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.