Wine Country Market Update | Q4 2015

Glen Ellen, CA | web ID: 0243977

Wine Country Market Update Fourth Quarter 2015 SONOMA & NAPA - WINE COUNTRY BROKERAGES 25 East Napa Street, Sonoma | t: 707.935.2288 722 Broadway Street, Sonoma | t: 707.939.2230 428 First Street East, Sonoma | t: 707.939.4460

sothebyshomes.com

All data within this document is pulled from the Bay Area Real Estate Information Services (BAREIS)

A MESSAGE FROM OUR MANAGER: Jonathan Soh

A MESSAGE FROM OUR MANAGER: Jonathan Soh

According to Bay Area Real Estate Information Services, Average Sales Price for single family homes was up in the Fourth Quarter of 2015 compared to Fourth Quarter of 2014 in most Wine Country markets. By comparison, the Number of Units sold was down in most Wine Country markets, reflecting low inventory yet strong demand. Of particular interest, is the increase in activity of single family homes priced over $1,000,000. Average Sales Price in the Sonoma Valley and the City of Napa experienced 21% and 27% increases (respectively) in this price category between Q4 2014 and Q4 2015. The Petaluma market experienced a 267% increase in the Number of Units sold over $1,000,000 from 3 units in Q4 2014 to 11 units in Q5 2015 and a 272% increase in Total Sales Volume from $3,760,000 in Q4 2014 to $13,978,293 in Q4 2015. The St. Helena market showed a strong comeback from the August 2014 earthquake with an increase of Average Sales Price of 78% from $1,053,544 in Q4 2014 to $1,873,341 in Q4 2015 and an increase of Total Sales Volume of 15% from $35,820,500 in Q4 2014 and $41,213,500 in Q4 2015.

SONOMA VALLEY MARKET SUMMARY (SFH) The Sonoma Valley market for single family homes remains strong. Average Sales Price increased by 23% from $853,651 in Q4 2014 to $1,046,735 in Q4 2015, however, a lack of inventory contributed to a decrease in the Number of Units sold by 22%, from 129 units in Q4 2014 to 101 units in Q4 2015. The most noticeable drop was in the $500K or less price range, where the Number of Units sold dropped 56% from 39 units in Q4 2014 to 17 units in Q4 2015. This obvious trend of fewer homes sold in the lower price range is a direct result of price appreciation in the Sonoma Valley. The Average Sales Price in Sonoma Valley has increased a total of 43% in the three years between Q4 2012 and Q4 2015.

Q4 2015 SONOMA VALLEY VOLUME 7%

< $500k

37%

56%

$500k - $1.0M $1.0M and up

NAPA MARKET SUMMARY (SFH) The market in the City of Napa had a very strong Fourth Quarter. Total Sales Volume for single family homes increased 29% from $129,953,384 in Q4 2014 to $167,341,366 in Q4 2015. Particularly noteworthy is the price range $1,000,000 and up, which experienced a 74% increase from $40,747,000 in Q4 2014 to $70,980,857 in Q4 2015. While the Number of Units sold overall remained static, the Number of Units sold in the $1,000,000 and up category increased 38% from 24 units in Q4 2014 to 33 units in Q4 2015. Similar to the Sonoma Valley, there is an obvious trend of increased Average Sales Price in the City of Napa, where there was a 29% increase from $694,938 in Q4 2014 to $899,685 in Q5 2015.

Q4 2015 NAPA VOLUME 10%

< $500k

42%

$500k - $1.0M $1.0M and up

48%

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.

SIGNIFICANT SALES Q4 2015

left to right from top to bottom:

SONOMA VALLEY GLEN ELLEN | $6,995,000 SONOMA | $2,800,000 KENWOOD | $2,695,000 NAPA VALLEY ST. HELENA | $11,995,000 YOUNTVILLE | $1,240,000 NAPA | $869,000 OTHER MARKETS SEBASTOPOL | $2,895,000 PETALUMA | $725,000 SANTA ROSA | $495,000 sothebyshomes.com

SONOMA VALLEY

SINGLE FAMILY HOME SALES Approximately 40 miles north of San Francisco, Sonoma real estate is perfectly situated to maximize residentsâ&#x20AC;&#x2122; quality of life. Although world-renowned as a wine mecca, Sonoma maintains the tight-knit feel of a small community, with a charming downtown. In 1846, the California Republic declared its independence from Mexico, with Sonoma named the capital of this shortlived sovereign state. Consequently, Sonoma is known as the birthplace of California, a town rich in history surrounded by breathtaking natural beauty.

