TRENDING | MARKET UPDATE Q1 2015

San Francisco, CA | web: 0087269 Photography by Aaron Leitz

San Francisco Market Update First Quarter 2015 SAN FRANCISCO BROKERAGE 117 Greenwich Street San Francisco, CA 94111 t. 415.901.1700

sothebyshomes.com

All data within this document is pulled from the San Francisco MLS.

A MESSAGE FROM OUR MANAGER: Jeffrey G. Gibson In the first quarter of 2015, San Francisco’s real estate market echoed the same familiar themes of 2014, according to our analysis of data from the San Francisco Multiple Listing Service. In 2014, a low and diminishing inventory set the tone for the entire market. This trend continued into the first quarter of 2015, as the inventory shortage made an impact on the number of closed sales for both single-family homes and condominiums. Total sales for single-family home sales decreased 14.4 percent in Q1 2015, with 466 units closed in Q1 2014 down to 399 units closed in Q1 2015. Condominiums saw a similar drop in total sales, from 668 units sold in Q1 2014 to 562 units sold in Q1 2015, a 15.9 percent drop year-over-year.

Jeffrey G. Gibson SAN FRANCISCO BROKERAGE 117 Greenwich Street San Francisco, CA 94111 t. 415.901.1700

In the first quarter of 2015, San Francisco’s real estate market echoed the same familiar themes of 2014, according to our analysis of data from the San Francisco Multiple Listing Service. In 2014, a low and diminishing inventory set the tone for the entire market. This trend continued into the first quarter of 2015, as the inventory shortage made an impact on the number of closed sales for both single-family homes and condominiums. Total sales for single-family home sales decreased 14.4 percent in Q1 2015, with 466 units closed in Q1 2014 down to 399 units closed in Q1 2015. Condominiums saw a similar drop in total sales, from 668 units sold in Q1 2014 to 562 units sold in Q1 2015, a 15.9 percent drop year-over-year. sothebyshomes.com/sanfrancisco

Q1 TOTAL CLOSED SALES (SINGLE FAMILY HOMES) 2011

2012

2013

2014

2015

500

535

497

466

399

DISTRICT 1

33

45

39

36

33

DISTRICT 4

52

55

64

63

50

DISTRICT 5

66

72

72

70

60

DISTRICT 6

5

10

6

13

4

DISTRICTS 7 AND 8

25

28

23

23

21

DISTRICT 9

43

46

54

39

57

SAN FRANCISCO (TOTAL)

600

500

400

300

200

100

0

2011

2012

2013

2014

2015

Source: SFARMLS - January 1-March 31 each year.

Q1 TOTAL CLOSED SALES (CONDOS) 2011

2012

2013

2014

2015

SAN FRANCISCO (TOTAL)

577

608

633

668

562

DISTRICT 1

26

42

37

22

20

400

DISTRICT 4

12

14

12

11

9

300

DISTRICT 5

91

84

93

111

94

200

DISTRICT 6

46

56

65

69

63

DISTRICTS 7 AND 8

160

197

179

188

138

DISTRICT 9

189

174

211

238

212

700

600

500

100

0

2011

2012

2013

2014

2015

Source: SFARMLS - January 1-March 31 each year.

Sotheby’s International Realty and the Sotheby’s International Realty logo are registered (or unregistered) service marks used with permission. Operated by Sotheby’s International Realty, Inc. If your property is listed with a real estate broker, please disregard. It is not our intention to solicit the offerings of other real estate brokers. We are happy to work with them and cooperate fully. Real estate agents affiliated with Sotheby’s International Realty, Inc. are independent contractor sales associates and are not employees of Sotheby’s International Realty, Inc.

FEATURED PROPERTIES

MARINA Web ID: 0087212 | $4,995,000 Fabulous renovated masterpiece featuring 5 bedrooms, 3.5 baths and spectacular views.

2622ChestnutSt.com Rick Kaluza | 415.265.7565

RUSSIAN HILL Web ID: 0087237 | $3,150,000 Magnificent unobstructed views from updated 2-bedroom, 2-bath condo in full-service building.

