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BID

Sotheby's

$48.52

0.67 (1.40%)

17:58
08/29/18
08/29
17:58
08/29/18
17:58

Sotheby's says tariffs on Chinese art won't have 'material effect' on results

In a regulatory filing, Sotheby's said: "In light of recent media coverage concerning the possibility of tariffs affecting our business, the company provided the following information: 1. Sotheby's does not support a U.S. tariff on works of art of Chinese origin. It has long been the policy of the United States to promote and encourage the international flow and exchange of art, and to exclude art from 'trade' and import tariffs. Sotheby's has joined with other major players in the art market to oppose these tariffs because they would harm the American market and impede the ability of our clients to trade in these objects. 2. Sotheby's does not, however, believe that the proposed tariff will have a material effect on its results. Works of art of Chinese origin that Sotheby's imported into the United States and sold in our New York salesroom are a small percentage of the company's annual sales. Since 2016, such sales were approximately 0.1% of the company's total Net Auction Sales. These results do not account for the possibility that Sotheby's might experience fewer consignments from United States based dealers who themselves may have difficulties importing Chinese works of art for consignment at Sotheby's. At the same time, Sotheby's is a global business and can shift prospective consignments to other locations to accommodate our clients' needs. 3. Even if the tariff goes forward, our Asia Week sales in September 2018 will be unaffected by it."

BID Sotheby's
$48.52

0.67 (1.40%)

10/30/17
AGIS
10/30/17
INITIATION
Target $60
AGIS
Buy
Sotheby's initiated with a Buy at Aegis
Aegis analyst Rommel Dionisio initiated Sotheby's with a Buy rating and $60 price target, citing its "lucrative" profit margins, the high barriers to additional competition beyond "archrival" Christie's and the company's increased focus on shareholder value.
10/30/17
10/30/17
INITIATION

On The Fly: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Sotheby's (BID) initiated with a Buy at Aegis. 2. Alnylam (ALNY) initiated with a Buy at FBR Capital. 3. Adamas Pharmaceuticals (ADMS) initiated with an Outperform at Evercore ISI. 4. Vipshop (VIPS) initiated with a Neutral at UBS. 5. Rhythm Pharmaceuticals (RYTM) initiated with a Buy at BofA/Merrill. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
06/12/18
SIDC
06/12/18
DOWNGRADE
SIDC
Neutral
Sotheby's downgraded to Neutral from Buy at Sidoti
06/12/18
06/12/18
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. SeaWorld (SEAS) downgraded to Sell from Neutral at Citi with analyst Jason Bazinet saying given the high short interest, a short squeeze ensued after SeaWorld beat the Street's Q1 EBITDA expectation by a wide margin. 2. Sotheby's (BID) downgraded to Neutral from Buy at Sidoti. 3. Buckeye Partners (BPL) downgraded to Neutral from Buy at UBS with analyst Shneur Gershuni saying Buckeye will enter a period of "sideways performance" until its growth comes online. 4. Brown-Forman (BF.A, BF.B) downgraded to Sell from Hold at Societe Generale. 5. Barrick Gold (ABX) downgraded to Underweight from Equal Weight at Morgan Stanley. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

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