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<P ALIGN=CENTER><FONT  SIZE=2>As filed with the Securities and Exchange Commission on  February
7, 2006</FONT></P>

<P ALIGN=RIGHT><FONT  SIZE=2>Registration No. 333-_____&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

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  <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

  </TD>
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  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
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  <P ALIGN=CENTER><FONT SIZE=4><B>SECURITIES AND EXCHANGE COMMISSION</B></FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=CENTER><FONT SIZE=3><B>WASHINGTON, D. C.  20549</B></FONT></P>
  </TD>
 </TR>
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  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
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  <HR SIZE=1 WIDTH="70%" NOSHADE COLOR=GRAY ALIGN=CENTER>

  </TD>
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  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=CENTER><FONT SIZE=5><B>FORM S-8</B></FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
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 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=CENTER><FONT SIZE=3><B>REGISTRATION STATEMENT</B></FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=CENTER><FONT SIZE=3><B>Under</B></FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=CENTER><FONT SIZE=3><B>THE SECURITIES ACT OF 1933</B></FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
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  <HR SIZE=1 WIDTH="70%" NOSHADE COLOR=GRAY ALIGN=CENTER>

  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=CENTER><FONT SIZE=6><B>SOTHEBY&#146;S HOLDINGS, INC.</B></FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=CENTER><FONT SIZE=2>(Exact name of registrant as specified in its charter)</FONT></P>
  </TD>
 </TR>
</TABLE>

<BR>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
  <TD WIDTH="50%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="10%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="38%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=CENTER><FONT SIZE=2>Michigan</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=CENTER><FONT SIZE=2>38-2478409</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=CENTER><FONT SIZE=2>(State or other jurisdiction of incorporation or organization)</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=CENTER><FONT SIZE=2>(I.R.S. Employer Identification Number)</FONT></P>
  </TD>
 </TR>
</TABLE>

<P ALIGN=CENTER><FONT  SIZE=2>38500 Woodward Avenue, Suite 100<BR>
Bloomfield Hills, Michigan  48304<BR>
(Address of principal executive offices)</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>SOTHEBY&#146;S
HOLDINGS, INC. 2003 RESTRICTED STOCK
PLAN<BR>
</B>(Full title of the
plan)</FONT></P>

<P><HR SIZE=1 NOSHADE WIDTH=70% COLOR=GRAY>

<P ALIGN=CENTER><FONT  SIZE=2>Donaldson C. Pillsbury<BR>
Executive Vice President, Worldwide General Counsel and Secretary<BR>
Sotheby&#146;s, Inc.<BR>
1334 York Avenue<BR>
New York, New York  10021<BR>
(212)  606-7000<BR>
(Name and address of agent for service)</FONT></P>



<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P ALIGN=CENTER><FONT SIZE=2><B>CALCULATION
OF REGISTRATION FEE</B></FONT></P>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
  <TD WIDTH="35%" VALIGN=BOTTOM>
  <P ALIGN=CENTER>&nbsp;</P>
  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=CENTER>&nbsp;</P>
  </TD>
  <TD WIDTH="12%" VALIGN=BOTTOM>
  <P ALIGN=CENTER>&nbsp;</P>
  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=CENTER>&nbsp;</P>
  </TD>
  <TD WIDTH="14%" VALIGN=BOTTOM>
  <P ALIGN=CENTER>&nbsp;</P>
  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=CENTER>&nbsp;</P>
  </TD>
  <TD WIDTH="12%" VALIGN=BOTTOM>
  <P ALIGN=CENTER>&nbsp;</P>
  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=CENTER>&nbsp;</P>
  </TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=CENTER>&nbsp;</P>
  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=CENTER>&nbsp;</P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1><B>Title of each class of<BR>
  securities to be<BR>
  registered</B></FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1><B>Amount to be<BR>
  registered</B></FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1><B>Proposed<BR>
  maximum<BR>
  offering price per<BR>
  share (1)</B></FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1><B>Proposed<BR>
  maximum<BR>
  aggregate<BR>
  offering price</B></FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1><B>Amount of<BR>
  registration fee</B></FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

  </TD>
  <TD  VALIGN=TOP>
  <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

  </TD>
  <TD  VALIGN=TOP>
  <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

  </TD>
  <TD  VALIGN=TOP>
  <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

  </TD>
  <TD  VALIGN=TOP>
  <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

