2 million, against a pre-sale estimate of
$15.
Among the many highlights of the sale were a Magnificent Pair of Russian
Porcelain Palace Vases, from the Period of Nicholas I that sold for a record
$3. The total sale is estimated to achieve in excess of
$45 million**.22

Adjustments, net of tax effects(a):
One-time license fee revenue 0. Currently, a new gift and home decor line is being
offered exclusively at American Greetings and Carlton Cards stores across the
U.

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The painting
is in wonderful original condition and sold for $16.5 and $45.6 million**) from the artist's series dedicated to
the theme of the musketeer. The sale also includes another important
Canaletto, his Venice, The Grand Canal from the Palazzo Flangini to S.

* Non-GAAP financial measure .00 0. Maureen Taxter, senior vice president,
Nickelodeon + Viacom Consumer Products , said the timing could not be better
for bringing Holly Hobbie back.

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Convenient packaging has been
a factor in product differentiation, especially for the DIY users-an example
being the all-in -one paint can and roller tray option. For more information,
contact Irina Frukhtbeyn at 301-468-3650 x203, or
ifrukhtbeyn@marketresearch.9) million*, or ($0. Thomas J. The total sale is
estimated to bring between $31.
Among the exciting sales that will take place in Europe are two important
house sales.

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.sothebys. The web cast will be available for replay for two weeks after the call.

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The Company reported auction and related revenues of
$72.
You will need Windows Media Player or Real Player to access the call.16) $0 .16) $0. and Canada, and online at http://www. American Greetings is also the creator and owner of many celebrated
character properties, including Strawberry Shortcake and Care Bears.com/.

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In Germany this autumn, the contents of the Marienburg Castle will
be sold on site, including works belonging to the former royal ruling house of
Hanover, among them several British kings. is the parent company of Sotheby's worldwide
auction, private sales and art-related financing activities. is listed on
the New York Stock Exchange under the symbol BID.
"We expect Holly's reintroduction to be as successful as those of our
other comeback characters," he added. The company includes television programming and
production in the United States and around the world, plus consumer products,
online , recreation, books, magazines and feature films.

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S.2 million) in single owner sales over
the period .2 million, a 23%, or $13.3 million, increase from the prior period,
principally due to the significant increase in auction sales. This decrease was principally due to the $45.
Because of the seasonal nature of the art auction market, Auction Sales in
the first quarter have historically only represented approximately 9% - 12% of
annual Auction Sales, and the first quarter has historically been a loss
period for the Company.7 million), also performed very well, bringing $33.6/$22. The Company also regularly conducts auctions in 13 other salesrooms
around the world, including Australia, Hong Kong , France, Italy, the
Netherlands, Switzerland and Singapore.22
Earnings from discontinued operations 0.16) ($0.

About Nickelodeon
Nickelodeon, which is in its 26th year, is the number-one entertainment
brand for kids. Nickelodeon's U.

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marketresearch.html .2 million

NEW YORK, Sotheby's Holdings, Inc.
Excluding the one-time license fee revenue , the Company's first quarter 2004
loss from continuing operations would have been ($14.3 million was by
far the highest Chinese Paintings sale Sotheby's has held, exceeding its high
estimate of $20. The three day sale is expected to bring in excess of $9
million**. It is estimated to realize
$9/$13 million**.
Sotheby's Holdings, Inc.

All Sotheby's Press Releases and SEC filings are available on our web site
at http://www.
CONSOLIDATED INCOME STATEMENTS
(UNAUDITED)
(Thousands of dollars , except per share data)

Three Months Ended
March 31, March 31,
2005 2004

Revenues:
Auction and related revenues $72,175 $58,853
License fee revenues 176 45,000
Other revenues 1,676 1,573
Total revenues 74,027 105,426

Expenses:
Direct costs of services 10,229 7,120
Salaries and related costs 39,519 38,960
General and administrative expenses 27,184 25,657
Depreciation and amortization expense 5,646 5,895
Retention costs - 285
Net restructuring charges - 119
Total expenses 82,578 78,036

Operating (loss ) income (8,551) 27,390

Interest income 1,609 570
Interest expense (8 ,142) (8,410)
Other income 5 639

(Loss) income from continuing
operations before taxes (15 ,079) 20,189
Equity in earnings of investees, net of taxes 349 162
Income tax (benefit) expense (4,987) 6,863
(Loss) income from continuing operations (9,743) 13,488

Discontinued operations:
Income from discontinued operations before taxes 44 36,712
Income tax expense 22 13,480
Income from discontinued operations 22 23,232

Net (loss) income ($9,721) $36,720

Basic (loss) earnings per share:
(Loss) earnings from continuing operations ($0.
The full rollout of classic Holly Hobbie products is scheduled throughout
summer and fall this year.