TheSummitSF.com Betty Brachman | 415.296.2215

TELEGRAPH HILL Web ID: 0087183 | $2,825,000 Designer contemporary finishes on 3 levels with decks. Unobstructed Bay views. 2 bedrooms with landscaped garden.

Joseph Lucier | 415.296.2218

DISTRICT 1

SINGLE FAMILY HOME SALES ABOUT DISTRICT 1 Also known as the Richmond District, District 1 is nestled on the Northwest corner of San Francisco. Home to many distinct neighborhoods, including Jordan Park, Lake, Laurel Heights, Outer Richmond, Central Richmond, Inner Richmond, and Sea Cliff, the district borders both the Golden Gate Park and the Pacific Ocean. In District 1, residents and visitors alike can enjoy some fun in the park, or sit back and gaze upon the vast ocean.

AVERAGE SALES PRICE

AVERAGE DAYS ON MARKET

160 $4,000,000

140

$3,500,000

120

$3,000,000 $2,500,000

100

$2,000,000

80

$1,500,000

60

$1,000,000

40

$500,000

20

$2011

2012 San Francisco

2013

2014

0

2015

2011

District 1

2012

2013

San Francisco

2014

2015

District 1

2011

2012

2013

2014

2015

% Change (2015 v 2014)

AVERAGE LIST PRICE

$1,149,651

$1,055,790

$1,519,283

$1,454,374

$1,790,391

23.1%

AVERAGE SOLD PRICE

$1,132,584

$1,069,875

$1,587,079

$1,567,467

$1,937,520

23.6%

AVERAGE DAYS ON MARKET

76

57

36

39

19

-51.9%

TOTAL SINGLE FAMILY HOMES SOLD

33

45

39

36

33

-8.3%

SINGLE FAMILY HOMES | Q1

SERVING SAN FRANCISCO, MARIN, THE PENINSULA AND EAST BAY sothebyshomes.com/sanfrancisco

4

DISTRICT 1

CONDOMINIUM SALES Q1 MARKET OVERVIEW

In District 1, the number of single-family homes closed fell to 33 units in Q1 2015, the lowest total seen since Q1 2011.

This shortage of available single-family homes cultivated fierce competition throughout the district. When compared to rest of the city, a single-family home in District 1 saw the average sales price climb just shy of $2 million ($1.94 million) in Q1 2015, a 23.6 percent growth from $1.57 million averaged in Q1 2014. Due to the heightened competition, properties remained on the market in half the time when compared to last quarter. A single-family home stayed on the market an average of 19 days in Q1 2015, less than three weeks, compared to an average of 39 days in Q1 2014.

Condominiums in the district followed the similar trends when comparing Q1 2014 to Q1 2015. In Q1 2015, total sales reached new lows with 20 condominiums sold at an average sales price of $1.14 million, a 6.9 percent increase from Q1 2014.

AVERAGE SALES PRICE

AVERAGE DAYS ON MARKET

$1,400,000

90 80

$1,200,000

70 $1,000,000

60 $800,000

50 40

$600,000

30

$400,000

20 $200,000

$-

10

2011

2012

San Francisco

2013

2014

0

2015

2011

District 1

2012

2013

San Francisco

2014

2015

District 1

2011

2012

2013

2014

2015

% Change (2015 v 2014)

AVERAGE LIST PRICE

$645,840

$657,498

$731,889

$994,727

$1,055,850

6.1%

AVERAGE SOLD PRICE

$644,144

$658,214

$766,459

$1,068,448

$1,141,975

6.9%

AVERAGE DAYS ON MARKET

75

76

55

46

38

-15.6%

TOTAL CONDOS SOLD

26

42

37

22

20

-9.1%

CONDOMINIUMS | Q1

5

DISTRICT 4

SINGLE FAMILY HOME SALES ABOUT DISTRICT 4 District 4, also referred to as West of Twin Peaks is located in a heavily wooded and picturesque area of San Francisco. District 4 encompasses 16 neighborhoods: Balboa Terrace, Diamond Heights, Forest Hill, Forest Hill Extension, Forest Knolls, Ingleside Terrace, Midtown Terrace, Miraloma Park, Monterey Heights, Mount Davidson Manor, Sherwood Forest, St. Francis Wood, Sunnyside, West Portal, Westwood Highlands and Westwood Park.

