EXHIBIT 99.1

                               [LOGO OF SOTHEBY'S]

Press Release
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                                                                  Diana Phillips
                                                                 Matthew Weigman
                                                                  (212) 606-7176
                                                                   Jennifer Park
                                                                  (212) 894-1023


               ALLEN QUESTROM TO JOIN SOTHEBY'S BOARD OF DIRECTORS

December 17, 2004 -- Sotheby's announced today the election of Allen Questrom to
the Board of Sotheby's Holdings, Inc. Mr. Questrom is the former Chairman and
Chief Executive Officer of J.C. Penney Company. Mr. Questrom came to J.C. Penney
from Barneys New York, Inc., where he was appointed Chairman, President and
Chief Executive Officer in May 1999. Mr. Questrom continues to serve on the
Board of Directors of Barneys and is also currently a principal of AEA
Investors, Inc., a partner of Mellon Ventures and a director of the National
Retail Federation. Previously, Mr. Questrom was Chairman and Chief Executive
Officer of Neiman Marcus as well as Federated Department Stores, Inc. He began
his retailing career with Federated as a management trainee in 1964. Mr.
Questrom graduated from Boston University in 1964 with a business degree in
Finance and Marketing.

"We are pleased to have someone of Mr. Questrom's stature joining the Board of
Sotheby's and look forward to his contribution to Sotheby's Board and its
shareholders," said Michael Sovern, Chairman of Sotheby's Holdings, Inc.

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Sotheby's Holdings, Inc. is the parent company of Sotheby's worldwide auction
businesses, art-related financing and private sales activities. The Company
operates in 35 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.