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Sotheby's Holdings Inc. Announces 2005 First Quarter Results

- Strong First Quarter Auction Sales Across All Sales Categories

- First Quarter Auction and Related Revenues increase 23%
to $72.16) per diluted
share, for the first quarter of 2005 compared to income from continuing
operations of $13. While below our expectations, there were some notable highlights
such as Pablo Picasso's Les Femmes d'Algers, from the iconic series of fifteen
canvases Picasso painted of North African women which brought $18.2 million**, the highest total ever for Russian Art worldwide. Next week in London, Sotheby's will sell a large collection of
selected paintings, furniture and works of art from Easton Neston house in
Northamptonshire, widely considered to be one of the most beautiful country
houses in England.com .24)

(a) The effective tax rate related to continuing operations was
approximately 33% and 34% for the quarters ended March 31, 2005 and
2004, respectively.

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"
The U. The Company's
loss from continuing operations was ($9.22 per diluted share, in the prior-year
period.0 million one-time
license fee revenue received from Cendant in the first quarter of 2004.

Upcoming Sales
Next week in New York, Sotheby's spring sale of American Paintings
features Property from The Collection of Mr. The sale is expected to achieve in
excess of $16 million** for approximately 5,000 lots.

About Sotheby's Holdings, Inc.


APPENDIX A

SOTHEBY'S HOLDINGS, INC.00 0. Now, she is staging a comeback with
the help of American Greetings and Nickelodeon + Viacom Consumer Products.

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Manufacturers have entered into licensing
agreements with popular home improvement shows , associations, and historic
monuments, such as ICI Paints' alliance with This Old House Ventures , Inc.
(NYSE: BID), the parent company of Sotheby's worldwide auction, private sales
and art-related financing activities, today announced results for the first
quarter ended March 31, 2005.7) million , or ($0. The
sale brought $35. The sale is highlighted by Canaletto's View of the Grand Canal from
Palazzo Balbi to the Rialto (estimate $11/$15 million**) which was one of the
first paintings to adorn the Prime Minister's residence at 10 Downing Street
in London in the early 1700s. See Appendix B.38
Basic (loss) earnings per share: ($0.16) $0.02

Adjusted (Loss) Per Share from
Continuing Operations ($0.americangreetings .

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"Home make-over television shows have given a lift to the paint industry,"
said Don Montuori , publisher of SBI.0 million, a 53% increase from $233. The sale total of $24. Mainland Chinese buyers were exceptionally
strong participants in the sale, continuing a trend in the Chinese paintings
world for the last few years. Sotheby's Holdings, Inc.16) $0.22
Earnings from discontinued operations 0. American Greetings' Care Bears and
Strawberry Shortcake have had astounding re-launches of their own in recent
years with combined international retail sales topping almost $2 billion since
2002.
"We're proud to be working with American Greetings to not only reintroduce
her to those she grew up with, but to attract a whole new generation of fans,"
she added.

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Paint and Wallcoverings Industry Grows to $9 Billion Market According to New Report

Market for Paint and Wallcoverings, a new report from Specialists in
Business Information (SBI), a division of MarketResearch . They are all the more outstanding given their improvement on
last year's first quarter results (excluding the one-time license fee revenue)
which included the landmark private sale of the Forbes Collection of Imperial
Faberge.
Sotheby's held its inaugural combined sale of Russian fine and applied
works of art in New York last month and achieved extraordinary results.6/$7.
Marcuola which is estimated at $10/$15 million**. Major factors, which the Company believes could cause the
actual results to differ materially from the predicted results in the
"forward-looking statements " include, but are not limited to, the overall
strength of the international economy and financial markets, political
conditions in various nations, competition with other auctioneers and art
dealers , the amount of quality property being consigned to art auction houses
and the marketability at auction of such property.
To listen to the conference call via web cast, please go to
http://www.00 0.
This time around, the nostalgic character is being reintroduced with the
help of a high tech touch.

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, to
produce a new line of paints under the 'This Old House' name.