AVERAGE SALES PRICE

AVERAGE DAYS ON MARKET

$1,800,000

80

$1,600,000

70

$1,400,000

60

$1,200,000

50

$1,000,000

40

$800,000

30

$600,000 $400,000

20

$200,000

10

$-

2011

2012

San Francisco

2013

2014

0

2015

2011

District 4

2012

2013

San Francisco

2014

2015

District 4

2011

2012

2013

2014

2015

% Change (2015 v 2014)

AVERAGE LIST PRICE

$889,055

$871,634

$1,080,119

$1,163,193

$1,299,948

11.8%

AVERAGE SOLD PRICE

$892,997

$863,793

$1,159,538

$1,288,624

$1,420,388

10.2%

AVERAGE DAYS ON MARKET

68

65

36

32

35

10.3%

TOTAL SINGLE FAMILY HOMES SOLD

52

55

64

63

50

-20.6%

SINGLE FAMILY HOMES | Q1

SERVING SAN FRANCISCO, MARIN, THE PENINSULA AND EAST BAY sothebyshomes.com/sanfrancisco

6

DISTRICT 4

CONDOMINIUM SALES Q1 MARKET OVERVIEW

District 4 was one of the few areas in the city that saw a decrease in average sales price for condominiums. The average sales price for condominiums fell 2.7 percent, from $636,455 in Q1 2014 to $619,000 in Q1 2015—the first decrease seen in the first quarter in several years. However, the average sales price for single-family homes continued to climb, but stayed below the city’s overall price, averaging $1.42 million in Q1 2015, a 10.2 percent increase from Q1 2014. The lack of inventory in the district affected the total number of sales for both single-family homes and condominiums.

Sales of single-family homes decreased 20.6 percent in Q1 2015, falling to 50 total units closed in Q1 2015 compared to 63 units closed in Q1 2014. The total number of condominiums sold also dropped, falling to 9 units closed in Q1 2015 compared to Q1 2014.

AVERAGE SALES PRICE

AVERAGE DAYS ON MARKET

$1,400,000

120

$1,200,000

100

$1,000,000

80

$800,000 60

$600,000 40

$400,000 20

$200,000

$-

0

2011

2012

San Francisco

2013

2014

2015

2011

District 4

2012

2013

2014

San Francisco

2015

District 4

2011

2012

2013

2014

2015

% Change (2015 v 2014)

AVERAGE LIST PRICE

$385,862

$419,236

$485,490

$593,636

$557,211

-6.1%

AVERAGE SOLD PRICE

$376,587

$408,539

$509,606

$636,455

$619,000

-2.7%

AVERAGE DAYS ON MARKET

75

104

69

22

24

8.1%

TOTAL CONDOS SOLD

12

14

12

11

9

-18.2%

CONDOMINIUMS | Q1

7

DISTRICT 5

SINGLE FAMILY HOME SALES ABOUT DISTRICT 5 District 5, commonly known as the Central District, is in the geographic center of San Francisco. The sunny region, with its charm and vitality, is popular with both tourists and residents. The district is home to the neighborhoods of Ashbury Heights, Buena Vista Park, Clarendon Heights, Corona Heights, Cole Valley, Castro, Dolores Heights, Duboce Triangle, Glen Park, Haight Ashbury, Noe Valley, Twin Peaks and Mission Dolores.

