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Friday, July 5, 2024 |
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Sotheby's Raises Buyer’s Commissions |
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NEW YORK CITY.-In its most aggressive move to improve their business, Sotheby's has announced an increase in its buyer's commission to 19.5 percent for items selling for up to $100,000. Previously, the commission was 20 percent on the first $15,000 and 15 percent on sales between $15,000 and $100,000. Christie's rates remain the same. But in a setback for Sotheby's, on Monday, Moody's Investors Service cut its ratings for Sotheby's bonds, which are already at very low levels. Moody's noted that though Sotheby's had $107 million in cash as of December, the company may not generate enough operating cash to run its business and meet bank payments over the next 12 to 18 months. A surprise decision by a U.S. appellate court on March 13 has also damaged Sotheby's prospects by raising the possibility that the company may have additional liabilities to foreign customers in its antitrust case.
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Today's News
July 5, 2024
The wide, wide world of Judy Chicago
Audrey Flack, creator of vibrant photorealist art, dies at 93
Kunstsammlung Nordrhein-Westfalen opens a new presentation of its collection
'Mapping the 60s. Art Histories from the mumok Collections' opens in Vienna
Salvador Dalí's iconic Mae West Lips Sofa goes on display at NGV International
San Francisco's arts institutions are slowly building back
The Beatles and the Beach Boys lead Heritage's Music Memorabilia & Concert Posters Auction
The man behind the Minions
Solo exhibition of new work by Lorna Robertson on view at Alison Jacques
Kröller-Müller Museum restores '56 Barrels' by Christo
parrasch heijnen's first solo exhibition with Nabilah Nordin to open in Los Angeles
One of comicdom's most (in)famous covers, 'Black Cat Mystery' No. 50, scares up a record $840,000 at Heritage Auctions
How a patriotic painting became the Internet's soap box
Paul Theroux on necessary solitude, risks and the joy of writing
Niclas Larsson is ready to shoot more close-ups
The Phillips Collection presents 'Multiplicity: Blackness in Contemporary American Collage'
On the Jersey Shore, there's a flag for everything
Ben Hunter and Offer Waterman announce co-representation of Tess Jaray
Paul Smith's Foundation announces inaugural Director
The Dutch LAM museum adds flavour to art viewing experiences
Casino Luxembourg presents 'My Last Will', a project by M+M
Rob Stone, master marketer of hip-hop, is dead at 55
Chinese coins celebrating scientific inventions lead Heritage's $8.4 million HKINF World & Ancient Coins Auction
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