Fintech PR
Artprice (New York) – Thierry Ehrmann: Patrick Drahi’s Acquisition of Sotheby’s Confirms the Art Market’s Entry Into the Digital Era of the 21st Century
Thierry Ehrmann: “Patrick Drahi’s acquisition of Sotheby’s confirms the Art Market’s entry into the digital era of the 21st century. Artprice has always argued that the global Art Market — weighing roughly 90 billion dollars — was several decades behind in terms of digital culture and Internet.”
Fine Art auction turnover for the world two major auction houses: Christie’s and Sotheby’s [https://imgpublic.artprice.com/img/wp/sites/11/2019/06/artprice-sothebys-vs-christies.png]
“So it’s great news for the Art Market and Artprice to see Sotheby’s – the only listed auction operator — being acquired by Patrick Drahi, a 55-year-old global entrepreneur with a portfolio of telecommunications, media and digital companies. The offer price, which represents a premium of 61% to Sotheby’s closing price on June 14, 2019, and a 56% premium to the company’s 30 trading-day volume weighted average share price, reflects Patrick Drahi’s genuine confidence in Sotheby’s capacity for exponential development via a digital mutation.”
Artprice: “Since 2000, the Art Market has enjoyed a period of distinctly virtuous growth, becoming an efficient market with a return on investment of almost 7% per year and a volume growth of 450%. For much of this period, the backdrop to this growth has been a savings environment of zero or even negative interest rates in the eurozone. Meanwhile, the market itself has evolved from roughly 500,000 art collectors after WWII to nearly 90 million Art Consumers today, the vast majority of whom are completely at ease with new technologies.”
Thierry Ehrmann: “The soft power of the world’ major powers is a powerful geopolitical driver for the growth and development of the Museum Industry®. Artprice was one of the first players to appreciate and conceptualize the global importance of this industry. As we analysed in an earlier study, more museums opened between 1 January 2000 and 31 December 2014 than during the previous two centuries. Every year approximately 700 new museums with international standing – each holding a minimum of 4,500 artworks – open their doors on five continents, representing one of the primary sustainable drivers of the global Art Market.”
For 21 years, Artprice – the global leader in Art Market information and a dedicated digital pioneer – has contributed to the Art Market’s evolution into the digital era. Its databanks are today an absolute worldwide reference in terms of exhaustivity, indices and Art Market statistics. Remember that Artprice, via external growth and R&D, was the first global player to produce algorithm indices, using Big Data and Artificial Intelligence based on the observation of billions of connections to our databanks in strict compliance with existing data protection laws around the world.
In his statement, the position of Sotheby’s CEO, Tad Smith, is perfectly lucid: he openly welcomes Patrick Drahi into the Sotheby’s family: “Known for his commitment to innovation and ingenuity. He has a long-term view with a proven track record in the field of telecommunications, media and digital companies and I strongly believe that the company will be in excellent hands for decades to come with Patrick as our owner.”
Likewise, Domenico De Sole, chairman of the Sotheby’s board of directors, welcomes the move: “Following a comprehensive review, the Board enthusiastically supports Mr. Drahi’s offer, which delivers a significant premium to market for our shareholders.”
Several key facts and figures concerning Sotheby’s and the Fine Art auction market:
Sotheby’s is the world’s number two Fine Art auction operator with a total turnover of $3,93 billion in 2018, behind Christie’s with $5 billion. Together, the two Anglo-Saxon giants account for over half of the planet’s Fine Art auction turnover: Christie’s for 32.3% and Sotheby’s for 25.4%. Their respective strengths are based on global coverage of the Art Market.
Sotheby’s 2018 Fine Art auction turnover by location
© Artprice.com
New York: $2 billion (51%)
London: $1.1 billion (28%)
Hong Kong: $554 million (14%)
Paris: $188 million (5%)
Milan: $32 million (0.8%)
Melbourne: $24 million (0.6%)
Mumbai: $8 million (0.2%)
Zurich: $7 million (0.2%)
Despite 275 years of existence, Sotheby’s has experienced a number of relatively close strategy changes:
- 2015: Tad Smith became CEO and the firm terminated sales in mainland China (Beijing) and the Middle East(Doha)
- 2016: 13.5% of Sotheby’s was acquired by the Chinese insurance company Taikang Life Insurance, whose CEO is the founder of the Chinese auction operator, China Guardian
- 2017: the firm eliminated buyers’ fees from online sales
- 2018: buyers’ fees were re-established for online sales
Sales growth at both Christie’s and Sotheby’s has been around 400% since 2000, comparable to the 450% growth of the global Art Market over the same period.