AVERAGE SALES PRICE

AVERAGE DAYS ON MARKET

$2,500,000

80 70

$2,000,000

60 50

$1,500,000

40

$1,000,000

30 20

$500,000

10

$-

2011

2012

2013

2014

0

2015

2011

2012

2013

2014

2015

San Francisco

District 5

SINGLE FAMILY HOMES | Q1

2011

2012

2013

2014

2015

% Change (2015 v 2014)

AVERAGE LIST PRICE

$1,481,464

$1,560,067

$1,735,429

$2,057,756

$2,136,633

3.8%

AVERAGE SOLD PRICE

$1,445,359

$1,572,205

$1,807,085

$2,261,461

$2,366,872

4.7%

AVERAGE DAYS ON MARKET

66

64

39

27

22

-15.9%

TOTAL SINGLE FAMILY HOMES SOLD

66

72

72

70

60

-14.3%

San Francisco

SERVING SAN FRANCISCO, MARIN, THE PENINSULA AND EAST BAY sothebyshomes.com/sanfrancisco

District 5

8

DISTRICT 5

CONDOMINIUM SALES Q1 MARKET OVERVIEW

After floating around 70 or more total sales in the first quarter of the past few years, the total number of single-family homes sold fell to 60 units in the District 5. Buyers and sellers in the district continued to close their deals at a much faster rate, with the average days on market falling to 22 days in Q1 2015, below the citywide average. The average sales price also grew to $2.37 million in Q1 2015, a 4.7 percent increase when compared to Q1 2014. In Q1 2015, a total of 94 condominiums were sold on the market in District 5. This was a 15.3 percent drop from the 111 units sold in Q1 2014, and balancing to a similar total of 93 units closed in Q1 2013. The average sales price for a condominium rose to $1.18 million, a 7.6 percent growth from Q1 2014.

AVERAGE SALES PRICE

AVERAGE DAYS ON MARKET

$1,400,000

90 80

$1,200,000

70 $1,000,000

60

$800,000

50 40

$600,000

30 $400,000

20 10

$200,000

$-

0 2011

2012

San Francisco

2013

2014

2015

2011

District 5

2012

2013

2014

San Francisco

2015

District 5

2011

2012

2013

2014

2015

% Change (2015 v 2014)

AVERAGE LIST PRICE

$773,448

$865,389

$836,464

$1,000,168

$1,039,424

3.9%

AVERAGE SOLD PRICE

$768,453

$878,260

$900,531

$1,098,284

$1,181,368

7.6%

AVERAGE DAYS ON MARKET

78

64

48

27

30

10.2%

TOTAL CONDOS SOLD

91

84

93

111

94

-15.3%

CONDOMINIUMS | Q1

9

DISTRICT 6

SINGLE FAMILY HOME SALES ABOUT DISTRICT 6 District 6, also referred to as the Central North, is a vibrant area with easy access to public transportation, trendy boutiques, excellent restaurants and gorgeous City views. The neighborhoods that encompass District 6 include Alamo Square, Hayes Valley, Western Addition, Lower Pacific Heights, Anza Vista and North Panhandle (NoPa). Homes vary from stunning mansions and Victorian houses to quaint single family homes and chic condominiums.

AVERAGE SALES PRICE

AVERAGE DAYS ON MARKET

$3,000,000

80 70

$2,500,000

60 $2,000,000 50 $1,500,000

40 30

$1,000,000

20 $500,000

$-

10 0 2011

2012

San Francisco

2013

2014

2015

2011

District 6

2012

2013

San Francisco

2014

2015

District 6

2011

2012

2013

2014

2015

% Change (2015 v 2014)

AVERAGE LIST PRICE

$1,423,990

$1,175,400

$2,423,667

$1,980,846

$1,501,750

-24.2%

AVERAGE SOLD PRICE

$1,471,590

$1,163,000

$2,390,833

$2,054,202

$1,501,750

-26.9%

AVERAGE DAYS ON MARKET

32

62

54

47

11

-77.2%

TOTAL SINGLE FAMILY HOMES SOLD

5

10

6

13

4

-69.2%

SINGLE FAMILY HOMES | Q1

SERVING SAN FRANCISCO, MARIN, THE PENINSULA AND EAST BAY sothebyshomes.com/sanfrancisco

