MIRA INFORM REPORT

Report No. :	306279
Report Date :	04.02.2015

IDENTIFICATION DETAILS

Name :	SOTHEBY’S
Formerly Known As :	SOTHEBY PARKE BERNET & CO
Registered Office :	34-35, New Bond Street, London W1A 2AA
Country :	United Kingdom
Financials (as on) :	31.12.2013
Date of Incorporation :	24.03.1966
Com. Reg. No.:	00874867
Legal Form :	Private Unlimited with Share Capital
Line of Business :	· Other Service Activities n.e.c. Fine Art Auctioneering
No. of Employees :	515

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear

NOTES:

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
United Kingdom	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

UNITED KINGDOM - ECONOMIC OVERVIEW

The UK, a leading trading power and financial center, is the third largest economy in Europe after Germany and France. Over the past two decades, the government has greatly reduced public ownership. Agriculture is intensive, highly mechanized, and efficient by European standards, producing about 60% of food needs with less than 2% of the labor force. The UK has large coal, natural gas, and oil resources, but its oil and natural gas reserves are declining and the UK became a net importer of energy in 2005. Services, particularly banking, insurance, and business services, are key drivers of British GDP growth. Manufacturing, meanwhile, has declined in importance but still accounts for about 10% of economic output. After emerging from recession in 1992, Britain's economy enjoyed the longest period of expansion on record during which time growth outpaced most of Western Europe. In 2008, however, the global financial crisis hit the economy particularly hard, due to the importance of its financial sector. Falling home prices, high consumer debt, and the global economic slowdown compounded Britain's economic problems, pushing the economy into recession in the latter half of 2008 and prompting the then BROWN (Labour) government to implement a number of measures to stimulate the economy and stabilize the financial markets; these included nationalizing parts of the banking system, temporarily cutting taxes, suspending public sector borrowing rules, and moving forward public spending on capital projects. Facing burgeoning public deficits and debt levels, in 2010 the CAMERON-led coalition government (between Conservatives and Liberal Democrats) initiated a five-year austerity program, which aimed to lower London's budget deficit from about 11% of GDP in 2010 to nearly 1% by 2015. In November 2011, Chancellor of the Exchequer George OSBORNE announced additional austerity measures through 2017 largely due to the euro-zone debt crisis. The CAMERON government raised the value added tax from 17.5% to 20% in 2011. It has pledged to reduce the corporation tax rate to 21% by 2014. The Bank of England (BoE) implemented an asset purchase program of £375 billion (approximately $605 billion) as of December 2013. During times of economic crisis, the BoE coordinates interest rate moves with the European Central Bank, but Britain remains outside the European Economic and Monetary Union (EMU). In 2012, weak consumer spending and subdued business investment weighed on the economy, however, in 2013 GDP grew 1.4%, accelerating unexpectedly in the second half of the year because of greater consumer spending and a recovering housing market. The budget deficit is falling but remains high at nearly 7% and public debt has continued to increase.

Source : CIA

Company Name and address

Company Name: SOTHEBY’S

Company No.: 00874867

Company Status: Active – Accounts Filed

Registered Address: 34-35, New Bond Street London W1A 2AA W1S 2RT

Company Summary

Registered Address : 34-35 NEW BOND STREET, LONDON, W1A 2AA, W1S 2RT

Trading Address : 34-35 New Bond Street, London, W1S 2RT

Website Address : http://www.sothebys.com

Telephone Number : 02072935000

Fax Number : -

TPS : No

FPS : No

Incorporation Date : 24/03/1966

Previous Name : SOTHEBY PARKE BERNET & CO.

Type Private unlimited with Share Capital

FTSE Index -

Date of Change 31/08/1984

Filing Date of Accounts 22/03/2014

Currency GBP

Share Capital £19,110,000

SIC07 96090

Charity Number -

SIC07 Description OTHER SERVICE ACTIVITIES N.E.C.

Principal Activity Fine art auctioneering.

Key Financials

Year to Date	Turnover	Pre Tax Profit	Shareholder	Funds Employees
31/12/2013	£149,145,000	£35,999,000	£193,157,000	515
31/12/2012	£144,855,000	£38,891,000	£179,101,000	508
31/12/2011	£152,641,000	£50,595,000	£157,834,000	489

Mortgage Summary

Total Mortgage 18

Outstanding 3

Satisfied 15

Trade Debtors/ Bad Debt Summary

Total Number of Documented Trade 0

Total Value of Documented Trade £0

Commentary

This company has been treated as a Large company in respect of the rating/limit generated.

This company's return on total assets employed ratio indicates a highly efficient use of assets.

This company has made late payments on a medium percentage of invoices.

This company's ratio of total liabilities to total assets indicates the presence of moderate equity funding.

The company has more cash than short term bank borrowings.

This company trades in an industry with a moderate level of corporate failures.