Q4 AVERAGE SALES PRICE (SFH) PRICE RANGE

% CHANGE

2012

2013

2014

2015

UP TO $500,000

$333,631

$386,717

$404,244

$429,006

6%

$500K - $1M

$688,919

$676,885

$677,571

$712,407

5%

(2015 v 2014)

$1,200,000 $1,000,000

$1,000,000 AND UP

$1,935,850 $1,672,423 $1,688,907 $2,042,921

21%

$800,000 $600,000 $400,000 $200,000 $2012

TOTALS

$732,767

$752,012

$853,651

$1,046,735

23%

2013

Average List Price

2014

2015

Average Sales Price

Q4 CLOSED UNITS: # OF SIDES (SFH) PRICE RANGE

% CHANGE

2012

2013

2014

2015

UP TO $500,000

56

47

39

17

-56%

$500K - $1M

39

41

57

55

-4%

$1,000,000 AND UP

20

22

33

29

-12%

TOTALS

115

110

129

101

-22%

2012

2013

2014

2015

UP TO $500,000

$18,683,349

$18,175,700

$15,765,520

$7,293,100

-54%

$500K - $1M

$26,867,850

$27,752,280

$38,621,530

$39,182,410

1%

$1,000,000 AND UP

$38,717,000

$36,793,295

$55,733,945

$59,244,700

6%

TOTALS

$84,268,199

$82,721,275

$110,120,995

$105,720,210

-4%

(2015 v 2014)

140 120 100 80 60 40 20 2012

2013

2014

2015

Q4 CLOSED VOLUME (SFH) PRICE RANGE

% CHANGE (2015 v 2014)

$120,000,000 $100,000,000 $80,000,000 $60,000,000 $40,000,000 $20,000,000 $-

SERVING SONOMA AND NAPA | sothebyshomes.com/sonoma-real-estate

2012

2013

2014

2015

4

NAPA

SINGLE FAMILY HOME SALES

The City of Napa, at the southern end of Napa Valley, was incorporated in 1872, and reincorporated again in 1874 as the City of Napa. Napa became the primary business and economic center for the Napa Valley by the early 20th century. Napa is a world-class destination for wine country excursions with tasting bars and large wineries, including the Michael Mondavi Family Estate and the Domaine Carneros winery.

Q4 AVERAGE SALES PRICE (SFH) PRICE RANGE

% CHANGE

2012

2013

2014

2015

UP TO $500,000

$325,088

$380,195

$416,263

$421,343

1%

$500K - $1M

$632,963

$654,480

$658,939

$698,691

6%

$1,000,000 AND UP

$2,952,083

$1,752,781

$1,697,792

$2,150,935

27%

TOTALS

$619,448

$596,825

$694,938

$899,685

29%

(2015 v 2014)

$1,000,000 $900,000 $800,000 $700,000 $600,000 $500,000 $400,000 $300,000 $200,000 $100,000 $2012

2013

Average List Price

2014

2015

Average Sales Price

Q4 CLOSED UNITS: # OF SIDES (SFH) PRICE RANGE

% CHANGE

2012

2013

2014

2015

UP TO $500,000

177

108

75

38

-49%

$500K - $1M

58

85

88

115

31%

(2015 v 2014)

300 250 200 150 100

$1,000,000 AND UP

22

16

24

33

38%

TOTALS

257

209

187

186

-1%

2012

2013

2014

2015

UP TO $500,000

$57,540,554

$41,061,100

$31,219,713

$16,011,025

-49%

$500K - $1M

$36,711,863

$55,630,832

$57,986,671

$80,349,484

39%

$1,000,000 AND UP

$64,945,836

$28,044,500

$40,747,000

$70,980,857

74%

TOTALS

$159,198,253

50 2012

2013

2014

2015

Q4 CLOSED VOLUME (SFH) PRICE RANGE

% CHANGE (2015 v 2014)

