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
2(a) Name of person filing:
BESTINVER GESTION S.A., SGIIC
2(b) Address or principal business office or, if none, residence:
Madrid (SPAIN) Calle Juan de Mena, no. 8, 28014
2(c) Citizenship:
Spanish
2(d) Title of class of securities:
Common Stock
2(e) CUSIP No.:
US8358981079
Item 3. If this statement is filed pursuant to paragraph
 240.13d-1(b)
 or 240.13d-2(b) or (c), check whether the person filing is a:
(a) [ ] Broker or dealer registered under section 15 of
the Act (15 U.S.C. 78o).
(b) [ ] Bank as defined in section 3(a)(6) of the
 Act (15 U.S.C. 78c).
(c) [ ] Insurance company as defined in section 3(a)(19)
of the Act (15 U.S.C. 78c).
(d) [ ] Investment company registered under section 8 of
the Investment Company Act
of 1940 (15 U.S.C 80a-8).
(e) [ ] An investment adviser in accordance with paragraph
240.13d-1(b)(1)(ii)(E);
(f) [ ] An employee benefit plan or endowment fund
in accordance with paragraph 240.13d-1(b)(1)(ii)(F);
(g) [ ] A parent holding company or control person
in accordance with paragraph 240.13d-1(b)(1)(ii)(G);
(h) [ ] A savings associations as defined in Section 3(b)
of the Federal Deposit
Insurance Act (12 U.S.C. 1813);
(i) [ ] A church plan that is excluded from the definition
of an investment company under
section 3(c)(14) of the Investment Company
Act of 1940 (15 U.S.C. 80a-3);
(j) [ ] Group, in accordance with paragraph
240.13d-1(b)(1)(ii)(J).
Item 4. Ownership
(a) Amount beneficially owned: 3.499.723
(b) Percent of class: 5,16%.
(c) Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote 3.499.723
(ii) Shared power to vote or to direct the vote 0.
(iii) Sole power to dispose or to direct the disposition of 3.499.723
(iv) Shared power to dispose or to direct the disposition of 0.
Item 5. Ownership of 5 Percent or Less of a Class.
Not applicable.
Item 6. Ownership of More than 5 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 or Control Person.
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. Certifications
By signing below I certify that, to the best of my 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.
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: September 13th, 2012
Manuel Martinez Jerez and Alfonso Garcia Aragoneses.
Signature. MANUEL MARTINEZ JEREZ and ALFONSO GARCIA ARAGONESES.
Name/Title. Joint representatives. Powers of attorney were already
filed with the Securities Exchange
Commission by fax in the application for Edgar Access Codes.