SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                    FORM 8-K


                 CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d)
                     OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported) - February 21, 2000

                       Sotheby's Holdings, Inc.
         ------------------------------------------------------
         (Exact name of registrant as specified in its charter)


         Michigan                         1-9750                38-2478409
- -------------------------------  ------------------------  -------------------
(State or other jurisdiction of  (Commission File Number)  (IRS Employer
 incorporation or organization)                             Identification No.)


500 North Woodward Avenue, Suite 100
Bloomfield Hills, Michigan                                    48304
- ----------------------------------------             ------------------------
(Address of principal executive offices)                   (Zip Code)


Registrant's telephone number, including area code:   (248) 646-2400
                                                      --------------




ITEM 5. Other Events

Attached hereto as Exhibit 99.1 and incorporated by reference herein is
a press release issued by Sotheby's  Holdings, Inc. on February 21, 2000
announcing a number of management changes and reporting on developments relating
to the investigation involving Sotheby's Holdings, Inc. by the United States
Department of Justice and related matters.


Item 7. Financial Statements, Pro-forma Financial Information and Exhibits

(c) Exhibits

Exhibit No.               Description
- ----------                -----------
 99.1                     Press Release issued February 21, 2000






                            SOTHEBY'S HOLDINGS, INC.
                                AND SUBSIDIARIES


                                    SIGNATURE


Pursuant to the requirements of the Securities Exchange Act of 1934, the
Company  has duly  caused  this report to be signed this the 23rd day of
February,  2000,  on its  behalf  by  the  undersigned,  thereunto  duly
authorized and in the capacity indicated.




                                           SOTHEBY'S HOLDINGS, INC.


                                           By:   /s/ Joseph A. Domonkos

                                                 Joseph A. Domonkos
                                                 Senior Vice President,
                                                 Controller
                                                 And Chief Accounting Officer





                               Exhibit Index

Exhibit No.                 Description
- -----------                 -----------
99.1                        Press Release issued February 21, 2000






                             Exhibit 99.1
            Press Release issued on February 21, 2000
                         FOR IMMEDIATE RELEASE

Contact:
Diana Phillips
Matthew Weigman

Tel: 212 606 7176
Fax: 212 606  7381


New York,  February 21, 2000 - The Board of  Directors  of  Sotheby's  Holdings,
Inc.  (NYSE:  BID) today  announced a number of management changes.

A. Alfred  Taubman has stepped down as Chairman of  Sotheby's  Holdings.  Mr.
Taubman  said:  "While this clearly is not an easy decision for me, I have
determined that it is time for me to step down from my role as Chairman."

Diana D. Brooks has  resigned as President  and Chief  Executive  Officer of
Sotheby's  Holdings.  Mrs.  Brooks said:  "I am very proud of the  achievements
and  initiatives  that Sotheby's has undertaken in recent years and I am
confident that in the future it will build upon its great  franchise and
reputation for  excellence.  My decision is a very difficult one, but I have
taken it in the best interests of the Company and of my colleagues."

Board Appoints new Chairman, Chief Executive Officer and Board Members
- ----------------------------------------------------------------------
The Board  announced the  appointment of Michael  Sovern,  former  President
of Columbia  University,  as the new Chairman of the Board of Directors of
Sotheby's  Holdings and the appointment of William  Ruprecht as the President
and Chief  Executive  Officer of Sotheby's  Holdings.  Joining Mr.  Ruprecht
in the Office of the Chief  Executive will be Robin  Woodhead,  Chief Executive
of Sotheby's Europe and Asia and an Executive Vice President of Sotheby's
Holdings,  and Deborah Zoullas,  Executive Vice President of Sotheby's
Holdings.  Mr. Ruprecht,  Mr. Woodhead and Ms. Zoullas were elected to the
Board of Sotheby's  Holdings,  effective immediately.

In commenting on these new appointments,  the Board said: "As President Emeritus
of Columbia University, Michael Sovern brings to Sotheby's Board a distinguished
reputation as a leader,  lawyer,  scholar and educator.  This experience and his
extensive board  participation,  including  membership on the Boards of AT&T and
Warner-Lambert,  will provide our Board with proven leadership at this important
time for Sotheby's."

