Sotheby's Investor Briefing

• Leading auction house for nearly 300 years, providing clients with knowledge, expertise and credibility as Sotheby's opened new markets around the globe . . # . SOTHEBY'S TODAY Leveraging the Company's tradition of innovation, Sotheby's is now a global art company, offering auction and much more - discreet private sales, gallery sales, retail wine and diamonds, client lending and worldwide partnerships in art education and real estate • Differentiated focus on middle and upper echelons of the auction market, with an average price point double that of Sotheby's principal competitor Trusted auctioneer of such record-setting works of art as: Edvard Munch's The Scream (Highest price paid for a painting at auction - $119.9mm) Only publicly traded investment opportunity in the art market Strong performance has driven share price increase exceeding the S&P Midcap index over the last one, five and ten year periods ■ . Alberto Giacometti's L'homme qui marche I (Highest price paid for a sculpture at auction - $104.3mm) While clearly a leader in the very top end "couture" business, works of art sold in the $50k to $5mm range generate by far the larger proportion of Sotheby's auction revenues and are the engine of Sotheby's profitability Ongoing focus on growth opportunities in support of delivering shareholder value balanced with prudent capital allocation Sotheby's Sou SOTHEBY'S 4

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