FORM 4 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person * ZUCKERMAN MITCHELL   2. Issuer Name and Ticker or Trading Symbol SOTHEBYS HOLDINGS INC [BID] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) _____ Director _____ 10% Owner _____ Officer (give title below) __X__ Other (specify below) President, Soth. Financ. Serv (Last) (First) (Middle) 38500 WOODWARD AVENUE, SUITE 100 3. Date of Earliest Transaction (Month/Day/Year) 12/16/2004 (Street) BLOOMFIELD HILLS, MI 48304 4. If Amendment, Date Original Filed(Month/Day/Year) 6. Individual or Joint/Group Filing(Check Applicable Line) _X_ Form filed by One Reporting Person ___ Form filed by More than One Reporting Person (City) (State) (Zip) Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1.Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4) Code V Amount (A) or (D) Price Class A Ltd. Voting Common Stock 12/16/2004   C   45,000 A (1) 45,000 D   Class A Ltd. Voting Common Stock 12/16/2004   S   7,200 D $ 18.06 37,800 D   Class A Ltd. Voting Common Stock 12/16/2004   S   100 D $ 18.07 37,700 D   Class A Ltd. Voting Common Stock 12/16/2004   S   400 D $ 18.08 37,300 D   Class A Ltd. Voting Common Stock 12/16/2004   S   300 D $ 18.09 37,000 D   Class A Ltd. Voting Common Stock 12/16/2004   S   7,500 D $ 18.1 29,500 D   Class A Ltd. Voting Common Stock 12/16/2004   S   2,800 D $ 18.11 26,700 D   Class A Ltd. Voting Common Stock 12/16/2004   S   2,200 D $ 18.12 24,500 D   Class A Ltd. Voting Common Stock 12/16/2004   S   1,600 D $ 18.13 22,900 D   Class A Ltd. Voting Common Stock 12/16/2004   S   800 D $ 18.14 22,100 D   Class A Ltd. Voting Common Stock 12/16/2004   S   15,500 D $ 18.25 6,600 D   Class A Ltd. Voting Common Stock 12/16/2004   S   1,300 D $ 18.26 5,300 D   Class A Ltd. Voting Common Stock 12/16/2004   S   2,000 D $ 18.27 3,300 D   Class A Ltd. Voting Common Stock 12/16/2004   S   1,900 D $ 18.28 1,400 D   Class A Ltd. Voting Common Stock 12/16/2004   S   1,200 D $ 18.3 200 D   Class A Ltd. Voting Common Stock 12/16/2004   S   200 D $ 18.36 0 D

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Underlying Securities (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Employee Stock Option-Right to Buy (2)	$ 14.75	12/16/2004		M			10,000	(4)	01/30/2006	Class B Common Stock	10,000	(5)	0	D
Class B Common Stock	(1)	12/16/2004		M		10,000		(1)	(1)	Class A Ltd. Voting Common Stock	10,000	$ 14.75	61,561	D
Class B Common Stock	(1)	12/16/2004		C			10,000	(1)	(1)	Class A Ltd. Voting Common Stock	10,000	(1)	51,561	D
Employee Stock Option-Right to Buy (3)	$ 13.69	12/16/2004		M			35,000	01/30/2003	01/30/2007	Class B Common Stock	35,000	(5)	0	D
Class B Common Stock	(1)	12/16/2004		M		35,000		(1)	(1)	Class A Ltd. Voting Common Stock	35,000	$ 13.69	86,561	D
Class B Common Stock	(1)	12/16/2004		C			35,000	(1)	(1)	Class A Ltd. Voting Common Stock	35,000	(1)	51,561	D

Reporting Owners

Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
ZUCKERMAN MITCHELL 38500 WOODWARD AVENUE SUITE 100 BLOOMFIELD HILLS, MI 48304				President, Soth. Financ. Serv

Signatures

/s/ Mitchell Zuckerman		12/17/2004
**Signature of Reporting Person		Date

Explanation of Responses:

*	If the form is filed by more than one reporting person, see Instruction 4(b)(v).
**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1)	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.
(2)	Granted under the Issuer's 1987 Employee Stock Option Plan
(3)	Granted under the Issuer's 1997 Employee Stock Option Plan.
(4)	2,000 options vested on each of 1/31/97, 1/31/98, 1/31/99, 1/31/00, and 1/31/01.
(5)	Not applicable
Remarks: 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.

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