$180,000,000 $160,000,000 $140,000,000 $120,000,000 $100,000,000 $80,000,000 $60,000,000

5

$40,000,000 $20,000,000

$124,736,432 $129,953,384

$167,341,366

29%

$2012

2013

2014

2015

ST. HELENA

SINGLE FAMILY HOME SALES Located north of Napa, Yountville and Oakville, St. Helena is referred to as the heart of Napa Valley. St. Helena has a population of just 5,000 people, spans approximately four square miles and is home to some of the best wineries, restaurants and shopping in Wine Country as well as some of the most exquisite estate properties in Wine Country.

Q4 AVERAGE SALES PRICE (SFH) PRICE RANGE

% CHANGE

2012

2013

2014

2015

UP TO $500,000

$420,000

$415,194

$443,333

$457,000

3%

$500K - $1M

$816,038

$714,000

$750,024

$772,400

3%

$1,000,000 AND UP

$2,111,643

$2,105,714

(2015 v 2014)

$2,500,000 $2,000,000 $1,500,000 $1,000,000 $500,000

$1,874,000 $3,002,955

60%

$2012

TOTALS

$1,414,190

$1,457,503

$1,053,544

$1,873,341

2013

Average List Price

78%

2014

2015

Average Sales Price

Q4 CLOSED UNITS: # OF SIDES (SFH) PRICE RANGE

% CHANGE

40

2012

2013

2014

2015

UP TO $500,000

2

3

3

1

-67%

30

$500K - $1M

13

8

21

10

-52%

20

$1,000,000 AND UP

14

14

10

11

10%

10

-35%

-

TOTALS

29

25

34

22

2012

2013

2014

2015

$840,000

$1,245,582

$1,330,000

$500K - $1M

$10,608,500

$5,712,000

$1,000,000 AND UP

$29,563,000

TOTALS

$41,011,500

(2015 v 2014)

35

25

15

5 2012

2013

2014

2015

Q4 CLOSED VOLUME (SFH) PRICE RANGE UP TO $500,000

% CHANGE (2015 v 2014)

$42,000,000

$457,000

-66%

$40,000,000

$15,750,500

$7,724,000

-51%

$29,480,000

$18,740,000

$33,032,500

76%

$36,437,582

$35,820,500

$41,213,500

15%

$41,000,000 $39,000,000 $38,000,000 $37,000,000 $36,000,000 $35,000,000 $34,000,000 $33,000,000

SERVING SONOMA AND NAPA | sothebyshomes.com/sonoma-real-estate

2012

2013

2014

2015

6

HEALDSBURG

SINGLE FAMILY HOME SALES

The quaint hamlet of Healdsburg, located at the gateway of Sonoma Countyâ&#x20AC;&#x2122;s diverse wine growing region, is just 75 miles north of San Francisco. Healdsburg is a vibrant community with world-wide recognition as a popular destination for visitors looking to experience the American Tuscany. It is a welcome retreat, catering to its visitors and residents with first class hotels, spas, restaurants and boutiques. Many Victorian and Craftsman style homes reflect the towns rich 150 year old heritage.

Q4 AVERAGE SALES PRICE (SFH) PRICE RANGE

% CHANGE

2012

2013

2014

2015

UP TO $500,000

$356,161

$392,107

$389,985

$453,409

16%

$500K - $1M

$668,889

$743,370

$674,975

$735,449

9%

$1,000,000 AND UP

$2,162,273

$1,638,818

$1,854,786

$1,672,740

-10%

(2015 v 2014)

$1,000,000 $900,000 $800,000 $700,000 $600,000 $500,000 $400,000 $300,000 $200,000 $100,000 $2012

TOTALS

$781,100

$866,676

$874,710

$856,035

2013

Average List Price

-2%

2014

2015

Average Sales Price

Q4 CLOSED UNITS: # OF SIDES (SFH) PRICE RANGE

2012

2013

2014

2015

UP TO $500,000

31

14

14

$500K - $1M

18

15

$1,000,000 AND UP

11

TOTALS

60

% CHANGE

70

(2015 v 2014)

