Sotheby's (BID) Elects CEO Ruprecht as Chairman

Sotheby's (NYSE: BID) today announced that the Board of Directors unanimously elected William F. Ruprecht Chairman of the Board of Directors, a role he will assume in addition to his current duties as President and Chief Executive Officer. Michael I. Sovern, who has served as Chairman of the Board for 13 years, will remain on the Board. Steven B. Dodge was unanimously approved by the Board as Lead Independent Director. The appointments are effective immediately.

Mr. Sovern began his tenure as Chairman of Sotheby's in February 2000. As President Emeritus of Columbia University, he brought a distinguished reputation as an accomplished lawyer, scholar and educational leader to the Sotheby's Board at a critical period. Mr. Sovern's leadership and integrity helped steer Sotheby's successfully through its antitrust matter and its two class capital structure and enabled the Company to enjoy the most prosperous period in its almost 270 year history.

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