Sotheby's Investor Briefing

POSITIVE MOMENTUM RESULTING FROM STRATEGIC INITIATIVES 2012- Expansion and enhancement of Hong Kong exhibition and auction premises September 2012- Established sales and exhibition platform in Beijing¹ November 2012 - Initiated a strategic review of York Ave headquarters March 2013- Raised buyer's premium rates May 2013- Engaged real estate advisors to help assess York Ave value • June 2013 - Continued expansion of loan portfolio (year over year increase: ~28%) August 2013-Announced plans to assess value of New Bond Street premises October 2013 - Opening of S12 private selling exhibition space in London 2013- Strong focus on and growth of private sales Very active third quarter is trending well ahead of the prior year period ■ ■ ■ ■ ■ · ■ Sotheby's 蘇富比 2013- Major investment in Digital Strategy through the web, apps for Android and Apple, and cutting-edge Responsive Design to deliver platform agnostic content to increase global client engagement and build new audiences in key developing markets; mobile platforms deliver real-time auction results, 360° views of objects, artist info, and catalogue access Re-launched Sothebys.com has significantly more unique visitors in 2013 than 2012 and far greater involvement with most important clients • Digital delivery has tripled distribution of catalogues in last year Online bidding feature via BIDNow regularly registers bids over $1mm and online bidding is up 45% over last year • Original content - a key differentiator - is read by clients in more than 180 countries • Explosive growth in usage from Asian clients ¹ Entered joint venture with GeHua, the media branch of the Chinese government. Sotheby's controls 80% of the economics of the joint venture and maintains full control of its management. 12 Sotheby's

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