Sotheby's Investor Briefing

OPPORTUNITIES FOR INVESTMENT, GROWTH AND EXPANSION • Any potential capital distribution to shareholders will be weighed against the ongoing capital requirements Potential Investment Opportunities Further investment in China and other emerging markets Increased investment in private sale initiatives Expansion of Sotheby's brand into new categories Continued expansion of web functionality and presence New and complementary products or services Opportunistic principal activities and guarantee positions Further expansion of SFS · • Focused on investing in fast growing new markets with explosive new wealth creation # Sotheby's 21

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