EXHIBIT 10.2

EXECUTION COPY

AMENDMENT NO. 1 TO
AMENDED AND RESTATED AUCTION GUARANTY SIDE LETTER

This AMENDMENT NO. 1 TO AMENDED AND RESTATED AUCTION GUARANTY SIDE LETTER (this
“Amendment”), dated as of September 16, 2015, by and among Sotheby’s, a Delaware
corporation (“Parent”), Sotheby’s, Inc., a New York corporation (“Sotheby’s,
Inc.”), Sotheby’s Financial Services, Inc., a Nevada corporation (“SFS Inc.”),
Sotheby’s Financial Services California, Inc., a Nevada corporation (“SFS
California”), Oberon, Inc., a Delaware corporation (“Oberon”), Sotheby’s
Ventures, LLC, a New York limited liability company (“Ventures”), Sotheby’s
Financial Services Limited, a company registered in England (“SFS Ltd.”),
Oatshare Limited, a company registered in England (“Oatshare”), Sotheby’s, a
company registered in England (“Sotheby’s U.K.”), and Sotheby’s Hong Kong
Limited, a company incorporated in Hong Kong (“Sotheby’s H.K.” and, collectively
with Sotheby’s Inc., SFS Inc., SFS California, Oberon, Ventures, Sotheby’s U.K.
and SFS Ltd., the “SFS Borrowers”; the SFS Borrowers, collectively with the
Parent and Oatshare, the “Auction Borrowers” and the Auction Borrowers together
with the SFS Borrowers, the “Borrowers”), the other Credit Parties signatory
hereto, General Electric Capital Corporation, as Administrative Agent under the
SFS Credit Agreement and as Administrative Agent under the Auction Credit
Agreement (collectively referred to herein as the “Administrative Agents”), and
the Lenders signatory hereto, amends that certain Amended and Restated Auction
Guaranty Side Letter, dated as of August 22, 2014 (as amended, restated,
supplemented or otherwise modified from time to time prior to the date hereof,
the “Side Letter”), by and among the Borrowers, the other Credit Parties
signatory thereto and the Administrative Agents. Capitalized terms used herein
and not otherwise defined herein shall have the meanings ascribed to such terms
in the Side Letter or under the Credit Agreements (as defined in the Side
Letter), as applicable.
WHEREAS, the Borrowers and the other Credit Parties have requested that the
Lenders and the Administrative Agents agree to certain amendments to the Side
Letter; and
WHEREAS, the Borrowers and the other Credit Parties, the Requisite Lenders party
hereto and the Administrative Agents have so agreed on the terms and conditions
set forth herein;
NOW, THEREFORE, in consideration of the continued performance by the Borrowers
and each other Credit Party of their respective promises and obligations under
the Side Letter, and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the Borrowers, the other Credit
Parties signatory hereto, the Requisite Lenders party hereto and the
Administrative Agents hereby agree as follows:
1.Amendment to Auction Guaranty Side Letter. Subject to the satisfaction of the
conditions precedent set forth in Paragraph 2 of this Amendment, the Side Letter
is hereby amended to restate the second paragraph thereof in its entirety to
read as follows:
“In consideration of the Collateral Agent, the Administrative Agents and the
Lenders entering into the Loan Documents, and the Lenders agreeing to make Loans
and incur Letter of Credit Obligations as provided for in the Loan Documents,
the Credit Parties hereby agree that, from and after the date hereof until the
“Termination Date” has occurred under both Credit Agreements, the “Aggregate
Guaranteed Amount” (as defined below) shall not at any time exceed, (x) solely
for the period commencing on September [__], 2015 and ending on (and including)
February 29, 2016, the Dollar Equivalent of $800,000,000 and (y) for all other
times, the Dollar Equivalent of $600,000,000.”