After the announcement of Sotheby’s H1 2018 results, Sotheby’s share price dropped 10%. Despite rising sales, the company’s profits fell by 23%, a contraction that Sotheby’s blamed on its own guarantee strategy. Apparently the sale of Modigliani’s Nu Couché (sur le côté gauche) (1917-18) for $157 million – an absolute record for Sotheby’s – was not the best financial transaction of the year for the world’s second largest auction operator.
Artprice: “The world’s top two auction houses, with no rivals to date, are now both owned by French investors and collectors: François Pinault acquired Christie’s in 1998 and now Patrick Drahi effectively owns Sotheby’s since 17 June 2019.”
STOCKHOLM, April 5, 2024 /PRNewswire/ — EQT AB’s Q1 Announcement 2024 will be published on Thursday 18 April 2024 at approximately 07:30 CEST. EQT will host a conference call at 08:30 CEST to present the report, followed by a Q&A session.
The presentation and a video link for the webcast will be available here from the time of the publication of the Q1 Announcement.
To participate by phone and ask questions during the Q&A, please register here in advance. Upon registration, you will receive your personal dial-in details.
The webcast can be followed live here and a recording will be available afterwards.
Information on EQT AB’s financial reporting
The EQT AB Group has a long-term business model founded on a promise to its fund investors to invest capital, drive value creation and create consistent attractive returns over a 5 to 10-year horizon. The Group’s financial model is primarily affected by the size of its fee-generating assets under management, the performance of the EQT funds and its ability to recruit and retain top talent.
The Group operates in a market driven by long-term trends and thus believes quarterly financial statements are less relevant for investors. However, in order to provide the market with relevant and suitable information about the Group’s development, EQT publishes quarterly announcements with key operating numbers that are relevant for the business performance (taking Nasdaq’s guidance note for preparing interim management statements into consideration). In addition, a half-year report and a year-end report including financial statements and further information relevant for investors is published. Finally, EQT also publishes an annual report including sustainability reporting.
Contact
Olof Svensson, Head of Shareholder Relations, +46 72 989 09 15
EQT Shareholder Relations, [email protected]
Rickard Buch, Head of Corporate Communications, +46 72 989 09 11
EQT Press Office, [email protected], +46 8 506 55 334
This information was brought to you by Cision http://news.cision.com
https://news.cision.com/eqt/r/invitation-to-presentation-of-eqt-ab-s-q1-announcement-2024,c3956826
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Invitation to presentation of EQT AB’s Q1 Announcement 2024 |
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- Kia drives forward transformation into ‘Sustainable Mobility Solutions Provider’
- Roadmap enables Kia to proactively respond to uncertainties in mobility industry landscape, including changes in EV market
- Company to expand EV line-up with more models; enhance HEV line-up to manage fluctuation in EV demand
- Goal to sell 1.6 million EVs annually in 2030, introducing 15 models
- PBV to play a key role in Kia’s growth, targeting 250,000 PBV sales annually by 2030 with PV5 and PV7 models
- Kia to invest KRW 38 trillion by 2028, including KRW 15 trillion for future business
- 2024 business guidance : KRW 101 tln in revenue with KRW 12 tln in operating profit; operating profit margin of 11.9% on sales of 3.2 million units globally
- CEO reaffirms Kia’s commitment to ESG management
SEOUL, South Korea, April 5, 2024 /PRNewswire/ — Kia Corporation (Kia) today shared an update on its future strategies and financial targets at its CEO Investor Day in Seoul, Korea.
Based on its innovative achievements in the years since the announcement of mid-to-long-term business initiatives, Kia is focusing on updating its 2030 strategy announced last year and further strengthening its business strategy in response to uncertainties across the global mobility industry landscape.
During the event, Kia updated its mid-to-long-term business strategy with a focus on electrification, and its PBV business. Kia reiterated its 2030 annual sales target of 4.3 million units, including 1.6 million units of electric vehicles (EVs). The 2030 4.3 million annual sales target is 34.4 percent higher than the brand’s 2024 annual goal of 3.2 million units.
