AMENDMENT NO. 1 TO AMENDED AND RESTATED AUCTION GUARANTY SIDE LETTER

This AMENDMENT NO. 1 TO AMENDED AND RESTATED AUCTION GUARANTY SIDE LETTER (this “Amendment”), dated as of September 16, 2015, by and among Sotheby’s, a Delaware corporation (“Parent”), Sotheby’s, Inc., a New York corporation (“Sotheby’s, Inc.”), Sotheby’s Financial Services, Inc., a Nevada corporation (“SFS Inc.”), Sotheby’s Financial Services California, Inc., a Nevada corporation (“SFS California”), Oberon, Inc., a Delaware corporation (“Oberon”), Sotheby’s Ventures, LLC, a New York limited liability company (“Ventures”), Sotheby’s Financial Services Limited, a company registered in England (“SFS Ltd.”), Oatshare Limited, a company registered in England (“Oatshare”), Sotheby’s, a company registered in England (“Sotheby’s U.K.”), and Sotheby’s Hong Kong Limited, a company incorporated in Hong Kong (“Sotheby’s H.K.” and, collectively with Sotheby’s Inc., SFS Inc., SFS California, Oberon, Ventures, Sotheby’s U.K. and SFS Ltd., the “SFS Borrowers”; the SFS Borrowers, collectively with the Parent and Oatshare, the “Auction Borrowers” and the Auction Borrowers together with the SFS Borrowers, the “Borrowers”), the other Credit Parties signatory hereto, General Electric Capital Corporation, as Administrative Agent under the SFS Credit Agreement and as Administrative Agent under the Auction Credit Agreement (collectively referred to herein as the “Administrative Agents”), and the Lenders signatory hereto, amends that certain Amended and Restated Auction Guaranty Side Letter, dated as of August 22, 2014 (as amended, restated, supplemented or otherwise modified from time to time prior to the date hereof, the “Side Letter”), by and among the Borrowers, the other Credit Parties signatory thereto and the Administrative Agents. Capitalized terms used herein and not otherwise defined herein shall have the meanings ascribed to such terms in the Side Letter or under the Credit Agreements (as defined in the Side Letter), as applicable.

WHEREAS, the Borrowers and the other Credit Parties have requested that the Lenders and the Administrative Agents agree to certain amendments to the Side Letter; and

WHEREAS, the Borrowers and the other Credit Parties, the Requisite Lenders party hereto and the Administrative Agents have so agreed on the terms and conditions set forth herein;

NOW, THEREFORE, in consideration of the continued performance by the Borrowers and each other Credit Party of their respective promises and obligations under the Side Letter, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Borrowers, the other Credit Parties signatory hereto, the Requisite Lenders party hereto and the Administrative Agents hereby agree as follows:

1.Amendment to Auction Guaranty Side Letter. Subject to the satisfaction of the conditions precedent set forth in Paragraph 2 of this Amendment, the Side Letter is hereby amended to restate the second paragraph thereof in its entirety to read as follows:

“In consideration of the Collateral Agent, the Administrative Agents and the Lenders entering into the Loan Documents, and the Lenders agreeing to make Loans and incur Letter of Credit Obligations as provided for in the Loan Documents, the Credit Parties hereby agree that, from and after the date hereof until the “Termination Date” has occurred under both Credit Agreements, the “Aggregate Guaranteed Amount” (as defined below) shall not at any time exceed, (x) solely for the period commencing on September [__], 2015 and ending on (and including) February 29, 2016, the Dollar Equivalent of $800,000,000 and (y) for all other times, the Dollar Equivalent of $600,000,000.”

2.Effectiveness of this Amendment; Conditions Precedent. The provisions of this Amendment shall be deemed to have become effective as of the date of this Amendment (the “Effective Date”), but such effectiveness shall be expressly conditioned upon the Administrative Agents’ receipt of a counterpart of this Amendment executed and delivered by duly authorized officers of each Borrower, each other Credit Party, the Requisite Lenders and the Administrative Agents.

(a)Headings. The various headings of this Amendment are inserted for convenience of reference only and shall not affect the meaning or interpretation of this Amendment or any provisions hereof.

(b)Counterparts. This Amendment may be executed by the parties hereto in several counterparts, each of which shall be deemed to be an original and all of which together shall be deemed to be one and the same instrument. Delivery of an executed counterpart of a signature page to this Amendment by facsimile or other electronic transmission shall be effective as delivery of a manually executed counterpart thereof.

(c)Interpretation. No provision of this Amendment shall be construed against or interpreted to the disadvantage of any party hereto by any court or other governmental or judicial authority by reason of such party’s having or being deemed to have structured, drafted or dictated such provision.

(d)Governing Law. THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS MADE AND PERFORMED IN THAT STATE.

(e)Effect. Upon the effectiveness of this Amendment, each reference in the Side Letter to “this letter agreement,” “hereunder,” “hereof” or words of like import shall mean and be a reference to the Side Letter, as amended hereby, and each reference in the other Loan Documents to the “Auction Guaranty Side Letter,” “thereunder,” “thereof,” or words of like import shall mean and be a reference to the Side Letter, as amended hereby. Except as expressly provided in this Amendment, all of the terms, conditions and provisions of the Side Letter and the other Loan Documents shall remain the same. This Amendment shall constitute a Loan Document for purposes of the Credit Agreements.

(f)No Novation or Waiver. Except as specifically set forth in this Amendment, the execution, delivery and effectiveness of this Amendment shall not (a) limit, impair, constitute a waiver by, or otherwise affect any right, power or remedy of, any Agent or any Lender under either Credit Agreement or any other Loan Document, (b) constitute a waiver of any provision in either Credit Agreement or in any of the other Loan Documents or of any Default or Event of Default that may have occurred and be continuing or (c) alter, modify, amend or in any way affect any of the terms, conditions, obligations, covenants or agreements contained in either Credit Agreement or in any of the other Loan Documents, all of which are ratified and affirmed in all respects and shall continue in full force and effect.

IN WITNESS WHEREOF, the parties hereto have executed this Amendment as of the day and year first above written.