Earlier this month, the board of directors of Sotheby’s (www.sothebyshomes.com) 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 reflects a 25-percent increase from the previous quarterly dividend of $0.08 per share.
This accelerated dividend is intended by the board to be in lieu of quarterly dividends 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 (CFO) of Sotheby’s.
This accelerated dividend will be payable on, or before, December 31, 2012 to holders of record as of December 26, 2012.