X0306 4 2016-05-15 0 0000823094 SOTHEBYS BID 0001607475 Reza Olivier 1334 YORK AVENUE NEW YORK NY 10021 1 0 0 0 Common Stock 2016-05-16 4 P 0 10000 27.6112 A 35000 I By Grantor Trusts Common Stock 10000 D Deferred Stock Units 2016-05-15 4 A 0 679 27.60 A Common Stock 679 5043.82 D The price reported in Column 4 is a weighted average price. These shares were bought in multiple transactions at prices ranging from $27.50 and $27.75 inclusive. If requested, the reporting person will supply the SEC, the Issuer or a security holder of the Issuer full details regarding the number of shares sold at each separate price. The Reporting Person is an investment advisor and a beneficiary of the grantor trusts. The Deferred Stock units were accrued under the Company's 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, on a one-for-one basis, into shares of the Company's Common Stock (except that fractional shares, if any, will be settled in cash) after the reporting person's termination of service on the Company's Board. /s/ Jonathan Olsoff as Attorney-In-Fact 2016-05-16