Sothebys : (English) Yuki Terase Appointed Sotheby's Head of Contemporary Art, Asia

Press Release Hong Kong

For Immediate Release

Hong Kong | Benedict Tsang | +852 2822 8146 |benedict.tsang@sothebys.com

New York | Dan Abernethy |dan.abernethy@sothebys.com| London | Matthew Floris | matthew.floris@sothebys.com

YUKI TERASE APPOINTED

HEAD OF CONTEMPORARY ART, ASIA

Hong Kong, 16 January 2018 Sotheby's is pleased to announce the appointment of Yuki Terase as Head of Contemporary Art, Asia, based in Hong Kong.

In her new role, Ms. Terase will lead Sotheby's auction and private sales of Chinese, Japanese, Korean, and Western Contemporary art in Asia. She will also continue to play an instrumental role in the company's business development efforts in Japan.

Kevin Ching, CEO of Sotheby's Asia, comments: "We welcome Yuki Terase to lead our Contemporary Art team in Asia, and look forward to working with her on further strengthening Sotheby's Contemporary Asian Art positioning in the region, as well as expanding our Western Contemporary art activity within Asia."

Amy Cappellazzo, Chairman of Sotheby's Fine Art Division, adds, "Yuki's depth of experience and relationships around the world make her a critical component of our Contemporary Art team and I'm thrilled to have her spearhead our efforts in such an important part of the global marketplace."

Yuki Terase remarks: "It is my honour to take up the role of Sotheby's Head of Contemporary Art, Asia. Witnessing the unprecedented change of the global Contemporary art market lately, I am more than ever delighted by the prospect of offering our clients the best and the most relevant collecting experience through Sotheby's global network and unparalleled expertise."

Since joining Sotheby's in 2011, Ms. Terase has been instrumental in introducing Japanese Contemporary art to Asia, cementing Sotheby's position as a category leader in the region. She has spearheaded a number of white-glove sales, including: Full Circle: Yoshihara Jiro Collection, Brushwork - From Asia to the World, Brushwork II - All the World's a Stage, and Yamaguchi Takeo - Composing Monochrome, as well as the S|2 exhibition SHASHIN! Japanese Photography Then/Now.

Her innovative curatorial approach to auction is best remembered for the phenomenal success of the dual sales with street fashion master NIGO®, as well as of #TTTOP in October 2016. Conceived by Ms. Terase and guest-curated by Asian pop icon and collector T.O.P, the sale achieved US$17.4 million, greatly exceeding its pre-sale estimate and generating strong interest from not only traditional and social media worldwide, but also from the emerging young collecting community.

Under the guidance of Ms. Terase, Sotheby's Japanese clients had a significant impact on the global auction market, best illustrated in the New York sale of Jean-Michel Basquiat's Untitled in May 2017, which sold to Japanese collector Yusaku Maezawa for a record-breaking price of US$110.5 million.

Prior to joining Sotheby's, Ms. Terase worked for Morgan Stanley as a member of its Mergers and Acquisition advisory team in Tokyo.

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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).