The Board continued: "Mr. Ruprecht has been Managing Director of Sotheby's North
and South  America since 1994,  having joined  Sotheby's in 1980. In addition to
his management expertise, his career at Sotheby's includes art expertise as well
as  worldwide  marketing  experience.  He is  also  one  of  the  firm's  senior
auctioneers.  We know that  under  his  leadership,  and with the close  working
relationship  that already exists among him, Robin Woodhead and Deborah Zoullas,
Sotheby's goes forward in excellent hands."

Antitrust Investigation
- -----------------------
As  previously  reported,  the Antitrust  Division of the  Department of Justice
began  an  investigation  in 1997  of  dealers  and  auction  houses,  including
Sotheby's and its principal  competitor,  Christie's.  Among other matters,  the
investigation  has reviewed  whether  Sotheby's and Christie's had any agreement
regarding  the amounts  charged for  commissions  in connection  with  auctions.
Sotheby's has recently met with the  Department of Justice in order to discuss a
prompt and appropriate  resolution of this  investigation,  which will allow the
Company to put this difficult matter behind it.

The European  Commission,  the Office of Fair Trading in the United  Kingdom and
the Australian  Competition Commission have each started an inquiry as well, and
a number of private civil complaints,  styled as class action  complaints,  have
been filed against  Christie's and Sotheby's  alleging  violation of the federal
antitrust laws based upon alleged  agreements  between  Christie's and Sotheby's
regarding  commission  pricing.  In addition,  several  shareholder class action
complaints  have been filed  against  Sotheby's  and  certain  of its  officers,
alleging  failure  to  disclose  the  alleged  agreements  and  their  impact on
Sotheby's financial condition and results of operations. Although the outcome of
the investigation by the Department of Justice, other governmental inquiries and
these lawsuits cannot  presently be determined,  these matters could well have a
material impact on Sotheby's financial condition and/or results of operations.

Statement from the Board
- ------------------------
The Board  continued:  "Sotheby's  has just  completed  one of the best and most
important years in its 256-year history.  In 1999 Sotheby's had its best overall
sales results in nine years and it was also the year in which the Company made a
major commitment to the Internet, with the launch of two internet auction sites.
The Company  also  expanded  its physical  premises  around the world,  with the
addition of new salesrooms in Zurich and Amsterdam and the expansion of its York
Avenue headquarters to make it the best auction facility in the world.

"The business now goes forward under new leadership.  The Company has up to $300
million of committed financing with an international  banking syndicate arranged
through Chase  Manhattan  Bank,  which together with operating cash flows,  will
provide funding for growth in the Company's  portfolio of art-related loans, for
investment  in the  Company's  Internet  business and for other future  business
needs.  The strong and experienced  management team which is in place will build
on the  extraordinary  momentum of the past year and we are confident  that they
and  Sotheby's  talented  staff  will  continue  to further  enhance  one of the
greatest franchises in the world."

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. 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.  Major  factors  which the Company  believes  could cause the
actual  results  to  differ   materially  from  the  predicted  results  in  the
"forward-looking  statements"  include the overall strength of the international
economy  and  financial  markets,  competition  with other  auctioneers  and art
dealers,  the volume of consigned  property and the  marketability at auction of
such property, the Company's success in developing and implementing its Internet
auction  strategy  and the  resolution  of the  Department  of Justice and other
possible investigations and related lawsuits.

About Sotheby's Holdings
- ------------------------
Sotheby's Holdings,  Inc. is the parent company of Sotheby's worldwide live and
Internet auction businesses,  art-related  financing and real estate activities.
The Company operates in 38 countries,  with principal  salesrooms located in New
York and  London.  The  Company  also  regularly  conducts  auctions in 15 other
salesrooms around the world,  including Australia,  Canada,  Germany, Hong Kong,
Israel,  Italy,  Monaco,  the  Netherlands,  Switzerland  and Taiwan.  Sotheby's
Holdings,  Inc. is listed on the New York Stock  Exchange  and the London  Stock
Exchange.

                                 # # #
              For   further    information,    please contact:

New York:
Diana Phillips
Matthew Weigman
Tel:  212 606 7176
Fax: 212 606 7381

London:
David Brewerton
Amanda Stucklin
Tel: (171) 293-5163
Fax: (171) 408-5947