EXHIBIT 2
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                                [SOTHEBY'S LOGO]


PRESS RELEASE
FOR IMMEDIATE RELEASE
                                                                  Diana Phillips
                                                                 Matthew Weigman
                                                                 (212) 606-7176
                                                             fax: (212) 606-7381


     SOTHEBY'S ANNOUNCES TERMINATION OF SALE PROCESS COMMENCED IN JUNE 2002

February 21, 2003 - Sotheby's announced today that the Company and the Taubman
family have agreed to terminate, effective immediately, the process commenced on
June 3, 2002, regarding the exploration of a possible sale or merger of the
Company or sale of the Taubman stake in the Company.

Over the last several months, Sotheby's and the Taubman family conducted a
comprehensive process to explore a possible sale of Sotheby's. Despite
considerable interest in the Company, a satisfactory transaction could not be
reached. Consequently, Sotheby's Board and the Taubman family agreed to
terminate the process.

Sotheby's financial position has strengthened considerably in recent months. On
February 7 the Company successfully closed the $175 million sale-leaseback of
its York Avenue headquarters and secured a $75 million one-year credit
facility, thus satisfying the Company's need for long-term financing.
Additionally, the Company has significantly reduced its cost base by over $70
million since 2000.

Bill Ruprecht, President and Chief Executive Officer of Sotheby's Holdings,
said: "We look forward to working with our Board to build upon our improved
position, to further strengthen Sotheby's historic franchise and to enhance
shareholder value."

ABOUT SOTHEBY'S HOLDINGS, INC.
Sotheby's Holdings, Inc. is the parent company of Sotheby's worldwide live
and Internet auction businesses, art-related financing and real estate
brokerage activities.  The Company operates in 34 countries, with principal
salesrooms located in New York and London.  The company also regularly
conducts auctions in 13 other salesrooms around the world, including
Australia, Hong Kong, France, Italy, the Netherlands, Switzerland and
Singapore.  Sotheby's Holdings, Inc. is listed on the New York Stock Exchange
and the London Stock Exchange.

SOTHEBY'S 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, final resolution of antitrust related matters and the successful
implementation of the Company's restructuring plan.