  </TD>
  <TD  VALIGN=TOP>
  <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

  </TD>
  <TD  VALIGN=TOP>
  <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

  </TD>
  <TD  VALIGN=TOP>
  <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

  </TD>
  <TD  VALIGN=TOP>
  <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

  </TD>
  <TD  VALIGN=TOP>
  <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>Class A Limited Voting
  Common Stock</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=2>149,359</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=2>$20.465</B></FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=2>$3,056,631.90</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=2>$327.06</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2>(1) Computed, pursuant to Rule 457(h), solely for the purpose
  of calculating the registration fee based on the average of the high and low
  prices of the Class A Limited Voting Common Stock as reported on the New York
  Stock Exchange on February 3<B>,</B> 2006. </FONT></P>


<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P ALIGN=CENTER><FONT SIZE=2>EXPLANATORY NOTE</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sotheby&#146;s
Holdings, Inc., a Michigan corporation (the &#147;Registrant&#148;) is filing this  Registration Statement on Form S-8 with
respect to the Sotheby&#146;s Holdings, Inc. 2003 Restricted Stock Plan (as amended,
the &#147;Plan&#148;) in order to register 149,359 shares of the Registrant&#146;s Class A
Common Stock, par value $0.10 per share (the &#147;Class A Common Stock&#148;),
that  the Registrant has  withheld from time to time  for tax purposes upon the vesting of
restricted stock grants under the Plan.   In accordance with the terms of the Plan, these withheld shares
are considered to be surrendered before the restriction period for the shares
has been satisfied and are again available for awards subsequently granted
under the Plan.<B>  </B></FONT></P>

<P  ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;These
shares are additional securities being registered under the Plan.  Consequently, in accordance with General
Instruction (E) to Form S-8, the Registrant hereby incorporates by reference in
this Registration Statement the contents of its Registration Statement on Form
S-8 with respect to securities issuable under the Plan, filed on March 16, 2004
(the &#147;2004 Form S-8&#148;) with the Securities and Exchange Commission (the &#147;Commission&#148;),
Commission File Number 001-09750, except (i) that Item 5, titled &#147;Interests of
Experts and Counsel,&#148; of Part II of the 2004 Form S-8 is not incorporated by
reference to this Registration Statement as the disclosure under such item is
not applicable to this Registration Statement, and (ii) as otherwise amended by
this Registration Statement.  </FONT></P>

<P  ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition, all references to the issuance under the Plan of the Registrant&#146;s
Class B Common Stock, par value $0.10 per share are hereby deemed to refer
instead to the issuance of Class A Common Stock under the Plan in accordance
with the Second Amendment to the Plan, a copy of which is filed as an exhibit
to this Registration Statement.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>PART II<BR>
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT </B></FONT></P>

<P><FONT SIZE=2><B>Item 3. <U>Incorporation of
Documents by Reference</U>.</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Registrant incorporates by reference into this Registration Statement the following
documents: </FONT></P>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
  <TD WIDTH="5%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>(a)</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>the
  Registrant&#146;s Annual Report on Form 10-K (File No. 001-09750) for the fiscal
  year ended December 31, 2004, filed with the Commission on March 16, 2005
  pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as
  amended (the &#147;Exchange Act&#148;); </FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>(b)</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>all
  other reports filed by the Registrant with the Commission pursuant to Section
  13(a) or 15(d) of the Exchange Act since December 31, 2004; </FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>(c)</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>Item 1 of the Registrant&#146;s
  Registration Statement on Form 8-A, dated March 7, 1990 (File No. 001-09750)
  and filed with the Commission
  on March 8, 1990 pursuant to Section 12 of the Exchange Act; and </FONT></P>
  </TD>
 </TR>
</TABLE>

<p align="center"><font size="2" face="Times New Roman, Times, serif">II-1</font></p>
<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
  <TD WIDTH="5%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>(d)</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>all
  documents filed by the Registrant with the Commission pursuant to Sections
  13(a), 13(c), 14 and 15(d) of the Exchange Act after the date of this
  Registration Statement and prior to the filing of a post-effective amendment
  that indicates that all securities offered have been sold or that deregisters
  all such securities then remaining to be sold. </FONT></P>
  </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2>Any
statement contained in any document incorporated or deemed to be incorporated
by reference herein shall be deemed to be modified or superseded for the
purposes of this Registration Statement to the extent that a statement
contained herein or in any subsequently filed document which also is or is
deemed to be incorporated by reference herein modifies or supersedes such
statement. Any statement so modified or superseded shall not be deemed, except
as so modified or superseded, to constitute a part of this Registration
Statement. </FONT></P>

