Manhattan Market Report | Q1 2016

34 East 74th Street | $24,000,000 | WEB: 00110712

New York City Market Update First Quarter 2016 MANHATTAN BROKERAGES East Side | 38 East 61st Street | t: 212.606.7660 Downtown | 149 Fifth Avenue, 4th Floor | t: 212.431.2440 West Side | 2244 Broadway | t: 212.579.9300

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MANHATTAN MARKET | OVERVIEW CONDOS & CO-OPS OVERVIEW The 1st Quarter of 2016 was much like the 4th Quarter of 2015 - market price measures were pushed to record high levels because of a heavy influence by closings at new construction condos. While the average and median prices have reached record high levels, there is a sense on the ground, that the market momentum upward may be stalling in some market segments. However, with overall inventory remaining at historic lows, the general market is poised to exhibit stability in the near term. With 2,775 closed sales in the 1st Quarter of 2016 (4% fewer than prior year), the overall average sale price was $2,112,000, a 16% increase over prior year. The overall median sale price also had a significant year-over-year increase of 21% to $1,175,000. In the analysis presented by three distinct price tiers – less than $3mil; $3mil to $10mil; and over $10 mil – the rising market price trend is evident in the lowest price bracket. For all properties sold under $3mil, the average sale price was up 10% and the median sale price was higher by 13% with 9% fewer closed sales in this price segment. Prices under $3mil accounted for approximately 81% of total market sales sampled this quarter. In the next price tier $3mil to $10mil – the average and median sale price figures were essentially unchanged at $4,900,000 and $4,300,000, respectively.

There were 22% more sales this quarter than last among units sold in this price tier, which accounted for approximately 16% of total sales. The top price tier segment of units sold over $10mil is where market price weakness remains evident given that this sector of the market has the highest months supply of inventory (see absorption section). With fewer record setting sale prices in the top 1% of the market, the average sale price for unit sold over $10mil fell 24% while the median sale price was lower by 9%.

UNDER $3M

MANHATTAN OVERVIEW

Q1 : 16

Number of Closed Sales

2,255

$3M TO $10M

Q1 : 15 % Change 2,466

Q1 : 16

-9%

453

OVER $10M

Q1 : 15 % Change 372

22%

Q1 : 16

Q1 : 15

67

47

TOTAL % Change Q1 : 16 43%

Q1 : 15

% Change

2,775

2,885

-4%

Average Days on Market

82

83

-1%

Listing Discount

5%

6%

-17%

Average Sales Price

$1,155,000

$1,051,000

10%

$4,919,000

$4,900,000

0%

$15,788,000

$20,660,000

-24%

$2,112,000 $1,816,000

16%

Median Sales Price

$945,000

$835,000

13%

$4,300,000 $4,350,000

-1%

$14,500,000

$15,900,000

-9%

$1,175,000

$970,000

21%

5464

5141

6%

4.9

5.0

-1%

Listing Inventory

Further detail on page 3

Months of Supply

The average sale price of all recorded Manhattan sales in the 1st Quarter of 2016 was $2,112,000 which is 5% higher than prior quarter and 16% greater than one year ago. The median sale price gained 21% from prior year and 2% from prior quarter. Both the average sale price and the median sale price are record high measures for Manhattan overall prices.

$2,500,000

AVERAGE and MEDIAN SALES PRICE

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

NUMBER OF CLOSED SALES and INVENTORY 6000

$0

Q2:14 Q3:14 Q4:14 Q1:15 Q2:15 Q3:15 Q4:15 Q1:16 Average Sales Price

5000 4000 3000 2000 1000 0

Q2:14

Q3:14

Q4:14

Q1:15

Q2:15

# of Closed Sales

Q3:15

Q4:15

Q1:16

Median Sales Price

Fewer units for sale at the lower end of price spectrum, coupled with falling demand at the higher price tiers, led to a decline in the number of closed sales. The 2,775 closed sales this quarter was just 4% lower than prior year but 18% lower than last quarter. Total inventory remains far below normalized supply levels of 8,0009,000+/- listings. The inventory measure has been well under 6,000 units for nearly 3 years.

