Sotheby's (NYSE: BID) is pleased to announce the appointment of Valentino D. Carlotti as Executive Vice President and Global Head of Business Development. Mr. Carlotti will join Sotheby's on October 30th after more than two decades at Goldman Sachs. A senior partner at Goldman Sachs, Mr. Carlotti most recently served as the Global Business Partner for the Investment Banking and Merchant Banking Divisions. Mr. Carlotti will be based in New York and report to Tad Smith, the Company's Chief Executive Officer.

"We are delighted that Val will bring his extensive international experience developing and implementing client management and salesforce strategies to Sotheby's," said Tad Smith, Sotheby's CEO. "He has built a reputation as someone committed to developing, mentoring and motivating his colleagues and will be a great addition to our senior leadership team."

Mr. Carlotti joins Sotheby's after a distinguished career at Goldman Sachs. Prior to his role as Global Business Partner for the Investment Banking and Merchant Banking Divisions, beginning his career in investment banking, Mr. Carlotti held various senior positions within the company including: president of the Goldman Sachs Brazil Bank in Sao Paulo, global head of the Securities Division Institutional Client Group, a member of the Securities Division management team and an institutional salesperson in the Equities Division. Mr. Carlotti joined Goldman Sachs in 1994, was named managing director in 2001, and partner in 2006.

Mr. Carlotti commented, "I am thrilled to join Tad and the entire Sotheby's team. The opportunity to be part of a storied brand and focus on client coverage with content I am passionate about was a unique and incredibly exciting one for me."

Amy Cappellazzo, Chairman of Sotheby's Fine Art Division added, "It's exciting to see Sotheby's attracting top talent from across different industries. Val brings tremendous experience and a valuable perspective to Sotheby's and I am very much looking forward to working with him."

As a dedicated philanthropist and collector himself, Mr. Carlotti is actively involved in numerous philanthropic organizations dedicated to education, youth development and the arts. He currently serves as a Trustee on the boards of Carnegie Hall, The Guggenheim Museum, American Ballet Theatre, Jazz at Lincoln Center, The Studio Museum in Harlem, The Pennsylvania Academy for The Fine Arts, Guild Hall, Management Leadership for Tomorrow (MLT), and The Boys' Club of New York, and as a member of the executive committee of several of these.

Mr. Carlotti received his bachelor's degree from Yale University and an MBA from Harvard Business School.

About Sotheby's

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 10 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 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 the collection advisory services of its subsidiary, Art Agency, Partners. Sotheby's presents private sale opportunities in more than 70 categories, including S|2, the gallery arm of Sotheby's Global Fine Art Division, and two retail businesses, Sotheby's Diamonds and Sotheby's Wine. Sotheby's has a global network of 80 offices in 40 countries and is the oldest company listed on the New York Stock Exchange (BID).