Whom You Know: SOTHEBY’S 2011 HIGHLIGHTS

Wednesday, March 7, 2012

SOTHEBY’S 2011 HIGHLIGHTS

“Sotheby’s had great success last year, handling masterpieces, innovating in new markets and building trust based relationships with clients globally and our 2011 financial results reflected those efforts. They are near the best we have ever delivered,” said Bill Ruprecht, President and Chief Executive Officer.

“We are also further expanding our high-growth business in China as well as other ‘new’ markets,” said Mr. Ruprecht. “Impressively, and for the first time ever, Sotheby’s consolidated sales* in Asia reached $1 billion in 2011. We have now reached the point where the three geographic engines driving our auction business – the Americas, Europe, and Asia – are contributing to our success in roughly equal proportions. This has allowed us to realize a more diversified revenue stream, even as we remain focused on commission margins and cost discipline across our global organization.”

· 2011 net income of $171.4 million is best ever, with the exception of 2007

· Consolidated sales* up 21% to $5.8 billion

· Auction sales up 14.5% to $4.91 billion.

· Private sales up 65% to record $814.6 million

· 793 lots sold for over $1 million (609 sold in 2010)

· 112 lots sold for over $5 million (93 in 2010)

· 38 lots sold for over $10 million (37 sold in 2010)

· Edvard Munch’s iconic masterpiece The Scream to be auctioned on May 2.

*Consolidated Sales is defined as the sum of Auction Sales (including buyer’s premium), Private Sales and Dealer Revenues.

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