Displaying items by tag: buyout

The auction house Sotheby’s has accepted the buyouts of 80 employees, or 5 percent of its 1,600-person global work force, the company reported in records filed on Monday with the Securities and Exchange Commission.

As a result of the buyout offer, which expired Dec. 9, Sotheby’s said in the filing that it expected a charge of about $40 million in the fourth quarter of 2015.

Sotheby’s is offering employees voluntary buyouts to cut costs after a drop in third-quarter revenue grabbed more attention from the company’s investors than its largest ever semiannual auction season.

The auction house told employees in an e-mail Friday that if not enough employees make use of the buyouts, it may have to resort to layoffs. Sotheby’s didn’t say how many jobs it plans to cut.

At long last, Art Basel has full ownership of its Hong Kong edition, with parent company MCH Swiss Exhibition (Basel) Ltd. having finally acquired the remaining 40 percent of shares in Asian Art Fairs Limited in Hong Kong.

Art Basel's purchase of Asian Art Fairs was first announced on July 1, 2011. At that time, MCH Group picked up 60 percent of the company's shares, with the option of enacting a complete buyout in 2014.

Just a month after a major leadership change at art market database company Artnet, a serious threat of takeover comes from major shareholder Redline Capital Management. The Luxembourg-based finance company said that will try to buy out Artnet, likely with an offer proposed at the next shareholder meeting. Currently, Artnet is controlled by the Neuendorf family, who retain a 26 percent stake in the company.