Latest News
Sotheby’s Financial Services Announces Groundbreaking $700 Million Securitization
NEW YORK, April 17, 2024 /PRNewswire/ — Sotheby’s Financial Services, Inc. (“Sotheby’s Financial”), the world’s leading full–service art financing company, announced today the launch of a first-of-its kind securitization program. The inaugural issuance, which priced yesterday, consists of $700 million of asset-backed notes (the “Notes”) backed by art secured loans. Morningstar DBRS is expected to rate the four classes of Notes at closing with the senior-most class expected to receive the highly coveted AAA (sf) rating.
“We are thrilled to achieve another milestone with the launch of a landmark securitization program” said Ron Elimelekh, Co-Head, Chief Operating Officer, and Chief Capital Officer, Sotheby’s Financial. “This highly successful transaction, which saw strong demand from institutional investors resulting in a significant upsize to the transaction, will help further our mission of unlocking the power of our clients’ collections through the delivery of innovative financial solutions. Now with over $2 billion of funding capacity, Sotheby’s Financial has a flexible and committed funding framework supported by an existing credit facility and this groundbreaking securitization program.”
Over the last two and half years, under the leadership of Mr. Elimelekh and Scott Milleisen, Co-Head and Global Head of Lending, and their dedication to delivering the highest standard of client experience, Sotheby’s Financial has seen significant portfolio growth, ending 2023 with nearly 100% growth over a two-year period and its highest ever portfolio balance. By leveraging its unparalleled expertise in art and luxury, and on the strength of a best-in-class lending ecosystem, Sotheby’s Financial is creating the world’s leading finance company for fine art, cars, collectibles, and luxury goods.
Scott Milleisen added: “Our clients rely on Sotheby’s Financial to provide dependable lending solutions, and today’s news only furthers our commitment to enhancing our offerings to clients. Thanks to our continued access to capital markets, we are the only lender in the marketplace who can consistently offer loans of up to $250 million underwritten based on the value of one’s collection.”
Sotheby’s Financial has originated over $10 billion of loans since inception. Following a renewed strategic focus and investment in Sotheby’s Financial, the majority of lending activity has occurred within the last few years. Jean-Luc Berrebi, Sotheby’s Chief Financial Officer, added: “This transformational moment for Sotheby’s Financial Services is another step forward in our journey to innovate and lead the market in all aspects of our business, giving us significant advantage as a leader for art & luxury lending. With expanded access to capital, we can now significantly increase the scale of SFS to enhance the exceptional client experience that is central to Sotheby’s.”
The securitization transaction is scheduled to close on April 23, 2024, subject to customary closing conditions.
This press release is not an offer to sell, nor a solicitation of an offer to buy, any securities, nor shall there be any sale of these securities in any state or jurisdiction in which the offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction.
SOTHEBY’S COMMUNICATIONS TEAM
KARINA SOKOLOVSKY | [email protected]
DEREK PARSONS | [email protected]
About Sotheby’s Financial Services
Sotheby’s Financial is the world’s leading full–service art financing company. Sotheby’s Financial enables clients worldwide to unlock liquidity in fine art, luxury items, and other collectibles through financing solutions and innovation. Sotheby’s Financial is vertically integrated with Sotheby’s, one of the world’s largest and most-trusted marketplaces for world-class works of art and rare objects. Sotheby’s has been uniting collectors with world-class works of art and luxury items since 1744. Sotheby’s empowers an international community of collectors and connoisseurs to discover, acquire, and consign fine art and rare objects.
https://www.sothebys.com/en/about/services/sothebys-financial-services
About Sotheby’s
Established in 1744, Sotheby’s is the world’s premier destination for art and luxury. Sotheby’s promotes access to and ownership of exceptional art and luxury objects through auctions and buy-now channels including private sales, e-commerce and retail. Our trusted global marketplace is supported by an industry-leading technology platform and a network of specialists spanning 40 countries and 70 categories which include Contemporary Art, Modern and Impressionist Art, Old Masters, Chinese Works of Art, Jewelry, Watches, Wine and Spirits, and Design, as well as collectible cars and real estate. Sotheby’s believes in the transformative power of art and culture and is committed to making our industries more inclusive, sustainable and collaborative.
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Stream live auctions and place bids in real time, discover the value of a work of art, browse sale catalogues, view original content and more at sothebys.com, and by downloading Sotheby’s app for iOS and Android.
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Latest News
Tetr College of Business Introduces a Cross-Border Bachelors Program Across Seven Countries
- Courses at Tetr will be led by global business and technology leaders such as Dr. Viney Sawhney (Professor, Harvard University), Dr. Edward Rogers (Former Chief Knowledge Officer, NASA), Faverie Stephane (Executive Group President, Estee Lauder) and Saud Swar (CBO, American Express, MENA).
- The program will offer a highly experiential and immersive learning experience for students by enabling them to build businesses that generate real revenue & profit in 7 countries.
- World’s Largest Single-Intake Scholarship Announced at USD 12 Million for 60 Students.
