· Sotheby’s auction sales were $5.4 billion, up 44%
· Sotheby’s continued to reduce lot volume, selling 42% fewer lots than its competitor
· Sotheby’s sold the top lot of the year, Mark Rothko’s White Center, owned by David Rockefeller, for $72.8 million. 2007 was the seventh consecutive year that Sotheby’s sold the top lot of the year.
· Sotheby’s sold four out of the top five lots of 2007. Rothko’s White Center (see above); The Guennol Lioness ($57.2 million); Bacon’s Study from Innocent X ($52.7 million); and Bacon’s Second Version of Study for Bullfight No. 1 ($45.9 million).
Sotheby’s expects to announce full year audited results in late February 2008.
*Consolidated Sales equals the sum of Aggregate Auction Sales, Private Sales and Dealer Sales
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 nine other salesrooms around the world. Sotheby’s is listed on the New York Stock Exchange under the symbol BID.
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 amount of quality property being consigned to art auction houses and the marketability at auction of such property.