X0202 4 2006-03-09 0 0000823094 SOTHEBYS HOLDINGS INC BID 0001248047 BAILEY GEORGE 38500 WOODWARD AVENUE SUITE 100 BLOOMFIELD HILLS MI 48304 0 0 0 1 Mang. Dir. Sotheby's Europe Class A Limited Voting Common Stock 2006-03-09 4 M 0 27300 A 79956 D Class A Limited Voting Common Stock 2006-03-09 4 S 0 20200 24 D 59756 D Class A Limited Voting Common Stock 2006-03-09 4 S 0 1700 24.01 D 58056 D Class A Limited Voting Common Stock 2006-03-09 4 S 0 1100 24.02 D 56956 D Class A Limited Voting Common Stock 2006-03-09 4 S 0 300 24.03 D 56656 D Class A Limited Voting Common Stock 2006-03-09 4 S 0 1400 24.04 D 55256 D Class A Limited Voting Common Stock 2006-03-09 4 S 0 800 24.05 D 54456 D Class A Limited Voting Common Stock 2006-03-09 4 S 0 1600 24.07 D 52856 D Class A Limited Voting Common Stock 2006-03-09 4 S 0 100 24.08 D 52756 D Class A Limited Voting Common Stock 2006-03-09 4 S 0 100 24.09 D 52656 D Employee Stock Option-Right to Buy 18.6875 2006-03-09 4 M 0 27300 D 2007-10-30 Class A Limited Voting Common Stock 27300 72700 D Not Applicable Includes 49,486 shares of unvested restricted stock and 1,400 shares owned by Mr. Bailey's wife Granted under the Issuer's 1997 Employee Stock Option Plan 20,000 stock options became exercisable on each of the following: 10/30/98, 10/30/99, 10/30/00, 10/30/01 and 10/30/02 respectively. This Form 4 is being filed to report a stock option exercise by Mr. Bailey for the following: the exercise of options for 27,300 shares of the Issuer's Class A Limited Voting Common Stock shares at a price of $18.6875 per share and the sale of such Class A Limited Voting Common Stock shares. This transaction was pursuant to a 10b5-1 Plan entered into by Mr. Bailey on December 20, 2005. /s/ George Bailey 2006-03-10