CCJ

Total Number of Exact CCJs -	0	Total Value of Exact CCJs -	-
Total Number of Possible CCJs -	0	Total Value of Possible CCJs -	-
Total Number of Satisfied CCJs -	0	Total Value of Satisfied CCJs -	-
Total Number of Writs -	-

Current Directors

Name	Clive Graham Lord	Date of Birth	01/09/1960
Officers Title	Mr	Nationality	British
Present Appointments	16	Function	Director
Appointment Date	17/09/2004
Address	34-35 New Bond Street, London, W1S 2RT

Name	Iain Moray Fleming	Date of Birth	11/05/1968
Officers Title	Mr	Nationality	British
Present Appointments	7	Function	Director
Appointment Date	17/09/2004
Address	34-35 New Bond Street, London, W1S 2RT

Name	Mark Cornell	Date of Birth	30/05/1966
Officers Title	Mr	Nationality	British
Present Appointments	10	Function	Director
Appointment Date	13/08/2013
Address	34-35 New Bond Street, London, W1S 2RT

Name	Sara Webb	Date of Birth	10/08/1958
Officers Title	Ms	Nationality	British
Present Appointments	1	Function	Director
Appointment Date	11/11/2013
Address	34-35 New Bond Street, London, W1S 2RT

Current Company Secretary

Name	Antonia Scott	Date of Birth	-
Officers Title	Miss	Nationality
Present Appointments	1	Function	Company Secretary
Appointment Date	13/08/2013
Address	34-35 New Bond Street, London, W1S 2RT

Top 20 Shareholders

Name	Currency	Share Count	Share Type	Nominal Value	% of Total Share Count
OATSHARE LTD	GBP	19,009,999	ORDINARY	1	99.48
OATSHARE LTD	GBP	100,000	DEFERRED	1	0.52
THOMAS GERALD CHRISTOPHERSON	GBP	1	ORDINARY	1	0

Profit & Loss

	Date Of Accounts	31/12/13	(%)	31/12/12	(%)	31/12/11	(%)	31/12/10	(%)	31/12/09
	Weeks	52	(%)	52	(%)	52	(%)	52	(%)	52
	Currency	GBP	(%)	GBP	(%)	GBP	(%)	GBP	(%)	GBP
	Consolidated A/cs	N	(%)	N	(%)	N	(%)	N	(%)	N
	Turnover	£149,145,000	3%	£144,855,000	-5.1%	£152,641,000	-3%	£157,325,000	67.5%	£93,912,000
	Export	£1,138,000	-6.8%	£1,221,000	94.1%	£629,000	114.7%	£293,000	999.9%	£7,000
	Cost of Sales	£18,459,000	-12.9%	£21,184,000	57.6%	£13,438,000	-30.2%	£19,239,000	71.6%	£11,214,000
	Gross Profit	£130,686,000	5.7%	£123,671,000	-11.2%	£139,203,000	0.8%	£138,086,000	67%	£82,698,000
	Wages & Salaries	£52,112,000	12.6%	£46,262,000	-0.3%	£46,410,000	3.4%	£44,879,000	24.6%	£36,017,000
	Directors Emoluments	£2,991,000	-0.4%	£3,002,000	-25.6%	£4,036,000	63.7%	£2,465,000	-3.6%	£2,557,000
	Operating Profit	£36,282,000	-8.4%	£39,624,000	-22.4%	£51,087,000	-5.3%	£53,958,000	999.9%	£1,781,000
	Depreciation	£3,035,000	-2.8%	£3,121,000	1.7%	£3,070,000	7.3%	£2,860,000	-3.7%	£2,970,000
	Audit Fees	£191,000	3.2%	£185,000	3.4%	£179,000	2.3%	£175,000	8.7%	£161,000
	Interest Payments	£1,127,000	-13%	£1,296,000	20.4%	£1,076,000	-64.6%	£3,040,000	72.5%	£1,762,000
	Pre Tax Profit	£35,999,000	-7.4%	£38,891,000	-23.1%	£50,595,000	-6.9%	£54,369,000	999.9%	£3,405,000
	Taxation	-£4,016,000	53%	-£8,550,000	30.9%	-£12,365,000	25.9%	-£16,695,000	-772.7%	-£1,913,000
	Profit After Tax	£31,983,000	5.4%	£30,341,000	-20.6%	£38,230,000	1.5%	£37,674,000	999.9%	£1,492,000
	Dividends Payable	£28,000,000	-	-	-	-	-100%	£26,234,000	-	-
	Retained Profit	£3,983,000	-86.9%	£30,341,000	-20.6%	£38,230,000	234.2%	£11,440,000	666.8%	£1,492,000

Balance Sheet

	Date Of Accounts	31/12/13	(%)	31/12/12	(%)	31/12/11	(%)	31/12/10	(%)	31/12/09
	Tangible Assets	£55,874,000	18.3%	£47,234,000	-5.8%	£50,132,000	-7.6%	£54,233,000	46.4%	£37,046,000
	Intangible Assets	0	-	0	-	0	-	0	-	0
	Total Fixed Assets	£55,874,000	18.3%	£47,234,000	-5.8%	£50,132,000	-7.6%	£54,233,000	46.4%	£37,046,000
	Stock	£12,099,000	163.1%	£4,599,000	-28.1%	£6,398,000	10.1%	£5,811,000	-39.8%	£9,656,000
	Trade Debtors	£85,197,000	-23.8%	£111,808,000	19.8%	£93,297,000	-26.7%	£127,305,000	168.9%	£47,341,000
	Cash	£80,398,000	-36%	£125,581,000	36.6%	£91,925,000	47.6%	£62,269,000	77.1%	£35,160,000
	Other Debtors	£102,807,000	69.7%	£60,587,000	27.2%	£47,648,000	-24.5%	£63,069,000	-1.4%	£63,980,000
	Miscellaneous Current Assets	0	-	0	-	0	-	0	-	0
	Total Current Assets	£280,501,000	-7.3%	£302,575,000	26.5%	£239,268,000	-7.4%	£258,454,000	65.5%	£156,137,000
	Trade Creditors	£101,005,000	-18.5%	£123,887,000	35.2%	£91,652,000	-33%	£136,769,000	117.7%	£62,831,000
	Bank Loans & Overdrafts	0	-	0	-	0	-	0	-	0
	Other Short Term Finance	£9,126,000	-27.5%	£12,589,000	25.4%	£10,039,000	15.7%	£8,675,000	-11%	£9,746,000
	Miscellaneous Current Liabilities	£29,389,000	-7.9%	£31,918,000	16.1%	£27,481,000	-24.2%	£36,234,000	176.4%	£13,111,000
	Total Current Liabilities	£139,520,000	-17.1%	£168,394,000	30.4%	£129,172,000	-28.9%	£181,678,000	112%	£85,688,000
	Bank Loans & Overdrafts and LTL	£3,698,000	59.8%	£2,314,000	-3.3%	£2,394,000	-37.1%	£3,808,000	67.9%	£2,268,000
	Other Long Term Finance	0	-	0	-	0	-	0	-	0
	Total Long Term Liabilities	£3,698,000	59.8%	£2,314,000	-3.3%	£2,394,000	-37.1%	£3,808,000	67.9%	£2,268,000

