

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 8-K



CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

		November 13, 2019
		Date of Report (Date of Earliest Event)

		Sotheby's
	(Exact name of registrant as specified in its charter)

Delaware		1-9750	38-2478409
(State or other jurisdiction of incorporation)		(Commission File Number)	(IRS Employer Identification No.)

1334 York Avenue
New York,	New York		10021
(Address of principal executive offices)			(Zip Code)

Registrant's telephone number, including area code: (212) 606-7000

(Former name or former address, if changed since last report)



	Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:


	☐		Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

	☐		Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

	☐		Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

	☐		Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:



Title of each class	Trading Symbol(s)	Name of each exchange on which registered
N/A	N/A	N/A

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

EXPLANATORY NOTE

On June 16, 2019, Sotheby's (the “Company”) entered into an Agreement and Plan of Merger (the “Merger Agreement”) with BidFair USA Inc. (formerly a limited liability company known as BidFair USA LLC) (“Parent”) and BidFair MergeRight Inc., a Delaware corporation and a wholly owned indirect subsidiary of Parent (“Merger Sub”). On October 3, 2019, Merger Sub merged with and into the Company, with the Company continuing as the surviving corporation and a wholly-owned indirect subsidiary of Parent (the “Merger”). Accordingly, the Company is no longer a publicly traded company. However, this Current Report on Form 8-K is being filed with the Securities and Exchange Commission due to the reporting covenants of Sotheby's outstanding 4.875% Senior Notes due 2025 (the "2025 Senior Notes"), which require that periodic and current reports be filed with the SEC as long as the 2025 Senior Notes are outstanding. As of the date of this report, approximately $57.7 million of the 2025 Senior Notes remain outstanding.


Item 5.02	Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

Departure of Kevin M. Delaney as Senior Vice President, Corporate Controller and Chief Accounting Officer

On November 13, 2019, the Company announced that, effective immediately, Kevin M. Delaney will step down from his position as Senior Vice President, Corporate Controller and Chief Accounting Officer of the Company. Mr. Delaney’s departure qualifies as a termination other than for “cause” under the Company’s U.S. Employee Severance Plan and he will receive severance in accordance therewith, with his outstanding equity awards treated as a termination other than for “cause” in connection with a change-in-control under the Merger Agreement.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.




		SOTHEBY'S

		By:	/s/ David G. Schwartz

			David G. Schwartz
			Senior Vice President,
			Chief Securities Counsel and
			Corporate Secretary

		Date:	November 13, 2019

Exhibit Index

Exhibit No. Description


101	The cover page from this Current Report on Form 8-K, formatted as Inline XBRL.


104	Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document.

SOTHEBYS 8-K