Sotheby's Investor Presentation Deck

EXPENSE GROWTH LEVELING Growth in Adjusted Expenses Investor Briefing: April 2019 8% Q1 2017 13% Q2 2017 13% Q3 2017 18% Q4 2017 13% Q1 2018 30 8% Q2 2018 2% Q3 2018 0% Q4 2018 20% 15% 10% 5% 0% Sotheby's

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