Sotheby's Increases Dividend and Accelerates Payment of Two Quarters of Dividends

M.A.D. Staff | January 14th, 2013

Sotheby's Increases Dividend and Accelerates Payment of Two Quarters of Dividends

The board of directors of Sotheby's declared an accelerated first and second quarter of 2013 cash dividend totaling $0.20 per share of outstanding common stock. This $0.10 per share per quarter dividend reflected a 25% increase from the previous quarterly dividend of $0.08 per share. This accelerated dividend was intended by the board to be in lieu of quarterly dividends that Sotheby's would have otherwise announced in the first and second quarters of 2013, and that would have been paid in calendar year 2013.

"Management recommended the acceleration of these dividends in recognition of the strong liquidity and ongoing strength of Sotheby's and in light of the future uncertainties surrounding U.S. tax policies," said William Sheridan, executive vice president and chief financial officer of Sotheby's.

This accelerated dividend is payable on, or before, December 31, 2012, to holders of record as of December 26, 2012.