NEW YORK, Sept. 12,
2018 /PRNewswire/ -- Sotheby's (NYSE: BID)
announced today that it will repurchase shares pursuant to an
Accelerated Share Repurchase Program (ASR) for an aggregate
purchase price of $95 million. Under
the ASR agreement Sotheby's will receive an initial delivery of
approximately 1,792,453 shares. The repurchase is part of the
Company's previously announced share repurchase authorization.
Under the ASR agreement, the Company may receive additional shares
of its common stock, or may need to make additional payments in
respect of the shares it received, based on the daily
volume-weighted average price of the shares during the term of the
agreement.
Michael Goss, Sotheby's Chief
Financial Officer commented: "Over the past several years, we have
been transparent regarding our desire to return excess capital to
shareholders through stock buybacks. Accelerated programs
such as this one enable us to realize the benefits much more
quickly."
Forward-Looking Statements
This release contains certain "forward-looking statements" (as such
term is defined in the Securities and Exchange Act of 1934, as
amended) relating to future events and the financial performance of
the Company. Such statements are only predictions and involve
risks and uncertainties, resulting in the possibility that the
actual events or performances will differ materially from such
predictions. Major factors, which the Company believes could
cause the actual results to differ materially from the predicted
results in the "forward-looking statements" include, but are not
limited to, the overall strength of the international economy and
financial markets, political conditions in various nations,
competition with other auctioneers and art dealers, the amount of
quality property being consigned to art auction houses and the
marketability at auction of such property. Please refer to
our most recently filed Form 10-Q (and/or 10-K) for a complete list
of Risk Factors.
About Sotheby's
Sotheby's has been uniting collectors with world-class works of art
since 1744. Sotheby's became the first international auction house
when it expanded from London to
New York (1955), the first to
conduct sales in Hong Kong (1973),
India (1992) and France (2001), and the first international
fine art auction house in China
(2012). Today, Sotheby's presents auctions in 11 different
salesrooms, including New York,
London, Hong Kong and Paris, and Sotheby's BidNow program allows
visitors to view all auctions live online and place bids from
anywhere in the world. Sotheby's offers collectors the resources of
Sotheby's Financial Services, the world's only full-service
art financing company, as well as the collection, artist, estate
& foundation advisory services of its subsidiary, Art
Agency, Partners. Sotheby's presents private sale opportunities
in more than 70 categories, including S|2, the gallery arm of
Sotheby's Global Fine Art Division, and three retail businesses:
Sotheby's Wine, Sotheby's Diamonds, and Viyet, the online
marketplace for interior design. Sotheby's has a global network of
80 offices in 40 countries and is the oldest company listed on the
New York Stock Exchange (BID).
Twitter: www.twitter.com/sothebys
Instagram: www.instagram.com/sothebys
Facebook: www.facebook.com/sothebys
Snapchat ID: sothebys
YouTube: www.youtube.com/SothebysTV
Weibo: www.weibo.com/sothebyshongkong
WeChat ID: sothebyshongkong
Browse sale catalogues, view original content, stream live
auctions and more at www.sothebys.com, and through Sotheby's apps
for iPhone, iPad, Android, Apple TV and Amazon Fire
Lauren Gioia | Jennifer Park | Dan
Abernethy | Lauren.Gioia@Sothebys.com |
Jennifer.Park@Sothebys.com | Dan.Abernethy@Sothebys.com
+1 212 606 7176
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SOURCE Sotheby's