Sothebys (BID): Billionaire Daniel Loeb’s Third Point Bids On A Few Shares

This Amendment No. 7 to Schedule 13D (this Amendment No. 7) relates
to the common stock, par value $0.01 per share (the Common Stock), of Sothebys, a Delaware corporation (the Issuer or the Company) and amends the Schedule 13D filed on August 26,
2013, as amended by each of Amendment No. 1 filed on October 2, 2013, Amendment No. 2 filed on February 27, 2014, Amendment No. 3 filed on March 13, 2014, Amendment No. 4 filed on March 26, 2014, Amendment
No. 5 filed on May 6, 2014 and Amendment No. 6 thereto filed on February 29, 2016 (the Original Schedule 13D and, together with this Amendment No. 7, the Schedule 13D). Capitalized terms used and
not defined in this Amendment No. 7 have the meanings set forth in the Original Schedule 13D.

This Amendment No. 7 is being
filed to amend Item 5 as follows:

Items 5(a)-(c) of the Schedule 13D are amended
and restated to read as follows:

(a) As of the date hereof, the Third Point Reporting Persons beneficially own an aggregate of 6,662,074
shares of Common Stock held by the Funds (the Shares). The Shares represent 12.1% of the Issuers Common Stock outstanding. Percentages of the Common Stock outstanding reported in this Schedule 13D are calculated based upon
the 55,134,327 shares of Common Stock outstanding as of July 29, 2016, as reported in the Issuers Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2016, filed by the Issuer with the Securities and Exchange Commission on
August 8, 2016.

(b) Each of the Third Point Reporting Persons shares voting and dispositive power over the shares of Common Stock held
directly by the Funds and the shares of Common Stock issued to Mr. Loeb as described in paragraph (c) below.

(c) On August 15, 2016,
Mr. Loeb was granted 470 shares of Common Stock as quarterly director compensation. As a director of the Issuer, Mr. Loeb was entitled to receive $18,750 in compensation and elected to receive such consideration in the form of shares of Common
Stock. The shares of Common Stock were granted at a price equal to $39.89 per share, the closing price of the Issuers shares of Common Stock on the business day prior to the award. There have been no other transactions in the securities of the
Issuer effected in the last 60 days by the Third Point Reporting Persons, inclusive of any transactions effected through the filing of this Amendment No. 7.