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Sotheby's Reports First Quarter 2013 Financial Results

The conference call will also be accessible via webcast on the Investor Relations section of the Sotheby's web site at http://investor.shareholder.com/bid/events.cfm .

About Sotheby's

Sotheby's has been uniting collectors with world-class works of art since 1744. Sotheby's became the first international auction house when it expanded from London to New York (1955), the first to conduct sales in Hong Kong (1973) and France (2001), and the first international fine art auction house in China (2012). Today, Sotheby's presents auctions in eight different salesrooms, including New York, London, Hong Kong and Paris, and Sotheby's BIDnow program allows visitors to view all auctions live online and place bids from anywhere in the world. Sotheby's offers collectors the resources of Sotheby's Financial Services, the world's only full-service art financing company, as well as private sale opportunities in more than 70 categories, including S|2, the gallery arm of Sotheby's Contemporary Art department, and two retail businesses, Sotheby's Diamonds and Sotheby's Wine. Sotheby's has a global network of 90 offices in 40 countries and is the oldest company listed on the New York Stock Exchange (BID).

Forward-looking Statements

This release contains certain "forward-looking statements" (as such term is defined in the Securities and Exchange Act of 1934, as amended) relating to future events and the financial performance of the Company. Such statements are only predictions and involve risks and uncertainties, resulting in the possibility that the actual events or performances will differ materially from such predictions. Major factors, which the Company believes could cause the actual results to differ materially from the predicted results in the "forward-looking statements" include, but are not limited to, the overall strength of the international economy and financial markets, political conditions in various nations, competition with other auctioneers and art dealers, the success of our risk reduction and margin improvement efforts, the amount of quality property being consigned to art auction houses and the marketability at auction of such property. Please refer to our most recently filed Form 10-Q (and/or 10-K) for a complete list of Risk Factors.

Financial Table Follows

     
     
    APPENDIX A
SOTHEBY'S
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
(Thousands of dollars, except per share data)
     
     
  Three Months Ended
  March 31, 2013 March 31, 2012
Revenues:    
Auction and related revenues  $ 94,175  $ 97,410
Finance revenues 4,933 3,575
Dealer revenues 1,083  2,678
License fee revenues  1,186  901
Other revenues 368 395
Total revenues 101,745 104,959
     
Expenses:    
Direct costs of services   8,449  7,391
Dealer cost of sales  700  2,512
Marketing expenses  4,687  4,397
Salaries and related costs  60,695  56,226
General and administrative expenses  44,011  38,919
Depreciation and amortization expense  4,516  4,220
Total expenses 123,058 113,665
     
Operating loss (21,313) (8,706)
     
Interest income  386  609
Interest expense  (12,515)  (10,108)
Other income   1,699  1,742
     
Loss before taxes (31,743) (16,463)
Equity in earnings of investees, net of taxes  2  221
Income tax benefit  (9,396)  (5,578)
     
Net loss  $ (22,345)  $ (10,664)
     
Basic and diluted loss per share - Sotheby's common shareholders  $ (0.33)  $ (0.16)
     
Weighted average basic and diluted shares outstanding 67,951 67,457
     
Cash dividends paid per common share  $ --  $ 0.08
CONTACT: Press Department
         212 606 7176
         Andrew Gully
         Andrew.Gully@Sothebys.com
         
         Press Department
         +44 (0)20 7293 5168
         Matthew Weigman
         Matthew.Weigman@Sothebys.com
         
         Investor Relations
         212 894 1023
         Jennifer Park
         Jennifer.Park@Sothebys.com

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