Sotheby's Investor Briefing

4 Established in 1988 to meet the liquidity needs of clients SFS was designed around and intended to generate auction activity Over the last five years, SFS has generated approximately 10% of Sotheby's annual auction sales • Loan opportunities evaluated based upon the total return potential, including potential auction consignments SFS revenues were $17.7mm in 2012; additionally, SFS contributed approximately $40 million to auction revenue in 2012 . 4 C ■ ■ SOTHEBY'S FINANCIAL SERVICES ("SFS") SFS Drives Auction Consignments - Key Competitive Advantage # Exceptionally low historic loan losses (0.3% on total loans of $3.5bn from 1991 to 2012) SFS fosters long-term client relationships Consignor Advances Typical Maturity: up to 6 months Loans support core business by securing near term auction revenue Term Loans # Typical Maturity: up to 2 years Term loans provide incremental source of profitability for Sotheby's Intended to enhance relationships and may lead to future auction revenue Sotheby's 11

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