A public company, ZAP is traded on the
Over-the-Counter stock exchange under the symbol ZAPZ.
Shelby Automobiles Inc.2 million, a 23%, or $13.3 million, increase from the prior period,
principally due to the significant increase in auction sales. The sale is expected to achieve in
excess of $16 million** for approximately 5,000 lots. is the parent company of Sotheby 's worldwide
auction, private sales and art-related financing activities.

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Boylan was also responsible for developing synergistic marketing
programs, expanding partnerships with Formula One and NHRA and building a
multi-year partnership with eBay. She was instrumental in
leading Micropose to "Studio of the Year" recognition prior to its sale to
Hasbro. The growth in auction commission revenues was offset by a decline
in private sale commission revenues due to the Faberge transaction in 2004 .8 million, just above its
estimate of $10/$15 million**. 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
($5.4 million**) and a painting by Pablo Picasso, Homme a la
pipe (estimated at $4.
Sotheby's Holdings, Inc. is listed on
the New York Stock Exchange under the symbol BID.

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.'s earnings conference call will take place on
Wednesday, May 11, 2005, at 9:00 AM EDT .16) $0.22
Earnings from discontinued operations 0.16) $0.

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For more information, call (702) 325-4851 or
visit the company's web site at http://www.
Carroll Shelby Licensing Inc. The sale total of $24.9 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.
Among the exciting sales that will take place in Europe are two important
house sales. 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. In this release, financial measures are presented in
accordance with GAAP and also on a non-GAAP basis.00 (0.

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Amy Boylan Named President of Shelby Automobiles

LAS VEGAS, Carroll Shelby International,
Inc. is the parent company of Shelby
Automobiles and Carroll Shelby Licensing. It also holds trademark rights for Shelby-
branded apparel, accessories and collectibles.7) million, or ($0.
Excluding the one -time license fee revenue, the Company's first quarter 2004
loss from continuing operations would have been ($14. + Mrs.
Marcuola which is estimated at $10/$15 million**.

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zapworld.2 million**, the highest total ever for Russian Art worldwide. It is estimated to realize
$9/$13 million**. 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.


APPENDIX A

SOTHEBY'S HOLDINGS, INC.

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ZAP is working on finalizing its
marketing, distribution and service program for the car, including working
with its new dealers to buy 100-unit blocks of the car to speed up supply."

About Carroll Shelby International, Inc. 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.
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. 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. All references in this
release denoted by * are to "adjusted" non-GAAP financial measures.16) $0.

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NEW ORLEANS, Automotive technology
pioneer ZAP (OTC Bulletin Board: ZAPZ) is introducing the Smart Car to
America's top auto dealers at NADA 2005, January 29 through February 1, 2005
in New Orleans.
According to the National Automobile Dealers Association, its members
comprise approximately 20,000 franchised new car and truck dealers holding
nearly 43,000 separate franchises, domestic and international.

(OTC: CSBI), the parent company of Shelby Automobiles Inc.

About Sotheby's Holdings, Inc . 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.
You will need Windows Media Player or Real Player to access the call. The web cast will be available for replay for two weeks after the call.

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Prior to joining Mattel, Boylan served as studio head and Vice President
of Development for Microprose Software, Inc, a Maryland-based leader in the
development of PC strategy and simulation games.com. For additional information
about the company or licensing opportunities , call (310) 914-1843, or fax
(310) 914-1853 or write to Carroll Shelby Licensing, Inc.com.2 million ) in single owner sales over
the period.22 per diluted share, in the prior-year
period.
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.actioncast.37
Diluted (loss) earnings per share: ($0.

recreate tourers

Nearly 9000 individuals have registered their purchase interest in
the cars and, based on dealer interest to date, ZAP expects dealers will be
eager for its business plan to establish a dealer network for fuel-efficient
and advanced automotive technologies. "In my new role as
President of Shelby Automobiles, I will be working on many new exciting
marketing and manufacturing programs such as the new Ford Shelby Cobra GT 500
with Ford Motor Company, as well as the car that started it all, the legendary
Shelby Cobra. Mainland Chinese buyers were exceptionally
strong participants in the sale, continuing a trend in the Chinese paintings
world for the last few years., son
of Former IBM Chairman Thomas J.6 million**) from the artist's series dedicated to
the theme of the musketeer.com and enter the passcode 28845 when prompted.

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S."
Boylan, an expert at streamlining and optimizing corporate efficiencies,
joins Shelby Automobiles following a successful tenure as Senior Vice
President at Mattel.shelbyautos.
(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, 2005.16) ($0.