Capital & Reserves

	Date Of Accounts	31/12/13	(%)	31/12/12	(%)	31/12/11	(%)	31/12/10	(%)	31/12/09
	Called Up Share Capital	£19,110,000	-	£19,110,000	-	£19,110,000	-	£19,110,000	-	£19,110,000
	P & L Account Reserve	£171,612,000	8.9%	£157,556,000	15.6%	£136,289,000	29%	£105,656,000	26.3%	£83,682,000
	Revaluation Reserve	£2,435,000	-	£2,435,000	-	£2,435,000	-	£2,435,000	-	£2,435,000
	Sundry Reserves	-	-	-	-	-	-	-	-	-
	Shareholder Funds	£193,157,000	7.8%	£179,101,000	13.5%	£157,834,000	24.1%	£127,201,000	20.9%	£105,227,000

Other Financial Items

	Date Of Accounts	31/12/13	(%)	31/12/12	(%)	31/12/11	(%)	31/12/10	(%)	31/12/09
	Net Worth	£193,157,000	7.8%	£179,101,000	13.5%	£157,834,000	24.1%	£127,201,000	20.9%	£105,227,000
	Working Capital	£140,981,000	5.1%	£134,181,000	21.9%	£110,096,000	43.4%	£76,776,000	9%	£70,449,000
	Total Assets	£336,375,000	-3.8%	£349,809,000	20.9%	£289,400,000	-7.4%	£312,687,000	61.9%	£193,183,000
	Total Liabilities	£143,218,000	-16.1%	£170,708,000	29.8%	£131,566,000	-29.1%	£185,486,000	110.9%	£87,956,000
	Net Assets	£193,157,000	7.8%	£179,101,000	13.5%	£157,834,000	24.1%	£127,201,000	20.9%	£105,227,000

CASH FLOW

	Date Of Accounts	31/12/13	(%)	31/12/12	(%)	31/12/11	(%)	31/12/10	(%)	31/12/09
	Net Cashflow from Operations	-	-	-	-	-	-	-	-	-
	Net Cashflow before Financing	-	-	-	-	-	-	-	-	-
	Net Cashflow from Financing	-	-	-	-	-	-	-	-	-
	Increase in Cash	-	-	-	-	-	-	-	-	-

Miscellaneous

	Date Of Accounts	31/12/13	(%)	31/12/12	(%)	31/12/11	(%)	31/12/10	(%)	31/12/09
	Contingent Liability	YES	-	YES	-	YES	-	YES	-	YES
	Capital Employed	£196,855,000	8.5%	£181,415,000	13.2%	£160,228,000	22.3%	£131,009,000	21.9%	£107,495,000
	Number of Employees	515	1.4%	508	3.9%	489	-	489	-7.7%	530

AUDITORS

Auditors	DELOITTE LLP
Auditor Comments	The audit report contains no adverse comments

BANKS

Bankers	HSBC BANK PLC
Bank Branch Code	40-02-50

Ratios

	Date Of Accounts	31/12/13	31/12/12	31/12/11	31/12/10	31/12/09
	Pre-tax profit margin %	24.14	26.85	33.15	34.56	3.63
	Current ratio	2.01	1.80	1.85	1.42	1.82
	Sales/Net Working Capital	1.06	1.08	1.39	2.05	1.33
	Gearing %	1.90	1.30	1.50	3	2.20
	Equity in %	57.40	51.20	54.50	40.70	54.50
	Creditor Days	246.51	311.31	218.56	316.43	243.53
	Debtor Days	207.92	280.95	222.48	294.54	183.49
	Liquidity/Acid Test	1.92	1.76	1.80	1.39	1.70
	Return On Capital Employed %	18.28	21.43	31.57	41.50	3.16
	Return On Total Assets Employed %	10.70	11.11	17.48	17.38	1.76
	Current Debt Ratio	0.72	0.94	0.81	1.42	0.81
	Total Debt Ratio	0.74	0.95	0.83	1.45	0.83
	Stock Turnover Ratio %	8.11	3.17	4.19	3.69	10.28
	Return on Net Assets Employed %	18.63	21.71	32.05	42.74	3.23

Report Notes:

Note

Status History

No Status History found

Event History View Documents

Date	Description
21/04/2014	Annual Returns
01/04/2014	New Accounts Filed
14/11/2013	Mr M. Tavella has left the board
14/11/2013	Mr T. Meyer has left the board
14/11/2013	Mr A.K. Bell has left the board
14/11/2013	Mr R.P. Hook has left the board
14/11/2013	Ms S. Sutcliffe has left the board
14/11/2013	New Board Member Ms S. Webb appointed
18/10/2013	Mr W.S. Sheridan has left the board
15/08/2013	Mr T.G. Christopherson has resigned as company secretary
15/08/2013	Mr R.G. Woodhead has left the board
15/08/2013	New Company Secretary Miss A. Scott appointed
15/08/2013	New Board Member Mr M. Cornell appointed
19/04/2013	Annual Returns
20/03/2013	New Accounts Filed

Previous Company Names

Date	Previous Name
31/08/1984	SOTHEBY PARKE BERNET & CO.

