Profile: Sotheby's (BID.N)
21 May 2019
Sotheby's, incorporated on March 30, 2006, is a global art business company. The Company is engaged in offering its clients opportunities to connect with and transact in a range of objects. The Company offers a range of art-related services, including the brokerage of private art sales, private jewelry sales through Sotheby's Diamonds, private selling exhibitions at its galleries, art-related financing, and art advisory services, as well as retail wine locations in New York and Hong Kong. The Company operates through two segments: Agency and Finance. The Agency segment matches buyers and sellers of authenticated fine art, decorative art, jewelry, wine and collectibles (collectively, art or works of art or artwork or property) through the auction or private sale process. Its Agency segment activities also include the sale of artworks that are principally acquired incidental to the auction process and the activities of RM Sotheby's, an equity investee that operates as an auction house for investment-quality automobiles. The Finance segment earns interest income through art-related financing activities by making loans that are secured by works of art. The Company's advisory services are classified within All Other segment, along with its retail wine business, brand licensing activities, the activities of Acquavella Modern Art (AMA), an equity investee, and sales of the remaining inventory of Noortman Master Paintings, an art dealer.
The Company's Agency segment accepts property on consignment, stimulates buyer interest through professional marketing techniques, and matches sellers (also known as consignors) to buyers through the auction or private sale process. Prior to offering a work of art for sale, the Company performs due diligence activities to authenticate and determine the ownership history of the property being sold. Following an auction or private sale, the Company invoices the buyer for the purchase price of the property (including any commission owed by the buyer), collect payment from the buyer, and remit to the consignor the net sale proceeds.
The Company's Finance segment does business as Sotheby's Financial Services (SFS). SFS is an art financing company. SFS provides art collectors and dealers with financing secured by their works of art, allowing them to unlock the value in their collections. SFS makes term loans secured by artworks. SFS also makes consignor advances secured by artworks.
The Company competes with Christie's, Bonhams, Phillips, Beijing Poly International Auction Co. Ltd., China Guardian Auctions Co. Ltd. and Beijing Hanhai Auction Co. Ltd.
1334 York Ave
NEW YORK NY 10021-4806
Company Web Links
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