Sotheby's Issues Presentation to Set the Record Straight

Presents the Facts in Response to Third Point's Recent Misleading Claims

        Print
| Source: Sotheby's

NEW YORK, April 17, 2014 (GLOBE NEWSWIRE) -- Sotheby's (NYSE:BID) today announced that it has issued a presentation in response to Third Point's recent misleading claims regarding the Company. The presentation is available on the Investor Relations section of Sotheby's website at http://investor.shareholder.com/bid/events.cfm.

Highlights of the presentation include:

  • Sotheby's has consistently delivered strong, long-term performance and is executing a clear strategy to drive continued growth and profitability;
  • Sotheby's maintains a strong leadership position within the art market and continues to invest in areas exhibiting substantial growth and potential for attractive returns;
  • Sotheby's Board and management remain keenly focused on expense management and have effectively managed the capital needs of a growing and cyclical business with prudent fiscal discipline;
  • We believe Mr. Loeb does not possess the long-term focus necessary to drive value for ALL Sotheby's shareholders; and
  • Sotheby's Board and management are steadfast in their commitment to strong corporate governance and shareholder stewardship.

Sotheby's shareholders are reminded that their vote is important, no matter how many or how few shares they own. Whether or not shareholders plan to attend the Annual Meeting, they have an opportunity to protect their investment by voting the GREEN proxy card FOR Sotheby's 12 director nominees: John M. Angelo, Jessica Bibliowicz, Kevin C. Conroy, Domenico De Sole, The Duke of Devonshire, Daniel Meyer, Allen Questrom, William F. Ruprecht, Marsha E. Simms, Robert S. Taubman, Diana L. Taylor, and Dennis M. Weibling.

If shareholders have any questions, require assistance with voting the GREEN proxy card, or need additional copies of the proxy materials, please contact the Company's proxy solicitor listed below:

MORROW & CO., LLC

470 West Avenue
Stamford, CT 06902

203-658-9400
or
Call toll free at 1-800-279-6413

Forward-looking Statements

This letter contains certain "forward-looking statements," as such term is defined in Section 21E of the Securities Exchange Act of 1934, as amended, relating to future events and the financial performance of Sotheby's. Such statements are only predictions and involve risks and uncertainties, resulting in the possibility that the actual events or performance will differ materially from such predictions as a result of certain risk factors. As such, readers are cautioned not to place undue reliance on forward-looking statements, which speak only as to management's plans, assumptions and expectations as of the date hereof. Please refer to Sotheby's most recently filed Form 10-K (and/or 10-Q) and other filings for a discussion of material Risk Factors. Sotheby's disclaims any duty to update or alter any forward-looking statements, except as required by applicable law.

FOR MORE NEWS from Sotheby's

Visit: www.sothebys.com/en/news-video.html

Follow: www.twitter.com/sothebys

Join: www.facebook.com/sothebys & www.weibo.com/sothebyshongkong

Watch: www.youtube.com/sothebys

Sotheby's has been uniting collectors with world-class works of art since 1744. Sotheby's became the first international auction house when it expanded from London to New York (1955), the first to conduct sales in Hong Kong (1973), India (1992) and France (2001), and the first international fine art auction house in China (2012). Today, Sotheby's presents auctions in eight different salesrooms, including New York, London, Hong Kong and Paris, and Sotheby's BidNow program allows visitors to view all auctions live online and place bids in real-time from anywhere in the world. Sotheby's offers collectors the resources of Sotheby's Financial Services, the world's only full-service art financing company, as well as private sale opportunities in more than 70 categories, including S|2, the gallery arm of Sotheby's Contemporary Art department, as well as Sotheby's Diamonds and Sotheby's Wine. Sotheby's has a global network of 90 offices in 40 countries and is the oldest company listed on the New York Stock Exchange (BID).

Press Department | 212 606 7176 | Andrew Gully | 

Investor Relations | 212 894 1023 | Jennifer Park | 

Joele Frank | 212 355 4449 |
Steve Frankel / Barrett Golden / Jed Repko
Morrow & Co. LLC | 203 658 9400 | Joe Mills / Tom Ball