And......More on Sotheby's

Bloomberg is reporting that Sotheby's has obtained a $250 million loan from Bank of America, and that it will also cut lot guarantees (see post of earlier today). In the article, Sotheby's claims to have reduced guarantees from $458 million from last year at this time to a present amount of $306 million. Any way you cut it, that is still a lot of money on the line in a unpredictable economy (yesterday the Dow fell over 700 points).

In an SEC filing, Sotheby's stated the loan was "a defensive step to ensure additional liquidity in response to the recent turbulence in the global financial markets.'' I guess the good news is that Sotheby's was actually able to borrow the money. Perhaps the economic bailout of 700 billion is starting to work.

Regarding guarantees, the Bloomberg report states that Sothebys in now sharing the risk of guarantees with affiliated partners.

To read the Bloomberg article, click HERE.