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Non-Tech : Sotheby's (BID) Auction House
BID 56.990.0%Oct 14 5:00 PM EST
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To: capitalistbeatnik who wrote (125)1/21/1999 2:47:00 PM
From: Steve Andrew  Read Replies (1) of 236
 
Think about it for a second. If an Area Specialist in Impressionism or Contemporary is now charged with the duty of recruiting multiple dealers in his or her field into this timed-out, "strong-arm" contract, they are also being charged with the responsibility of driving that dealers inventory into the Sothebys auction system. This very responsibility dilutes their ability to seek out higher value items(don't forget that this is BID's bread & butter) and service those clients (it actually competes for time, attention, and space with that other product and has a price compression effect in general). I can tell you that I have spoken to three S.V.P's there who are pissed off that they have to do this and have to continue to work this until the company can hire others to assume this workload and let them return to their best skills. They all feel that BID did this to goose up the stock, enter the i-net space ahead of Christies, and make a land grab. If you read the WSJ piece from yesterday...they cite the problem of labor and potential culture dilution...its really not hard to figure out. As I have said before, I don't fault them for doing this now....but it will take them some time to effectively ramp up and they will lose some very key biz producers. Why else did they mention the dilution factor of the $25 million now...they get a full
year to run this cap-ex and they know it will strain their other biz's.
I would love to pick the stock up in the high 20's to low 30's again once the silliness of this move abates.
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