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
Date of Report - May 20, 1998
Sotheby's Holdings, Inc. (Exact name of registrant
as specified in its charter)
Michigan 1-9750 38-2478409
(State or other jurisdiction of (Commission File Number) (IRS Employer
incorporation or organization) Identification No.)
500 North Woodward Avenue, Suite 100
Bloomfield Hills, Michigan 48304
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (248) 646-2400
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ITEM 5. Other Events
On May 20, 1998, the Company funded additional secured loans
which increased the outstanding balance of the Company's notes
receivable (current and non-current) to $384 million, as compared
to $282 million at March 31, 1998. Approximately 63% of such
amount was outstanding from a group of affiliated borrowers. The
loans to this group mature on December 31, 2001 and are secured
by a collection of paintings which the Company believes to be of
exceptional quality. The Company also has recourse to a
guarantor with respect to a portion of the loans. No other
individual loan or group of related loans amounted to more than
5% of total assets at May 20, 1998. The collateral securing the
Company's notes receivable balance is primarily European
paintings.
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SOTHEBY'S HOLDINGS, INC.
AND SUBSIDIARIES
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of
1934, the Company has duly caused this report to be signed this
the 27th day of May, 1998, on its behalf by the undersigned,
thereunto duly authorized and in the capacity indicated.
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SOTHEBY'S HOLDINGS, INC.
By:
Cyndee L. Grillo
Vice President, Controller
and Chief Accounting Officer
