Sotheby’s Increases Guarantees to $166 Million

September 7th, 2013

Sotheby's, via BloombergIn an effort to win more consignments, Sotheby’s has filed a statement saying that it has entered into auction guarantees totaling over $166 million, including $23.5 million by undisclosed third-party guarantors.  With fall sales in London, New York and Hong Kong, the auction house has increased its borrowing capacity to provide even more in guarantees to interested sellers.  “We did this to enhance our flexibility as we negotiate deal opportunities and hopefully provide us with an opportunity to improve margins and profitability by taking prudent balance sheet risk,” Sotheby’s head William Ruprecht said.Read more via Bloomberg