<P><FONT SIZE=2><B>Item 8. <U>Exhibits</U>.</B></FONT></P>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
  <TD WIDTH="11%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="4%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="83%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP NOWRAP>
  <P><FONT SIZE="1"><B>Exhibit Number</B> </FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE="1"><B>Description</B> </FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <HR SIZE=1 WIDTH="10%" NOSHADE COLOR=BLACK ALIGN=LEFT>

  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>5</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2>Opinion of Dickinson Wright PLLC, special counsel
        to the Registrant, as to the legality of the shares. </FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>10.1*</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2>Second Amendment to
  Sotheby&#146;s Holdings, Inc. 2003 Restricted Stock Plan, dated November 7, 2005.</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>23(a)</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>Consent of Deloitte &amp;
  Touche LLP. </FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>23(b)</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>Consent of Dickinson
  Wright PLLC (included in Exhibit 5). </FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>24</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>Powers of Attorney
  (included on signature page).</FONT></P>
  </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2>*Management contract or
compensatory plan.</FONT></P>

<P><FONT SIZE=2><B>                </B></FONT></P>

<P><FONT SIZE=2><B>Item 9. <U>Undertakings</U>.</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Registrant hereby undertakes:</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)
To file, during any period in which offers or sales are being made, a
post-effective amendment to this Registration Statement:</FONT></P>

<P  ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)
to include any prospectus required by Section 10(a)(3) of the  Securities Act of 1933, as amended (the &#147;Act&#148;);</FONT></P>

<P  ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)
to reflect in the prospectus any facts or events arising after the effective
date of this Registration Statement (or the most recent post-effective
amendment thereto) which, individually or in
the aggregate, represent a fundamental change in the information
set  forth in this Registration
Statement. Notwithstanding the foregoing,
any increase or decrease in the volume of securities offered (if
the  total dollar value of securities
offered would not exceed that which was registered) and any deviation from the
low or high end of the estimated maximum offering range may be reflected in the
form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the
aggregate, the changes in volume and price represent no more than a   20 percent change in the maximum aggregate
offering price set forth   in the &#147;Calculation
of Registration Fee&#148; table in the effective Registration Statement; and</FONT></P>
<p align="center"><font size="2" face="Times New Roman, Times, serif">II-2</font></p>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)
to include any material information with respect to the plan of distribution
not previously disclosed in this Registration Statement or any material change
to such information in this Registration Statement;</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>provided,
however, that the undertakings set forth in paragraphs (a)(i) and (a)(ii) do
not apply if the registration statement is on Form S-3, Form S-8 or Form F-3
and the  information required to be
included in a post-effective amendment by those paragraphs is contained in
periodic reports filed with or furnished to the Commission by the Registrant
pursuant to Section 13 or Section 15(d) of the Securities Exchange Act of 1933,
as amended (the &#147;Exchange Act&#148;) that are incorporated by reference in this
Registration Statement.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)
That, for the purpose of determining any liability under the Act, each such
post-effective amendment will be deemed to be a new registration statement
relating to the securities offered therein, and the offering of such securities
at that time will be deemed to be the initial bona fide offering thereof.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)
To remove from registration by means of a post-effective amendment any of the
securities being registered which remain unsold at the termination of the
offering.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)
That, for purposes of determining any liability under the Act, each filing of
the Registrant&#146;s annual report pursuant to Section 13(a) or 15(d) of the
Exchange Act that is incorporated by reference in this Registration Statement
shall be deemed to be a new registration statement relating to the securities
offered therein and the offering of such securities at that time shall be
deemed to be the initial  bona fide
offering thereof.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)
Insofar as indemnification for liabilities arising under the Act may be
permitted to directors, officers and controlling persons of the Registrant, the
Registrant has been advised that, in the opinion of the Commission, such
indemnification is against public policy as expressed in the Act and is,
therefore, unenforceable. In the event that a claim for indemnification against
such  liabilities (other than the
payment by the Registrant of expenses incurred
or paid by a director, officer or controlling person of the Registrant
in the successful defense of any action, suit or proceeding) is asserted by
such director, officer or controlling person in connection with the securities
being registered, the Registrant will, unless in the opinion of  its counsel the matter has been settled by
controlling precedent, submit  to a
court of appropriate jurisdiction the question whether such indemnification by
it is against public policy as expressed in the Act and will be governed by the
final adjudication of such issue.</FONT></P>
<p align="center"><font size="2" face="Times New Roman, Times, serif">II-3</font></p>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>



