Such statements
are only predictions and involve risks and uncertainties , resulting in the
possibility that the actual events or performances will differ materially from
such predictions.

emile hrle

- Strong First Quarter Auction Sales Across All Sales Categories

- First Quarter Auction and Related Revenues increase 23%
to $72. In total, the Impressionist sales achieved
$118.3 million, the highest
total ever for a Ceramics sale in Hong Kong.
Our summer sale of Old Masters Paintings in London on July 6th includes
some of the finest offerings of Old Masters Paintings to come to auction in
years. See Appendix B.

All Sotheby's Press Releases and SEC filings are available on our web site
at http://www.16) ($0.

guggenheim 1916

3 million, increase from the prior period,
principally due to the significant increase in auction sales.9) million*, or ($0. Mainland Chinese buyers were exceptionally
strong participants in the sale, continuing a trend in the Chinese paintings
world for the last few years., son
of Former IBM Chairman Thomas J., and includes works by James
Edward Buttersworth, Mary Cassatt and Andrew Wyeth.16) $0.

(1869-1954) French painter, sculptor, and lithographer.

artchive 1909

The Company's
loss from continuing operations was ($9.16) per diluted
share, for the first quarter of 2005 compared to income from continuing
operations of $13. Another highlight of the sale
was a striking self-portrait by Max Beckmann, entitled Self Portrait with
Crystal Ball which is a portrait of the artist as a prescient sooth-sayer,
painted in 1936, just months before he fled Germany for Holland.1 million.

Upcoming Sales
Next week in New York, Sotheby's spring sale of American Paintings
features Property from The Collection of Mr. Next week in London, Sotheby's will sell a large collection of
selected paintings, furniture and works of art from Easton Neston house in
Northamptonshire, widely considered to be one of the most beautiful country
houses in England. The three day sale is expected to bring in excess of $9
million**. The sale is expected to achieve in
excess of $16 million** for approximately 5,000 lots.

1954 bouquet

Breaking from
tradition, these music innovators forged a daring new style of jazz that
offered greater freedom of expression, much like Basquiat did to reinvent
modern painting with his unbridled and anarchic art.

Sotheby's Holdings Inc. Announces 2005 First Quarter Results

The Company
operates in 34 countries, with principal salesrooms located in New York and
London.

Forward-looking Statements
This release contains certain "forward-looking statements" (as such term
is defined in the Securities and Exchange Act of 1934, as amended) relating to
future events and the financial performance of the Company.com and enter the passcode 28845 when prompted.
You will need Windows Media Player or Real Player to access the call.

1916 bouquet

0 million, a 53% increase from $233.7) million, or ($0. This decrease was principally due to the $45. The total sale is
estimated to bring between $31. In Germany this autumn, the contents of the Marienburg Castle will
be sold on site, including works belonging to the former royal ruling house of
Hanover, among them several British kings. The call
reservation number is 11030119.
Management believes that the use of these non-GAAP financial measures
enable management and investors to evaluate and compare, from period to
period , the Company's results from operations in a more meaningful and
consistent manner.

bouquet 1954

To celebrate the release of "Basquiat Salutes Jazz," a collection of twelve
bebop-era tracks that feature many of the artist's heroes and creative
muses, Prestige Records is hosting a party at MOCA on Saturday , August 27
from 8PM to 10PM.

Second and Third Quarter Sales
Last week, Sotheby 's held its spring sale of Impressionist and Modern Art
in New York.
Among the many highlights of the sale were a Magnificent Pair of Russian
Porcelain Palace Vases, from the Period of Nicholas I that sold for a record
$3.
Sotheby's Holdings, Inc.

Sotheby's Holdings, Inc.

59

Weighted average shares outstanding:
Basic 62,594 61,589
Diluted 62,594 62,065

APPENDIX B
SOTHEBY'S HOLDINGS, INC.

Along with Picasso, Matisse is considered one of the two foremost artists of the modern period.

beno 1909

His canvases portrayed a vibrant
merging of African -American culture and hip-hop with wry social commentary. The growth in auction commission revenues was offset by a decline
in private sale commission revenues due to the Faberge transaction in 2004 . While below our expectations, there were some notable highlights
such as Pablo Picasso's Les Femmes d'Algers, from the iconic series of fifteen
canvases Picasso painted of North African women which brought $18.9 million, more than five times its high estimate, and a rediscovered
masterpiece by Konstantin Egorovich Makovsky, Judgment of Paris, from the
collection of the Pabst Brewing Company , which sold for a record-breaking
$2.
The highlight of the sale is 1958 Ferrari 412 S, #0744, which has an
illustrious past in North American racing and is fitted with the most powerful
front engine offered by Ferrari at that time.

