Edgar Filing: SOTHEBYS

Ownership Submission

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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(Print or Type Responses)

1. Name and Address of Reporting Person ^*

ZUCKERMAN MITCHELL

2. Issuer Name and Ticker or Trading Symbol
SOTHEBYS [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. Financl. Serv

(Last)

(First)

(Middle)

1334 YORK AVENUE

3. Date of Earliest Transaction (Month/Day/Year)
08/04/2006

(Street)

NEW YORK, NY 10021

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)
1.Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	08/04/2006		M		17,400	A	⁽¹⁾	61,584 ⁽²⁾	D
Common Stock	08/04/2006		S		1,400	D	$ 28.5	60,184 ⁽²⁾	D
Common Stock	08/04/2006		S		1,200	D	$ 28.52	58,984 ⁽²⁾	D
Common Stock	08/04/2006		S		100	D	$ 28.53	58,884 ⁽²⁾	D
Common Stock	08/04/2006		S		2,000	D	$ 28.54	56,884 ⁽²⁾	D
Common Stock	08/04/2006		S		2,800	D	$ 28.55	54,084 ⁽²⁾	D
Common Stock	08/04/2006		S		100	D	$ 28.57	53,984 ⁽²⁾	D
Common Stock	08/04/2006		S		300	D	$ 28.58	53,684 ⁽²⁾	D
Common Stock	08/04/2006		S		200	D	$ 28.59	53,484 ⁽²⁾	D
Common Stock	08/04/2006		S		300	D	$ 28.6	53,184 ⁽²⁾	D
Common Stock	08/04/2006		S		1,000	D	$ 28.61	52,184 ⁽²⁾	D
Common Stock	08/04/2006		S		500	D	$ 28.62	51,684 ⁽²⁾	D
Common Stock	08/04/2006		S		800	D	$ 28.63	50,884 ⁽²⁾	D
Common Stock	08/04/2006		S		100	D	$ 28.64	50,784 ⁽²⁾	D
Common Stock	08/04/2006		S		1,400	D	$ 28.65	49,384 ⁽²⁾	D
Common Stock	08/04/2006		S		100	D	$ 28.66	49,284 ⁽²⁾	D
Common Stock	08/04/2006		S		100	D	$ 28.68	49,184 ⁽²⁾	D
Common Stock	08/04/2006		S		100	D	$ 28.69	49,084 ⁽²⁾	D
Common Stock	08/04/2006		S		200	D	$ 28.7	48,884 ⁽²⁾	D
Common Stock	08/04/2006		S		200	D	$ 28.71	48,684 ⁽²⁾	D
Common Stock	08/04/2006		S		400	D	$ 28.72	48,284 ⁽²⁾	D
Common Stock	08/04/2006		S		1,500	D	$ 28.74	46,784 ⁽²⁾	D
Common Stock	08/04/2006		S		700	D	$ 28.77	46,084 ⁽²⁾	D
Common Stock	08/04/2006		S		200	D	$ 28.8	45,884 ⁽²⁾	D
Common Stock	08/04/2006		S		100	D	$ 28.82	45,784 ⁽²⁾	D
Common Stock	08/04/2006		S		300	D	$ 28.83	45,484 ⁽²⁾	D
Common Stock	08/04/2006		S		300	D	$ 28.84	45,184 ⁽²⁾	D
Common Stock	08/04/2006		S		600	D	$ 28.85	44,584 ⁽²⁾	D
Common Stock	08/04/2006		S		100	D	$ 28.86	44,484 ⁽²⁾	D
Common Stock	08/04/2006		S		300	D	$ 28.87	44,184 ⁽²⁾	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

(A)

(D)

Date Exercisable

Expiration Date

Title

Amount or Number of Shares

Employee Stock Option-Right to Buy ⁽³⁾

$ 18.875

08/04/2006

17,400

⁽⁴⁾

02/24/2010

Common Stock

17,400

⁽¹⁾

22,600

Reporting Owners

Reporting Owner Name / Address	Relationships
Reporting Owner Name / Address	Director	10% Owner	Officer	Other
ZUCKERMAN MITCHELL 1334 YORK AVENUE NEW YORK, NY 10021				President, Soth. Financl. Serv

Signatures

/s/ Mitchell Zuckerman		08/08/2006
^**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)	Not Applicable
(2)	Includes 36,574 shares of unvested restricted stock
(3)	Granted under the Issuer's 1997 Employee Stock Option Plan
(4)	8,000 stock options became exercisable on each of the following: 2/24/01, 2/24/02, 2/24/03, 2/24/04 and 2/24/05.
Remarks: On June 30, 2006, Sotheby's Holdings, Inc., a Michigan corporation, completed its reincorporation into the State of Delaware by merging into a wholly-owned Delaware subsidiary. The reincorporation and related proposals were approved by the shareholders of Sotheby's Holdings, Inc. at the annual meeting of shareholders held on May 8, 2006. The surviving corporation was renamed "Sotheby's" upon completion of the merger. In the merger, each outstanding share of Sotheby's Holdings, Inc. Class A Limited Voting Common Stock was converted into one share of Common Stock, par value $0.10 per share, of the surviving Delaware corporation. This Form 4 is being filed to report a stock option exercise by Mr. Zuckerman for the following: the exercise of options for 17,400 shares of the Issuer's Common Stock shares at a price of $18.875 per share and the sale of such Common Stock shares.

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