Sotheby's Investor Briefing

IN SUMMARY • Sotheby's is performing well, with positive momentum and a solid foundation for continued growth • There is a sound strategy for the core business, with the financial and operational flexibility necessary to capitalize on emerging growth opportunities, as reflected in the recent record breaking auctions in Hong Kong • Management and the Board are undertaking a thoughtful and thorough review of capital structure and capital allocation and are open to and appreciate investor input • Sotheby's is committed to determining the best way to create and deliver shareholder value by balancing investments in the business and future growth opportunities with prudent capital allocation Sotheby's 22

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