Sotheby's offered its employees to quit voluntarily
ARTinvestment.RU   23 ноября 2015

Thus, the auction house decided to cut costs. If you want to voluntarily leave their positions with generous otstupny would not have to resort to planned staff reductions

Unexpected news came from fields auction company Sotheby's: despite a successful autumn auction records, auction house announced a program to reduce costs. Employees were sent letters offering to voluntarily resign and receive higher compensation. If willing to voluntarily leave their posts would not have to resort to planned staff reductions. By the end of 2014 it amounted to 1550 persons: 606 employees in the United States and South America, 502 in the UK, 230 in continental Europe and in 212 [email protected]

This decision was a response to another loss suffered by the house Sotheby's in the third quarter of 2015. According to report,, posted on the website of Sotheby's, in the third quarter net losses at Sotheby's amounted to $17.9 million, or 26 cents a share. This is lower than in the same period last year, when losses amounted to $27.7 million, or 40 cents per [email protected]

to Achieve a reduction of losses has been mitigated by substantial growth of sales to 46  billion, to $138 million But these good news were not enough. In early November, shares of Sotheby's fell by 16 %.

to Read about the loss today Sotheby's weird especially after the wave of record sales. But analysts believe that high prices are given high price. Sale of the collection of former Sotheby's head Alfred Taubman was fully guaranteed (which is $515 million). Did the auction house to compensate for guarantees, and to get a plus — will be known only in 2016, when summarizing the results of the fourth quarter of 2015. Throughout the year, Sotheby's shares have fallen in price on 33 % to us $29,01 apiece. One of the reasons for the declining profits is the sagging market in the medium price segment: customers here became more [email protected]

Executive Director of Sotheby's Ted Smith (Tad Smith), appointed in March this year, believes that the company is working not as effectively as they could. The proposal to retire Smith calls in his letter "an appealing economic opportunity." However, the company reserves the right to reject anyone's application at own will in that case, if the employee is valuable to [email protected]

"We chose the path of a partial cut costs through voluntary layoffs for those who wish, with the payment of increased compensation, — says Director of public relations Loren Jiia. — We want to enter the new year fresh, optimistic and willing to invest in even greater success."

"the Costs of doing business inflated state, the print expensive catalogs, huge investments in advertising and promotion of the product must be brought in line with falling profits from the auction Commission", — commented on the decision of Sotheby's new York dealer David Nash, former head of Department of impressionist and modern Sotheby's.

Источники: bloomberg.com, nydailynews.com, investor.shareholder.com, artinvestment.ru



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