Inventory

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MANHATTAN MARKET | ABSORPTION RATE CONDOS & CO-OPS

(based on 6 months of closed sales 09.01.2015 - 02.29.2016)

The overall Manhattan absorption rate stands at 4.9 months. However, properties valued $6mil continue to have much higher absorption rates. Inventory shortage persists in the lower price tiers with units under $1mil at 3.2 months supply and units under $2mil at 4.9 months supply. The top 3 price tiers have absorption rates signifying that buyers retain an advantage, particularly at the $20mil+ price segment where there is nearly a 2.5 year supply of inventory at the current pace of sales. Top market price tiers are where buyers have the most choice and the recent trend of price reductions and concessions at new developments is likely to continue. The historic range of equilibrium for the market area is 9+/- months. The absorption rate is calculated by taking the total number of currently active listings and dividing by the average number of closed sales over the 6 month period.

Less than $1M $1M - $2M Active Listing Inventory

$2M - $4M

$4M - $6M

$6M - $10M $10M - $20M

$20M+

TOTAL

1,645

1,373

1,175

544

374

228

126

5,465

Average Closed Sales / Month

512

283

189

61

41

16

4

1,106

Months of Supply per Price Category

3.2

4.9

6.2

8.9

9.1

14.3

31.5

4.9

NUMBER OF ACTIVE LISTINGS

ABSORPTION RATE

2%

35

4%

30

7% 30%

< $1mil $1mil - $2mil > $2mil - $4mil > $4mil - $6mil >$6mil - $10mil > $10mil < $20mil $20mil+

10%

22%

25 20 15 10 5 0 Less than $1M

25%

$1M - 2M $2M - $4M $4M - $6M Absorption

$6M $10M

$10M $20M

$20M+

Overall Absorption Rate

AVERAGE DAYS ON MARKET & LISTING DISCOUNT Q2 : 14

Q3 : 14

Q4 : 14

Q1 : 15

Q2 : 15

Q3 : 15

Q4 : 15

Q1 : 16

Average Days on Market

83

74

85

83

84

73

77

82

Listing Discount

3%

6%

7%

6%

4%

4%

6%

5%

86

8%

84

7%

82

6%

80 78

5%

76

4%

74

3%

72

2%

70

1%

68 66

0% Q2:14

Q3:14

Q4:14

Q1:15

Average Days on Market

Q2:15

Q3:15 Listing Discount

Q4:15

Q1:16

AVERAGE DAYS ON MARKET The total number of days a listing is on the active market before an offer is accepted. It is calculated by totaling the total days on market for every closed sale, and dividing the total days by the total number of closed sales.

LISTING DISCOUNT The percent change between the original asking (listing) price of a home, and the final sales price of the home. It is calculated by subtracting the sales price from the original listing price, and dividing the result by the original listing price.

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THE ULTRA LUXURY MARKET CO-OPS, CONDOS & TOWNHOUSES OVER $10M Over the 1st Quarter of 2016 there were 79 ultra-luxury sales, 25% more than prior quarter and nearly equal with prior year. The average sale price in this market sector was 6% less than prior quarter and 16% less than the prior year average of $22.138 mil. The highest posted sale price this quarter was $35.336 mil for a 9th floor unit at 101 Central Park West in the Upper West Side market area.

Q2 : 14

Q3 : 14

Q4 : 14

Q1 : 15

Q2 : 15

Q3 : 15

Q4 : 15

Q1 : 16

74

75

69

75

49

75

63

79

Average Sales Price

$16,931,000

$17,912,000

$23,927,000

$22,138,000

$19,367,000

$18,733,000

$19,600,000

$18,500,000

Highest Sales Price

$70,000,000

$71,300,000

$100,500,000

$91,500,000

$47,800,000

$37,940,000

$45,000,000

$35,336,000

Number of Closed Sales

NUMBER OF CLOSED SALES and AVERAGE SALES PRICE $30,000,000

90 80

$25,000,000

70

$20,000,000

60 50

$15,000,000

40

$10,000,000

30 20

$5,000,000

10

$0

0

Q2:14

Q3:14

Q4:14

Q1:15

Q2:15

# of Closed Sales

Q3:15

Q4:15

Q1:16

Average Sales Price

SOTHEBYâ&#x20AC;&#x2122;S INTERNATIONAL REALTY - MANHATTAN SIGNIFICANT SALES

101 Central Park West, Apt 9BC

293 Lafayette Street, PH II

481 Greenwich Street, PHB

Last Asking: $38,000,000

Last Asking: $35,100,000

Last Asking: $9,975,000

Randall Gianopulos | 212.606.7622

Nikki Field | 212.606.7669

Jeremy Stein | 212.431.2427

Serena Boardman | 212.606.7611

Mara Flash Blum | 212.431.2447

Robin Stein | 212.431.2446

*Due to client confidentiality the final sales price cannot be disclosed.

