Whom You Know: SOTHEBY’S 2012 HIGHLIGHTS

Thursday, February 28, 2013

SOTHEBY’S 2012 HIGHLIGHTS

“Sotheby’s is a global pioneer in broadening the art market and offering the highest levels of client service – and we dramatically demonstrated that across the business in 2012,” saidBill Ruprecht, Chairman, President and Chief Executive Officer. “We ended the year with a very strong balance sheet and we are continuing to invest in our business.

“Our operating results reflect some significant successes, a tough comparison to one of the best years in Sotheby’s history a year ago, and a very competitive climate for high-end consignments. Overall, we remain confident in the marketplace,” said Mr. Ruprecht.

· Consolidated sales* were a robust $5.4 billion.

· Global bidding continued for great works of art with participation from more than 120 countries.

· Sotheby’s is a pioneer in broadening the art market - nearly 30% of the bidders in our global salesrooms in 2012 were participating in a new category for the first time.

· Private sales reached a record $906.5 million, an 11% increase over 2011.

· Sotheby’s Financial Services, the world’s only full-service art financing company, saw revenues increase 47%; loan portfolio balance was $425.1 million at the end of 2012, almost double the prior year balance.

· Sotheby’s became the first international auction house to hold a sale in mainland China through a groundbreaking joint venture.

· Sotheby’s sold six of the top ten lots at auction in 2012, led by Edvard Munch’s The Scream, which achieved nearly $120 million**, the new world record for any work of art ever sold at auction.

· Highest auction total in Company history – November Contemporary Art Evening Sale achieved $375.2 million.

· Sotheby’s highest-ever annual totals for Jewellery & Watches worldwide.

· Sotheby’s achieved the highest price across all categories in Europe in 2012 – Raphael’s Head of a Young Apostle, which sold for $47.9 million.

· Established a new auction benchmark for any living artist with Gerhardt Richter’s Abstraktes Bild (809-4) selling for $34.2 million.

· 632 lots sold for over $1 million; 104 lots sold for over $5 million; 35 lots sold for over $10 million.

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

**Estimates do not include buyer’s premium and prices achieved include the hammer price plus buyer’s premium.

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