The company also plans to become a leading EV brand by selling a higher percentage of electrified models among its total sales, including hybrid electric vehicles (HEV), plug-in hybrid (PHEV), and battery EVs, projecting electrified model sales of 2.48 million units annually or 58 percent of Kia’s total sales in 2030.
“Following our successful brand relaunch in 2021, Kia is enhancing its global business strategy to further the establishment of an innovative EV line-up and accelerate the company’s transition to a sustainable mobility solutions provider,” said Ho Sung Song, President and CEO of Kia. “By responding effectively to changes in the mobility market and efficiently implementing mid-to-long-term strategies, Kia is strengthening its brand commitment to the wellbeing of customers, communities, the global society, and the environment.”
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VANCOUVER, BC, April 4, 2024 /PRNewswire/ — BioVaxys Technology Corp. (CSE: BIOV) (FRA: 5LB) (OTCQB: BVAXF) (the “Company“) is providing this bi-weekly update on the status of the management cease trade order granted on February 29, 2024 (the “MCTO“), by its principal regulator, the Ontario Securities Commission (the “OSC“), under National Policy 12-203 – Management Cease Trade Orders (“NP 12-203“), following the Company’s announcement on February 21, 2024 (the “Default Announcement“), that it was unable to file its audited annual financial statements for the year ended October 31, 2023, its management’s discussion and analysis of financial statements for the year ended October 31, 2023, its annual information form for the year ended October 31, 2023, and related filings (collectively, the “Required Annual Filings“). Under National Instrument 51-102, the Required Annual Filings were required to be made no later than February 28, 2024.
As a result of the delay in filing the Required Annual Filings, the Company was unable to file its interim financial statements for the three months ended January 31, 2024, its management’s discussion and analysis of financial statements for the three months ended January 31, 2024, and related filings (collectively, the “Required Interim Filings“). Under National Instrument 51-102, the Required Interim Filings were required to be made no later than April 1, 2024.
The Company anticipates filing the Required Annual Filings by April 30, 2024. The auditor of the Company requires additional time to complete its audit of the Company, including the Company’s recent acquisition of all intellectual property, immunotherapeutics platform technologies, and clinical stage assets of the former IMV Inc. that closed on February 16, 2024. In addition, the Company anticipates filing the Required Interim Filings immediately after the filing of the Required Annual Filings.
Except as herein disclosed, there are no material changes to the information contained in the Default Announcement. In addition, (i) the Company is satisfying and confirms that it intends to continue to satisfy the provisions of the alternative information guidelines under NP 12-203 and issue bi-weekly default status reports for so long as the delay in filing the Required Annual Filings and/or Required Interim Filings is continuing, each of which will be issued in the form of a press release; (ii) the Company does not have any information at this time regarding any anticipated specified default subsequent to the default in filing the Required Annual Filings and Required Interim Filings; (iii) the Company is not subject to any insolvency proceedings; and (iv) there is no material information concerning the affairs of the Company that has not been generally disclosed.
About BioVaxys Technology Corp.
BioVaxys Technology Corp. (www.biovaxys.com), a biopharmaceuticals company registered in British Columbia, Canada, is a clinical-stage biopharmaceutical company dedicated to improving patient lives with novel immunotherapies based on the DPX™ immune-educating technology platform and it’s HapTenix© ‘neoantigen’ tumor cell construct platform, for treating cancers, infectious disease, antigen desensitization, and other immunological fields. The Company’s clinical stage pipeline includes maveropepimut-S which is in Phase II clinical development for advanced Relapsed-Refractory Diffuse Large B Cell Lymphoma (DLBCL) and platinum resistant ovarian cancer, and BVX-0918, a personalized immunotherapeutic vaccine using it proprietary HapTenix© ‘neoantigen’ tumor cell construct platform which is soon to enter Phase I in Spain for treating refractive late-stage ovarian cancer. The Company is also capitalizing on its tumor immunology know-how and creation of a unique library of T-lymphocytes & other datasets post-vaccination with its personalized immunotherapeutic vaccines to utilize predictive algorithms and other technologies to identify new targetable tumor antigens. BioVaxys common shares are listed on the CSE under the stock symbol “BIOV” and trade on the Frankfurt Bourse (FRA: 5LB) and in the US (OTCQB: BVAXF). For more information, visit www.biovaxys.com and connect with us on X and LinkedIn.
ON BEHALF OF THE BOARD
Signed “James Passin“
James Passin, Chief Executive Officer
Phone: +1 646 452 7054
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