sothebyshomes.com/nyc

MANHATTAN MARKET | CO-OPS & CONDOS CO-OPS The initial quarter of 2016 saw co-op average sale price fall 7% to $1,321,000 while the co-op median price gained 9% to reach $800,000. The under $3mil price bracket had far fewer closings but charted gains of 6% in average sale price and 10% in median sale price. For co-op units in the price tier ranging from $3mil to $10mil, the average sale price measure posted a 4% drop while the median sale price was lower by 9% from prior year. Within the top tier coop price bracket, $10mil and higher, there were just 7 closed sales as opposed to 15 in prior year. This sector posted an average sale price of $15,609,000, far less than prior year period of $24,562,000. The median price of $14,000,000 was just 3% lower than prior year.

UNDER $3M

CO-OPS

Q1 : 16

$3M TO $10M

Q1 : 15 % Change

OVER $10M

TOTAL

Q1 : 16

Q1 : 15

% Change

Q1 : 16

Q1 : 15

% Change

Q1 : 16

Q1 : 15

% Change

1,385

1665

-17%

Number of Closed Sales

1,268

1,522

-17%

110

128

-14%

7

15

-53%

Average Sales Price

$942000

$891,000

6%

$4,778,000

$4,991,000

-4%

$15,609,000

$24,562000

-36%

Median Sales Price

$750,000 $680,000

10%

$4,000,000

$4,395,000

-9%

$14,000,000

$14,500,000

-3%

NUMBER OF CLOSED SALES

2500

$1,321,000 $1,416,000

-7%

$800,000

9%

$ 735,000

AVERAGE and MEDIAN SALES PRICE

$1,600,000 $1,400,000

2000

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

1500

$800,000

1000

$600,000 $400,000

500

$200,000 $0

0 Q2:14

Q3:14

Q4:14

Q1:15 Q2:15 Q3:15 # of Closed Sales

Q4:15

Q2:14

Q1:16

Q3:14 Q4:14 Q1:15 Average Sales Price

Q2:15 Q3:15 Q4:15 Median Sales Price

Q1:16

CONDOS Manhattan overall condo sales showed gains in all facets including total number of closings; average sale price; average price per SF; and median sale price. There were 14% more sales; a gain of 23% in average sale price; an increase of 12% in average price per SF; and lastly, a rise of 30% in the overall median condo price. Within the three distinct price tiers, there was strength in lower prices and falling value measures on the high end this quarter. The average sale price declined 16%; the median sale price decreased 10%; and the average price per SF fell 13% for units over $10mil.

UNDER $3M

CONDOS

Q1 : 16

Number of Closed Sales

987

Average Sales Price Average PPSF Median Sales Price

Q1 : 15 % Change Q1 : 16 944

$1,431,000 $1,300,000

$1,470

$3M TO $10M

$1,348

$1,275,000 $1,160,000

5% 10%

343

10%

$2,314

% Change

Q1 : 16

Q1 : 15

% Change

Q1 : 16

Q1 : 15

% Change

244

41%

60

32

88%

1,390

1,220

14%

4%

$15,809,000

$18,832,000

-16%

$2,910,000

$2,365,000

23%

3%

$4,009

$4,610

-13%

$1,795

$1,601

12%

6%

$14,250,000

$15,900,000

-10%

$1,795,000

$1,380,000

30%

$2,243

$4,325,000 $4,073,000

NUMBER OF CLOSED SALES

1800

TOTAL

Q1 : 15

$4,833,000 $4,640,000

9%

OVER $10M

$3,500,000

1600

AVERAGE and MEDIAN SALES PRICE

$3,000,000

1400

$2,500,000

1200 1000

$2,000,000

800

$1,500,000

600

$1,000,000

400

$500,000

200 0 Q2:14

Q3:14

Q4:14

Q1:15

Q2:15

# of Closed Sales

Q3:15

Q4:15

Q1:16

$0 Q2:14 Q3:14 Q4:14 Q1:15 Q2:15 Q3:15 Q4:15 Q1:16 Average Sales Price Median Sales Price

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NEIGHBORHOOD BREAKDOWN UPPER EAST SIDE north of 58th Street and south of 96th Street, Fifth Avenue to East End Avenue There were 385 coop sales which was an 18% drop from the same period in 2015. The average coop price of $1,717,000 was a 12% decline from the prior year while the median coop price posted a 12% gain to $950,000. The average and median condo prices had minor gains of 4% although there were far more closing with 261 units sold versus 146 units sold in the 2015 period.

