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Sotheby's Acknowledges 13D Filing

NEW YORK, July 30, 2013 (GLOBE NEWSWIRE) -- Sotheby's (NYSE:BID) acknowledged today's Schedule 13D filing by Marcato Capital Management reporting a stake in Sotheby's comprised primarily of shares underlying call options. Sotheby's Board of Directors and management team are committed to building long-lasting value for all of Sotheby's shareholders and we welcome investment in the Company.

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).

CONTACT: Press Department
         212 606 7176
         Andrew Gully
         Andrew.Gully@Sothebys.com
         
         Investor Relations
         212 894 1023
         Jennifer Park
         Jennifer.Park@Sothebys.com

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