ABOUT SOTHEBY'S
Established in 1744, Sotheby’s is the world’s premier destination for art and luxury. Synonymous with innovation, Sotheby’s promotes access, connoisseurship and preservation of fine art and rare objects through auctions, private sales and retail locations. Our trusted global marketplace is supported by a network of specialists spanning 40 countries and 50 categories, which include Contemporary Art, Modern and Impressionist Art, Old Masters, Chinese Works of Art, Jewelry, Watches, Wine and Spirits, and Interiors, among many others.
As a Portfolio Management Associate within the Client Success team you will be a core member of the rapidly growing Sotheby’s Financial Services (“SFS”) team. This role will be responsible for a number of functions including loan underwriting, collateral management, and servicing activities for the global portfolio. You will be challenged to become an expert in our diligence and operational processes, interact directly with clients, and work closely with all levels of the organization to ensure proper support of the portfolio and continuous improvement of SFS processes.
Responsibilities include:
- Underwriting
- Coordinate with Sotheby’s auction house departments to complete all diligence and underwriting requirements per the SFS Loan Policy
- Liaise with clients to gather necessary supporting documentation (proof of ownership/identity, corporate documents, insurance etc.)
- Produce credit approval memos and contract checklists for all new loans, amendments, renewals and consignments, and coordinate drafting with SFS Legal team
- Portfolio Management
- Monitor active loan portfolio to minimize risk of default and to ensure compliance with SFS underwriting policies and external financing facilities
- Develop financial and scenario analyses to support credit structuring decisions
- Monitor performance of all active loans to ensure timely payment and assist in resolution of default situations
- Engage with client and internal stakeholders to identify, prioritize, and execute on client requests efficiently and effectively.
- Manage information requests from internal finance teams and external auditors.
- Identify areas of improvement, and participate in efforts to implement solutions and scale SFS business, as needed.
- Collateral Management
- Coordinate the initial valuation of collateral, and manage any recurring valuation requirements for active loans
- Liaise with insurance providers to ensure all collateral is properly covered for the life of the loan
- Track and manage collateral by coordinating property receipt, releases, viewings, and restoration; interacting with third-party stakeholders including warehouses, shippers, museums, clients, and restorers, as necessary.
Qualifications / Experience:
- Bachelor's Degree is a must
- 3+ years of professional experience, preferably in a credit underwriting or financial services role.
- Prior art experience is not required, but an interest or curiosity in art or other luxury objects is encouraged.
- Well-organized, reliable, and capable of working well as part of a small team.
- Critical thinker who is able to quickly assess issues and risks and develop effective solutions
- Ability to multi-task and manage time effectively.
- Client service minded with strong communication skills, both written and verbal.
- Strong analytical skills and financial acumen.
- Salesforce experience is a plus.
- Fluency in a second language would be advantageous.
The proposed base salary for this position ranges from $70,000 - $90,000. In addition to base salary successful candidates are eligible to receive a discretionary bonus, as well as a competitive benefits package. Salary offers are based on a wide range of factors including relevant skills, training, experience, education, and, where applicable, licensure or certifications obtained. Market and organizational factors are also considered.
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The Company is an equal opportunity employer and considers all applicants for employment without regard to race (including, without limitation, traits historically associated with race, such as natural hair, hair texture, and protective and treated or untreated hairstyles), color, creed, religion, sex, sexual orientation, marital or civil partnership/union status, national origin, age, disability, pregnancy, genetic predisposition, genetic information, reproductive health decision, sexual orientation, gender identity or expression, alienage or citizenship status, domestic violence victim status, military or veteran status, or any other characteristic protected by federal, state/province or local law. The Company complies with applicable state and local laws prohibiting discrimination in employment in every jurisdiction in which it operates.
