DEN "Defaulted Loan" Experience Art Equity Loans have experienced strong performance OT DISTRIB 25.58.11 8. 58 ONFIDEN CONFIDENTIAL INFORMATION - DO 165.2 765 DISTRIBUTE See Slide 48 for the ' rd.com - 165.225 13.3% recovery case study I e@rwbaird.cor jeffe @rwbaird.com INFORMA Ife@rwbaird. ie ife Orwba Gros let "Defaulted ORMATION - DO Loans"() IDEN 3.1% DO 2.396 1. 1.4% IBU 0.0% AT 2.8% 1/796 1.7% DENTIAL INFOR 0.096 0.2%% 1.5% ON 0.0%% 6 0.0% 0.0%% 0.7%0.0 0.3%% 0.2%0.09% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022< 2023 Net "Defaulted Loans" (%) 0.0% 0.0% 0.096 0.0%% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.3% 0.0% _0.0% 0.0% Annual d.co Origination Volume (Smm) $160 $190 $388 $367 -$827 $719 $596 $385 $663 $703 $559 $827 $1,100 $1,349 fe@rwba For purposes of the historical information, an art equity loan is deemed a "Defaulted Loan" if the borrower failed to pay principal in full within 180 days of maturity; amount shown is the cumulative outstanding principal balance of defaulted loans AP (and, as applicable, net of recoveries), as a % of total volume For purposes of the historical information, an art equity loan is deemed a "Defaulted Loan" if the borrower failed to pay principal in full within 180 days of maturity AND was 30+ days delinquent on scheduled interest; amount shown is the AL MATION - DO cumulative outstanding principal balance of defaulted loans, as a % total voluine Notes As of December 31, 2023; For recent vintages, loans may have a limital performance history and accordingly SOTHEBY'S INC Sotheby's n wich charge-off information may be incomplete; Origination volume indudes art equity loansoriginated during sad CONFIDENTIAL AND PROPRIETARY 4 65 year and any subsequent draws made during such year (regardless of when such lawn was originated)ATION DENT Net "Defaulted Loan" Experience Near zero "net losses" since 2010, reflecting strong rec.R N . DEN 58. .58 12% 225 ON 65. ENTIAL INFORMAT jeffe @rwbaird.com - 165.225.58.115 10% aird.com - 16 d.com Ife @rwbaird.com - 165. CONFIDENTIAL INFORMATION - DO NOT Ner"Defaulted Loan" CO 2010 Vintage 2011 Vintags ENTIA INFORMATION - DO NOT DISTRIBUTE leifer 2012 Vintage of 2013 Vintage 6% 2014 Vintage 3014 Vintage 3016 Vintage 2017 Vintage 4018 Vintage DO NOT DISTRIBUTE 2019 Vintage 090% 58.115 BLO Vintage 58 5.58 2021 Vintage 2032 Vintage ON 65.22 165.2 2023 Vintage 0% 2 4 6 8 10 12 14 16 18 2022 24 26 28 30 32 34 36 38 40 42 44 46 48 50 52 54 56 58 60 62 ird.con rwbaird.coro -2010 0 - 2011 2012 2013 2014 wbaird -2017 2018 2015 2019 .2016 O -2020 . 2021 -2022 -2023 ife Note: The historical information shown for the referenced annual vintages (A) represents the (1) Art Equity Loans originated during such year and (2) sisequent draws made during such year under lotus (regardless of when such loan was originated) together as a static pool, and illustrates how such vintages have performed given equivalent months of manning; and rearived (are $ of total volume) (B) reflects the cumulative outstanding principal balance of loins on the day tack such loan became a "Defaulted Loan", net of recoveries recognized on the day such reavery amounts were The historical information shown is indaded for all vintages and months sine origination for which at least partial proformano historyexists. Not