CO-OPS

CONDOS

Q1 : 16

Q1 : 15

% Change

385

471

-18%

# Closed Sales

Average Sales Price

$1,717,000

$1,946,000

-12%

Median Sales Price

$950,000

$850,000

12%

# Closed Sales

Q1 : 16

Q1 : 15

% Change

261

146

79%

Average Sales Price

$2,663,000

$2,556,000

4%

Median Sales Price

$1,731,000

$1,660,000

4%

UPPER WEST SIDE north of 58th Street and south of 110th Street, Central Park West to Riverside Drive The total number of co-op sales on the Upper West Side was 282, a decrease of 16% from prior year. Coops in this market area posted an average sale price of $1,435,000, a 9% gain over prior year. Fewer closings of ultra-lux condos (priced over $10mil) caused a decline in the average condo sale price from $2,510,000 to $2,196,000. In the 1st Quarter 2016, the highest closed condo unit in this sector was $15.5mil whereas in the 1st Quarter of 2015, there was a high sale price of $35mil. Also, there were nearly twice the number of $10mil + sales in 2015. While these factors contributed to a decline in the average condo sale price, the median sale price was essentially stable at $1,500,000.

CO-OPS

Q1 : 16

Q1 : 15

% Change

282

334

-16%

Average Sales Price

$1,435,000

$1,313,000

9%

Median Sales Price

$875,000

$800,000

9%

# Closed Sales

CONDOS

Q1 : 16

Q1 : 15

% Change

162

167

-3%

Average Sales Price

$2,196,000

$2,510,000

-13%

Median Sales Price

$1,500,000

$1,538,000

-2%

# Closed Sales

MIDTOWN north of 34th Street and south of 57th Street The average coop sale price in this market area increased 8% to $999,000 while the median coop price posted a 4% gain to $650,000.

There were nearly equal amount of condo unit closings in 1st Quarter 2016 versus 1st Quarter 2015. With the start of closings at the ultra-luxury project 432 Park Avenue, the condo average sale price measure was 13% higher. The median measure also posted a substantial increase with a median sale price of $1,800,000, a 35% gain from prior year.

CO-OPS

CONDOS

Q1 : 16

Q1 : 15

% Change

227

272

-17%

# Closed Sales

Average Sales Price

$999,000

$923,000

8%

Median Sales Price

$650,000

$625,000

4%

# Closed Sales

Q1 : 16

Q1 : 15

% Change

336

345

-3%

Average Sales Price

$3,075,000

$2,729,000

13%

Median Sales Price

$1,800,000

$1,330,000

35%

UPTOWN north of 96th Street on the East Side and north of 110th Street on the West Side The average sale price of co-op sales was higher by 6%, reaching $526,000. The median co-op sale price posted a decline of 4% to $426,000. Market measures were much lower in the condo sector as there were far fewer, new construction units sold.

CO-OPS

Q1 : 16

Q1 : 15

% Change

119

156

-24%

Average Sales Price

$526,000

$498,000

6%

Median Sales Price

$426,000

$445,000

-4%

# Closed Sales

CONDOS

Q1 : 16

Q1 : 15

% Change

87

160

-46%

Average Sales Price

$701,000

$903,000

-22%

Median Sales Price

$570,000

$750,000

-24%

# Closed Sales

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NEIGHBORHOOD BREAKDOWN DOWNTOWN south of 34th Street through Tribeca The 352 co-op sales in the 1st Quarter of 2016 was a decline of 18% as compared to prior year. However, coop price measures were much higher with a 16% gain in the average sale price and a 10% gain in the median sale price. Because of closings at 150 Charles and The Greenwich Lane project, this was another period of large gains in Downtown condo price measures. There was a 38% increase in the average price of a condo and a 39% increase in the median condo sale price.

