UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. )*
SOTHEBY'S
--------------------------------------------------------------------------------
(Name of Issuer)
Common Stock, $0.10 Par Value
--------------------------------------------------------------------------------
(Title of Class of Securities)
835898107
---------
(CUSIP Number)
February 27, 2009
-----------------
(Date of Event which Requires Filing
of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule
is filed:
[ ] Rule 13d-1(b)
[X] Rule 13d-1(c)
[ ] Rule 13d-1(d)
*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter the
disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
Page 1 of 9
------------------- ------------------
CUSIP No. 835898107 13G Page 2 of 9 Pages
------------------- ------------------
---------- ---------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
S.A.C. Capital Advisors, L.P.
---------- ---------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [X]
---------- ---------------------------------------------------------------------
3 SEC USE ONLY
---------- ---------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------------------- ----- ----------------------------------------------------
5 SOLE VOTING POWER
0
NUMBER OF ----- ----------------------------------------------------
SHARES 6 SHARED VOTING POWER
BENEFICIALLY
OWNED 3,952,027 (see Item 4)
BY ----- ----------------------------------------------------
EACH 7 SOLE DISPOSITIVE POWER
REPORTING
PERSON 0
WITH: ----- ----------------------------------------------------
8 SHARED DISPOSITIVE POWER
3,952,027 (see Item 4)
---------- ---------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
3,952,027 (see Item 4)
---------- ---------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
[ ]
---------- ---------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
5.9% (see Item 4)
---------- ---------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
PN
---------- ---------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT
Page 2 of 9
------------------- ------------------
CUSIP No. 835898107 13G Page 3 of 9 Pages
------------------- ------------------
---------- ---------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
S.A.C. Capital Advisors, Inc.
---------- ---------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [X]
---------- ---------------------------------------------------------------------
3 SEC USE ONLY
---------- ---------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------------------- ----- ----------------------------------------------------
5 SOLE VOTING POWER
0
NUMBER OF ----- ----------------------------------------------------
SHARES 6 SHARED VOTING POWER
BENEFICIALLY
OWNED 3,952,027 (see Item 4)
BY ----- ----------------------------------------------------
EACH 7 SOLE DISPOSITIVE POWER
REPORTING
PERSON 0
WITH: ----- ----------------------------------------------------
8 SHARED DISPOSITIVE POWER
3,952,027 (see Item 4)
---------- ---------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
3,952,027 (see Item 4)
---------- ---------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
[ ]
---------- ---------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
5.9% (see Item 4)
---------- ---------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
CO
---------- ---------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT
Page 3 of 9
------------------- ------------------
CUSIP No. 835898107 13G Page 4 of 9 Pages
------------------- ------------------
---------- ---------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
S.A.C. Capital Associates, LLC
---------- ---------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [X]
---------- ---------------------------------------------------------------------
3 SEC USE ONLY
---------- ---------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Anguilla, British West Indies
--------------------- ----- ----------------------------------------------------
5 SOLE VOTING POWER
0
NUMBER OF ----- ----------------------------------------------------
SHARES 6 SHARED VOTING POWER
BENEFICIALLY
OWNED 3,952,027 (see Item 4)
BY ----- ----------------------------------------------------
EACH 7 SOLE DISPOSITIVE POWER
REPORTING
PERSON 0
WITH: ----- ----------------------------------------------------
8 SHARED DISPOSITIVE POWER
3,952,027 (see Item 4)
---------- ---------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
3,952,027 (see Item 4)
---------- ---------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
[ ]
---------- ---------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
5.9% (see Item 4)
---------- ---------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
OO
---------- ---------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT
Page 4 of 9
------------------- ------------------
CUSIP No. 835898107 13G Page 5 of 9 Pages
------------------- ------------------
---------- ---------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Steven A. Cohen
---------- ---------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [X]
---------- ---------------------------------------------------------------------
3 SEC USE ONLY
---------- ---------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
--------------------- ----- ----------------------------------------------------
5 SOLE VOTING POWER
0
NUMBER OF ----- ----------------------------------------------------
SHARES 6 SHARED VOTING POWER
BENEFICIALLY
OWNED 3,952,027 (see Item 4)
BY ----- ----------------------------------------------------
EACH 7 SOLE DISPOSITIVE POWER
REPORTING
PERSON 0
WITH: ----- ----------------------------------------------------
8 SHARED DISPOSITIVE POWER
3,952,027 (see Item 4)
---------- ---------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
3,952,027 (see Item 4)
---------- ---------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
[ ]
---------- ---------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
5.9% (see Item 4)
---------- ---------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
IN
---------- ---------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT
Page 5 of 9
Item 1(a) Name of Issuer:
--------------
Sotheby's
Item 1(b) Address of Issuer's Principal Executive Offices:
-----------------------------------------------
1334 York Avenue, New York, New York 10021
Item 2(a) Name of Person Filing:
---------------------
This statement is filed by: (i) S.A.C. Capital Advisors,
L.P. ("SAC Capital Advisors LP") with respect to shares of
Common Stock, $0.10 Par Value ("Shares") of the Issuer
beneficially owned by S.A.C. Capital Associates, LLC ("SAC
Capital Associates"); (ii) S.A.C. Capital Advisors, Inc.
("SAC Capital Advisors Inc.") with respect to Shares
beneficially owned by SAC Capital Advisors LP and SAC
Capital Associates; (iii) SAC Capital Associates with
respect to Shares beneficially owned by it; and (iv) Steven
A. Cohen with respect to Shares beneficially owned by SAC
Capital Advisors LP, SAC Capital Advisors Inc., and SAC
Capital Associates.
