OTHER NEWS - June 12, 1992

Sotheby’s Chairman to Sell Block of Stock: Sotheby’s Holdings Inc. announced that two top officials are selling 10 million shares of common stock with limited voting rights in the auction house--about 19% of the outstanding shares. A. Alfred Taubman, chairman of the world’s largest art auction firm, is selling 8 million shares. Two million are being sold by Vice Chairman Max Fisher and Martinique Hotel Inc. Sotheby’s stock eased 50 cents to $12.75 on the New York Stock Exchange after the sales were announced. Based on that price, the sales would raise $127.5 million. The company will not receive any proceeds from the sales. After the transactions, Taubman will hold about 14 million shares and retain control over the art auction house, with more than 50% of the company’s voting stock.