"As these excellent results show, 2005 is clearly off to a strong start,"
said Bill Ruprecht , President and Chief Executive Officer of Sotheby's
Holdings, Inc.5 million, or 56%, quarter
on quarter. Another highlight of the sale
was a striking self-portrait by Max Beckmann, entitled Self Portrait with
Crystal Ball which is a portrait of the artist as a prescient sooth-sayer,
painted in 1936, just months before he fled Germany for Holland.5 million**), executed during the artist's second stay
in Tahiti; two works by Edgar Degas, Chevaux et Jockeys and Danseuses
rajustant leur Coiffure , representing the two main themes the artist developed
throughout his artistic career: ballet dancers and horse races (both are
estimated at $2.48)
One-time license fee expense 0. CLEVELAND, Holly Hobbie, the charming
girl in the oversized, blue chintz bonnet, was a household name to millions of
women around the world for three generations.com , just in time for
Mother's Day.

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6 million,
well within its estimate of $15/$20 million**. In total, the Impressionist sales achieved
$118. The Ceramics and Works of Art sales, led by the
Collection of Exceptional Imperial Porcelain, which was 100% sold and included
a world record for Qing Dynasty porcelain for a reticulated celadon vase
($5. Watson, Jr.37
Diluted (loss) earnings per share: ($0.
Nickelodeon, which handles the licensing for SpongeBob SquarePants and Dora
the Explorer , will partner with American Greetings and its subsidiary, Those
Characters From Cleveland, to reintroduce the popular character to those who
fondly remember her from the '60s and '70s, as well as to a whole new
generation of fans.

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Auction commission revenues increased $21.3 million, the highest
total ever for a Ceramics sale in Hong Kong.

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It analyzes the paint and wall
coverings market as one that comprises exterior and interior painting,
interior/exterior wood staining, ceramic tiles, wood panelling and wallpapers.
Key issues and trends affecting the overall market have been outlined,
different product categories have been identified, and a profile of the paint
consumer developed. SBI is a
division of MarketResearch.com. Watson, Sr.
In June, Sotheby's will hold an auction of fine Ferraris and Maseratis in
conjunction with Ferrari. The sale will take place at Ferrari's headquarters
in Maranello, Italy and will consist of 37 cars and 100 lots of memorabilia. In this release, financial measures are presented in
accordance with GAAP and also on a non-GAAP basis. Her official Web site, http://www.com ,
connects consumers with other fans, informs them of the newest Holly Hobbie
products and promotions, and provides ideas for crafts and projects. The collection includes greeting cards, six hand-painted
figurines, a miniature porcelain tea set for one, a ceramic frame and vase ,
accent pillows and nested heart-shaped boxes.

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Priced at $3,000, this report can be purchased from MarketResearch.

About Specialists in Business Information
Specialists in Business Information (SBI) is a leading publisher of market
research in the materials, construction, and industrial sectors.2 million in the prior
period, primarily due to the London Impressionist and Modern Art and
Contemporary sales in February, which were up 37% as compared to the prior
year, and a significant increase ($40.

Second and Third Quarter Sales
Last week, Sotheby's held its spring sale of Impressionist and Modern Art
in New York. All references in this
release denoted by * are to "adjusted" non-GAAP financial measures.16) $0.S.

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"While most homeowners will never
experience a team of professional designers and a camera crew invading and
remodeling their house, many have been inspired to spruce up the homestead by
these shows, and one of the most accessible jobs is giving rooms a new coat of
paint, or putting up new wallpaper.com/pub/1090872 .
For the quarter ended March 31, 2005, the Company's Auction Sales
(aggregate hammer price of property sold at auction, including buyer's
premium) were $356.6 million.4 million** for its broad selection
of works by important American artists, spanning from the late 19th century to
the 1980s .
The highlight of the sale is 1958 Ferrari 412 S, #0744, which has an
illustrious past in North American racing and is fitted with the most powerful
front engine offered by Ferrari at that time .'s earnings conference call will take place on
Wednesday, May 11, 2005, at 9:00 AM EDT. Domestic callers should dial: 800-
240-4186 and international callers should dial: 303-262-2211.

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Market for Paint and Wallcoverings presents an in-depth analysis
of products and manufacturers in the market .5 million, or $0.1 million improvement in first quarter 2005
results from continuing operations as compared to the prior period, a great
achievement in light of the fact that 2004 results included the landmark sale
of the Forbes Collection of Faberge. + Mrs.3/$3.
** Estimates do not include buyer's premium. 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 .

"Consumer research shows strong recognition of the
character as well as a great deal of interest in buying new products featuring
her likeness," he said.

