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[email protected] SOTHEBY’S ANNOUNCES 2008 FOURTH QUARTER AND FULL YEAR RESULTS • Full Year Revenues of $691.6 million and Net Income of $28.3 million February 26, 2009, New York -- Sotheby’s (NYSE: BID) today announced results for the fourth quarter and twelve months ended December 31, 2008. For the quarter ended December 31, 2008, the Company reported operating revenues of $166.2 million, a $179.6 million, or 52%, decrease from the fourth quarter of 2007. This deterioration is primarily due to a 46% decline in net auction sales from $1.9 billion to $1.0 billion, significant auction guarantee losses and inventory writedowns, all attributable to a downturn in the international art market that began in September 2008, and which resulted from a weakening global economy, as well as turbulence in the global financial and credit markets. For the fourth quarter ended December 31, 2008, the Company reported an operating loss of ($0.7) million and a net loss of ($8.5) million, or ($0.13) per share compared to operating income of $141.6 million and net income of $102.4 million, or $1.55 per diluted share for the fourth quarter of 2007. This decline is largely due to the aforementioned revenue decreases as well as a $13.2 million impairment loss in the Company’s Dealer segment related to goodwill and intangible assets and $4.3 million in restructuring charges.