{
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  "docSlug": "c6a949b90946",
  "documentTitle": "Sotheby's (BID)",
  "authorId": "07_Marcato",
  "authorName": "Marcato Capital Management",
  "documentKindSlug": "conference-presentation",
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  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2014-04-22 00:00:00",
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  "pageNumber": 11,
  "pageCount": 44,
  "prevPage": 10,
  "nextPage": 12,
  "slideType": "valuation_table",
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  "density": "dense",
  "nDataPoints": 6,
  "notes": "The slide uses a capital allocation framework to justify a shareholder return or investment thesis.",
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      "kind": "callout",
      "text": "Sotheby's can unlock at least an additional >$1,000M of capital in the next 12 months, even after the $300M special dividend",
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      "text": "Excess Capital: $1,069",
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      "kind": "source-note",
      "text": "Source: Marcato estimates calculated using Company's 2013 10K and Sotheby's Capital Allocation and Financial Policy Review, January 2014.",
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      "text": "Excess Capital in Auction Segment $357; Excess Capital in SFS $202; London Mortgage $163; NYC Real Estate $152; Normalized Free Cash Flow $195; Excess Capital (AFTER $300M Dividend) $1,069",
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      "text": "Significant Excess Capital Remains",
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