Sotheby’s CEO Reducing His StakeBy ARTINFO
Published: September 6, 2007
NEW YORK—Executives at Sotheby’s have been reducing their shareholdings as the company has added risk during an unsure time in the art market, analyst Bob Gabele of the research firm 3DAdvisors told Bloomberg.
William Ruprecht, the auction house’s chief executive officer, has sold 210,000 shares this year, reducing his stake in the company to the lowest it’s been since 2001, Gabele reported. Sotheby’s recently announced that its guarantees of minimum prices to sellers had risen to $475 million. Higher guarantees can increase the auction house’s profits if the price is met, or generate losses if it isn’t. Gabele said that executives reducing holdings could mean that shares are overvalued, or that a business is about to “turn down,” reports Bloomberg. |
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