Writ Details

No writs found

Statistics

Group	11 companies
Linkages	57 companies
Countries	In 10 countries

Summary

Holding Company	OATSHARE LIMITED
Ownership Status	Wholly Owned
Ultimate Holding Company	SOTHEBY''S USA

Group structure Full

Company Name	Registered Number	Latest Key Financials	Consol. Accounts	Turnover
SOTHEBY''S USA	N/A	-	-
SOTHEBY'S		-	-	$853,678,000
OATSHARE LIMITED	01737495	31.12.2013	N
SOTHEBY'S	00874867	31.12.2013	N	£149,145,000
SOTHEBY'S FINANCI...	00597920	31.12.2013	N	£4,248,072
SOTHEBY'S LONDON...	01222607	31.12.2013	N
CATALOGUE DISTRIB...	05299034	31.12.2013	N	£1,536,162
SOTHEBY'S PROPERT...	05931305	31.12.2013	N	£17,600
YORK UK HOLDCO IN...	08096692	31.12.2013	N
SOTHEBY'S DISTRIB...	03853916	31.12.2013	N
SOTHEBY'S SHIPPIN...	02508976	31.12.2013	N

Other Linked companies

Name	Number	Latest Key Financials	Turnover
SOTHEBY'S AMSTERDAM B.V.	33120139	31.12.2011
SOTHEBY'S FRANCE S.A	303263735	31.12.2013	€47,254,606
SOTHEBY'S NEDERLAND B.V.	33140172	31.12.2012
SOTHEBY`S DEUTSCHLAND GMBH	HRB 50440	31.12.2013
NOORTMAN MASTER PAINTINGS B.V.	14622449	31.12.2012	€5,087,681
SOTHEBY'S INTERNATIONAL REALTY		-
SCOTT CARLSON REAL ESTATE, INC		-
VIRGINIA A O'DWYER REAL ESTATE		-
SOTHEBY'S INTERNATIONAL REALTY, INC		-
SOTHEBY'S ASIA, INC		-
SOTHEBY'S FINANCIAL SERVICES CALIFORNIA, INC		-
SOTHEBY'S FINE ART HOLDINGS, INC		-
SPTC, INC		-
SOTHEBY'S INC		-
BRATTY & BLUHM REAL ESTATE		-
1334 YORK AVENUE L.P		-
1334 YORK LLC		-
1334 YORK, LLC		-
DATSHARE LIMITED		-
FINE ART INSURANCE LTD		-

Mortgage Details

Mortgage Type:
Date Charge Created:	13/02/14
Date Charge Registered:	19/02/14
Date Charge Satisfied:	-
Status:	OUTSTANDING
Person(s) Entitled:	GENERAL ELECTRIC CAPITAL CORPORATION AS COLLATERAL AGENT FOR ITSELF AND FOR THE OTHER SECURED P;
Amount Secured:
Details:	CONTAINS FIXED CHARGE.CONTAINS FLOATINGCHARGE.NOTIFICATION OF ADDITION TO OR AMENDMENT OF CHARGE.
Mortgage Type:
Date Charge Created:	13/02/14
Date Charge Registered:	19/02/14
Date Charge Satisfied:	-
Status:	OUTSTANDING
Person(s) Entitled:	GENERAL ELECTRIC CAPITAL CORPORATION AS COLLATERAL AGENT FOR ITSELF AND FOR THE OTHER SECURED P;
Amount Secured:
Details:	CONTAINS FIXED CHARGE.NOTIFICATION OF ADDITION TO OR AMENDMENT OF CHARGE.

Mortgage Type:
Date Charge Created:	13/02/14
Date Charge Registered:	19/02/14
Date Charge Satisfied:	-
Status:	OUTSTANDING
Person(s) Entitled:	GENERAL ELECTRIC CAPITAL CORPORATION AS COLLATERAL AGENT FOR ITSELF AND FOR THE OTHER SECURED P;
Amount Secured:
Details:	CONTAINS FIXED CHARGE.CONTAINS FLOATINGCHARGE.NOTIFICATION OF ADDITION TO OR AMENDMENT OF CHARGE.
Mortgage Type:	A DEED OF CHARGE AND ASSIGNMENT
Date Charge Created:	19/12/12
Date Charge Registered:	15/02/14
Date Charge Satisfied:	-
Status:	SATISFIED
Person(s) Entitled:	GENERAL ELECTRIC CAPITAL CORPORATION;
Amount Secured:
Details:	BY WAY OF FIRST FIXED CONTINUING SECURITY AND ALL ITS RIGHT, TITLE, INTEREST AND BENEFIT IN ALL PRESENT AND FUTURE BOOKDEBTS, SPECIFIED BANK ACCOUNTS, EQUIPMENT, INSURANCES, GOODWILL AND UNCALLED CAPITAL, INTELLECTUAL PROPERTY RIGHTS, FLOATING CHARGE SEE IMAGE FOR FULL DETAILS