10

DISTRICT 6

CONDOMINIUM SALES Q1 MARKET OVERVIEW

A diminished inventory reflected in moderate single-family home sales in District 6. Four single-family homes closed on the market in the district, the lowest total seen since Q1 2011. However, when comparing the total sold over the last few years, that number has erratically shifted from high to low totals in the first quarter. Condominiums fared much better in the district as the average sales price rose 19.7 percent from Q1 2014 to Q1 2015, finally reaching the million dollar mark ($1.03 million) in Q1 2015. Buyers in District 6 quickly closed deals on condominiums in Q1 2015, as the average days on market fell to 30 days, a 38.9 percent drop from the 50 day average set in Q1 2014. There were 63 condominiums sold on the market in Q1 2015, 8.3 percent drop from the 69 units sold in Q1 2014.

AVERAGE SALES PRICE

AVERAGE DAYS ON MARKET

$1,400,000

100 90

$1,200,000

80 $1,000,000

70 60

$800,000

50 $600,000

40 30

$400,000

20 10

$200,000

0 $-

2011

2012

San Francisco

2013

2014

2011

2012

2013

2014

2015

2015

District 6

San Francisco

District 6

2011

2012

2013

2014

2015

% Change (2015 v 2014)

AVERAGE LIST PRICE

$629,539

$669,533

$704,877

$788,635

$925,821

17.4%

AVERAGE SOLD PRICE

$621,228

$667,729

$735,851

$858,002

$1,027,052

19.7%

AVERAGE DAYS ON MARKET

95

80

43

50

30

-38.9%

TOTAL CONDOS SOLD

46

56

65

69

63

-8.7%

CONDOMINIUMS | Q1

11

DISTRICTS 7 and 8

SINGLE FAMILY HOME SALES ABOUT DISTRICTS 7 and 8 Districts 7 and 8 host some of the most impressive homes in the city. District 7 includes Cow Hollow, the Marina, Pacific Heights and Presidio Heights neighborhoods. The Golden Gate Bridge and the San Francisco Bay are to the north and downtown is to the east, making it ideal for both work and recreation. District 8 includes the business and financial center of San Francisco and serves as a popular tourist destination. Residential neighborhoods include North Beach, Russian Hill, Nob Hill, Telegraph Hill and North Waterfront.

AVERAGE SALES PRICE

AVERAGE DAYS ON MARKET

$6,000,000

90 80

$5,000,000

70

$4,000,000

60 50

$3,000,000

40

$2,000,000

30 20

$1,000,000

10

$-

2011

2012

San Francisco

2013

2014

0

2015

2011

Districts 7 & 8

2012

2013

San Francisco

2014

2015

Districts 7 & 8

2011

2012

2013

2014

2015

% Change (2015 v 2014)

AVERAGE LIST PRICE

$3,407,880

$3,939,830

$4,041,261

$4,392,130

$4,712,286

7.3%

AVERAGE SOLD PRICE

$3,249,780

$3,753,589

$3,923,000

$4,349,217

$4,963,167

14.1%

AVERAGE DAYS ON MARKET

84

63

59

18

19

7.6%

TOTAL SINGLE FAMILY HOMES SOLD

25

28

23

23

21

-8.7%

SINGLE FAMILY HOMES | Q1

SERVING SAN FRANCISCO, MARIN, THE PENINSULA AND EAST BAY sothebyshomes.com/sanfrancisco

12

DISTRICTS 7 and 8

CONDOMINIUM SALES Q1 MARKET OVERVIEW

In the first quarter of 2013 and 2014, the total number of single-family homes sold in Districts 7 and 8 remained steady at 23 units sold. A continued shortage of inventory in both districts in Q1 2015 resulted in the number to fall to 21 units sold. This fuelled buyers and sellers to drive prices higher for the homes that did enter the market. Single-family homes sold in both districts had averaged some of the highest sale prices in the city in Q1 2015, moving up just shy of $5 million ($4.93 million). Inventory also played a big part in condominium sales both districts. After a climbing to 188 condominiums sold in Q1 2014, the number of units closed in Q1 2015 fell 26.6 percent with 138 units sold. This strong demand helped the average sales price to grow 24.2 percent, from $1.27 million in Q1 2014 to $1.56 million in Q1 2015,

