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                                                                     EXHIBIT 4

                                   SUMMARY OF

             SOTHEBY'S HOLDINGS, INC. DIRECTOR STOCK OWNERSHIP PLAN



     Pursuant to resolutions of the Board of Directors establishing the
Sotheby's Holdings, Inc. Director Stock Ownership Plan, each Non-Executive
Director will receive, as part of his annual retainer, 750 shares of the
Company's Class A Limited Voting Common Stock.