On January 29, 2014, Sotheby's announced the results of the Company's capital allocation and financial policies review that was initiated by the Board of Directors in September, 2013. The Company stated that it will return a special dividend of $300 million to shareholders in March 2014. In addition, Sotheby's Board has authorized a $150 million share repurchase program, primarily as part of a new policy to offset annual employee stock dilution, with approximately $25 million of shares being repurchased by the end of 2014.

Going forward, the Company intends to return any excess capital to shareholders on an annual basis, primarily through a special dividend. In addition, Sotheby's also announced it will establish separate capital structures and financial policies for the Company's two primary businesses - Agency (Auction and Private Sales) and Sotheby's Financial Services.