Sotheby's Investor Presentation Deck

SOTHEBY'S AND CHRISTIE'S (1989-2018) AUCTION ACTIVITY EXPANSION PERIODS CAGR 6% (1991-2018) $5B $4B $2B $2B $3B $3B $3B Investor Briefing: April 2019 $4B $4B Source: Sotheby's and Christie's public auction results $5B $4B $3B $3B $3B $5B $6B $8B $11B 12 $10B $5B $2B 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 $9B $10B $10B 2012 SHIB $13B 2013 2014 $12B 2015 $9B 2016 $11B 2017 $12B 2018 Sotheby's

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