ACTIVE 209985489v.4

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2.Effectiveness of this Amendment; Conditions Precedent. The provisions of this
Amendment shall be deemed to have become effective as of the date of this
Amendment (the “Effective Date”), but such effectiveness shall be expressly
conditioned upon the Administrative Agents’ receipt of a counterpart of this
Amendment executed and delivered by duly authorized officers of each Borrower,
each other Credit Party, the Requisite Lenders and the Administrative Agents.
3.Miscellaneous.
(a)Headings. The various headings of this Amendment are inserted for convenience
of reference only and shall not affect the meaning or interpretation of this
Amendment or any provisions hereof.
(b)Counterparts. This Amendment may be executed by the parties hereto in several
counterparts, each of which shall be deemed to be an original and all of which
together shall be deemed to be one and the same instrument. Delivery of an
executed counterpart of a signature page to this Amendment by facsimile or other
electronic transmission shall be effective as delivery of a manually executed
counterpart thereof.
(c)Interpretation. No provision of this Amendment shall be construed against or
interpreted to the disadvantage of any party hereto by any court or other
governmental or judicial authority by reason of such party’s having or being
deemed to have structured, drafted or dictated such provision.
(d)Governing Law. THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED AND
ENFORCED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF NEW YORK
APPLICABLE TO CONTRACTS MADE AND PERFORMED IN THAT STATE.
(e)Effect. Upon the effectiveness of this Amendment, each reference in the Side
Letter to “this letter agreement,” “hereunder,” “hereof” or words of like import
shall mean and be a reference to the Side Letter, as amended hereby, and each
reference in the other Loan Documents to the “Auction Guaranty Side Letter,”
“thereunder,” “thereof,” or words of like import shall mean and be a reference
to the Side Letter, as amended hereby. Except as expressly provided in this
Amendment, all of the terms, conditions and provisions of the Side Letter and
the other Loan Documents shall remain the same. This Amendment shall constitute
a Loan Document for purposes of the Credit Agreements.
(f)No Novation or Waiver. Except as specifically set forth in this Amendment,
the execution, delivery and effectiveness of this Amendment shall not (a) limit,
impair, constitute a waiver by, or otherwise affect any right, power or remedy
of, any Agent or any Lender under either Credit Agreement or any other Loan
Document, (b) constitute a waiver of any provision in either Credit Agreement or
in any of the other Loan Documents or of any Default or Event of Default that
may have occurred and be continuing or (c) alter, modify, amend or in any way
affect any of the terms, conditions, obligations, covenants or agreements
contained in either Credit Agreement or in any of the other Loan Documents, all
of which are ratified and affirmed in all respects and shall continue in full
force and effect.

[SIGNATURE PAGES FOLLOW]

2

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IN WITNESS WHEREOF, the parties hereto have executed this Amendment as of the
day and year first above written.

SOTHEBY’S,
a Delaware corporation

By:     /s/ Michael L. Gillis    
Name:    Michael L. Gillis
Title: Vice President and Treasurer

SOTHEBY’S, INC.

By:     /s/ Michael L. Gillis    
Name:    Michael L. Gillis
Title: Vice President and Treasurer

SOTHEBY’S FINANCIAL SERVICES, INC.
SOTHEBY’S FINANCIAL SERVICES CALIFORNIA, INC.
OBERON, INC.
SOTHEBY’S VENTURES, LLC
THETA, INC.

By:     /s/ Michael L. Gillis    
Name:    Michael L. Gillis
Title: Vice President and Treasurer

OATSHARE LIMITED

By:     /s/ Clive Lord        
Name:    Clive Lord
Title: Director

SOTHEBY’S,
a company registered in England

By:     /s/ Clive Lord        
Name:    Clive Lord
Title: Director

Signature Page to Amendment No. 1
to A&R Auction Guaranty Side Letter

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SOTHEBY’S FINANCIAL SERVICES LIMITED

By:     /s/ Clive Lord        
Name:    Clive Lord
Title: Director
SOTHEBY’S HONG KONG LIMITED