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com, the leading provider of global business
intelligence on markets, industries, and companies.
Early last week, Sotheby 's Hong Kong held a very successful series of
sales, indicating the continued strength of the Chinese art market.2 million by 20%. The call
reservation number is 11030119. A reconciliation of GAAP to non-GAAP financial measures
is included below:

Quarter Ended
March 31 ,
2005 2004

(Thousands of dollars,
except per share data)

GAAP Net (Loss) Income from
Continuing Operations ($9,743) $13,488

Adjustments, net of tax effects (a):
One-time license fee revenue - (29,700)
One-time license fee expense - 1,350

Adjusted Net (Loss) Income from
Continuing Operations ($9,743) ($14,862)


GAAP (Loss) Earnings Per Share from
Continuing Operations ($0.
According to Michael Brown, vice president of Licensing for American
Greetings, today's renewed focus on home and family, combined with a longing
for simplicity, honesty and core values, makes the timing ideal for bringing
Holly Hobbie back.

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The home paint market is crowded, so to stand out, marketers have begun to
look outside the paint can to build brand image.
And, as with purveyors of most other consumer goods, paint marketers are
starting to hitch their wagons to popular culture to build brand image and
increase product awareness.24)*
per diluted share, yielding a $5. The growth in auction commission revenues was offset by a decline
in private sale commission revenues due to the Faberge transaction in 2004., and includes works by James
Edward Buttersworth, Mary Cassatt and Andrew Wyeth. Please
download either of these programs before the call begins at 9:00 AM on May
11th.
Management believes that the use of these non-GAAP financial measures
enable management and investors to evaluate and compare, from period to
period, the Company's results from operations in a more meaningful and
consistent manner.00 (0.S. For more information on the Corporation,
visit http://corporate. It has built a diverse, global business by putting kids first
in everything it does.
Nickelodeon and all related titles, characters and logos are trademarks of
Viacom International Inc.

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8 million, just above its
estimate of $10/$15 million**.4 million **) and a painting by Pablo Picasso, Homme a la
pipe (estimated at $4.7/$6.
Our summer sale of Old Masters Paintings in London on July 6th includes
some of the finest offerings of Old Masters Paintings to come to auction in
years.

Sotheby's Holdings, Inc.59

Weighted average shares outstanding:
Basic 62,594 61,589
Diluted 62,594 62,065

APPENDIX B
SOTHEBY'S HOLDINGS, INC.CarltonCards.
In spring 2006, American Greetings and Nickelodeon will unveil Holly
Hobbie + Friends, a contemporary evolution of Classic Holly Hobbie geared to
today 's young girls, aged 4 to 8.

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S.com. As a result, historically, first quarter results have
not been indicative of expected full year results.9 million, more than five times its high estimate, and a rediscovered
masterpiece by Konstantin Egorovich Makovsky, Judgment of Paris, from the
collection of the Pabst Brewing Company, which sold for a record-breaking
$2.1 million.actioncast.
GAAP TO NON-GAAP RECONCILIATIONS

GAAP and non-GAAP Financial Measures:
GAAP refers to generally accepted accounting principles in the United
States of America.HollyHobbie .

About American Greetings
American Greetings Corporation (NYSE: AM) is one of the world's largest
creators, manufacturers and distributors of social expression products. Along
with greeting cards, its product lines include gift wrap, party goods,
candles, stationery, calendars , educational products, ornaments and electronic
greetings.

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Next week, Sotheby's will hold its London sale of Russian Art
which is estimated to achieve more than $15 million** for approximately
260 lots., son
of Former IBM Chairman Thomas J.com and enter the passcode 28845 when prompted. The iconic character, who
personifies childhood innocence, debuted in 1967 on a line of American
Greetings cards, and was one of the first licensed characters in history to
break a billion dollars in retail sales.
The re-launched Classic Holly Hobbie will feature contemporary color
palettes and patterns combined with some of the character's signature verses
on a wide variety of licensed products, including greeting cards, collectible
gifts, bedding, kitchen domestics, wall coverings, nursery products and more.
television network is seen in 88 million households and has been the number-
one-rated basic cable network for more than nine consecutive years.

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NEW YORK, Piggybacking on an upbeat construction
and remodeling market, the market for residential paints and wall coverings
has maintained continuous growth and has exceeded $9 billion, according to The
U.com by
clicking on the following link:
http://www. Chinese
paintings, both Contemporary Oils and Modern masters, in Chinese brush and ink
technique, performed extremely well.
Our major Impressionist Sale in London on June 20th includes a number of
wonderful works, among which are Paul Gauguin's Nature Morte aux Mangos
(estimated at $5. The Company
operates in 34 countries, with principal salesrooms located in New York and
London.acttel.60

Diluted (loss) earnings per share:
(Loss) earnings from continuing operations ($0.

Holly Hobbie Is Back -- American Greetings Re-launches Classic '70s Character

Located
in Cleveland, Ohio, American Greetings generates annual net sales of
approximately $2 billion.

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---

- - kjjkjk

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