X0202 4 2004-12-16 0 0000823094 SOTHEBYS HOLDINGS INC BID 0001248066 ZUCKERMAN MITCHELL 38500 WOODWARD AVENUE SUITE 100 BLOOMFIELD HILLS MI 48304 0 0 0 1 President, Soth. Financ. Serv Class A Ltd. Voting Common Stock 2004-12-16 4 C 0 45000 A 45000 D Class A Ltd. Voting Common Stock 2004-12-16 4 S 0 7200 18.06 D 37800 D Class A Ltd. Voting Common Stock 2004-12-16 4 S 0 100 18.07 D 37700 D Class A Ltd. Voting Common Stock 2004-12-16 4 S 0 400 18.08 D 37300 D Class A Ltd. Voting Common Stock 2004-12-16 4 S 0 300 18.09 D 37000 D Class A Ltd. Voting Common Stock 2004-12-16 4 S 0 7500 18.1 D 29500 D Class A Ltd. Voting Common Stock 2004-12-16 4 S 0 2800 18.11 D 26700 D Class A Ltd. Voting Common Stock 2004-12-16 4 S 0 2200 18.12 D 24500 D Class A Ltd. Voting Common Stock 2004-12-16 4 S 0 1600 18.13 D 22900 D Class A Ltd. Voting Common Stock 2004-12-16 4 S 0 800 18.14 D 22100 D Class A Ltd. Voting Common Stock 2004-12-16 4 S 0 15500 18.25 D 6600 D Class A Ltd. Voting Common Stock 2004-12-16 4 S 0 1300 18.26 D 5300 D Class A Ltd. Voting Common Stock 2004-12-16 4 S 0 2000 18.27 D 3300 D Class A Ltd. Voting Common Stock 2004-12-16 4 S 0 1900 18.28 D 1400 D Class A Ltd. Voting Common Stock 2004-12-16 4 S 0 1200 18.3 D 200 D Class A Ltd. Voting Common Stock 2004-12-16 4 S 0 200 18.36 D 0 D Employee Stock Option-Right to Buy 14.75 2004-12-16 4 M 0 10000 D 2006-01-30 Class B Common Stock 10000 0 D Class B Common Stock 2004-12-16 4 M 0 10000 14.75 A Class A Ltd. Voting Common Stock 10000 61561 D Class B Common Stock 2004-12-16 4 C 0 10000 D Class A Ltd. Voting Common Stock 10000 51561 D Employee Stock Option-Right to Buy 13.69 2004-12-16 4 M 0 35000 D 2003-01-30 2007-01-30 Class B Common Stock 35000 0 D Class B Common Stock 2004-12-16 4 M 0 35000 13.69 A Class A Ltd. Voting Common Stock 35000 86561 D Class B Common Stock 2004-12-16 4 C 0 35000 D Class A Ltd. Voting Common Stock 35000 51561 D The Issuer's Class B Common Stock is freely convertible into the Issuer's Class A Limited Voting Common Stock on a one-for-one basis. Granted under the Issuer's 1987 Employee Stock Option Plan Granted under the Issuer's 1997 Employee Stock Option Plan. 2,000 options vested on each of 1/31/97, 1/31/98, 1/31/99, 1/31/00, and 1/31/01. Not applicable Explanation of Responses: This Form 4 is being filed to report a stock option exercise by Mr. Zuckerman for the following: the exercise of 10,000 and 35,000 options for the same number of the Issuer's Class B Common Stock shares at a price of $14.75 and 13.69, respectively, per share, the conversion of such Class B Common Stock shares to 45,000 Class A Limited Voting Common Stock shares and the sale of such Class A Limited Voting Common Stock shares. /s/ Mitchell Zuckerman 2004-12-17