HONG KONG.- “The strength of these half year figures tells its own story. First, it reflects the quality of the material that has come under Sotheby’s hammer, thanks to our very experienced and insightful specialists who know exactly what the market wants and where to find it. Secondly, it also speaks to the ever-deepening pool of passionate collectors who are drawn into our world by our digital outreach and boundary-pushing sales and events.” - Kevin Ching, CEO of Sotheby’s Asia

UNRIVALLED LEADERSHIP ACROSS ALL METRICS

▪ Aggregate sales reach HK$3.88 billion (US$495 million) 1 -- 1.6 times over the pre-sale low estimate, and in line with that of 2018, a record-breaking year for Sotheby’s Asia

▪ Consistently strong sell-through rate: 89.3% ▪ 6 works sold over HK$100 million

▪ 28+ world auction records

▪ Leading the market across categories, including:

• Chinese Works of Art: HK$700 million (US$89 million)

• Fine Chinese Paintings: HK$488 million (US$62 million)

• Modern Art: HK$851 million / US$108 million

• Contemporary Art: HK$801 million (US$102 million)

• Southeast Asian Art: HK$167 million (US$21 million)

• Wine: HK$306 million (US$39 million) • Watches: HK$135 million (US$17 million)

▪ 22% of buyers were new to Sotheby’s Asia

EMBRACING THE NEW GENERATION

▪ 26% of buyers in Asia aged 40 or below. The figure reaches nearly 50% for the NIGOLDENEYE® sale

▪ Adapting to the digital age with more online auctions: 6 online-only auctions2 were held in the first half of 2019, including The Supreme Vault: 1998 – 2018 – a white-glove sale with all 162 lots sold. Over 70% of bidders were new to Sotheby’s and over 75% of the bidders aged 40 or below in this sale

▪ Sotheby’s has a growing social media audience of over 2 million across all platforms

ASIANS REMAIN A DOMINANT FORCE IN WORLDWIDE SALES

▪ Asian clients account for 28% of Sotheby’s worldwide auction sales ▪ Among the top 20 lots auctioned by Sotheby’s worldwide, 6 lots were bought by buyers from Asia

SURGING ASIAN INTEREST IN WESTERN ART

▪ Number of Asian clients buying Western art at Sotheby’s worldwide sales grew by 25%

▪ Strong performance for broadest offering of Western Art in Hong Kong: Sotheby’s Spring Sales featured a broader offering of western art than ever before, with over 100 works by 50+ Western artists, many of whom debuted at auction in Asia. With a sell-through rate of over 90%, the group smashed the top combined estimate, with notable increase in participation from China

▪ Sotheby’s London Impressionist and Modern Art Evening Sale in February saw robust participation from Asia, with 50% increase in bidders as compared to February 2018

▪ At Sotheby’s New York Impressionist and Modern Art Evening Sale in May, around one-fifth of the works were acquired by collectors across Asia