Item 5.02. Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers

On June 30, 2008, Sotheby’s (or, the “Company”) appointed Bruno Vinciguerra as its Chief Operating Officer. In addition to being responsible for the Company’s global business development initiatives, Mr. Vinciguerra will now also oversee the Company’s worldwide auction business. Prior to his appointment as Chief Operating Officer, Mr. Vinciguerra served as the Company’s Director of Global Business Development and Director of New Initiatives, and has been employed by the Company since January 2007. As part of his hiring in January 2007, Mr. Vinciguerra entered into a severance agreement (the “Severance Agreement”), the terms of which remain effective through December 31, 2008. This Severance Agreement was filed as Exhibit 10.1 to the Company’s First Quarter Form 10-Q for 2007.

Prior to joining Sotheby’s, Mr. Vinciguerra previously served as the General Manager of Dell Western Europe from 2003 to 2006 and as the General Manager of Dell Southern Europe from 2000 to 2003. From 1998 to 2000, he was Senior Vice President, Strategic Planning of The Walt Disney Company. From 1994 to 1997, he was a vice president and partner of Bain and Co., where he had been employed since 1986.