X0306 4 2015-06-15 0 0000823094 SOTHEBYS BID 0001601765 Smith, Jr. Thomas S. 1334 YORK AVENUE NEW YORK NY 10021 1 0 0 0 Dividend Equivalent Rights 2015-06-15 4 A 0 101 A Common Stock 101 47171 D Dividend Equivalent Restricted Stock Units that have accrued on the 47,070 Restricted Stock Units Mr. Smith received under his Employment Agreement. The Restricted Stock Units and the Dividend Equivalent Restricted Stock Units will be settled 100% in Sotheby's Common Stock (except that fractional shares, if any, will be settled in cash) in approximately three equal installments on each of the third, fourth and fifth anniversaries of Mr. Smith's employment or, if earlier, within 30 days following Mr. Smith's death or six months and one day after the date his employment terminates for any reason. Not Applicable /s/ Jonathan Olsoff as Attorney-In-Fact 2015-06-16