Mortgage Type:	A DEED OF CHARGE AND ASSIGNMENT
Date Charge Created:	19/12/12
Date Charge Registered:	15/02/14
Date Charge Satisfied:	-
Status:	SATISFIED
Person(s) Entitled:	GENERAL ELECTRIC CAPITAL CORPORATION;
Amount Secured:
Details:	BY WAY OF FIRST FIXED CONTINUING SECURITY AND ALL ITS RIGHT, TITLE, INTEREST AND BENEFIT IN ALL PRESENT AND FUTURE BOOKDEBTS, SPECIFIED BANK ACCOUNTS, EQUIPMENT, INSURANCES, GOODWILL AND UNCALLED CAPITAL, INTELLECTUAL PROPERTY RIGHTS, FLOATING CHARGE SEE IMAGE FOR FULL DETAILS
Mortgage Type:	A DEED OF CHARGE AND ASSIGNMENT
Date Charge Created:	04/08/11
Date Charge Registered:	15/02/14
Date Charge Satisfied:	-
Status:	SATISFIED
Person(s) Entitled:	GENERAL ELECTRIC CAPITAL CORPORATION;
Amount Secured:
Details:	BY WAY OF FIRST CONTINUING ASSIGNMENT ALL ITS RIGHT, TITLE, INTEREST AND BENEFIT FROM TIME TO TIME, PRESENT AND FUTURE SEE IMAGE FOR FULL DETAILS

Mortgage Type:	CHARGE OVER SHARES
Date Charge Created:	22/04/10
Date Charge Registered:	15/02/14
Date Charge Satisfied:	-
Status:	SATISFIED
Person(s) Entitled:	GENERAL ELECTRIC CAPITAL CORPORATION;
Amount Secured:
Details:	ALL RIGHTS TITLE AND INTEREST IN THE CHARGED PROPERTY BEING THE ORIGINAL SHARESMEANS 2 ORDINARY SHARES OF £1 EACH HELDBY THE COMPANY IN SOTHEBY'S SHIPPING LIMITED SEE IMAGE FOR FULL DETAILS
Mortgage Type:	A DEED OF CHARGE AND ASSIGNMENT
Date Charge Created:	31/08/09
Date Charge Registered:	15/02/14
Date Charge Satisfied:	-
Status:	SATISFIED
Person(s) Entitled:	GENERAL ELECTRIC CAPITAL CORPORATION (ACTING AS SECURITY TRUSTEE FOR ITSELF AND THE OTHER SECUR;
Amount Secured:
Details:	ALL RIGHT TITLE INTEREST AND BENEFIT PRESENT AND FUTURE IN TO AND IN RESPECT OFALL PRESENT AND FUTURE BOOK DEBTS EQUIPMENT INSURANCES INTELLECTUAL PROPERTY RIGHTS AND FLOATING CHARGE ALL ITS ASSETS SEE IMAGE FOR FULL DETAILS

Mortgage Type:	A CHARGE OVER SHARES
Date Charge Created:	31/08/09
Date Charge Registered:	15/02/14
Date Charge Satisfied:	-
Status:	SATISFIED
Person(s) Entitled:	GENERAL ELECTRIC CAPITAL CORPORATION (ACTING AS SECURITY TRUSTEE FOR ITSELF AND THE OTHER SECUR;
Amount Secured:
Details:	ALL ITS RIGHTS TITLE AND INTEREST IN AND TO THE CHARGED PROPERTY WITH FULL TITLE GUARANTEE AND BY WAY OF FIRST FIXED CHARGE IN FAVOUR OF THE AGENT FOR THE BENEFIT OF ITSELF AND THE OTHER SECURED PARTIES SEE IMAGE FOR FULL DETAILS
Mortgage Type:	DEBENTURE
Date Charge Created:	05/10/05
Date Charge Registered:	18/10/05
Date Charge Satisfied:	03/09/09
Status:	SATISFIED
Person(s) Entitled:	BANK OF AMERICA, N.A. (THE COLLATERAL AGENT)
Amount Secured:	ALL MONIES DUE OR TO BECOME DUE FROM THE CHARGING COMPANY TO THE COLLATERAL AGENT AND/OR THE SECUREDPARTIES AND/OR ANYRECEIVER ON ANY ACCOUNT WHATSOEVER UNDER THE TERMS OF THE AFOREMENTIONED INSTRUMENT CREATING OR EVIDENCING THE CHARGE
Details:	BY WAY OF FIRST FIXED CHARGE THE SCHEDULED INVESTMENTS AND ALL INVESTMENTS SUBSEQUENTLY BELONGING TOTHE CHARGING COMPANY, ALL RIGHTS IN RESPECT OF THE INTELLECTUAL PROPERTY AND ALL BENEFITS, RIGHTS AND INTEREST IN RESPECT OF ANY POLICY OFINSURANCESEE THE MORTGAGE CHARGE DOCUMENT FOR FULL DETAILS

