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 | ||
August 29, 2018 | ||
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, NY | 10021 | |
(Address of principal executive offices) | (Zip Code) | |
(212) 606-7000 | ||
(Registrant's telephone number, including area code) |
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)) |
1. | Sotheby’s does not support a U.S. tariff on works of art of Chinese origin. It has long been the policy of the United States to promote and encourage the international flow and exchange of art, and to exclude art from “trade” and import tariffs. Sotheby’s has joined with other major players in the art market to oppose these tariffs because they would harm the American market and impede the ability of our clients to trade in these objects. |
2. | Sotheby’s does not, however, believe that the proposed tariff will have a material effect on its results. Works of art of Chinese origin that Sotheby’s imported into the United States and sold in our New York salesroom are a small percentage of the Company’s annual sales. Since 2016, such sales were approximately 0.1% of the Company’s total Net Auction Sales. These results do not account for the possibility that Sotheby’s might experience fewer consignments from United States based dealers who themselves may have difficulties importing Chinese works of art for consignment at Sotheby’s. At the same time, Sotheby’s is a global business and can shift prospective consignments to other locations to accommodate our clients’ needs. |
3. | Even if the tariff goes forward, our Asia Week sales in September 2018 will be unaffected by it. |
SOTHEBY'S | |||
By: | /s/ David G. Schwartz | ||
David G. Schwartz | |||
Senior Vice President, | |||
Chief Securities Counsel and Corporate Secretary | |||
Date: | August 29, 2018 |