AVERAGE SALES PRICE

AVERAGE DAYS ON MARKET

$1,800,000

100

$1,600,000

90 80

$1,400,000

70

$1,200,000

60

$1,000,000

50

$800,000

40

$600,000

30

$400,000

20 10

$200,000 $-

0

2011

2012

San Francisco

2013

2014

2015

2011

Districts 7 & 8

2012

2013

San Francisco

2014

2015

Districts 7 & 8

2011

2012

2013

2014

2015

% Change (2015 v 2014)

AVERAGE LIST PRICE

$905,495

$868,097

$1,059,758

$1,224,432

$1,471,214

20.2%

AVERAGE SOLD PRICE

$869,126

$860,665

$1,075,525

$1,256,789

$1,561,352

24.2%

AVERAGE DAYS ON MARKET

92

87

52

43

34

-21.7%

TOTAL CONDOS SOLD

160

197

179

188

138

-26.6%

CONDOMINIUMS | Q1

13

DISTRICT 9

SINGLE FAMILY HOME SALES ABOUT DISTRICT 9 District 9, the central-eastern portion of San Francisco includes the neighborhoods Bernal Heights, the Central Waterfront/Dogpatch, Inner Mission, Mission Bay, Potrero Hill, South Beach and South of Market (SoMa). The area includes some of the oldest homes in San Francisco, having escaped the 1906 earthquake and fire destruction.

District 9’s real estate includes cottages, bungalows and single-family homes in Bernal Heights and Potrero Hill, and warehouse-converted lofts and condominiums in SoMa, South Beach and Yerba Buena.

AVERAGE SALES PRICE

AVERAGE DAYS ON MARKET

$1,800,000

80

$1,600,000

70

$1,400,000 60

$1,200,000 50

$1,000,000

40

$800,000

30

$600,000 $400,000

20

$200,000

10

$-

2011

2012

San Francisco

2013

2014

0

2015

2011

District 9

2012

2013

San Francisco

2014

2015

District 9

2011

2012

2013

2014

2015

% Change (2015 v 2014)

AVERAGE LIST PRICE

$794,036

$716,002

$839,914

$1,069,872

$1,311,024

22.5%

AVERAGE SOLD PRICE

$794,904

$729,541

$921,231

$1,221,510

$1,490,329

22.0%

AVERAGE DAYS ON MARKET

68

61

42

35

25

-29.2%

TOTAL SINGLE FAMILY HOMES SOLD

43

46

54

39

57

46.2%

SINGLE FAMILY HOMES | Q1

SERVING SAN FRANCISCO, MARIN, THE PENINSULA AND EAST BAY sothebyshomes.com/sanfrancisco

14

DISTRICT 9

CONDOMINIUM SALES Q1 MARKET OVERVIEW

Bucking trends seen in the rest of the city, District 9 saw the total number of single-family homes grow 46.2 percent from 39 units sold in Q1 2014 to 57 units sold in Q1 2015. Even with a spike in total sales, the average sales price for a single-family home increased 22 percent in Q1 2015 to $1.49 million compared to Q1 2014. Strong demand kept a single-family home on the market an average of 25 days in Q1 2015, a 29.2 percent drop from the 35 day average in Q1 2014. While there was growth in total sales for single-family homes, condominiums in District 9 were affected by the inventory shortage. Total sales of condominiums fell 10.9 percent, decreasing from 238 units sold in Q1 2014 to 212 units sold in Q1 2015. Like the rest of the city, the shrinking number of condominiums on the market helped the average sales price rise to $1.17 million in Q1 2015.