RIO DE JANEIRO, May 21, 2024 /PRNewswire/ — Tetr College of Business, a first-of-its-kind business school, is creating a new generation of leaders who truly possess practical skills and global experience to build successful businesses. Tetr has launched a new undergraduate program where the curriculum focuses on learning business by doing businesses – across the globe. In doing so, the program caters directly to this increasing demand for practical skills. To that end, Tetr has announced the world’s largest single-intake scholarship fund of USD 12 Million to award 60 scholarships for its fall 2024 intake.
Tetr has curated a globally immersive learning experience for students to live, and learn across 7 different countries including UAE, India, Singapore, Ghana, U.S, Brazil, and Italy over 4 years. As part of the program, students will get to study at the world’s leading educational institutions INSEAD, France (FT rank 2), SDA Bocconi, Italy (FT rank 3); as well as NUS, Singapore (#1 in Asia), and IIT among others. Courses at Tetr will be taught by Global business and technology luminaries such as Daniel Garret Van Der Vliet (Executive Director, Cornell University), Manoj Kohli (Ex-CEO, Bharti Airtel & Softbank), Alexis Montesinos (Professor, MIT), Thorsten Truijens (Professor, Kellogg School of Management) and Nitin Gaur (Advisory Board Member, Stanford University).
The B-school has established a 1.6 million USD venture fund ‘Tetr Launchpad’ for aspiring entrepreneurs, complemented by mentorship from an extensive network of venture capitalists, founders, and industry leaders. The academic council of Tetr is led by Ivy League Professors and former global CXOs, such as the likes of Viney Sawhney (Professor, Harvard University), Edward Rogers (Former Chief Knowledge Officer, NASA), Faverie Stephane (Executive Group President, Estee Lauder) and Saud Swar (CBO, American Express, MENA), as part of the founding council.
“For prospective students from the Latin American region, growing interest in truly immersive learning experiences perfectly aligns with the nation’s growing intention of cementing itself on the world’s stage,” shares Dr. Viney Sawhney, Professor of Finance, Harvard University. “I have never seen such a program in my academic experience, even at prestigious institutions like Harvard. This clearly indicates that traditional business education is due for an overhaul. Tetr’s unique program addresses this gap with a curriculum that allows students to travel the world and learn business by doing business in a new country, each semester. I am excited to be working alongside a team that is pioneering a change in the world of business education globally.”
As a part of its curriculum, Tetr will offer students a holistic understanding of how to build brands, investment portfolios, and make data driven decisions rooted in local cultural context, as they travel and study across the globe. Students will get an opportunity to build an eCommerce ‘dropshipping’ business in Dubai, leverage the Silicon Valley’s ecosystem to launch a tech startup in the US and start a community driven project to design and sell a hardware product in Singapore. They will also get to learn content creation, community building and brand partnerships in Milan, launch green initiatives in the realm of EVs, wildlife conservation and renewable energy in Rio De Janeiro as well as build a consumer business catering to suburban audiences in India.
Set to commence the batch from September 2024, Tetr is offering full scholarships to 60 brightest undergraduates from across the world who will join the first batch. Out of this, 10 students will be from Latin American countries. Tetr will empower these individuals to develop the leadership required to pursue their chosen fields. Backed by Tetr’s entrepreneurial network, they’ll have the resources to turn their visions into reality. The B school will also welcome top SAT scorers (top 1 percentile) and those who have turned down offers from prestigious universities. To know more about the various scholarships, students could visit Tetr’s website here. The deadline for the current round of applications is June 17.
About Tetr College of Business
Tetr School of Business is a first of its kind global B-school where 100 exceptional undergraduate students from around the world will learn business by building businesses every year, across 7 countries – USA, Italy, Singapore, Brazil, UAE, India and Ghana. As part of its 4-year Bachelors program, these students will study at some of the world’s most prestigious educational institutions including INSEAD (France), SDA Bocconi (Italy), NUS (Singapore), and IIT (India). With a vision to mold them into global leaders, leading educationists and top business leaders from the likes of Harvard, Stanford, MIT, Cornell, NASA, Estee Lauder and American Express will teach and mentor these students in their areas of interest. For more details, please visit – https://www.tetr.com/
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Day 1: News Alert: London Blockchain Conference 2024
LONDON, May 21, 2024 /PRNewswire/ — Day 1 of the London Blockchain Conference kicks off today with world-renowned marketing and business entrepreneur and professor Scott Galloway taking the stage.
Tech influencer Lilly Douse will also host this year’s conference. She will bring her top hosting skills and unique perspective on blockchain and AI technology to the event.
But that’s not all; attendees can also check out Scott Zoldi, Chief Analyst Officer, Fico, who spoke about establishing trust in AL and Blockchain.
This is an opportunity to gain exclusive insights from influential voices in business, technology and blockchain. One can take advantage of these sessions to explore blockchain’s potential to drive business success.
Please register here to attend or listen to any of the sessions today.
About the London Blockchain Conference
NETWORK. LEARN. ENGAGE.
At the London Blockchain Conference, we show how Blockchain will change the world and help people see another way to manage data, build scalable on-chain solutions and achieve great things. We do this by creating valuable, insightful, and engaging events that educate and inform, allowing you to connect and network to build strong business relationships. Our conference is the best avenue to see blockchain innovations, ecosystem announcements, product launches, technology updates, keynote speeches, panels, and fireside chats from blockchain leaders. Join us and experience it for yourself.
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