X0306 4 2015-05-15 0 0000823094 SOTHEBYS BID 0001520465 Conroy Kevin C. 1334 YORK AVENUE NEW YORK NY 10021 1 0 0 0 Deferred Stock Units 2015-05-15 4 A 0 455 A Common Stock 455 1424 D Dividend Equivalent Rights 2015-05-15 4 A 0 3.68 A Common Stock 3.68 7.37 D Deferred Stock Units 2015-05-15 4 A 0 417 A Common Stock 417 1841 D Dividend Equivalent Rights 2015-05-15 4 A 0 4.56 A Common Stock 4.56 11.93 D Deferred Stock Units 2015-05-15 4 A 0 420 A Common Stock 420 2261 D One for One Share catch-up issuance for Deferred Stock Units that would have been issued on November 15, 2014 but for a reserved share shortfall now eliminated by shareholder approval of additional Plan shares. The deferred stock units were accrued under the Sotheby's 1998 Stock Compensation Plan for Non-Employee Directors (as amended and restated, the "Plan") as a result of a partial or full deferral election with respect to stock compensation paid under the Plan. These units 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 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. Share catch-up issuance for Dividend Equivalent Rights that would have been issued on December 15, 2014 (issuer dividend payment date) but for a reserved share shortfall now eliminated by shareholder approval of additional Plan shares. Share catch-up issuance for Deferred Stock Units that would have been issued on February 15, 2015 but for a reserved share shortfall now eliminated by shareholder approval of additional Plan shares. Share catch-up issuance for Dividend Equivalent Rights that would have been issued on March 15, 2015 (issuer dividend payment date) but for a reserved share shortfall now eliminated by shareholder approval of additional Plan shares. /s/ Jonathan Olsoff as Attorney-In-Fact 2015-05-19