AVERAGE SALES PRICE

AVERAGE DAYS ON MARKET

$1,400,000

90 80

$1,200,000

70 $1,000,000

60

$800,000

50 40

$600,000

30 $400,000

20 10

$200,000

$-

0 2011

2012

San Francisco

2013

2014

2015

2011

District 9

2012

2013

2014

San Francisco

2015

District 9

2011

2012

2013

2014

2015

% Change (2015 v 2014)

AVERAGE LIST PRICE

$724,349

$669,966

$897,367

$960,653

$1,127,584

17.4%

AVERAGE SOLD PRICE

$697,434

$663,727

$912,895

$1,002,487

$1,170,147

16.7%

AVERAGE DAYS ON MARKET

83

82

43

33

36

10.3%

TOTAL CONDOS SOLD

189

174

211

238

212

-10.9%

CONDOMINIUMS | Q1

15

SIGNIFICANT SALES | Q1 2015

PACIFIC HEIGHTS| Web ID: 0087109 | $10,995,000 San Francisco Brokerage | Jon Taylor, Gloria Smith | 415.377.5410

PRESIDIO HEIGHTS| Web ID: 0087113 | $5,200,000 San Francisco Brokerage | Caroline Kahn Werboff | 415.296.2210

BUENA VISTA TERRACE | Web ID: 0087110 | $4,650,000 San Francisco Brokerage | Wendy Storch | 415.519.6091

NOE VALLEY | Web ID: 0087110 | $4,350,000 San Francisco Brokerage | C. Goodman, L. Miller | 415.710.0268

FINANCIAL DISTRICT | Web ID: 0087135 | $3,100,000 San Francisco Brokerage | Gregg Lynn | 415.901.1780

COW HOLLOW | Web ID: 0087101 | $1,925,000 San Francisco Brokerage | Robert Levy | 415.385.8011

Claes Oldenburg, Screwarch Bridge (State III); Aquatint, etching and monoprint in colors, 1981; Estimate $30,000-50,000

AUCTION CALENDAR MAY 2015 Prints & Multiples New York 01-02 May RM Sotheby’s: The Andrews Collection Fort Worth 02 May Impressionist & Modern Art Evening Sale New York 05 May Impressionist & Modern Art Day Sale New York 06 May Finest & Rarest Wines New York 08-09 May Magnificent Jewels & Noble Jewels Geneva 12 May Contemporary Art Evening Auction New York 12 May Important Watches Geneva 13 May Important Chinese Works of Art London 13 May Contemporary Art Day Auction New York 13 May

Sotheby’s | Stack’s Bowers Galleries The D. Brent Pogue Collection of Early United States Coins — Sale 1 New York 19 May Finest & Rarest Wines London 20 May American Art New York 20 May Design Paris 21 May Photographs London 23 May Latin American Art Modern & Contemporary New York 26-27 May Impressionist & Modern Art New York 27 May Music, Continental & Russian Books & Manuscripts London 28 May

We invite you to explore our real estate listings at www.sothebyshomes.com and view the worldwide auction schedule at sothebys.com Enquiries +1 212 606 7000. Sotheby’s 72 & York Register now at sothebys.com SOTHEBY’S, INC. LICENSE NO. 1216058. © SOTHEBY’S, INC. 2015

ON THE MARKET

left to right from top to bottom:

METROPOLITAN MARKETS NEW YORK, NY | Web: 0019622 | $5,900,000 SAN FRANCISCO, CA | Web: 0087215 | $4,995,000 HOUSTON, TX | Web: 1231794 | $5,800,000 RESORT MARKETS MALIBU, CA | Web: 1300058 | $4,000,000 PALM BEACH, FL | Web: 0076497 | $4,400,000 SANTA BARBARA, CA | Web: 0113858 | $6,295,000 FOREIGN MARKETS GERMANY | Web: J7RDRQ | $5,207,774 ISRAEL | Web: VT8DZ5 | $5,049,995 PEURTO RICO | Web: CE6F6K | $4,750,000 sothebysrealty.com