Stifel Sees Credibility to Report of Unrealized Value in Sotheby's Real Estate

Stifel analyst David Schick, addressing an earlier New York Post release, called the rumor Sotheby's

may sell its NYC headquarters credible. Schick said the potential sale alludes to Sotheby's substantial unrealized value in its NYC and London real estate holdings. The analyst believes Sotheby's NYC and London real estate could be valued at more than $300 million above balance sheet figures --maybe even "meaningfully" above that estimate. Stifel rates Sotheby's with a Buy rating and $49 price target. Shares of Sotheby's are up nearly 3 percent at last check.