Mortgage Type:	SUPPLEMENTAL DEED OF CHARGE AND ASSIGNMENT
Date Charge Created:	31/01/05
Date Charge Registered:	14/02/05
Date Charge Satisfied:	23/09/05
Status:	SATISFIED
Person(s) Entitled:	GENERAL ELECTRIC CAPITAL CORPORATION (ACTING IN ITS CAPACITY AS AGENT UNDER THE CREDITAGREEMENT
Amount Secured:	ALL MONIES DUE OR TO BECOME DUE FROM (I) ANY OF THE U.K. CREDIT PARTIES TO THE SECURED PARTIES OR (II) ANY U.K. SOTHEBYENTITY TO ANY LENDER OR ANY AFFILIATE OF ANY LENDER UNDER THE TERMS OF THE AFOREMENTIONED INSTRUMENT CREATING OR EVIDENCING THE CHARGE
Details:	F/H 4 ST GEORGE STREET, LONDON T/NO. LN85306; F/H 5 ST GEORGE STREET, LONDON T/NO. 181684; F/H 6 STGEORGE STREET, LONDON T/NO. 183300 (FOR DETAILS OF FURTHER PROPERTIES CHARGED PLEASE REFER TO FORM 395) AND ALL ITS RIGHTS, TITLE AND INTEREST IN ALL AGREEMENTS, COLLATERAL WARRANTIES, CONTRACTS AND POLICIES OF INSURANCE RELATING TO THE PROPERTY TOGETHER WITHALL MONIES PAYABLE TO THE COMPANY UNDEREACH SUCH AGREEMENT, COLLATERAL WARRANTY, CONTRACT OR POLICY SEE THE MORTGAGE CHARGE DOCUMENT FOR FULLDETAILS
Mortgage Type:	A MASTER AGREEMENT FOR STANDBY LETTERS OF CREDIT
Date Charge Created:	04/03/04
Date Charge Registered:	25/03/04
Date Charge Satisfied:	23/09/05
Status:	SATISFIED
Person(s) Entitled:	GENERAL ELECTRIC CAPITAL CORPORATION
Amount Secured:	ALL MONIES DUE OR TO BECOME DUE FROM ANY CREDIT PARTY TO THE CHARGEE OR ANY LENDER UNDER THE TERMS OF THE AFOREMENTIONED INSTRUMENT CREATING OR EVIDENCING THE CHARGE
Details:	PURSUANT TO THE AGREEMENT THE APPLICANTGRANTED TO AGENT AS SECURITY INTEREST IN THE FOLLOWING INCLUDING WITHOUT LIMITATION THE UNQUALIFIED RIGHT TO THE POSSESSION AND DISPOSAL OF ALL PROPERTY SHIPPEDUNDER OR IN CONNECTION WITH EACH CREDIT WHETHER RELEASED TO THE APPLICANT UNDER SECURITY AGREEMENTSOR OTHERWISE AND ALSO IN AND TO ALL SHIPPING DOCUMENTS, DOCUMENTS OF TITLE OR DRAFTS DRAWN UNDER EACH CREDIT AND IN AND TO ALL OTHER PROPERTY OWNED BY THE APPLICANT IN OR COMING INTO GE CAPITAL\S POSSESSION OR CUSTODY AND IN ANY DEPOSIT BALANCES THEN PR THEREAFTER HELD BY THE BANK AS CUSTODIAN FORGECAPITAL FOR THE APPLICANT\S ACCOUNT TOGETHER WITH THE PROCEEDS OF EACH AND ALL OF THE FOREGOING

Mortgage Type:	A CHARGE OVER SHARES
Date Charge Created:	04/03/04
Date Charge Registered:	25/03/04
Date Charge Satisfied:	23/09/05
Status:	SATISFIED
Person(s) Entitled:	GENERAL ELECTRIC CAPITAL CORPORATION (A DELAWARE CORPORATION ACTING IN ITS CAPACITY AS AGENTUND
Amount Secured:	ALL MONIES DUE OR TO BECOME DUE FROM ANY U.K. CREDIT PARTIES OR ANY UK SOTHEBY ENTITY TO THE SECUREDPARTIES OR ANY LENDER UNDER THE TERMS OF THE AFOREMENTIONED INSTRUMENT CREATING OR EVIDENCING THE CHARGE
Details:	ALL ITS RIGHT TITLE AND INTEREST IN ANDTO THE CHARGED PROPERTY WITH FULL TITLEGUARANTEE AND BY WAY OF FIRST FIXED CHARGE IN FAVOUR OF THE AGENT FOR THE BENEFIT OF ITSELF AND THE OTHER SECURED PARTIESSEE THE MORTGAGE CHARGE DOCUMENT FOR FULL DETAILS
Mortgage Type:	A DEED OF CHARGE & ASSIGNMENT
Date Charge Created:	04/03/04
Date Charge Registered:	25/03/04
Date Charge Satisfied:	23/09/05
Status:	SATISFIED
Person(s) Entitled:	GENERAL ELECTRIC CAPITAL CORPORATION (A DELAWARE CORPORATION ACTING IN ITS CAPACITY AS AGENTUND
Amount Secured:	ALL MONIES DUE OR TO BECOME DUE FROM ANY OF THE U.K. CREDIT PARTIES OR ANY U.K.SOTHEBY ENTITY TO THESECURED PARTIES OR ANY LENDER UNDER THE TERMS OF THE AFOREMENTIONED INSTRUMENT CREATING OR EVIDENCING THE CHARGE
Details:	ALL ITS RIGHT TITLE INTEREST AND BENEFIT FROM TIME TO TIME PRESENT AND FUTURE IN TO AND IN RESPECT OF ALL PRESENT AND FUTURE BOOK DEBTS ALL SPECIFIC BANK ACCOUNTS ALL PRESNT AND FUTURE EQUIPMENT INTELLECTUAL PROPERTY ALL ITS PRESENT AND FUTURE GOODWILL BY WAY OF FLOATING CHARGE ALL ITS ASSETS SEE THE MORTGAGE CHARGE DOCUMENT FOR FULL DETAILS