CO-OPS

CONDOS

Q1 : 16

Q1 : 15

% Change

352

427

-18%

# Closed Sales

Average Sales Price

$1,283,000

$1,102,000

16%

Median Sales Price

$845,000

$765,000

10%

# Closed Sales

Q1 : 16

Q1 : 15

% Change

447

307

46%

Average Sales Price

$3,979,000

$2,891,000

38%

Median Sales Price

$2,772,000

$2,000,000

39%

FINANCIAL DISTRICT | BATTERY PARK CITY There were 97 condo units closed in the 1st Quarter of 2016, a slight increase over prior year. This market area had significantly higher average and median condo prices as record high prices were reached in the market areaâ&#x20AC;&#x2122;s ultra-luxury product. The average sale price of $1,751,000 was a 40% increase while the median price posted a gain of 25% to reach $1,340,000.

CO-OPS

Q1 : 16

Q1 : 15

% Change

20

5

300%

Average Sales Price

$731,000

$823,000

-11%

Median Sales Price

$710,000

$790,000

-10%

# Closed Sales

CONDOS

Q1 : 16

Q1 : 15

% Change

97

95

2%

Average Sales Price

$1,751,000

$1,251,000

40%

Median Sales Price

$1,340,000

$1,075,000

25%

# Closed Sales

AVERAGE SALES PRICE

TOTAL NUMBER OF SALES 1400

1400 1400

1400

1200

1200 1200

1200

1000

1000 1000

1000

800

800800

800

600

600600

600

400

400400

400

200

200

200

0

Q3:13

0

1200

$2,500,000

1000

$2,000,000

800 $1,500,000

200

0

1400

$3,000,000

Q2:14

Q3:14

Q4:14

Q1:15

Q2:15

Q3:15

Q4:15

Q1:16

Q4:13Q3:13 Q1:14Q4:13 Q2:14Q1:14 Q3:14Q2:14 Q4:14Q3:14 Q1:15Q4:14 Q2:15Q1:15 Upper East Side

Upper East Side Upper East Side Midtown Midtown Downtown Midtown Downtown Downtown

Upper West Side

0

600 $1,000,000 $500,000 $0

Q2:15 Q3:13

400 200 0

Q2:14 Q3:14 Q4:14 Q1:15 Q2:15 Q3:15 Q4:15 Q1:16 Q4:13 Q3:13 Q1:14Q4:13 Q2:14Q1:14 Q3:14Q2:14 Q4:14Q3:14 Q1:15Q4:14 Q2:15Q1:15 Q2:15

Upper Upper EastEast SideSide Upper East Side Upper West SideUpper West Side Uptown Midtown Midtown Midtown Uptown Financial Uptown District / Battery Park City Downtown Downtown Financial DistrictFinancial / BatteryDistrict Park City / Battery Park City Downtown

Upper WestSide Side Upper West Upper West Side Uptown Uptown Uptown FinancialDistrict District BatteryDistrict Park City City Financial Financial / /Battery Park / Battery Park City

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MARKET COMPARISONS Comparing the first quarter of 2015 and the first quarter of 2016, all three markets posted gains in price per sq. ft. with San Francisco seeing the largest increase at 14.1%, New York City at 11.5%, and Los Angeles at 8.2%. Comparing this quarter and last quarter New York City increased by 5.1% and San Francisco also increased with a modest 1.7%. Los Angeles remained flat compared to last quarter.