About Sotheby's Holdings, Inc.00 0.

picasso artchive

"As these excellent results show, 2005 is clearly off to a strong start,"
said Bill Ruprecht, President and Chief Executive Officer of Sotheby's
Holdings, Inc. The painting
is in wonderful original condition and sold for $16.7/$6. The web cast will be available for replay for two weeks after the call.37
Diluted (loss) earnings per share: ($0.22

Adjustments , net of tax effects(a):
One-time license fee revenue 0.24)

(a) The effective tax rate related to continuing operations was
approximately 33% and 34% for the quarters ended March 31, 2005 and
2004, respectively.

fauves beno

Basquiat found deep inspiration from music, in particular bebop pioneers
like Miles Davis, Charlie Parker and Dizzy Gillespie.3/$3. The Company also regularly conducts auctions in 13 other salesrooms
around the world , including Australia, Hong Kong, France, Italy, the
Netherlands, Switzerland and Singapore.'s earnings conference call will take place on
Wednesday, May 11, 2005, at 9:00 AM EDT.acttel.38
Basic (loss) earnings per share: ($0. A reconciliation of GAAP to non-GAAP financial measures
is included below:

Quarter Ended
March 31,
2005 2004

(Thousands of dollars,
except per share data)

GAAP Net (Loss) Income from
Continuing Operations ($9,743) $13,488

Adjustments, net of tax effects(a):
One-time license fee revenue - (29,700)
One-time license fee expense - 1,350

Adjusted Net (Loss) Income from
Continuing Operations ($9,743) ($14,862)

GAAP (Loss) Earnings Per Share from
Continuing Operations ($0.

artchive lithographer

An exhibit of the wunderkind's work opened to rave reviews at the Museum of
Contemporary Art (MOCA) in Downtown Los Angeles in July.

2 million

NEW YORK, Sotheby's Holdings, Inc. The Company reported auction and related revenues of
$72.
Because of the seasonal nature of the art auction market, Auction Sales in
the first quarter have historically only represented approximately 9% - 12% of
annual Auction Sales, and the first quarter has historically been a loss
period for the Company.2 million by 20%.4 million ** for its broad selection
of works by important American artists, spanning from the late 19th century to
the 1980s.
** Estimates do not include buyer's premium. Domestic callers should dial: 800-
240-4186 and international callers should dial: 303-262-2211.00 0.22
Earnings from discontinued operations 0.

matisse artchive

+ Mrs. is listed on
the New York Stock Exchange under the symbol BID.

emile fauves

Excluding the one-time license fee revenue, the Company's first quarter 2004
loss from continuing operations would have been ($14. The sale total of $24.2 million, against a pre-sale estimate of
$15. Watson, Sr. The sale is highlighted by Canaletto's View of the Grand Canal from
Palazzo Balbi to the Rialto (estimate $11/$15 million**) which was one of the
first paintings to adorn the Prime Minister's residence at 10 Downing Street
in London in the early 1700s.16) $0.

artchive vase

48)
One-time license fee expense 0.00 0.

henri lithographer

"Basquiat
Salutes Jazz" was created with the help of the painter's father, and the
package include many of his most popular, jazz-inspired works, making it
easier for the listener to draw parallels between the canvasses and the
music.5 million, or $0.0 million one-time
license fee revenue received from Cendant in the first quarter of 2004. Auction commission revenues increased $21.5 million, or 56%, quarter
on quarter. Watson, Jr. The total sale is estimated to achieve in excess of
$45 million **.actioncast.
CONSOLIDATED INCOME STATEMENTS
(UNAUDITED)
(Thousands of dollars, except per share data)

Three Months Ended
March 31, March 31,
2005 2004

Revenues:
Auction and related revenues $72,175 $58,853
License fee revenues 176 45,000
Other revenues 1,676 1,573
Total revenues 74,027 105,426

Expenses:
Direct costs of services 10,229 7,120
Salaries and related costs 39,519 38,960
General and administrative expenses 27,184 25,657
Depreciation and amortization expense 5,646 5,895
Retention costs - 285
Net restructuring charges - 119
Total expenses 82,578 78,036

Operating (loss) income (8,551) 27,390

Interest income 1,609 570
Interest expense (8,142) (8,410)
Other income 5 639

(Loss) income from continuing
operations before taxes (15,079) 20,189
Equity in earnings of investees, net of taxes 349 162
Income tax (benefit ) expense (4,987) 6,863
(Loss) income from continuing operations (9,743) 13,488

Discontinued operations:
Income from discontinued operations before taxes 44 36,712
Income tax expense 22 13,480
Income from discontinued operations 22 23 ,232

Net (loss) income ($9,721) $36,720

Basic (loss) earnings per share:
(Loss) earnings from continuing operations ($0.16) $0.

hermitage fauves

The sale also includes another important
Canaletto, his Venice, The Grand Canal from the Palazzo Flangini to S.22
Earnings from discontinued operations 0.

picasso sculptor

Grand Ave , Downtown Los Angeles

Tel: (213) 626-6222

Admission: Free with Museum entry (MOCA Open 'Til Midnight)
(Click here for details)
Brooklyn-born graffiti artist Jean-Michel Basquiat was one of the most
talked about painters of the 1980s.22 per diluted share, in the prior-year
period .8 million, just above its
estimate of $10/$15 million**.
Sotheby's held its inaugural combined sale of Russian fine and applied
works of art in New York last month and achieved extraordinary results .

