苏富比拍卖会

　　苏富比和歌华的合资协议进入最后阶段

　　据美国纽交所报道，2012年9月3日，苏富比(微博)和北京歌华文化发展集团的合作协议进入最终阶段，这是一个10年期的合资协议，按照程序，在中国建立合资企业必须获得中国政府的批准，但并不是所有的申请都会获得批准。

　　北京歌华是一家中国国有企业，根据苏富比和歌华文化发展集团的合资企业协议，苏富比将利用歌华公司正在开发的北京自由港口项目开展业务。自由港毗邻北京首都国际机场，占地83,000平米。实际上，有业内人士表示，北京的文化自由港其实就是今年3月在顺义天竺授牌成立的“文化保税区”。保税区与自由港有区别，文化保税区对艺术品进出口实行减税、免税、保税等政策，中国藏家将可以在保税区里持有海外购买的艺术品，并在政府作出决策之前，获得税收上的优惠。保税区被认为有望强有力促进北京拍卖市场发展。

　　北京文化保税区将提供一个展览、拍卖、和销售艺术品的平台，虽然在文化保税区里合资企业将来的盈利前景仍然不确定，但有一点可以肯定， 合资协议将增强苏富比在中国内地的长期的影响力，并且增加它在中国艺术品市场盈利的潜在机会。目前，苏富比对内地市场的运作部门是在香港进行的。根据合作协议，歌华文化发展集团将不再允许其他拍卖公司在保税区里的授权区域里进行拍卖或进行销售性的展览。

　　除了在北京文化保税区里的机会，这个合资协议还允许苏富比进行拍卖之外的私人销售性质的展览，展览地点可以在北京的其他地方，

　　中国政府批准了合作协议之后，苏富比最初将投资120万美元拥有合资企业的80%所有权，而歌华文化发展集团将投资30万美元以换取20%的股权。董事会成员由五人组成，其中四个成员(包括董事长)来自苏富比的任命。结构性的变化需要董事会全票通过，而所有其他决策需要超过三分之二的选票。此外，苏富比将负责合资企业的日常管理。

　　更多细节，请看纽交所报道全文：

　　Sotheby's Entry into a Material Definitive Agreement

　　On September 3, 2012, Sotheby's entered into a 10-year equity joint ventureagreement (the "Joint Venture Agreement") with Beijing GeHua Art Company, aChinese State-Owned Enterprise that is part of GeHua Cultural and DevelopmentGroup ("GeHua"). Establishment of the joint venture is subject to approval fromthe Chinese government; there can be no assurance that such approval will bereceived。

　　The Joint Venture Agreement will allow Sotheby's to take advantage of a plannedfree port project that GeHua is developing within the Tianzhu Free Trade Zone inBeijing (the "Beijing Free Port")， which will serve as a tax-advantaged storagelocation and provide a platform for art-related auctions and private sellingexhibitions of non-cultural relics, travelling exhibitions, and educationalactivities. The date of completion of the Beijing Free Port and the commencementand scope of any storage, auction or private selling activities by the jointventure, as well as any earnings or losses resulting from the operation of thejoint venture, are uncertain. However, management believes that the JointVenture Agreement will strategically enhance Sotheby's long-term presence inmainland China and allow it to potentially capitalize on the opportunitiespresented by the Chinese art market, which Sotheby's currently serves throughits existing operations in Hong Kong. (See statement on Forward LookingStatements。)

　　In addition to operating in the Beijing Free Port, under certain conditions theJoint Venture Agreement permits the joint venture to conduct both auctions andprivate selling exhibitions within other designated venues in Beijing. Duringthe term of the Joint Venture Agreement, GeHua will not allow any other companyto conduct auctions, or specified competitors to conduct selling exhibitions,within its authorized areas of the Beijing Free Port and is restricted frompartnering with any specified competitors to hold auctions or private sellingexhibitions outside the Beijing Free Port. Sotheby's is not restricted by theJoint Venture Agreement from holding auctions in China through separatesubsidiaries。

　　Upon approval of the Joint Venture Agreement by the Chinese government,Sotheby's will initially invest $1.2 million in exchange for 80% ownership ofthe joint venture, while GeHua will invest $0.3 million in exchange for 20%ownership. The Board of Directors of the joint venture consists of five members,with four members (including the Chairman) appointed by Sotheby's. Structuralchanges to the joint venture require the unanimous vote of the Board ofDirectors, while all other decisions require a super majority of two-thirds ofthe vote. In addition, Sotheby's will be responsible for the day-to-daymanagement of the joint venture。

　　The Joint Venture Agreement may be immediately terminated by either Sotheby's orGeHua in the event: (i) of the unauthorized transfer or pledge of shares of thejoint venture, (ii) one of the parties to the agreement has not taken steps toensure compliance with Chinese laws, (iii) of non-compliance with Chinese orinternational anti-corruption laws, in particular, the Foreign Corrupt PracticesAct in the United States, (iv) of material breach of contract, (v) of non-agreedchanges to the joint venture arising from the Chinese government approvalprocess, or (vi) of a change in control of the other party. In addition, upon 30days' notice, the Joint Venture Agreement may be terminated by either Sotheby'sor GeHua in the event: (i) Sotheby's loses control of the joint venture for anyreason, (ii) the joint venture loses more than 20,000,000 RMB (approximately$3.1 million)， (iii) ceases to carry on business or becomes unable to pay itsdebts as they become due, (iv) capital contributions are not made when due, or

　　(v) upon standard force majeure events。

　　Sotheby's may immediately terminate the Joint Venture Agreement in the event:

　　(i) of revocation of GeHua's right to develop the Beijing Free Port, (ii) ofnon-approval of the joint venture by the Chinese government, (iii) of a failureto receive or revocation of the joint venture's auction license in China, (iv)of revocation of the bonded status of the Tianzhu Free Trade Zone or the BeijingFree Port, or (iv) of termination by Sotheby's of its trademark license with thejoint venture. In addition, Sotheby's has an option that allows it to put itsjoint venture ownership interest to GeHua at any time during the term of theJoint Venture Agreement at a price in excess of its initial investment in theJoint Venture。

　　Because the joint venture is a foreign-invested enterprise under Chinese law,all changes in shareholding and constitution of the joint venture will besubject to approval by the Chinese government, including in the event Sotheby'sis seeking to terminate the Joint Venture Agreement, exercise its put option, orwind up the joint venture. Accordingly, Sotheby's ability to activate andoperate the joint venture and enforce the Joint Venture Agreement provisionscould be constrained by the Chinese government and other unforeseencircumstances。

　　FORWARD LOOKING STATEMENTS

　　This Form 8-K contains certain forward looking statements; as such term isdefined in Section 21E of the Securities Exchange Act of 1934, as amended,relating to future events and the financial performance of Sotheby's. Suchstatements are only predictions and involve risks and uncertainties, resultingin the possibility that the actual events or performance will differ materiallyfrom such predictions。