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Sotheby's Reports First Quarter 2013 Financial Results

Also last month, Sotheby's Contemporary Art sale in Doha brought outstanding results. The sale totaled $15.2 million, a record for a sale of Contemporary Art in the Middle East region and towards the high end of the pre-sale estimate. Records were set for nine artists, including a record for a living Arab artist. Bidders from fifteen countries across four continents participated in the sale which affirms the growing importance of Qatar in the international art world.

Sotheby's April sale of Magnificent Jewels in New York brought $53.5 million, the highest ever total for a spring sale of jewelry at Sotheby's New York and above the pre-sale estimate of $36/$49 million. Highlighting the sale was an exceptional pear-shaped diamond of nearly 75 carats which sold for $14.2 million, the record for any white diamond sold in the Americas.

Upcoming Sales

In New York next week, Sotheby's Contemporary Art sales have a number of exciting works on offer. Among them are Francis Bacon's Study for a Portrait of P.L., which has not been seen since 1972, Gerhard Richter's historic and large scale Domplatz Mailand, and Barnett Newman's masterpiece Onement VI.Each work carries a pre-sale estimate of $30/40 million and the sales series has a total pre-sale estimate of $350/$475 million.

Also next week is Sotheby's Magnificent Jewels sale in Geneva. Highlighting the 600+ lot sale is a 27.9 carat, D color and Internally Flawless Magnificent and Very Important Diamond Ring. The ring has a pre-sale estimate of $4/$6 million and the total sale has a pre-sale estimate of $53/$79 million.

Sotheby's is proud to present a major exhibition of works by Jean-Michel Basquiat. Featuring over 30 works, the exhibition will showcase seminal pieces in a variety of mediums and from a range of important dates in the artist's oeuvre. The carefully curated grouping explores the key themes Basquiat grappled with during his career and the variety of media he used to express them. The exhibition opens at a pivotal moment of appreciation for both the artist's career and market with major museum exhibitions and gallery shows presented and record prices achieved in recent years. This exclusive selling exhibition opened last week at our S|2 gallery in New York and will continue through June 9 th.

Note: Estimates do not include buyer's premium. Sale totals for auctions discussed in this release include buyer's premium.

All Sotheby's Press Releases and SEC filings are available on our web site at www.sothebys.com . An outline of the conference call will be available at http://investor.shareholder.com/bid/events.cfm .

Sotheby's will host a conference call at 4:45 PM EDT on May 9, 2013, to discuss its first quarter 2013 financial results. Please dial 888-371-8897 and for callers outside the United States, Puerto Rico and Canada, please dial 1-970-315-0479, approximately 15 minutes before the scheduled start of the call. The call reservation number is 28563641.

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