The results are now in:
In its 8K-Report just filed with the SEC, Sotheby’s reported that its operating income for the quarter ending June 30 with include “a non-recurring income statement benefit of approximately $18 million.” That amount represents Sotheby’s half-share of the value of unused antitrust settlement coupons (issued to compensate clients who were hurt by illegal collusion between Sotheby’s and Christie’s in setting commission rates).
A total of $125 million in coupons was originally issued as part of the antitrust settlement. Approximately $36 million in coupons (including Christie’s share), which could have been turned in for cash during the year ending May 14, went unclaimed.
It’s not like I didn’t warn you, procrastinating art-lings!