By:     /s/ Henry Li        
Name:    Henry Li
Title: Director

SOTHEBY’S WINE HONG KONG LIMITED
 
 
By:    /s/ Henry Li         
Name: Henry Li
Title: Director

SOTHEBY’S FINE ART HOLDINGS, INC.
SPTC, INC.
SOTHEBY PARKE BERNET, INC.
SOTHEBY’S RES, INC.
YORK AVENUE DEVELOPMENT, INC.
SOTHEBY’S THAILAND, INC.
SOTHEBY’S HOLDINGS INTERNATIONAL, INC.
SOTHEBY’S NEVADA, INC.
SOTHEBYS.COM LLC
SOTHEBYS.COM AUCTIONS, INC.
SIBS, LLC
72ND AND YORK, INC.
YORK HOLDINGS INTERNATIONAL, INC.,

By:__     /s/ Michael L. Gillis    
Name:    Michael L. Gillis
Title: Vice President and Treasurer

SOTHEBY’S RES, INC.

By:_     /s/ Michael L. Gillis    
Name:    Michael L. Gillis
Title: Vice President and Assistant Treasurer

Signature Page to Amendment No. 1
to A&R Auction Guaranty Side Letter

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CATALOGUE DISTRIBUTION COMPANY LIMITED
SOTHEBY’S SHIPPING LIMITED
YORK UK HOLDCO INTERNATIONAL LIMITED

By:____/s/ Clive Lord________________
Name: Clive Lord
Title: Director

Signature Page to Amendment No. 1
to A&R Auction Guaranty Side Letter

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GENERAL ELECTRIC CAPITAL
CORPORATION, as the Administrative Agent under the Auction Credit Agreement, as
the Administrative Agent under the SFS Credit Agreement, and as a Lender

By:     /s/ Dritar Vinca            
Name:    Dritar Vinca
Title: Duly Authorized Signatory

Signature Page to Amendment No. 1
to A&R Auction Guaranty Side Letter

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JPMORGAN CHASE BANK, N.A.,
as a Lender

By:     /s/ Kennedy A. Capin                
Name:    Kennedy A. Capin
Title: Authorized Officer

Signature Page to Amendment No. 1
to A&R Auction Guaranty Side Letter

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HSBC BANK PLC, as a Lender

By:     /s/ NG Raye        
Name:    NG Raye
Title: Relationship Director

Signature Page to Amendment No. 1
to A&R Auction Guaranty Side Letter

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HSBC BANK USA, NATIONAL
ASSOCIATION, as a Lender

By:     /s/ Varun Gupta            
Name:    Varun Gupta
Title: Vice President

Signature Page to Amendment No. 1
to A&R Auction Guaranty Side Letter

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COMERICA BANK, as a Lender

By:     /s/ Timothy O’Rourke        
Name:    Timothy O’Rourke
Title: Vice President

Signature Page to Amendment No. 1
to A&R Auction Guaranty Side Letter

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CREDIT SUISSE AG, as a Lender

By:     /s/ Christophe Muller        
Name:    Christophe Muller
Title: Director
By:     /s/ Lorenz Meier        
Name:    Lorenz Meier
Title: Assistant Vice President

Signature Page to Amendment No. 1
to A&R Auction Guaranty Side Letter

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GOLDMAN SACHS BANK USA, as a Lender

By:     /s/ Michelle Latzoni        
Name:    Michelle Latzoni
Title: Authorized Signatory

Signature Page to Amendment No. 1
to A&R Auction Guaranty Side Letter

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RBS CITIZENS, N.A, as a Lender

By:     /s/ Barrett D. Bencivenga    
Name:    Barrett D. Bencivenga
Title: Senior Vice President

Signature Page to Amendment No. 1
to A&R Auction Guaranty Side Letter

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INVESTORS BANK, as a Lender

By:     /s/ Anthony Rotondaro__    
Name:    Anthony Rotondaro
Title: Senior Vice President

Signature Page to Amendment No. 1
to A&R Auction Guaranty Side Letter

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THE PRIVATEBANK AND TRUST COMPANY, as a Lender

By:     /s/ Mitchell Rasky        
Name:    Mitchell Rasky
Title: Managing Director

Signature Page to Amendment No. 1
to A&R Auction Guaranty Side Letter

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T.D. BANK, N.A., as a Lender

