728_header.jpg (23748 bytes)
Google  Web AuctionBytes  

Home
Subscribe
Blog
Letters to Editor
EcommerceBytes
Podcasts
Forums
Merchant Directory
PR Service  
AuctionBytes TV
ABU Back Issues

Sponsor

COOL TOOLS

Calendar
eBay Fee Calculator
Collectors' Links
eBay Promo History
Bookshelf
Fraud Resources
Auction Site Fees
Auction Management
Payment Services
Storefronts Chart
Sniping Chart
Email List Hosting
Consignment Services
Drop-Off Store Laws
Ecommerce Resources
Photo Tips
Marketing Inserts
Yellow Pages
Classifieds

AUCTIONBYTES

Our Writers
Write For Us
Partners
Press
Advertising
About Us
Link To Us

150ab1.jpg 150ab2.jpg 150ab3.jpg

Auctionbytes-NewsFlash, Number 329 - June 04, 2002 - ISSN 1539-5065      | Next Story

Sotheby's Owner to Sell Stake in Company
By Ina Steiner
AuctionBytes.com
June 04, 2002
Reading AuctionBytes: Sotheby's Owner to Sell Stake in Company

A Alfred Taubman plans to sell his majority stake in auction house Sotheby's. Taubman filed with the Securities and Exchange Commission to make public his intention to work in cooperation with Sotheby's to explore a possible sale or merger or to sell his stake in the company.

A Alfred Taubman headed Sotheby's from 1993 to 2000. In April, Taubman was sentenced to one year in prison and fined $7.5 million after he was found guilty of participating in a price-fixing scheme with rival auction house Christie's.

Mr. Taubman owns approximately 13.2 million shares of Class B Common Stock of Sotheby's Holdings, which represents a voting majority of approximately 62.9%. Mr. Taubman agreed not to enter into an agreement to sell his shares for a period of 90 days, beginning yesterday, without the consent of Sotheby's. Over the next several weeks, Goldman Sachs, which represents Mr. Taubman, and Morgan Stanley and JPMorgan which represent Sotheby's, will contact qualified parties who may have an interest in Sotheby's.

In February, Sotheby's entered into a strategic online alliance with eBay that will ultimately eliminate auctions on Sothebys.com and move its online auction business to a new site to be built and hosted by eBay.

In 1999, eBay purchased Sotheby's rival Butterfield & Butterfield. No word on whether eBay is interested in Sotheby's.

Email this story to a friend.


AddThis Social Bookmark Button
| Next Story

Related Stories
  • Sotheby's Auctions: Madonna & Modern First Editions - July 18, 2001, Issue #126
  • Soap Opera Continues in Real Life Auction World - November 04, 2001, Issue #196
  • Sotheby's and eBay Announce Strategic Alliance - February 01, 2002, Issue #250
  • Sotheby's Holdings Releases Year 2001 Financial Results - March 13, 2002, Issue #275
  • Former Sotheby's CEO, Multi-Millionaire, to Serve Jail Time in Price-Fixing Case - April 23, 2002, Issue #302
  • eBay and Sotheby's Launch Joint Site for High-End Collectibles - June 18, 2002, Issue #339
  • Sotheby's to Sell and Lease Back New York Headquarters for $175 Million - December 18, 2002, Issue #446
  • Sotheby's Changes Web Site Strategy, Continues eBay Live Auctions - February 05, 2003, Issue #476
  • Sotheby's Terminates Quest for Buyer - February 28, 2003, Issue #493
  • Sotheby's Announces 2002 Financial Results - March 19, 2003, Issue #504



  • Discuss this story in our forums.

    Site Index
    Copyright 1999-2009. Steiner Associates LLC. All rights reserved. Privacy Policy.