AVERAGE PRICE PER SQ. FT. | CONDOS ONLY $2,000 $1,800 $1,600 $1,400 $1,200 $1,000 $800 $600 $400 $200 $0 Q2:14

Q3:14

Q4:14

Q1:15

New York City

Q2:15 San Francisco

Q3:15

Q4:15

Q1:16

Los Angeles

SOTHEBY’S INTERNATIONAL REALTY - ON THE MARKET, AROUND THE WORLD

PHUKET, THAILAND | $22,000,000

SYDNEY, AUSTRALIA | Price Upon Request

WEB: 5QP5B3

WEB: DKZTNR

ROME, ITALY | $4,380,546 WEB: YK87NF

Hunter Sotheby’s International Realty

Sydney Sotheby’s International Realty

Italy Sotheby’s International Realty

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FEATURED LISTINGS

1120 FIFTH AVENUE | $15,200,000

230 WEST 10TH STREET | $14,500,000

2 RIVER TERRACE | $12,000,000

5 BR / 4.5 BA | WEB: 00110700

Approx. 6,700 sq. ft. | WEB: 00110478

5 BR / 7.5 BA | WEB: 00110619

Lisa Maysonet | 212.606.7603

Martine D. Capdevielle | 212.400.8702

Craig George | 212.400.8754

Gary Kabol | 212.606.7606

Vannessa A. Kaufman | 212.606.7639

Nikki Field | 212.606.7669

820 PARK AVENUE | $9,500,000

250 WEST 82ND STREET | $3,500,000

232 EAST 6TH STREET, 3B | $2,650,000

4 BR / 4.5 BA | WEB: 00110665

4 BR / 2.5 BA | WEB: 0138340

3 BR / 2 BA | WEB: 0138456

Serena Boardman | 212.606.7611

Debra Pinto | 212.810.4975

Sandra Cohen | 212.810.4973 Alain Azaria | 212.431.2472

59 FOURTH AVENUE, APT 7A | $2,250,000

416 WASHINGTON STREET | $2,200,000

170 SECOND AVENUE, 8A | $1,600,000

2 BR / 2 BA | WEB: 0138336

1 BR / 1.5 BA | WEB: 0138466

2 BR / 1 BA | WEB: 0138391

Jeremy V. Stein | 212.431.2427

Torsten Krines | 212.431.2471

Janet Greenberg | 212.431.2466

Jennifer Lanza | 212.810.4960

Beverly Sonnenborn | 212.431.2453

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END NOTES A MESSAGE FROM OUR MANAGERS: With the end of daylight savings time, the days are getting longer and the spring market is gaining its stride and we anticipate an active spring market. With the continued excitement and desire to make New York City home, there is still a shortage of inventory in the studio and one-bedroom markets. The new construction properties being introduced to the market are anticipated to be larger-sized units with luxury price points above $4 million. We at Sotheby’s International Realty are excited to have been appointed the exclusive sales and marketing agency for The Woolworth Tower Residences, a collection of 33 condominium residences designed by Thierry W. Despont atop a celebrated New York landmark.

At Sotheby’s International Realty, we ensure that every property marketed is shown in its best light and prepared for an international debut. Let us put the power of the Sotheby’s International Realty brand to work for you. If you are considering selling your property, we look forward to assisting you.

EAST SIDE MANHATTAN Ellie Johnson Brokerage Manager t: 212.606.7660 38 East 61st Street New York, New York 10065

DOWNTOWN MANHATTAN Diane Levine Brokerage Manager t: 212.431.2440 149 Fifth Avenue, 4th Floor New York, New York 10010

WEST SIDE MANHATTAN Diane Levine Brokerage Manager t: 212.579.9300 2244 Broadway New York, New York 10024

35 EAST 76TH STREET, SUITE 2906 | $6,000,000 | WEB: 00110734 Roberta Golubock, 212.606.7704 © MMXVI Sotheby’s International Realty, Inc. All Rights Reserved. All information in this report is provided by Vanderbilt Appraisal Company and other third party reports. Since all final closed data for the current quarter had not been reported at the time this report was compiled, the available closed data was extrapolated in an attempt to approximate full results for the current quarter. Actual results may materially vary from the approximated results. This offering is subject to errors, omissions, changes including price or withdrawal without notice. 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. 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. 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. Equal housing opportunity.

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ON THE MARKET

left to right from top to bottom:

METROPOLITAN MARKETS NEW YORK, NY | Web: 0138268 | $5,650,000 SAN FRANCISCO, CA | Web: 0087780 | $5,395,000 HOUSTON, TX | Web: 1240556 | $5,250,000 RESORT MARKETS SONOMA, CA | Web: 0243927 | $5,275,000 AMAGANSETT, NY | Web: 1050627 | $5,250,000 MONTECITO, CA | Web: 0113951 | $5,950,000 FOREIGN MARKETS INDIA | Web: G6ZBKG | $5,684,793 SPAIN | Web: B858KK | $5,528,256 HONG KONG | Web: QGJQX9 | $5,671,492 sothebysrealty.com

AUCTION CALENDAR MAY 2016

© 2016 Calder Foundation, New York / Artists Rights Society (ARS), New York

Property Formerly in the Collection of Alfred H. Barr, Jr. Alexander Calder Untitled, circa 1942 Estimate $2,500,000-3,500,000

Orfèvrerie, Boîtes en Or et Objets de Vitrine

Impressionist & Modern Art Day Sale

Contemporary Art Day Auction

New York 10 May

New York 12 May

Contemporary Art Evening Auction

Important Chinese Art

New York 11 May

London 13 May

Finest and Rarest Wines

RM Sotheby’s: Monaco

London 11 May

Monte Carlo 14 May

Paris 3 May MALCOLM Part One: New York

New York 7 May Impressionist & Modern Art Evening Sale

New York 9 May

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