This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Teamsters: Sotheby's Mismanagement Of Risk Sparks New Concerns For Investors, Clients

NEW YORK, Aug. 3, 2011 /PRNewswire-USNewswire/ -- Sotheby's Auction House (NYSE: BID) locked out more than 40 experienced art handlers Friday, putting at risk highly valuable artwork and other rare collections slated to be auctioned at upcoming events in New York. The surprise management tactic, which threatens to spark contentious protests in New York and at Sotheby locations around the world, came amid negotiations for a new labor agreement between Sotheby's and Teamsters Local 814, which represents the art handlers.

"As a former art handler, I know the skills required to properly care for a client's valuable consignment in a high-volume environment," said Jason Ide, President of Teamsters Local 814.  "Safely unframing, packing, installing, storing and transporting client property is not work I would entrust to inexperienced and poorly trained temporary workers."

"Risk management is clearly not a priority for Sotheby's executives or board of directors," said George Miranda, President of Teamsters Joint Council 16, which represents more than 110,000 Teamster members in the New York City metropolitan area. "To address investor concerns about compensation and board oversight, Sotheby's nominated James Murdoch last year, a director with arguably no experience providing critical, independent oversight. Now mired in a global scandal and investigation, Murdoch cannot possibly focus on protecting Sotheby shareholders."

Sotheby's investors sent a strong message of dissatisfaction in 2010 regarding the company's excessive executive compensation practices by withholding more than 40 percent support for the directors who served on the board's compensation committee. That same year, the board nominated its newest independent director—James Murdoch, the embattled BSkyB chairman and News Corp. executive and director currently under investigation in a salacious scandal involving illegal phone hacking. Murdoch was appointed to Sotheby's Compensation and Nominating & Corporate Governance committees.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free


Chart of I:DJI
DOW 17,798.49 -14.90 -0.08%
S&P 500 2,090.11 +1.24 0.06%
NASDAQ 5,127.5250 +11.3820 0.22%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs