Sotheby's Investor Presentation Deck

SOTHEBY'S AND CHRISTIE'S (1989-2018) 20 YEARS ENDING 2018 Compound Annual Return Standard Deviation, Correlation w/ S&P 500 TR 1 - Defined as standard deviation of annual returns 2-Based on Sotheby's Mei Moses sale indices Investor Briefing: April 2019 ALL ART₂2 4.6% 10.6% 0.05 13 POST-WAR AND CONTEMPORARY 2 9.2% 15.6% 0.06 Sotheby's

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