7 DECEMBER 2007 Sotheby s series of Old Master Paintings sales concluded yesterday having

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1 34-35 NEW BOND STREET LONDON W1A 2AA +44 (0) PRESS RELEASE Press Office Contacts: Matthew Weigman / Mitzi Mina / Helen Collier +44 (0) matthew.weigman@sothebys.com / mitzi.mina@sothebys.com / helen.collier@sothebys.com Sotheby s Maintains Lead in Worldwide Sales of Old Master Paintings* at auction for Seventh Successive Year December sales realise 38.7 million ($79.1 million) 9 lots sell for over 1 million 13 lots sell for over $1 million 15 new artist s records established Private collections exceed all expectations Worldwide total for Sotheby s sales of Old Master Paintings to date this year is at $291 million (more sales to come) 7 DECEMBER 2007 Sotheby s series of Old Master Paintings sales concluded yesterday having realised a combined total of 38,775,900 ($79,121,154) well over the top estimate for the series ( million). The total (an 82% increase over the same series last year 21.2 million) brings the figure for Sotheby s worldwide sales of Old Master Paintings at auction thus far this year to $291,486,062. Although there are further sales of Old Masters to come this year, the total to date already represents a 30% increase on last year s global figure of $209.9 million. It also brings the combined total for Sotheby s sales of Old Master Paintings and British Pictures before 1850 (including Turner watercolours sold in Old Master sales) to $353,492,508 - continuing the company s long-held leadership in the field of Old Master Paintings and British Pictures. Alex Bell, Co-Chairman of Sotheby s Old Master Paintings Worldwide, said: This week s fantastic results show the great strength that exists across the board in the market for Old Master SOTHEBY S: REGISTERED AT THE ABOVE ADDRESS NO

2 Paintings. There was depth of bidding from private collectors and dealers from Europe, the United States and even further afield. We were very pleased with the vigorous competition for quality works across a range of categories, and indeed for the best things the market is as robust as I have ever seen it. The Evening sale of Old Master Paintings on December 5 shattered all expectations, doubling its low estimate of 16.1 million and realising a total 32,802,400 ($67,399,091). Over 60% of the lots sold achieved prices in excess of their pre-sale estimates, with 9 lots selling for more than a 1 million, and 13 lots for more than $1 million. 12 new artist s records were established. Sotheby s achieved the highest price of the entire week with the sale of a pair of Venetian views by Canaletto (lot 75, evening sale). From the collection of Greek financier Dimitri Mavrommatis, the oils made 4,724,500 (est: million). The second highest price realised in London this week was also achieved at Sotheby s: a small-scale portrait by Frans Hals (lot 29) made 4,668,500 against a pre-sale estimate of 800,000-1,200,000. For much of the 20 th century, this dynamic rendering of one of Hals friends was in the collection of the Canadian railway magnate Sir William Horne; it is one of only 7 paintings by Hals to have been sold at auction in the last 20 years. Bamborough Castle, a previously lost watercolour by Joseph Mallord William Turner, sold to a private US collector for 2,932,500 ( million) placing it among the most important of Turner s works ever sold at auction. A newly reattributed work by one of the rarest of Holland s great still life painters, Jan Jansz. Den Uyl the Elder, made 1,812,500 (est: 1,000,000 1,500,000), establishing an new auction record for the artist. Recently discovered in an attic in Germany, a previously unrecorded work by Rembrandt s celebrated pupil Ferdinand Bol (lot 27 The Angel appearing to Elijah) soared above its 60,000-80,000 estimate, selling for 1,364,500 and establishing a new auction record for the artist.

