X0303 4 2009-09-15 0 0000823094 SOTHEBYS BID 0001249593 BLAKENHAM MICHAEL 1334 YORK AVENUE NEW YORK NY 10021 1 0 0 0 Dividend Equivalent Rights 2009-09-15 4 A 0 79.31 A Common Stock 79.31 1710.73 D The Dividend Equivalent Rights have accrued under the Sotheby's 1998 Stock Compensation Plan for Non-Employee Directors (as amended and restated, the "Plan") with respect to Deferred Stock Units received by the reporting person under the Plan. The Deferred Stock Units and the Dividend Equivalent Rights will be settled 100% in Sotheby's Common Stock (except that fractional shares, if any, will be settled in cash) after the reporting person's termination of service on the Sotheby's Board. Not Applicable /s/ Gilbert L. Klemann as Attorney-In-Fact 2009-09-17