60

11

-21%

50

20

31

55%

11

11

10

-9%

40

45

52

16%

2012

2013

2014

2015

UP TO $500,000

$11,041,000

$5,489,500

$5,459,783

$4,987,500

-9%

$500K - $1M

$12,040,000

$11,150,556

$13,499,500

$22,798,925

69%

$1,000,000 AND UP

$23,785,000

$18,027,000

$20,402,645

$16,727,400

-18%

TOTALS

$46,866,000

40 30 20 10 2012

2013

2014

2015

Q4 CLOSED VOLUME (SFH) PRICE RANGE

% CHANGE (2015 v 2014)

$50,000,000 $45,000,000 $40,000,000 $35,000,000 $30,000,000 $25,000,000 $20,000,000 $15,000,000

7

$10,000,000 $5,000,000

$34,667,056

$39,361,928

$44,513,825

13%

$2012

2013

2014

2015

SANTA ROSA

SINGLE FAMILY HOME SALES With over 150,000 residents, Santa Rosa is the largest city in Sonoma County and serves as the areaâ&#x20AC;&#x2122;s cultural and economic hub. The vibrant downtown is home to some of the best shopping, restaurants, nightclubs and shows in the County. With a thriving arts and performing arts scene, Santa Rosa is also home to the Museum of Contemporary Art, the Sonoma County Museum, the Santa Rosa Symphony, and the Luther Burbank Home and Gardens. Santa Rosa real estate enjoys a relatively cosmopolitan environment, with many of the quaint smaller towns of Sonoma County just a sort ride away.

Q4 AVERAGE SALES PRICE (SFH) PRICE RANGE

% CHANGE

2012

2013

2014

2015

UP TO $500,000

$314,356

$367,120

$391,531

$413,912

6%

$500K - $1M

$670,829

$651,424

$659,725

$642,559

-3%

$1,000,000 AND UP

$1,367,375

$1,754,721 $1,493,340

$1,361,311

-9%

TOTALS

$395,264

$503,380

$552,613

-1%

(2015 v 2014)

$600,000 $500,000 $400,000 $300,000 $200,000 $100,000 $2012

$556,856

2013

Average List Price

2014

2015

Average Sales Price

Q4 CLOSED UNITS: # OF SIDES (SFH) PRICE RANGE UP TO $500,000

% CHANGE

2012

2013

2014

2015

372

294

254

245

-4%

81

110

126

180

43%

(2015 v 2014)

470 460 450 440 430

$500K - $1M

420 410

$1,000,000 AND UP

8

19

31

22

-29%

400 390

TOTALS

461

423

411

447

9%

2012

2013

2014

2015

$116,940,370

$107,933,328

$99,448,861

$101,408,405

2%

$500K - $1M

$54,337,161

$71,656,590

$83,125,408

$115,660,563

39%

$1,000,000 AND UP

$10,939,000

$33,339,700

$46,293,550

$29,948,844

-35%

TOTALS

$182,216,531

$212,929,618

$228,867,819

$247,017,812

8%

380 2012

2013

2014

2015

Q4 CLOSED VOLUME (SFH) PRICE RANGE UP TO $500,000

% CHANGE (2015 v 2014)

$300,000,000 $250,000,000 $200,000,000 $150,000,000 $100,000,000 $50,000,000 $-

SERVING SONOMA AND NAPA | sothebyshomes.com/sonoma-real-estate

2012

2013

2014

2015

8

SEBASTOPOL

SINGLE FAMILY HOME SALES

Located ten miles from Bodega Bay, Sebastopol real estate sits on the western edge of the Santa Rosa plain. Sebastopol has a rich history as an apple growing region, and although apples have all but been completely supplanted by wine grapes, the town still celebrates its roots with the annual Apple Blossom Festival and Gravenstein Apple Fair. While exuding quaint small town charm, Sebastopol is also recognized as being one of the most politically progressive towns in Northern California.

