Kevin Ching Sotheby’s Hong Kong, Ltd. Dear Kevin:

Exhibit 10.4

20 December 2013                    

Xxxxx Xxxxx

Sotheby’s Hong Kong, Ltd.

Dear Xxxxx:

This letter agreement hereby extends the terms of your current employment agreement with Sotheby’s Hong Kong, Ltd. (the “Company”) dated as of 1 January 2010 (the “Agreement”) which would otherwise expire on 31 December 2013. The Agreement is extended through and including 31 December 2017.

Very truly yours,
SOTHEBY’S HONG KONG, LTD.
By:		/s/ Xxxxxx Xxxx
		Xxxxxx Xxxx

Read, accepted and agreed to this

20^th day of December, 2013

/s/ Xxxxx Xxxxx

Xxxxx Xxxxx