all loans of certain vintage lure DO performance history sersd number of months sina origination. Acordingly, performance bistory for web vintages an incomplete. For purpose of the historical information shown, an An Equity Loan is deemed a "Defaulted Jean" if the borrower has failed to pay principal in full within 180 days of maturity. The annual vintage shown had weighted average LTV ratios ranging from 15 96 te S 3% Y Sotheby's 225.50 65.225 SOTHEBY'S INC D CONFIDENTIAL AND PROPRIETARY.MATION ONFI Delinquency Experience 20%% ofstage delinquencyes quickly cured .co om fe@rwbai Art Equity Loan Delinquency Experience(1) IFIDENT Mar-18 DO NOT DIS AL INFORMATIC NFIDE Sep 18 Dec. 18 225.58 Strong delinquency experience for both art equity loan and consignor advances wicho Mar- 19 ybaird.com 16% Jun 19 12 65.225 Sep. 19 om Des.19 DO OT RIBU fe@rwbaird c Consignor Advance Delinquency Experience(2) Mar- 20 NTIAL INFORMATION Mat- 22 90+ Day Delinquencyes (Art Equity Loan) Sep 20 RMATION - DONOT DISTRIBUTE Do at-21 jeife @rwbaird.com\165.225. Jun 22 -21 .115 581 1 21 Sotheby's : baird.com - 165.22 Dec.21 IDENTAL INFORM le if Sep 2 -1804 Day Delinque Mar 22 225.58 IBUT 22 in full within 90 for 1 80, as applicable) days of maturity INFORMATION . DO NOT DIS niqueride (Ant Equity Loan) p 22 Sep 204 Day Delinquenter (Comignat Advance) Dec 22 DE ife@rwbaird.com 165.2 5.58 .58.115 23 Mae- 23 jefferwbaird.com - 165 (I) As of the applicable determination date, the aggregate outstanding principal of all Ant Equity Loans with respect to which either (1) an interest payment has not been remitted Dee-23 I'm full within 50 for 180, as applicable) days of itsscheduled payment or (2) the borrower bas failed to pay principal in full within 90 (or 180, as applicable) days of maturity ( As of the applicable determination date, the aggregate outstanding principal of all Configner Advances with resped to which the borrower bus failed to pay principal or interit 5.225 Jun.23 CONFIDENTIAL INFORMATION - DO 1 10+ Day Delinquenter (Consignor Advance) DO NO Step.23 Orwbaird.com Dee-23 162 CONFIDENTIAL AND PROPRIETARY. ON - DO SOTHEBY'S, INC 25EN Art Market Correlations N - DO Performance has little correlation to other asset classes ISTRIBUTE NFIDEN 225.58.115 FORMAT DM Eq EM Eq IG HY EM Cash HF PE RE Developed Equities Commod Art 20.64 0.25 "0.63 0,31 0.04 0.77 ( 0,79 0.52 d. co Emerging Market rd AD-01I 0.09 and Equities D 0.54 -0.02 0.56 0.53 037 Developed 0.44 0. 20 Investment Grade 0.25 "BENTIAL Fixed Income 0.11 0.31 0.45 0.08 ONFI 0.12 High Yield Fixed -0.26 0.08 Income 0.63 0.54 0.45 0.41 -0.05 DO Emerging Fixed 0.65 STRIBI D.51 0.29 0.11 0.07 Income 0.31 1.52 0.11 0.41 -0,09 0.39 0.34 029 Cash 0.50 0.01 225 0.04 -0.02 0 0.31 -0.05 -0.09 Hedge Funds 6 0.46 0.03 2 -0,01 0.00 0.77 0. 12 0.56 0.45 C0.65 0.35 $0.46 -0 0.73 0.46 Private Equity 520.12 0.11 0.79 d co 0.58 0.08 CO 0.51 0.34 0.03 0.730 0.73 Real Estate 0.04 0.52 0,07 0.37 fee C 0.12 0.25 0.29 -0.01 4 0.46 0.73 Commodities AT 0.01 0.21 0.11 AM 0.44 -0.26 0.50 0.00 0.12 D.04 0.01 Art INFO 0. 19 0.09 0.20 -0.08 -0.07 0.01 0.12 0.11 0.07 0.21 0.19 DIS 58.1 Sotheby's MA Source Citi Private Bank Global Auct Allocation Team, as of January 1, 2022 represents data from 1962 to 2020 22 65 SOTHEBYS, INC. CONFIDENTIAL AND PROPRIETARY 50