Marion Maneker has an in-depth breakdown of the Sotheby’s/Art Agency Partners deal today at Art Market Monitor, noting the Agency’s $52 million art fund, and the actual expectations of the company in the deal.  “So, for the record, the $50m being paid to AAP represents Sotheby’s estimation of the firm’s profits over the next five years. Sotheby’s believes that the additional revenue to the auction house from those profits will be accretive,” Maneker writes.  “That means revenues will increase more than the purchase price paid. Acting CFO Dennis Weibling made that point more than once on the company’s investor call yesterday.  Weibling is a board member, so his statement should hold extra weight.”
Read more at Art Market Monitor
