$BID (Sotheby's)

$BID {{ '2016-05-09T14:58:32+0000' | timeago}} • Webcast

Consumer Edge Research analyst David Schick asks about the use of guarantees long-term. $BID CEO Tad Smith says that guarantees are a liability that could be used as cash. When there is inflection point in the market and when there is a lot of attractive uses for cash, the combination of these two should make it conservative on guarantees.

$BID {{ '2017-05-10T14:24:24+0000' | timeago}} • Webcast

$BID said the tools for managing client relationships are improving, but gently. The company is planning to substantially improve the Customer Relationship Management (CRM) over the next 18 months.

$BID {{ '2017-05-10T14:05:53+0000' | timeago}} • Webcast

Auction house $BID said it is seeing signs of strengthening in the consignments for the upcoming sales in New York region, mainly driven by a return of the North American buyer and consigner. In terms of regional demand and supply, the company is seeing a lot of opportunities in the North American market.

$BID {{ '2017-05-10T12:34:29+0000' | timeago}} • Announcement

Art dealer $BID narrowed its losses in 1Q17. Net loss was $11.32MM, or $0.21 per share, compared to $25.88MM, or $0.41 per share in the year-over period. Excluding special charges also, $BID's net loss was $0.21 per share. Meanwhile, revenue rose 76% to $187.5MM.

$BID {{ '2017-05-04T17:18:16+0000' | timeago}} • Announcement

Alexander Kader and Margaret Schwartz have been appointed $BID's Co-Worldwide Heads of European Sculpture & Works of Art.

$BID {{ '2017-04-04T20:12:37+0000' | timeago}} • Announcement

$BID and Invaluable announced a multi-year partnership extension, strengthening a relationship that has helped $BID increase the number of online bidders and buyers participating in its auctions. In addition to selling on Invaluable, $BID will continue to utilize Invaluable as its core technology partner for online bidding.

$BID {{ '2017-02-27T14:57:47+0000' | timeago}} • Webcast

$BID said that on the specific areas of business that the company is going to make progress going forward are jewelry, watches and hiring in digital technology and marketing.

$BID {{ '2017-02-27T14:29:31+0000' | timeago}} • Webcast

$BID said that the company's online buyers spent $155MM at the company site in 2016, up about 20% from the year ago, despite the overall sales decline in the art market. The company also revealed that 53% of all online buyers were new to the company, up from 41% in 2015.

$BID {{ '2017-02-27T14:15:09+0000' | timeago}} • Webcast

$BID's Americana week sales totaled $19.4MM, the company's best result in a decade. This improved sales was driven by the performance of an impressive number of private collections. The company also added that more than 1,000 lots were sold across six auctions with a sell-through rate of 80.4%.

$BID {{ '2017-02-27T12:56:38+0000' | timeago}} • Announcement

Auction house $BID reported 4Q16 net income of $65.5MM, or $1.20 per share, compared to net loss of $11.2MM, or $0.17 per share during 4Q15. The improvement in the result was due to non-cash income tax charge and voluntary separation incentive program charges. Total revenues fell to $3.08MM. Excluding items, $BID earned $1.35 per share.

$BID {{ '2017-02-02T16:14:27+0000' | timeago}} • Announcement

$BID appointed Adam Chinn to the role of COO. Chinn will work closely with $BID's leadership around the globe and report directly to CEO Tad Smith. Chinn currently serves as the Chairman of the Board of the Young People's Chorus of NYC and as a member of the Board of the On Course Foundation.

$BID {{ '2017-01-12T13:26:47+0000' | timeago}} • Announcement

$BID appointed Marc Porter as Chairman of its Fine Art Division. Based in New York, Marc joins the firm on January 17.

$BID {{ '2016-11-07T16:01:13+0000' | timeago}} • Webcast

$BID said the wine business is slightly complex as it is subject to multiple regulations in different jurisdictions. The company has a relatively small business in wine but it believes with applications of technology, it can expand more in this business.

$BID {{ '2016-11-07T15:39:00+0000' | timeago}} • Webcast

$BID said the Art Agency, Partners is fully integrated and driving the core part of its business, which is auction. They are also leading and driving other parts of the business such as advisory, and private sales with respect to modern, impressionist and contemporary art.

$BID {{ '2016-11-07T14:55:18+0000' | timeago}} • Webcast

$BID's Hong Kong sales in early October were weaker than expected but the shortfalls were concentrated in two areas, jewellery and Chinese works of art. Many other areas did well including modern and contemporary Asian art where top quality modern works command strong prices and demand for contemporary Japanese and Chinese works was noteworthy.

$BID {{ '2016-11-07T14:50:03+0000' | timeago}} • Webcast

$BID said total hammer sales, excluding buyer’s premium, were down 8% in 3Q16 compared to 3Q15. The percentage of unsold lots in 3Q16 was 19% versus 23% for 3Q15. The overall number of bidders and buyers was up 33% and 21% respectively over 3Q15 and the average number of bidders per sold lot was also up by 15%.

$BID {{ '2016-11-07T14:48:02+0000' | timeago}} • Announcement

$BID named Linus Wing Lam Cheung as one of the company's Board of Directors. Cheung formerly served as CEO of Hong Kong Telecom from 1994 to 2000 and then worked as Pacific Century Cyberworks' Deputy Chairman until 2004.

$BID {{ '2016-11-07T13:20:05+0000' | timeago}} • Announcement

Auction house $BID reported a net loss of $54.5MM or $0.99 per share in 3Q16 compared to a net loss of $17.9MM or $0.26 per share in 3Q15 hurt by the timing of the summer art sales, inventory activities and a pretax charge related to the Art Agency, Partners acquisition. Total revenues fell to $91.4MM versus last year.

$BID {{ '2016-10-12T11:20:26+0000' | timeago}} • Announcement

$BID appointed Gaurav Bhatia as Managing Director of Sotheby's India. This demonstrates the company's commitment to providing a greater level of service to its Indian clients and to further develop its calendar of events and activities in the country.

$BID {{ '2016-09-19T19:35:36+0000' | timeago}} • Announcement

$BID appointed Mari-Claudia Jimenez as Managing Director of Trust & Estates and Valuations. She will be based in New York and will join $BID this September. As a partner at Herrick Feinstein LLP, Jimenez has been involved in impressive number of major acquisitions, consignments and cases.

$BID {{ '2016-08-08T14:17:22+0000' | timeago}} • Webcast

William Reuter of Bank of America asks how $BID is viewing share repurchases. CFO Mike Goss replied that the company's bias will be to spend the remaining $43MM share repurchase authorization. He stated that it is in the best interest of the shareholders.

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