39% of Sotheby's shareholders side with Teamsters

Today the Teamsters brought a giant inflatable pig. Can't think why.

Sotheby's medieval management practices (e.g., 9-month lockout of its 42 Teamster art handlers) were scrutinized today by the auction house's shareholders. A lot didn't like what they saw. Thirty-nine percent voted with Teamsters to oppose automatic looting  by bonuses to executives if the company is taken over.

Reports Bloomberg,

Sotheby’s General Counsel Gilbert Klemann announced that a Teamsters proposal opposing automatic executive payouts in a takeover got 39 percent of votes. The Teamsters had said immediately vesting some stock-payment plans amounts to a “golden parachute” that disregards executive performance.

Bloomberg also quoted Tommy McAllister, a locked-out art handler, talking to Board Chairman Michael Sovern at the meeting:

Five art handlers who own shares in Sotheby’s attended the meeting. Thomas McAllister, who has worked at Sotheby’s for 23 years, contrasted its $171.4 million profit last year with his own finances since the July 29 lockout.

“My family isn’t doing well,” McAllister told Sovern. “There is not a party in my household.”

Let's see if Mr. Sovern gives a damn.