Q4 AVERAGE SALES PRICE (SFH) PRICE RANGE

% CHANGE

2012

2013

2014

2015

UP TO $500,000

$363,538

$339,518

$378,111

$334,944

-11%

$500K - $1M

$682,243

$685,243

$666,470

$702,511

5%

$1,000,000 AND UP

$1,552,960 $1,200,000

$1,707,833

$1,507,699

-12%

(2015 v 2014)

$1,000,000 $900,000 $800,000 $700,000 $600,000 $500,000 $400,000 $300,000 $200,000 $100,000 $2012

TOTALS

$581,103

$607,728

$860,876

$775,448

-10%

2013

Average List Price

2014

2015

Average Sales Price

Q4 CLOSED UNITS: # OF SIDES (SFH) PRICE RANGE

% CHANGE

2012

2013

2014

2015

UP TO $500,000

40

18

9

9

0%

$500K - $1M

38

47

43

36

-16%

(2015 v 2014)

90 80 70 60 50 40 30

$1,000,000 AND UP

5

2

15

9

-40%

83

67

67

54

-19%

2012

2013

2014

2015

UP TO $500,000

$14,541,500

$6,111,318

$3,403,000

$3,014,500

-11%

$500K - $1M

$25,925,250

$32,206,440

$28,658,206

$25,290,411

-12%

$7,764,800

$2,400,000

$25,617,500

$13,569,287

-47%

$48,231,550

$40,717,758

$57,678,706

$41,874,198

-27%

20 10

TOTALS

2012

2013

2014

2015

Q4 CLOSED VOLUME (SFH) PRICE RANGE

% CHANGE (2015 v 2014)

$70,000,000 $60,000,000 $50,000,000 $40,000,000 $30,000,000 $20,000,000

$1,000,000 AND UP TOTALS

9

$10,000,000 $2012

2013

2014

2015

ROHNERT PARK and COTATI

SINGLE FAMILY HOME SALES

As one of the first planned cities in America, Rohnert Park is thoughtfully designed to maximize the comfort and happiness of its citizens. Neighborhoods cater to families, with large Rohnert Park homes along tree-lined streets and each individual community built around a park and elementary school. Rohnert Park is also home to the beautiful campus of Sonoma State University.

Q4 AVERAGE SALES PRICE (SFH) PRICE RANGE

% CHANGE

2012

2013

2014

2015

UP TO $500,000

$329,609

$392,755

$417,879

$439,087

5%

$500K - $1M

$625,000

$602,900

$572,500

$580,131

1%

-

-

-

$1,175,000

-

$332,928

$426,112

$458,863

$512,676

12%

(2015 v 2014)

$600,000 $500,000 $400,000 $300,000 $200,000 $100,000

$1,000,000 AND UP

$2012

TOTALS

2013

Average List Price

2014

2015

Average Sales Price

Q4 CLOSED UNITS: # OF SIDES (SFH) PRICE RANGE UP TO $500,000

2012

2013

2014

2015

88

53

61

51

% CHANGE

100

(2015 v 2014)

90

-16%

70

80 60

$500K - $1M

1

10

22

36

64%

$1,000,000 AND UP

-

-

-

2

-

89

63

83

89

7%

2012

2013

2014

2015

$29,005,558

$20,816,033

$25,490,600

$22,393,425

-12%

$625,000

$6,029,000

$12,595,000

$20,884,729

66%

-

-

-

$2,350,000

-

$45,628,154

20%

50 40 30 20 10

TOTALS

2012

2013

2014

2015

Q4 CLOSED VOLUME (SFH) PRICE RANGE UP TO $500,000

% CHANGE (2015 v 2014)

$50,000,000 $45,000,000 $40,000,000 $35,000,000 $30,000,000

$500K - $1M

$25,000,000 $20,000,000 $15,000,000

$1,000,000 AND UP

$10,000,000 $5,000,000 $-

TOTALS

$29,630,558 $26,845,033 $38,085,600

SERVING SONOMA AND NAPA | sothebyshomes.com/sonoma-real-estate

2012

2013

2014

2015

10

PETALUMA

SINGLE FAMILY HOME SALES

The town of Petaluma offers a little slice of California history to all who come to sample its Victorian delights. Petaluma offers many colorful family events that provide opportunities to escape the everyday hustle and bustle of life.

The Great Petaluma Mill, which stands guard over the west bank, is one of the oldest structures in town.

