-Second Quarter Net Income of $30.0 Million

-Second Quarter 2000 Diluted Earnings Per Share of $0.51

-Second Quarter Revenues of $157.4 Million

-Strategic Review Intended to Strengthen Sotheby’s Competitive Position and Shareholder Value is Launched by New Management Team

- Strong Results of $140 Million Achieved in Impressionist Evening Sale -

- Full Year Net Income in 1999 of $32.9 Million -

- 1999 Total Revenues of $442.6 Million –

-Dividend Eliminated-

- Nine Month Total Revenues of $254.5 Million -

- Nine Month Loss Per Diluted Share of ($0.03) -

First Half 1999 Diluted Earnings Per Share of $0.38

Second Quarter 1999 Diluted Earnings Per Share of $0.53

First Half Total 1999 Revenues of $209.2 Million

- First Quarter 1999 Diluted Net Loss Per Share of $0.17 - -- First Quarter Auction Sales Totaled $235.7 Million -

-Full Year Net Income in 1998 Increased to $54.3 Million Excluding Non-Recurring Charges- --1998 Total Revenues Increased to $447.1 Million-- -1998 Pre-Tax Income of $89.0 Million Excluding Non-Recurring Charges-