Mortgage Type:	SUPPLEMENTAL DEBENTURE
Date Charge Created:	23/09/87
Date Charge Registered:	09/10/87
Date Charge Satisfied:	09/10/87
Status:	SATISFIED
Person(s) Entitled:	CAL BANK MANUFACTURERS HANOVER TRUST COMPANY THE CHASE
Amount Secured:	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY AND/OR ALL OR ANY OF THE OTHERCOMPANIES NAMED THEREIN TO THE CHARGEE AS AGENT FOR ITSELF AND THE 3 CHARGEES NAMED UNDER THE TERMS OF THE SECURITY DOCUMENTS
Details:	THE RIGHT TITLE AND INTEREST ENTITLED UNDER THE DEED (SEE DOC M15 FOR FULL DETAILS)
Mortgage Type:	SUPPLEMENTAL DEBENTURE
Date Charge Created:	23/09/87
Date Charge Registered:	09/10/87
Date Charge Satisfied:	09/10/87
Status:	SATISFIED
Person(s) Entitled:	MANHATTAN BANK (NATIONAL ASSOCIATION)
Amount Secured:	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY AND/OR ALL OR ANY OF THE OTHERCOMPANIES NAMED THEREIN TO THE CHARGEE AS AGENT FOR ITSELF AND THE 3 CHARGEES NAMED UNDER THE TERMS OF THE SECURITY DOCUMENTS
Details:	THE RIGHT TITLE AND INTEREST ENTITLED UNDER THE DEED (SEE DOC M15 FOR FULL DETAILS)

Mortgage Type:	SUPPLEMENTAL DEBENTURE
Date Charge Created:	23/09/87
Date Charge Registered:	09/10/87
Date Charge Satisfied:	09/10/87
Status:	SATISFIED
Person(s) Entitled:	NATIONAL BANK OF DETROIT AND ANY BANKING AFFILIATE OF ANY OF THE FOREGOING CHEMI
Amount Secured:	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY AND/OR ALL OR ANY OF THE OTHERCOMPANIES NAMED THEREIN TO THE CHARGEE AS AGENT FOR ITSELF AND THE 3 CHARGEES NAMED UNDER THE TERMS OF THE SECURITY DOCUMENTS
Details:	THE RIGHT TITLE AND INTEREST ENTITLED UNDER THE DEED (SEE DOC M15 FOR FULL DETAILS)
Mortgage Type:	REVOLVING CREDIT AGREEMENT
Date Charge Created:	23/10/86
Date Charge Registered:	06/11/86
Date Charge Satisfied:	09/03/04
Status:	SATISFIED
Person(s) Entitled:	NAL BANK OF DETROIT CHEMICAL B
Amount Secured:	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY AND/OR ALL OR ANY OF THE OTHERCOMPANIES NAMED THEREIN TO THE CHARGEESUNDER THE TERMS OF THE REVOLVING CREDITAGREEMENT OF EVEN DATE
Details:	BALANCE HELD BY ANY BANK AT ANY OF ITS OFFICES FOR THE ACCOUNT OF SOTHEBY\S (REGARDLESS OF WHETHER SUCH BALANCES ARE THEN DUE OR ARE DENOMINATED IN THE SAME CURRENCY AS THE AMOUNTS DUE).

Mortgage Type:	REVOLVING CREDIT AGREEMENT
Date Charge Created:	23/10/86
Date Charge Registered:	06/11/86
Date Charge Satisfied:	09/03/04
Status:	SATISFIED
Person(s) Entitled:	THE CHASE MANHATTAN BANK (NATIONAL ASSOCIATION) NATIO
Amount Secured:	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY AND/OR ALL OR ANY OF THE OTHERCOMPANIES NAMED THEREIN TO THE CHARGEESUNDER THE TERMS OF THE REVOLVING CREDITAGREEMENT OF EVEN DATE
Details:	BALANCE HELD BY ANY BANK AT ANY OF ITS OFFICES FOR THE ACCOUNT OF SOTHEBY\S (REGARDLESS OF WHETHER SUCH BALANCES ARE THEN DUE OR ARE DENOMINATED IN THE SAME CURRENCY AS THE AMOUNTS DUE).
Mortgage Type:	REVOLVING CREDIT AGREEMENT
Date Charge Created:	23/10/86
Date Charge Registered:	06/11/86
Date Charge Satisfied:	09/03/04
Status:	SATISFIED
Person(s) Entitled:	ANK MANUFACTURERS HANOVER TRUST COMPANY
Amount Secured:	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY AND/OR ALL OR ANY OF THE OTHERCOMPANIES NAMED THEREIN TO THE CHARGEESUNDER THE TERMS OF THE REVOLVING CREDITAGREEMENT OF EVEN DATE
Details:	BALANCE HELD BY ANY BANK AT ANY OF ITS OFFICES FOR THE ACCOUNT OF SOTHEBY\S (REGARDLESS OF WHETHER SUCH BALANCES ARE THEN DUE OR ARE DENOMINATED IN THE SAME CURRENCY AS THE AMOUNTS DUE).