3 This week s sales included two private collections both of which performed exceptionally well: 17 works from the collection of Greek financier Dimitri Mavrommatis made a combined total of 8,035,700 against a low estimate of 3,290,000; 31 works from the collection of the 18 th -century Swedish nobleman Gustaf Adolf Sparre ( ) made a combined total of 3,514,100 (SEK 45,964,982) against an estimate of 2,131,800-3,048, new artist s records were established at Sotheby s this week (see list at end) High percentage sold by value: the evening sale was 91.7 % sold by value High percentage of lots sold: 79% of the lots offered in the evening sale found buyers Over 63% of lots sold in the evening sale exceeded their high estimates. Private buyers: around two thirds of the buyers in the day sale were private buyers 58% of the buyers in the evening sale were private buyers New Buyers: 10% of the buyers in the day sale were first-time purchasers at Sotheby s. 8% of the buyers in the evening sale were first-time purchasers at Sotheby s Sale Totals: Low est High est Total $ Total Evening Sale 16,150,000 23,800,000 32,802,400 $67,399,091 Day Sale 5,467,800 7,815,200 5,973,500 $12,113,063 Total 21,617,800 31,615,200 38,775,900 $79,512,154** **For the purposes of comparison with other auction houses, who sell Old Master PaintingS and British Pictures together, Sotheby s figure for the combined category in London this season is $91.9 million, including Turner watercolours sold in sales of Old Masters. IMAGES AVAILABLE VIA *Estimates do not include buyer s premium Notes The dominant force in Old Master Paintings*, Sotheby s has sold a higher total value of Old Master Paintings* in its salerooms worldwide than any other auction house every year since In the combined category of Old Master and British pictures pre 1850 Sotheby s is also market leader for 2007 and has led in this category for six of the last seven years. Sotheby s also holds the record for any Old Master Painting sold at auction anywhere: 49.5 million for Rubens Massacre of the Innocents, sold in London in (That price also represents the highest sum ever paid at any European auction for any work of art. * Old Master paintings as traditionally defined as paintings by Continental European artists dating from circa 1300 to 1800

4 15 Artist s Records Established this Week at Sotheby s Lot 1 Hendrick van Balen The preaching of St John the Baptist Estimate: 100, ,000 Sold for 156,500 Lot 10 Joost van Geel A couple playing cards in an interior observed by a second man Estimate: 50,000-70,000 Sold for 96,500 Lot 19 Hans van Wechlen Peasants merrymaking at a village kermesse Estimate: 100, ,000 Sold for 180,500 Lot 27 Ferdinand Bol The Angel appearing to Elijah Estimate: 60,000-80,000 Sold for 1,364,500 Lot 31 Cornelis De Man A Scholar in his study Estimate: 300, ,000 Sold for 692,500 Lot 39 Jan Jansz. Den Uyl The Elder A Still Life Estimate: 1,000,000-1,500,000 Sold for 1,812,500 Lot 43 Willem Schellinks A Hawking Party, An Extensive Landscape Beyond Estimate: 60,000-80,000 Sold for 378,900 Lot 49 Master of the Lille Adoration A Triptych Estimate: 100, ,000 Sold for 228,500

5 Lot 56 Daniele Crespi Saint Bartholomew Estimate: 40,000-60,000 Sold for 228,500 Lot 58 Simone Cantarini, called Il Pesarese The Madonna and Child Holding a Rosary Crucifix and a Rose ( Madonna della Rosa ) Estimate: 300, ,000 Sold for 356,500 Lot 64 Pierre Gobert Portrait of a Lady and a Gentleman Estimate: 40,000-60,000 Sold for 48,500 Lot 65 Jean-Marc Nattier Portrait of Marie-Geneviève Boudreym Represented as a Muse Estimate: 200, ,000 Sold for 558,100 Day Sale Lot 124 The Master with the Parrot The Virgin Reading in an Interior 15,000-20,000 Sold for 126,500 Lot 261 Giovanni Battista Salvi, called il Sassoferrato Madonna at Prayer Estimate: 50,000-70,000 Sold for 216,500 Lot 276 Francesco Trevisani The Madonna Sewing with the Christ Child Estimate: 30,000-40, ,500