SOTHEBY'S

Company number: 00874867

Reporting period:
1 July 2020 to 31 December 2020

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This report was filed on 28 January 2021

and approved by Sebastian Fahey

Payment statistics

Average time taken to pay invoices: 62 days

Invoices paid:

• within 30 days: 9%
• in 31 to 60 days: 56%
• in 61 days or more: 35%

Invoices due but not paid within agreed terms: 91%

Payment terms

Shortest standard payment periods

30 days

Longest standard payment period

60 days

Standard payment terms

60days

Were there any changes to the standard payment terms in the reporting period?

Almost all our vendors have now been put on 60day terms

Were suppliers notified or consulted about these changes before they were made?

All suppliers were contacted via email and post to advise of the new standard terms across the business

Maximum contractual payment period agreed

60 days

No further comment provided

Any other information about payment terms

N/A

Dispute resolution process

Any complaint or concern will be considered by Administrator for expert departments, and Shipping Finance Assistant for Shipping with an aim to resolve them as quickly as possible.

Other payment information

Has this business signed up to a code of conduct or standards on payment practices? If so, which?

For example, signatories to The Prompt Payment Code must commit to paying 95% of their invoices within 60 days.

No, this business has not signed up to a code of conduct or standards on payment practices.

Does this business offer e-invoicing in relation to qualifying contracts?

This is where suppliers can electronically submit and track invoices. It's not just allowing suppliers to email them an invoice.

No

Does this business offer supply chain finance?

This is where a supplier who has submitted an invoice can be paid by a third-party finance provider earlier than the agreed payment date. The business would then pay the finance provider the invoiced sum.

No

Under its payment practices and policies, can this business deduct sums from payments under qualifying contracts as a charge for remaining on a supplier list?

No

During the reporting period, did the business deduct sums from payments as a charge for remaining on a supplier list?

No