SAC Capital Advisors LP, SAC Capital Advisors Inc., SAC
Capital Associates, and Steven A. Cohen have entered into a
Joint Filing Agreement, a copy of which is filed with this
Schedule 13G as Exhibit 99.1, pursuant to which they have
agreed to file this Schedule 13G jointly in accordance with
the provisions of Rule 13d-1(k) of the Act.
Item 2(b) Address or Principal Business Office:
------------------------------------
The address of the principal business office of (i) SAC
Capital Advisors LP, SAC Capital Advisors Inc. and Mr. Cohen
is 72 Cummings Point Road, Stamford, Connecticut 06902, and
(ii) SAC Capital Associates is Victoria House, P.O. Box 58,
The Valley, Anguilla, British West Indies.
Item 2(c) Citizenship:
-----------
SAC Capital Advisors LP is a Delaware limited partnership.
SAC Capital Advisors Inc. is a Delaware corporation. SAC
Capital Associates is an Anguillan limited liability
company. Mr. Cohen is a United States citizen.
Item 2(d) Title of Class of Securities:
----------------------------
Common Stock, $0.10 Par Value
Item 2(e) CUSIP Number:
------------
835898107
Item 3 Not Applicable
Page 6 of 9
Item 4 Ownership:
The percentages used herein are calculated based upon the
Shares issued and outstanding as of February 18, 2009 as
reported on the Issuer's annual report on Form 10-K filed
with the Securities and Exchange Commission by the Issuer
for the fiscal year ended December 31, 2008.
As of the close of business on March 6, 2009:
1. S.A.C. Capital Advisors, L.P.
(a) Amount beneficially owned: 3,952,027
(b) Percent of class: 5.9%
(c)(i) Sole power to vote or direct the vote: -0-
(ii) Shared power to vote or direct the vote: 3,952,027
(iii) Sole power to dispose or direct the disposition: -0-
(iv) Shared power to dispose or direct the disposition:
3,952,027
2. S.A.C. Capital Advisors, Inc.
(a) Amount beneficially owned: 3,952,027
(b) Percent of class: 5.9%
(c)(i) Sole power to vote or direct the vote: -0-
(ii) Shared power to vote or direct the vote: 3,952,027
(iii) Sole power to dispose or direct the disposition: -0-
(iv) Shared power to dispose or direct the disposition:
3,952,027
3. S.A.C. Capital Associates, LLC
(a) Amount beneficially owned: 3,952,027
(b) Percent of class: 5.9%
(c)(i) Sole power to vote or direct the vote: -0-
(ii) Shared power to vote or direct the vote: 3,952,027
(iii) Sole power to dispose or direct the disposition: -0-
(iv) Shared power to dispose or direct the disposition:
3,952,027
4. Steven A. Cohen
(a) Amount beneficially owned: 3,952,027
(b) Percent of class: 5.9%
(c)(i) Sole power to vote or direct the vote: -0-
(ii) Shared power to vote or direct the vote: 3,952,027
(iii) Sole power to dispose or direct the disposition: -0-
(iv) Shared power to dispose or direct the disposition:
3,952,027
SAC Capital Advisors LP, SAC Capital Advisors Inc. and Mr.
Cohen own directly no Shares. Pursuant to an investment
management agreement, SAC Capital Advisors LP maintains
investment and voting power with respect to the securities
held by SAC Capital Associates. SAC Capital Advisors Inc. is
the general partner of SAC Capital Advisors LP. Mr. Cohen
controls SAC Capital Advisors Inc. By reason of the
provisions of Rule 13d-3 of the Securities Exchange Act of
1934, as amended, each of SAC Capital Advisors LP, SAC
Capital Advisors Inc. and Mr. Cohen may be deemed to
beneficially own 3,952,027 Shares (constituting
approximately 5.9% of the Shares outstanding). Each of SAC
Capital Advisors LP, SAC Capital Advisors Inc., and Mr.
Cohen
Page 7 of 9
disclaims beneficial ownership of any of the securities
covered by this statement.
Item 5 Ownership of Five Percent or Less of a Class:
--------------------------------------------
If this statement is being filed to report the fact that as
of the date hereof the reporting person has ceased to be the
beneficial owner of more than five percent of the class of
securities, check the following. [ ]
Item 6 Ownership of More than Five Percent on Behalf of Another
--------------------------------------------------------
Person:
------
Not Applicable
Item 7 Identification and Classification of the Subsidiary Which
---------------------------------------------------------
Acquired the Security Being Reported on By the Parent
-----------------------------------------------------
Holding Company:
---------------
Not Applicable
Item 8 Identification and Classification of Members of the Group:
---------------------------------------------------------
Not Applicable
Item 9 Notice of Dissolution of Group:
------------------------------
Not Applicable
Item 10 Certification:
-------------
By signing below the signatory certifies that, to the best of his knowledge
and belief, the securities referred to above were not acquired and are not held
for the purpose of or with the effect of changing or influencing the control of
the issuer of the securities and were not acquired and are not held in
connection with or as a participant in any transaction having that purpose or
effect.
Page 8 of 9
SIGNATURE
---------
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
Dated: March 9, 2009
S.A.C. CAPITAL ADVISORS, L.P.
By: /s/ Peter Nussbaum
-------------------------------
Name: Peter Nussbaum
Title: Authorized Person
S.A.C. CAPITAL ADVISORS, INC.
By: /s/ Peter Nussbaum
-------------------------------
Name: Peter Nussbaum
Title: Authorized Person
S.A.C. CAPITAL ASSOCIATES, LLC
By: /s/ Peter Nussbaum
-------------------------------
Name: Peter Nussbaum
Title: Authorized Person
STEVEN A. COHEN
By: /s/ Peter Nussbaum
-------------------------------
Name: Peter Nussbaum
Title: Authorized Person
Page 9 of 9