By:     /s/ Stephen A. Caffrey        
Name:    Stephen A. Caffrey
Title: Vice President

Signature Page to Amendment No. 1
to A&R Auction Guaranty Side Letter

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ISRAEL DISCOUNT BANK OF NEW YORK, as a Lender

By:     /s/ James M. Morton        
Name:    James M. Morton
Title: Senior Vice President

By:     /s/ Michael Paul            
Name:    Michael Paul
Title: Senior Vice President

    

Signature Page to Amendment No. 1
to A&R Auction Guaranty Side Letter

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NYCB SPECIALTY FINANCE COMPANY, LLC, as a Lender

By:     /s/ William D. Dickerson, Jr.         
Name:    William D. Dickerson, Jr.
Title: Senior Vice President

Signature Page to Amendment No. 1
to A&R Auction Guaranty Side Letter

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PEOPLE’S UNITED BANK, as a Lender

By:     /s/ Jeffrey Giunta            
Name:    Jeffrey Giunta
Title: Vice President

Signature Page to Amendment No. 1
to A&R Auction Guaranty Side Letter

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BANK LEUMI USA, as a Lender

By:     /s/ Alex Kozlowsky        
Name:    Alex Kozlowsky
Title: Vice President

Signature Page to Amendment No. 1
to A&R Auction Guaranty Side Letter

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WEBSTER BUSINESS CREDIT CORPORATION, as a Lender

By:     /s/ James Cullen        
Name:    James Cullen
Title: Vice President

Signature Page to Amendment No. 1
to A&R Auction Guaranty Side Letter

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FLUSHING BANK, as a Lender

By:     /s/ Lisa J. Archinow        
Name:    Lisa J. Archinow    
Title: Vice President

Signature Page to Amendment No. 1
to A&R Auction Guaranty Side Letter

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SANTANDER BANK, N.A., as a Lender

By:     /s/ Pierre A. Desbiens        
Name:    Pierre A. Desbiens
Title: Senior Vice President

Signature Page to Amendment No. 1
to A&R Auction Guaranty Side Letter

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ING CAPITAL LLC, as a Lender

By:     /s/ Doug S. Clarida        
Name:    Doug S. Clarida
Title: Director

By:     /s/ Jerry L. McDonald        
Name:    Jerry L. McDonald
Title: Director

Signature Page to Amendment No. 1
to A&R Auction Guaranty Side Letter

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BANK OF AMERICA, N.A., as a Lender

By:     /s/ Susanna Profis        
Name:    Susanna Profis
Title: Senior Vice President

Signature Page to Amendment No. 1
to A&R Auction Guaranty Side Letter

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EVERBANK, as a Lender

By:     /s/ Mark Fagnani        
Name:    Mark Fagnani
Title: Senior Vice President

Signature Page to Amendment No. 1
to A&R Auction Guaranty Side Letter

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AMALGAMATED BANK, as a Lender

By:     /s/ Jackson Eng            
Name:    Jackson Eng
Title: First Vice President

Signature Page to Amendment No. 1
to A&R Auction Guaranty Side Letter

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CIT FINANCE LLC, as a Lender

By:     /s/ Robert L. Klein        
Name:    Robert L. Klein
Title: Director

Signature Page to Amendment No. 1
to A&R Auction Guaranty Side Letter

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THE HUNTINGTON NATIONAL BANK, as a Lender

By:     /s/ Tracy Salyers        
Name:    Tracy Salyers
Title: Vice President

Signature Page to Amendment No. 1
to A&R Auction Guaranty Side Letter

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ROCKLAND TRUST COMPANY, as a Lender

By:     /s/ Cynthia J. Tunucci_     
Name:    Cynthia J. Tunucci
Title: Vice President

Signature Page to Amendment No. 1
to A&R Auction Guaranty Side Letter

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SUNTRUST BANK, as a Lender

By:     /s/ Leena Stover        
Name:    Leena Stover
Title: Vice President

Signature Page to Amendment No. 1
to A&R Auction Guaranty Side Letter