Q4 AVERAGE SALES PRICE (SFH) PRICE RANGE

% CHANGE

2012

2013

2014

2015

UP TO $500,000

$376,114

$407,815

$436,630

$424,442

-3%

$500K - $1M

$633,298

$635,007

$664,659

$645,702

-3%

$1,000,000 AND UP

$1,341,682

$1,235,667

$1,253,333

$1,270,754

1%

(2015 v 2014)

$700,000 $600,000 $500,000 $400,000 $300,000 $200,000 $100,000 $2012

TOTALS

$505,162

$552,174

$589,502

$653,665

2013

Average List Price

11%

2014

2015

Average Sales Price

Q4 CLOSED UNITS: # OF SIDES (SFH) PRICE RANGE

% CHANGE

2012

2013

2014

2015

UP TO $500,000

114

68

44

26

-41%

$500K - $1M

43

69

63

104

65%

(2015 v 2014)

180 160 140 120 100 80 60

11

6

3

11

267%

40

168

143

110

141

28%

-

2012

2013

2014

2015

UP TO $500,000

$42,876,940

$27,731,400

$19,211,700

$11,035,500

-43%

$500K - $1M

$27,231,801

$43,815,484

$41,873,523

$67,153,015

60%

$1,000,000 AND UP

$14,758,500

$7,414,000

$3,760,000

$13,978,293

272%

$84,867,241

$78,960,884

$64,845,223

$92,166,808

42%

$1,000,000 AND UP TOTALS

20 2012

2013

2014

2015

Q4 CLOSED VOLUME (SFH) PRICE RANGE

% CHANGE (2015 v 2014)

$100,000,000 $90,000,000 $80,000,000 $70,000,000 $60,000,000 $50,000,000 $40,000,000 $30,000,000 $20,000,000 $10,000,000 $-

TOTALS

11

2012

2013

2014

2015

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ON THE MARKET

left to right from top to bottom:

SONOMA VALLEY SONOMA | Web: 0243927 | $5,275,000 KENWOOD | Web: 0243787 | $3,750,000 GLEN ELLEN | Web: 1190318 | $1,295,000 NAPA VALLEY ST. HELENA | Web: 0243948 | $7,400,000 CALISTOGA | Web: 0087549 | $4,995,000 NAPA | Web: 1190310 | $1,135,000 OTHER MARKETS CLEARLAKE OAKS | Web: 1190320 | $13,200,000 HEALDSBURG | Web: 0087614 | $5,950,000 THE SEA RANCH | Web: 1190322 | $1,375,000 sothebysrealty.com

AN EXQUISITE DIAMOND DESERVES AN EXCLUSIVE SETTING.

Collection available for purchase at Sotheby’s Diamonds salons and exclusive exhibitions worldwide.

New York +1 212 894 1400 | London +44 20 7293 6430 | Hong Kong +852 2822 8113 | sothebysdiamonds.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: 00110344 | $3,300,000 HOUSTON, TX | Web: 1240638 | $3,595,000 LOS ANGELES, CA | Web: 0355516 | $3,295,000 RESORT MARKETS MALIBU, CA | Web: 1300085 | $3,650,000 SAG HARBOR, NY | Web: 0046914 | $3,650,000 SANTA BARBARA, CA | Web: 0593005 | $3,750,000 FOREIGN MARKETS GERMANY | Web: YYRWLR | $3,584,619 ITALY | Web: EJTHMF | $3,475,994 ISRAEL | Web: FZMR3K | $3,857,132 sothebysrealty.com

AUCTION CALENDAR FEB | MAR | APR | MAY 2016

Paul Gauguin | Nature morte aux mangos et à la fleur d’hibiscus Estimate £2-3m

RM Sotheby’s: Paris Paris 03 Feb

Watches London 08 Mar

Impressionist & Modern Art Evening Sale London 03 Feb

Important Ceramics by Pablo Picasso London 05 Ap

Contemporary Art Evening Auction London 10 Feb

20th Century Art / Middle East London 18 Apr

Finest & Rarest Wines New York 27 Feb

Orfèvrerie, Boîtes en Or et Objets de Vitrine Paris 04 May

We invite you to explore our real estate listings at 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