Sotheby's completed the purchase of its York Avenue flagship headquarters and auction premises in New York City on Feb. 6 for $370 million. The purchase price was funded by the assumption of the prior owner's mortgage of $235 million at a rate of 5.6%, a $50 million cash payment, which was made in January 2008, and an $85 million cash payment which was funded at closing last Friday.
Sotheby's is a global company that engages in art auction, private sales and art-related financing activities. The company operates in 41 countries, with principal salesrooms located in New York, London, Hong Kong and Paris, and regularly conducts auctions in six other salesrooms around the world. Sotheby's is listed on the New York Stock Exchange under the symbol BID.
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