Sotheby's (NYSE:BID) announced today that it repurchased shares pursuant to an Accelerated Stock Buyback (ASB) agreement for an aggregate purchase price of $25.0 million. Under the ASB agreement, Sotheby's will receive an initial delivery of approximately 426,200 shares. The repurchase is part of the Company's previously announced $150.0 million share repurchase authorization. Under the ASB 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 average of the daily volume-weighted average price of the shares during the term of the agreement.
Sotheby's is an auctioneer of authenticated fine and decorative art and jewelry (collectively, art or works of art or artwork or property). Co.'s operations has three segments: Auction, which functions as an agent by accepting property on consignment, stimulating buyer interest, and matching sellers to buyers through the auction or private sale process; Finance, which provides certain collectors and art dealers with financing secured by works of art; and Dealer, which includes the activities of Noortman Master Paintings, an art dealer that sells works of art from inventory directly to private collectors and museums and, also acts as a broker in private purchases and sales of art. Open the BID Page at The Online Investor »
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