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This is ZAP's first foray into the
market for gas-powered automobiles, looking to capitalize on the worldwide
popularity of the Smart micro -car from Europe. ZAP says the fuel-efficiency
and the style of the Smart Car have become legendary here in the U.
"We are very excited to have Amy Boylan as the President of Shelby
Automobiles ," said John Luft, President of Carroll Shelby International, Inc. All statements, other than statements
of fact, included in this release, including, without limitation, statements
regarding potential future plans and objectives of the company, are forward-
looking statements that involve risks and uncertainties. The Company's
loss from continuing operations was ($9. The total sale is
estimated to bring between $31.4 million** for its broad selection
of works by important American artists, spanning from the late 19th century to
the 1980s.
** Estimates do not include buyer's premium .60

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

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, effective immediately.
"I am excited to join the Shelby Automobiles team and have the opportunity
to work with the legendary Carroll Shelby," said Boylan.5 million, or $0 . The
sale brought $35. See Appendix B.38
Basic (loss) earnings per share: ($0.

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NADA 2005 will be ZAP's first public appearance geared for new car dealers
of the unique , high-efficiency Smart Car. as
travelers abroad have brought back stories about falling in love with the car
in Europe. Boylan also reinvigorated Mattel's
partnerships with automotive legends John and Ashley Force, Tom "The Mongoose"
McEwen, George Barris and Don "The Snake" Prudhomme.S.2 million by 20%.5 and $45. Domestic callers should dial: 800-
240-4186 and international callers should dial: 303-262-2211.

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Morial Convention
Center includes 49 workshops for dealers and more than 500 exhibiting
automotive companies.
This week ZAP announced that it has began the process to 'Americanize ' the
first Smart Cars, a series of modifications for the car to meet U.
importer and distributor of those vehicles.
Investors are cautioned that such forward-looking statements involve risks and
uncertainties, including, without limitation, continued acceptance of the
Company's products, increased levels of competition for the Company, new
products and technological changes, the Company 's dependence upon third-party
suppliers, intellectual property rights, and other risks detailed from time to
time in the Company's periodic reports filed with the Securities and Exchange
Commission .
During her seven-year tenure with Mattel, attendance at Hot Wheels
collector conventions jumped from 1,500 to more than 5,000 participants
annually.2 million

NEW YORK, Sotheby 's Holdings, Inc.6 million,
well within its estimate of $15/$20 million**. Chinese
paintings, both Contemporary Oils and Modern masters, in Chinese brush and ink
technique, performed extremely well. Watson, Sr.6/$7.
To listen to the conference call via web cast, please go to
http:/ /www.00 0.

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The annual
convention and exposition held this year at the Ernest N. ZAP is also a manufacturer and distributor of
personal transportation vehicles, including scooters, bicycles and other
motorized vehicles.com or call 707-525-8658.0 million one-time
license fee revenue received from Cendant in the first quarter of 2004.1 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.7 million), also performed very well, bringing $33.5 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 $2.7/$6.16) $0.22

Adjustments, net of tax effects(a):
One-time license fee revenue 0.

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About ZAP
ZAP has been a world leader in advanced transportation technologies since
1994, delivering its award-winning ZAP vehicles and energy products to
customers in more than 60 countries. The company offers a
variety of advanced technologies and vehicles, including cars, bicycles,
scooters, motorbikes, underwater scooters and more.

Shelby Automobiles Inc. Shifts Gears With New Management

"Amy brings a passion for business and automobiles which is the perfect
combination for our business. Her creativity and leadership will help us
elevate Shelby Automobiles to the next level., founded in 1988, is the exclusive holder of
automotive manufacturer and entrepreneur Carroll Shelby's trademarks and
vehicle design rights, which include some of the world's most famous muscle
cars and high-performance vehicles, including the car that brought home to the
U. its first and only FIA World Manufacturers Championship in 1965, the
famous Shelby Cobra Daytona Coupe.carrollshelby.

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. In total, the Impressionist sales achieved
$118. 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.
In June, Sotheby's will hold an auction of fine Ferraris and Maseratis in
conjunction with Ferrari. The Company also regularly conducts auctions in 13 other salesrooms
around the world, including Australia, Hong Kong, France , Italy, the
Netherlands, Switzerland and Singapore. The call
reservation number is 11030119.

48)
One-time license fee expense 0.

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ZAP recently
announced a joint venture in China that is near completion on its first
manufacturing facility that will work in the development of its advanced
batteries and ZAP CAR(R) brand automobiles powered by a variety of advanced
fuels , including cars that run on gasoline, electricity, hydrogen and other
technologies. As a result , historically, first quarter results have
not been indicative of expected full year results. 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. The painting
is in wonderful original condition and sold for $16.00 0.

ferraris tourers

The cars are being modified at a facility in California and
ZAP expects the first of these cars to be available for test ride soon. Over time ZAP plans introduce more cars to its dealer network to
sell alongside the Smart. There can be no
assurance that such statements will prove to be accurate and actual results
and future events could differ materially from those anticipated in such
statements.
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.

