Sotheby's Announces New 5-Year Credit Facility Led by GE Capital, Corporate Finance

Sotheby's Announces New 5-Year Credit Facility Led by GE Capital, Corporate

Amended Credit Facility Increases Borrowing Capacity From $200 Million to $300
Million and Extends Maturity to December, 2017

NEW YORK, Dec. 19, 2012 (GLOBE NEWSWIRE) -- Sotheby's (NYSE:BID) today
announced that the Company has amended and extended its revolving credit
facility (the "Facility") led by GE Capital, Corporate Finance. The amendment
will extend the maturity date of the Facility an additional three years to
December, 2017 and will increase borrowing capacity to $300 million from $200
million. Borrowing costs under the Facility have also been reduced.

"The renewal and extension of this credit facility is good news for Sotheby's
and our shareholders," said Bill Sheridan, Sotheby's Chief Financial
Officer."We are very pleased that our current and new lenders have recognized
the solid financial performance of Sotheby's and have increased their
commitment by $100 million as well as agreed to more flexibility with respect
to covenants and borrowing base."

For additional details about the 2012 Credit Agreement, please refer to the
8-K that will be filed and can be found online at

About Sotheby's

Sotheby's is a global company that engages in art auction, private sales and
art-related financing activities.The Company operates in 40 countries, with
principal salesrooms located in New York, London, Hong Kong and Paris.The
Company also regularly conducts auctions in six other salesrooms around the
world.Sotheby's is listed on the New York Stock Exchange under the symbol
BID.For information, please visit

CONTACT: Press Department  |  212 606 7176  |
         Andrew Gully  |
         Investor Relations  |  212 894 1023  |
         Jennifer Park  |
Press spacebar to pause and continue. Press esc to stop.