hermitage 1954

2 million in the prior
period, primarily due to the London Impressionist and Modern Art and
Contemporary sales in February, which were up 37% as compared to the prior
year, and a significant increase ($40.6/$7.4 million**) and a painting by Pablo Picasso, Homme a la
pipe (estimated at $4 . Sotheby's Holdings, Inc. In this release, financial measures are presented in
accordance with GAAP and also on a non-GAAP basis.

hrle veranda

The
sale brought $35. The sale will take place at Ferrari's headquarters
in Maranello, Italy and will consist of 37 cars and 100 lots of memorabilia. It is estimated to realize
$9/$13 million**.

lifelong olga

Today, "Horn Player,"
"Charles The First," "Trumpet," Discography One," and "Discography Two,"
all paintings which pay homage to the jazzmen to whom Basquiat felt most
connected, are considered among his most compelling works.2 million) in single owner sales over
the period. As a result, historically, first quarter results have
not been indicative of expected full year results.sothebys.

beno sculptor

6 million.7 million), also performed very well, bringing $33. Next week , Sotheby's will hold its London sale of Russian Art
which is estimated to achieve more than $15 million ** for approximately
260 lots. Thomas J.
Among the exciting sales that will take place in Europe are two important
house sales.

APPENDIX A

SOTHEBY'S HOLDINGS, INC.16) $0.

bouquet bathers

For the quarter ended March 31, 2005, the Company's Auction Sales
(aggregate hammer price of property sold at auction, including buyer's
premium) were $356.6 million,
well within its estimate of $15/$20 million**.2 million**, the highest total ever for Russian Art worldwide.5 million**), executed during the artist's second stay
in Tahiti; two works by Edgar Degas, Chevaux et Jockeys and Danseuses
rajustant leur Coiffure, representing the two main themes the artist developed
throughout his artistic career: ballet dancers and horse races (both are
estimated at $2.com . Please
download either of these programs before the call begins at 9:00 AM on May
11th. All references in this
release denoted by * are to "adjusted" non-GAAP financial measures.

viewable bathers

When Basquiat passed from a heroin overdose at the age of 27, in 1988, his
father Gerard found over 3,000 mostly jazz LPs in his son's loft.6/$22.6 million**) from the artist's series dedicated to
the theme of the musketeer .
Marcuola which is estimated at $10/$15 million**. Major factors, which the Company believes could cause the
actual results to differ materially from the predicted results in the
"forward-looking statements" include, but are not limited to, the overall
strength of the international economy and financial markets, political
conditions in various nations, competition with other auctioneers and art
dealers, the amount of quality property being consigned to art auction houses
and the marketability at auction of such property.
To listen to the conference call via web cast, please go to
http: //www.60

Diluted (loss) earnings per share:
(Loss) earnings from continuing operations ($0.
GAAP TO NON-GAAP RECONCILIATIONS

GAAP and non-GAAP Financial Measures:
GAAP refers to generally accepted accounting principles in the United
States of America.

matisse veranda

DJ Viktor Duplaix will perform, playing a selection of
classic tracks from Art Blakey and the Jazz Messengers, Charlie Byrd, Miles
Davis, Dizzy Gillespie, Charles Mingus, Thelonious Monk , Charlie Parker,
Max Roach, and Sonny Rollins, all of which are featured on the new CD.
(NYSE: BID), the parent company of Sotheby's worldwide auction, private sales
and art-related financing activities, today announced results for the first
quarter ended March 31, 2005.2 million, a 23%, or $13.24)*
per diluted share, yielding a $5. They are all the more outstanding given their improvement on
last year's first quarter results (excluding the one-time license fee revenue)
which included the landmark private sale of the Forbes Collection of Imperial
Faberge.
Early last week, Sotheby 's Hong Kong held a very successful series of
sales, indicating the continued strength of the Chinese art market.3 million was by
far the highest Chinese Paintings sale Sotheby's has held, exceeding its high
estimate of $20. The Ceramics and Works of Art sales, led by the
Collection of Exceptional Imperial Porcelain, which was 100% sold and included
a world record for Qing Dynasty porcelain for a reticulated celadon vase
($5.
Our major Impressionist Sale in London on June 20th includes a number of
wonderful works, among which are Paul Gauguin's Nature Morte aux Mangos
(estimated at $5. is the parent company of Sotheby's worldwide
auction, private sales and art-related financing activities.02

Adjusted (Loss) Per Share from
Continuing Operations ($0.

emile cutouts

PRESS RELEASE Prestige Records Celebrates Release of 'Basquiat Salutes Jazz' With Party at Museum of Contemporary Art on Saturday August 27th

What: Release Party for "Basquiat Salutes Jazz" --
featuring DJ Viktor Duplaix

Time: 8 PM - 10 PM

Where: Museum of Contemporary Art
250 S.1 million improvement in first quarter 2005
results from continuing operations as compared to the prior period, a great
achievement in light of the fact that 2004 results included the landmark sale
of the Forbes Collection of Faberge . Chinese
paintings, both Contemporary Oils and Modern masters, in Chinese brush and ink
technique , performed extremely well.5 and $45.
In June, Sotheby's will hold an auction of fine Ferraris and Maseratis in
conjunction with Ferrari.

* Non-GAAP financial measure.16) $0.00 (0.

renoirauction lithographer