has $217m in Guarantees Next Week

May 10, 2017 by Marion Maneker

In Sotheby’s earnings call remarks delivered this morning, the company’s CFO, Mike Goss, revealed the firm’s guarantee exposure:

  • we currently have $217 million in gross guarantees outstanding to consignors, but only $40 million net guarantee exposure after offsetting the risk with irrevocable bids.
  • 20 of our 36 guaranteed lots for those auctions have irrevocable bids that ensure us returns consistent with our profitability requirements before the sales even begin.

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Filed Under: General

About Marion Maneker

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