Sotheby's Investor Briefing

Market growth in recent years has largely been driven by the creation of global wealth in "New Markets" (defined as markets outside America and Europe) NEW MARKETS AND NEW WEALTH DRIVING GROWTH IN GLOBAL ART MARKET "New Markets" now account for almost 30% of worldwide buying vs. 5-10% twenty years ago All indicators point to continued growth in the participation of the "New Markets" in the global art market Buyer Mix at Sotheby's Aggregate Auction Sales (US$ in millions) 6,000 5,000 4,000 3,000 2,000 1,000 0 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Geographical Composition of Luxury Markets New Markets ■ Europe ¹ Source: Inside the 2013 Billionaires List: Facts and Figures (Forbes article dated Sotheby's 30% 30% 41% Sotheby's Buyer Mix 2012 America 04-Mar-2013) 43% 26% 31% Forbes Billionaires¹ 7

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