Mortgage Type:	DEBENTURE
Date Charge Created:	29/10/86
Date Charge Registered:	03/11/86
Date Charge Satisfied:	03/11/86
Status:	SATISFIED
Person(s) Entitled:	NAL BANK OF DETROIT THE CHASE
Amount Secured:	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY AND/OR THE BORROWERS AS DEFINED TO THE CHARGEES UNDER THE TERMS OF THEREVOLVING CREDIT AGREEMENT DATED 23 OCT1986 AND THE SECURITY DOCUMENTS AS DEFINED
Details:	THE BENEFIT OF ALL LOANS MADE AFTER THEDATE OF THE DEBENTURE BY THE COMPANY TOA CLIENT PURSUANT TO ITS CLIENT LOAN PROGRAMME ALL RIGHTS AND POWERS TO WHICH THE COMPANY MAY BE ENTITLED UNDER ANY AGREEMENT FOR AN ADVANCE. ANY CREDIT BALANCE (WHETHER OR NOT DUE) TO WHICH THE COMPANY IS AT ANY TIME BENEFICIALLY ENTITLEDON ANY ACCOUNT AT ANY OFFICE OF THE AGENT OR ANY BANK (SEE DOC FOR FULL DETAILS)
Mortgage Type:	DEBENTURE
Date Charge Created:	29/10/86
Date Charge Registered:	03/11/86
Date Charge Satisfied:	03/11/86
Status:	SATISFIED
Person(s) Entitled:	MANHATTAN BANK (NATIONAL ASSOCIATION)
Amount Secured:	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY AND/OR THE BORROWERS AS DEFINED TO THE CHARGEES UNDER THE TERMS OF THEREVOLVING CREDIT AGREEMENT DATED 23 OCT1986 AND THE SECURITY DOCUMENTS AS DEFINED
Details:	THE BENEFIT OF ALL LOANS MADE AFTER THEDATE OF THE DEBENTURE BY THE COMPANY TOA CLIENT PURSUANT TO ITS CLIENT LOAN PROGRAMME ALL RIGHTS AND POWERS TO WHICH THE COMPANY MAY BE ENTITLED UNDER ANY AGREEMENT FOR AN ADVANCE. ANY CREDIT BALANCE (WHETHER OR NOT DUE) TO WHICH THE COMPANY IS AT ANY TIME BENEFICIALLY ENTITLEDON ANY ACCOUNT AT ANY OFFICE OF THE AGENT OR ANY BANK (SEE DOC FOR FULL DETAILS)

Mortgage Type:	DEBENTURE
Date Charge Created:	29/10/86
Date Charge Registered:	03/11/86
Date Charge Satisfied:	03/11/86
Status:	SATISFIED
Person(s) Entitled:	CHEMICAL BANK MAUFACTURERS HANOVER TRUST COMPANY NATIO
Amount Secured:	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY AND/OR THE BORROWERS AS DEFINED TO THE CHARGEES UNDER THE TERMS OF THEREVOLVING CREDIT AGREEMENT DATED 23 OCT1986 AND THE SECURITY DOCUMENTS AS DEFINED
Details:	THE BENEFIT OF ALL LOANS MADE AFTER THEDATE OF THE DEBENTURE BY THE COMPANY TOA CLIENT PURSUANT TO ITS CLIENT LOAN PROGRAMME ALL RIGHTS AND POWERS TO WHICH THE COMPANY MAY BE ENTITLED UNDER ANY AGREEMENT FOR AN ADVANCE. ANY CREDIT BALANCE (WHETHER OR NOT DUE) TO WHICH THE COMPANY IS AT ANY TIME BENEFICIALLY ENTITLEDON ANY ACCOUNT AT ANY OFFICE OF THE AGENT OR ANY BANK (SEE DOC FOR FULL DETAILS)
Mortgage Type:	TRUST AGREEMENT
Date Charge Created:	02/10/85
Date Charge Registered:	22/10/85
Date Charge Satisfied:	22/10/85
Status:	SATISFIED
Person(s) Entitled:	THE FIRST NATIONAL BANK OF BOSTON
Amount Secured:	ALL MONIES DUE OR TO BE COME DUE FROM SOTHEBYS FINANCIAL SERVICES INC TO THE CHARGEE ON ANY ACCOUNTWHATSOEVER.
Details:	THE REPAYMENT AND MAKING OF LOANS BY SOTHEBY PROVIDING THAT THE MAXIMUM AMOUNT OUTSTANDING SHALL NOTEXCEED $5,000,000 (SEE DOC M52)

Previous Director/Company Secretaries

Name	Current Directorships	Previous Directorships
Thomas Gerald Christopherson	1	13
Patrick Josephus Van Maris Van Dijk	0	10
Mario Tavella	0	2
Elena Geuna	0	2
Rupert Julian De La Mare Thompson	0	8
Guy Anthony Crispian Jennings	0	3
William Scott Sheridan	0	6
Michael Lewis Ainslie	1	4
Rona Chester	0	3
Alexander Gowrie	2	17
Simon Arthur Taylor	3	6
Serena Sutcliffe	1	2
Michael Jules Strauss	0	4
Timothy David Llewellyn	10	9
Joseph Andrew Och	0	7
Ross Philip Hook	3	1
David William Bennett	0	2
David Kevin Coombs	0	2
Melanie Sarah Jane Clore	1	2
James Percy Miller	0	2
James Alastair Stourton	1	3
Margaret Southern	0	2
Thomas Peter Tidy	1	60
Henry Mark Wyndham	6	3
Diana Dwyer Brooks	0	1
Laure De Beauvau Craon	0	1
Christopher Acaibald Ludwig Freiedrich Douglas	0	2
Roger Conant Faxon	0	3
Simon De Pury	0	1
Robin George Woodhead	4	21
Michael Guy Lister Curle	10	56
Paul Michael Cervino	0	5
George Henry Selborne Bailey	5	7
Paul Martin Whiffield	0	3
Alexander Kilner Bell	1	2
Paul Johnstone Mack	0	3
Roy Leslie Davids	1	2
Daniella Luxemborg	0	1
Tobias Meyer	0	2
Kevin Arthur Bousquette	0	1
Kristen Van Riel	1	2

Average Invoice Value	£1243.91
Invoices available	198
Paid	172
Outstanding	26

Trade Payment Data is information that we collect from selected third party partners who send us information about their whole sales ledger.

	Within Terms	0-30 Days	31-60 Days	61-90 Days	91+ Days
Paid	62	38	30	22	20
Outstanding	7	11	8	0	0

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.74
UK Pound	1	Rs.92.71
Euro	1	Rs.69.94

INFORMATION DETAILS

Analysis Done by :	KAR
Report Prepared by :	NIT

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.