EXHIBIT 1

AGREEMENT

JOINT FILING OF SCHEDULE 13D

The undersigned hereby agree to jointly prepare and file with regulatory authorities this Schedule 13D and any future amendments thereto reporting each of the undersigned’s ownership of securities of Sotheby’s, and hereby affirm that such Schedule 13D is being filed on behalf of each of the undersigned pursuant to and in accordance with the provisions of Rule 13d-1(k) under the Securities Exchange Act of 1934. The undersigned acknowledge that each shall be responsible for the timely filing of such amendments, and for the completeness and accuracy of the information concerning him or it contained therein, but shall not be responsible for the completeness and accuracy of the information concerning the other, except to the extent that he or it knows or has reason to believe that such information is inaccurate.

Date: April 23, 2014	MARCATO CAPITAL MANAGEMENT LP
	By:	Marcato Holdings LLC
	By:	/s/ Richard T. McGuire III
		Richard T. McGuire III
		Authorized Person
Date: April 23, 2014	RICHARD T. MCGUIRE III
	By:	/s/ Richard T. McGuire III
Date: April 23, 2014	MARCATO, L.P.
	By:	MCM General Partner LLC, its General Partner
	By:	/s/ Richard T. McGuire III
		Richard T. McGuire III
		Authorized Person
Date: April 23, 2014	MARCATO II, L.P.
	By:	MCM General Partner LLC, its General Partner
	By:	/s/ Richard T. McGuire III
		Richard T. McGuire III
		Authorized Person
Date: April 23, 2014	MARCATO INTERNATIONAL MASTER FUND, LTD.
	By:	/s/ Richard T. McGuire III
		Richard T. McGuire III
		Director