Second and Third Quarter Sales
Last week, Sotheby's held its spring sale of Impressionist and Modern Art
in New York.3 million was by
far the highest Chinese Paintings sale Sotheby's has held, exceeding its high
estimate of $20.3 million, the highest
total ever for a Ceramics sale in Hong Kong. Sotheby's Holdings, Inc.

Sotheby's Holdings, Inc.00 0.

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Smart Car Americanized by ZAP Debuts at National Automobile Dealers Association Expo Jan. 29-Feb. 1 in New Orleans

S. DOT and
EPA standards. ZAP is not affiliated
with, or authorized by, smart gmbh, the manufacturer of SMART automobiles, or
the smartUSA division of Mercedes-Benz LLC, the exclusive authorized U., 11150 West Olympic
Boulevard, Suite 1050, Los Angeles, CA 90064 or visit
http://www.0 million , a 53% increase from $233.16) 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 $18.1 million. The three day sale is expected to bring in excess of $9
million**.3/$3.
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 .

* Non-GAAP financial measure. 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.02

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

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Carroll Shelby International, Inc. Thomas J.
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. The total sale is estimated to achieve in excess of
$45 million**. Please
download either of these programs before the call begins at 9:00 AM on May
11th.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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, today
announced the appointment of Amy Boylan as President of Shelby Automobiles,
Inc. is manufacturing high performance Shelby vehicles
under the guidance of the legendary Carroll Shelby and will be involved in
prototype manufacturing, design and engineering projects; and plans to
increase production and availability of these Shelby products through an
expanded dealer network and direct sales under a license agreement with
Carroll Shelby Licensing Inc.
Early last week, Sotheby's Hong Kong held a very successful series of
sales, indicating the continued strength of the Chinese art market.
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.

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ZAP purchases its vehicles from
non-affiliated direct importer Smart-Auto LLC.

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.
"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.6 million.2 million, against a pre-sale estimate of
$15.

Upcoming Sales
Next week in New York, Sotheby's spring sale of American Paintings
features Property from The Collection of Mr.

All Sotheby's Press Releases and SEC filings are available on our web site
at http: //www.sothebys.22
Earnings from discontinued operations 0.59

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

APPENDIX B
SOTHEBY'S HOLDINGS, INC. 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.

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The Smart Car accelerates ZAP's Business Plan to manufacture and
distribute automobiles utilizing advanced fuel technologies. During her time at Mattel, Boylan built its software
division into a $140 million enterprise, re-organized the company's
entertainment division and increased sales in its Hot Wheels adult division.
Boylan oversaw the implementation of the Hot Wheels Collector Club, now a
multi-million dollar collector business, and the installation of the Hot
Wheels Hall of Fame at the Petersen Automotive Museum in Los Angeles.

Certain statements in this news release may contain forward-looking
information within the meaning of Rule 175 under the Securities Act of 1933
and Rule 3b-6 under the Securities Exchange Act of 1934, and are subject to
the safe harbor created by those rules. - Strong First Quarter Auction Sales Across All Sales Categories

- First Quarter Auction and Related Revenues increase 23%
to $72.9) million*, or ($0.24)*
per diluted share, yielding a $5.5 million , or 56%, quarter
on quarter.com .16) $0.

maranello telstar

S. For more information,
visit http://www. Auction commission revenues increased $21.6/$22. Watson, Jr., and includes works by James
Edward Buttersworth, Mary Cassatt and Andrew Wyeth. The sale will take place at Ferrari's headquarters
in Maranello, Italy and will consist of 37 cars and 100 lots of memorabilia.

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NADA's dealer
base represents more than $699 billion in annual sales revenues.

Forward-looking statements in this release are made pursuant to the "safe
harbor" provisions of the Private Securities Litigation Reform Act of 1995. In her new role as President, Boylan will
provide oversight of the company's sales, marketing , production and financial
areas at the Las Vegas, NV headquarters.

Sotheby's Holdings Inc. Announces 2005 First Quarter Results

The Company reported auction and related revenues of
$72. This decrease was principally due to the $45.
Sotheby's held its inaugural combined sale of Russian fine and applied
works of art in New York last month and achieved extraordinary results. The sale also includes another important
Canaletto, his Venice, The Grand Canal from the Palazzo Flangini to S. The Company
operates in 34 countries, with principal salesrooms located in New York and
London.acttel.
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.
GAAP TO NON-GAAP RECONCILIATIONS

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

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- - kjjkjk

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