Sotheby's Issues Statement Following ISS Report

Sotheby's

today issued the following statement regarding a 24 April 2014 report by Institutional Shareholder Services (ISS). The report relates to the election of directors to Sotheby's Board of Directors at the Company's 2014 Annual Meeting of Shareholders to be held on 6 May 2014. Sotheby's issued the following statement: We believe that Sotheby's shareholders should vote for all of Sotheby's director nominees. We note that ISS rejected one of Third Point's nominees and recommends that shareholders vote for our Say on Pay proposal. Under the stewardship of Sotheby's Board of Directors and management team, Sotheby's has consistently delivered strong, long-term performance and superior value creation. Sotheby's preliminary results for the first quarter of 2014 demonstrate the continued successful execution of our plan as we build on the momentum we have established in 2013. Sotheby's Board is independent, active, engaged and focused on continuing to deliver shareholder value. It is composed of directors who have the experience and expertise necessary to further Sotheby's record of success. Now is not the time to diverge from Sotheby's leadership and its strategic plan. We believe that replacing any of Sotheby's director nominees with Mr. Loeb or any of his handpicked nominees could negatively impact shareholder value, particularly given that: Mr. Loeb has made no case that change is warranted at Sotheby's; Mr. Loeb and his handpicked nominee – a former investment banker/member of a jeweler's family – add no relevant expertise that is not already effectively represented on Sotheby's Board; Mr. Loeb's lack of a substantive plan, his erratic and disruptive actions at Sotheby's, and his short tenure serving on other public company boards (less than two years) raise doubts about whether Mr. Loeb will put the interests of ALL Sotheby's shareholders ahead of his own. Sotheby's shareholders are reminded that their vote is important, no matter how many or how few shares they own. Whether or not shareholders plan to attend the Annual Meeting, they have an opportunity to protect their investment by voting the GREEN proxy card FOR Sotheby's 12 director nominees: John M. Angelo, Jessica Bibliowicz, Kevin C. Conroy, Domenico De Sole, The Duke of Devonshire, Daniel Meyer, Allen Questrom, William F. Ruprecht, Marsha E. Simms, Robert S. Taubman, Diana L. Taylor, and Dennis M. Weibling.