Sotheby's Issues Presentation to Set the Record Straight

Sotheby's

today announced that it has issued a presentation in response to Third Point's recent misleading claims regarding the Company. The presentation is available on the Investor Relations section of Sotheby's website at http://investor.shareholder.com/bid/events.cfm. Highlights of the presentation include: Sotheby's has consistently delivered strong, long-term performance and is executing a clear strategy to drive continued growth and profitability; Sotheby's maintains a strong leadership position within the art market and continues to invest in areas exhibiting substantial growth and potential for attractive returns; Sotheby's Board and management remain keenly focused on expense management and have effectively managed the capital needs of a growing and cyclical business with prudent fiscal discipline; We believe Mr. Loeb does not possess the long-term focus necessary to drive value for ALL Sotheby's shareholders; and Sotheby's Board and management are steadfast in their commitment to strong corporate governance and shareholder stewardship. Sotheby's shareholders are reminded that their vote is important, no matter how many or how few shares they own. Whether or not shareholders plan to attend the Annual Meeting, they have an opportunity to protect their investment by voting the GREEN proxy card FOR Sotheby's 12 director nominees: John M. Angelo, Jessica Bibliowicz, Kevin C. Conroy, Domenico De Sole, The Duke of Devonshire, Daniel Meyer, Allen Questrom, William F. Ruprecht, Marsha E. Simms, Robert S. Taubman, Diana L. Taylor, and Dennis M. Weibling. If shareholders have any questions, require assistance with voting the GREEN proxy card, or need additional copies of the proxy materials, please contact the Company's proxy solicitor listed below: MORROW & CO., LLC 470 West Avenue Stamford, CT 06902 203-658-9400 or Call toll free at 1-800-279-6413