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GROWTH IN GLOBAL ART SALES HAS BEEN PRINCIPAL DRIVER OF SOTHBYS EARNING

2

$0

$10,000,000

$20,000,000

$30,000,000

$40,000,000

$50,000,000

$60,000,000

$70,000,000

1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Global Art Sales 1!

1 The source for Global Art Sales is the TEFAF (The European Fine Art Foundation) Art Market report prepared by Art Economist, Clare McAndrew, and updated annually. Reports are available at www.tefaf.com !

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GLOBAL ART SALES VS. VARIOUS INDICES

3

1 The source for Global Art Sales is the TEFAF (The European Fine Art Foundation) Art Market report prepared by Art Economist, Clare McAndrew, and updated annually. Reports are available at www.tefaf.com !

0

5

10

15

20

25

1 9 9 0

1 9 9 1

1 9 9 2

1 9 9 3

1 9 9 4

1 9 9 5

1 9 9 6

1 9 9 7

1 9 9 8

1 9 9 9

2 0 0 0

2 0 0 1

2 0 0 2

2 0 0 3

2 0 0 4

2 0 0 5

2 0 0 6

2 0 0 7

2 0 0 8

2 0 0 9

2 0 1 0

2 0 1 1

2 0 1 2

Global Art Sales 1 vs. Various Indices

10 Year Treasury

S&P500

VIX

Gold

Global Art Sales

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CHRISTIES HAS WON SHARE 8 OUT 13 YEARS, FIVE OF THOSE SOTHEBYS POSTED LOSSES1

4

1Loss Years: 2000, 2001, 2002, 2003, 2009

$0.0 !

$0.5 !

$1.0 !

$1.5 !

$2.0 !

$2.5 !

$3.0 !

$3.5 !

$4.0 !

$4.5 !

$5.0 !

$5.5 !$6.0 !

2012 !2011 !2010 !2009 !2008 !2007 !2006 !2005 !2004 !2003 !2002 !2001 !2000 !

B i l l i o n s

Sotheby's and Christie's Auction Sales !

Sotheby's ! Christie's !

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THE CONTEMPORARY ART SECTOR HAS OVERTAKEN CHINESE AT SOTHEBYS & CHRIS

Data: Artvest Partners!

$0 !

$200 !

$400 !

$600 !

$800 !

$1,000 !

$1,200 !

$1,400 !

$1,600 !

$1,800 !

2006 ! 2007 ! 2008 ! 2009 ! 2010 ! 2011 ! 2012 !

M i l l i o n s

NY Impressionist & Modern

NY Post-War & Contemporary

HK Chinese Art

Totals are based on hammer prices plus buyers premium !

5

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SELECTED CAUSES OF MARKET SHOCKS

Natural Disaster War/Terrorism Political Disruption Fraud Regulatory Change Liquidity Crisis

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DISASTER LOSSES

10,000,000

100,000,000

1,000,000,000

10,000,000,000

100,000,000,000

2000 2005 2010 2015

Hurricane

Art

EarthquakeTerrorist

$1 Billion

$100 Million

Sandy

9/11

9/11

Katrina Japan Tsunami

Momart

Year

$100 Billion

$10 Billion

T

a

L

L

Scae

Sandy

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FINANCIAL FRAUD

10,000,000

100,000,000

1,000,000,000

10,000,000,000

100,000,000,000

1995 2000 2005 2010 2015

FinancialArt

Stanford

Dreier

FrankelSalander

Knoedler

Beltracchi

$100 Billion

$10 Billion

$1 Billion

$100 Million

Year

Ta

L

L

Scae

Madoff

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FINANCIAL FRAUD

10,000,000

100,000,000

1,000,000,000

10,000,000,000

100,000,000,000

1995 2000 2005 2010 2015

FinancialArt

Stanford

Dreier

FrankelSalander

Knoedler

Beltracchi

$100 Billion

$10 Billion

$1 Billion

$100 Million

Year

Ta

L

L

Scae

Madoff

?

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QUESTIONS?