9

KEY

TAKE

AWAYS

• Close to a quarter of lots sold are resales.

• Early and Large Maos drive the market, with peak revenues when they were sold

(2006, 2011, 2012, 2014, 2015, and 2017).

• In 2007, following a record Early Mao sale the previous year, 11 lots were sold - well

above the average of 3 sales per year for the period.

Auction Sales (YoY)

Above Within Below

51.7%3.4%44.8%

Price

Volume RHS

Average sales price

Total Sales

Revenue at Auction

$331 M

72

Lots offered

16

Repeat sales

59

Lots sold

15.8%

Average

CAGR

81.9%

Sell-through

rate

53.2 %

Average price

to mid-estimate

ratio

$5.6M

Average

price

51.7 %

Lots sold

above

mid-estimate

AU C T I O N M A R K E T (2 0 0 4-2 0 2 3)

General

Overview

Lots Performance Compared to Pre-Sale Estimates