Sotheby's Files Automatic Shelf Registration Statement

NEW YORK, Sept. 12, 2012 (GLOBE NEWSWIRE) -- Sotheby's (NYSE:BID) announced that the Company today filed an automatic shelf registration statement on Form S-3 ASR with the U.S. Securities and Exchange Commission (the "SEC"), which became effective upon filing with the SEC. The shelf registration statement will allow the Company to offer and sell debt securities from time to time, in one or more offerings. The terms of any such offerings will be established at the time of the offering, will be subject to market conditions and will be described in a supplement to the prospectus issued as part of the filed Form S-3 ASR. The Company has filed this shelf registration statement to expedite the issuance process associated with any future offerings, if any, made thereunder.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to any registration or qualification under the securities laws of such jurisdiction. Any offer of securities covered by the registration statement may be made solely by means of the prospectus included in the registration statement and a related prospectus supplement containing specific information about the terms of any such offering.

About Sotheby's

Sotheby's is a global company that engages in art auction, private sales and art-related financing activities. The Company operates in 40 countries, with principal salesrooms located in New York, London, Hong Kong and Paris. The Company also regularly conducts auctions in seven other salesrooms around the world. Sotheby's is listed on the New York Stock Exchange under the symbol 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. 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.
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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