<P align=center><FONT SIZE="2"><B>SIGNATURES</B> </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to the requirements of the Securities Act of 1933, the Registrant certifies
that it has reasonable grounds to believe that it meets all of the requirements
for filing on Form S-8 and has duly caused this Registration Statement on Form
S-8 to be signed on its behalf by the undersigned, thereunto duly authorized,
in the City of New York, State of New York, on the 7th day  of  February,
2006.</FONT></P>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="50%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="50%" COLSPAN="2" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P><FONT SIZE=2>SOTHEBY&#146;S HOLDINGS, INC.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>By:</FONT></P>
</TD>
    <TD VALIGN=BOTTOM> <P><FONT SIZE=2>/s/ William F. Ruprecht</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="70%" NOSHADE   ALIGN=LEFT>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>William F. Ruprecht<BR>
  President and Chief Executive Officer</FONT></P>
</TD>
</TR>
</TABLE>

<P ALIGN=CENTER><FONT SIZE=2>POWER OF ATTORNEY</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KNOW
ALL PERSONS BY THESE PRESENTS that each person whose signature appears below
hereby constitutes and appoints William F. Ruprecht and&nbsp;William S.
Sheridan, and each of them,&nbsp;as his true and lawful attorney-in-fact and
agent, with full power of substitution, for him  and in his name, place and stead, in any and all capacities, to
sign any and all amendments (including post-effective amendments), supplements
and other documents related &nbsp;to this registration statement, and to file
the same, with all exhibits thereto, and other documents in connection
therewith, with the Securities and Exchange Commission, granting unto said
attorney-in-fact and agent full power and authority to do and perform each and
every act and thing requisite and necessary to be done in connection therewith,
as fully to all intents and purposes as he
might or could do in person, hereby ratifying and confirming all that
said attorney-in-fact and agent or any of them, or their substitute or substitutes,
shall do or cause to be done by virtue hereof.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to the requirements of the Securities Act of 1933, this Registration Statement
on  Form S-8  has been signed below by the following persons in the capacities
and on the date indicated.</FONT></P>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
  <TR style="font-size:1px">
    <TD WIDTH="11%" VALIGN=TOP> <P ALIGN=CENTER>&nbsp;</P></TD>
    <TD WIDTH="7%" VALIGN=TOP> <P ALIGN=CENTER>&nbsp;</P></TD>
    <TD WIDTH="12%" VALIGN=TOP> <P ALIGN=CENTER>&nbsp;</P></TD>
    <TD WIDTH="1%" VALIGN=TOP> <P>&nbsp;</P></TD>
    <TD WIDTH="14%" VALIGN=TOP> <P ALIGN=CENTER>&nbsp;</P></TD>
    <TD WIDTH="4%" VALIGN=TOP> <P ALIGN=CENTER>&nbsp;</P></TD>
    <TD WIDTH="13%" VALIGN=TOP> <P ALIGN=CENTER>&nbsp;</P></TD>
    <TD WIDTH="1%" VALIGN=TOP> <P>&nbsp;</P></TD>
    <TD WIDTH="14%" VALIGN=TOP> <P ALIGN=CENTER>&nbsp;</P></TD>
    <TD WIDTH="4%" VALIGN=TOP> <P ALIGN=CENTER>&nbsp;</P></TD>
    <TD WIDTH="13%" VALIGN=TOP> <P ALIGN=CENTER>&nbsp;</P></TD>
  </TR>
  <TR>
    <TD VALIGN=TOP> <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
    <TD VALIGN=TOP> <P ALIGN=CENTER><FONT SIZE="1"><B>Signature</B> </FONT></P></TD>
    <TD VALIGN=TOP> <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
    <TD VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
    <TD VALIGN=TOP> <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
    <TD VALIGN=TOP> <P ALIGN=CENTER><FONT SIZE="1"><B>Title</B> </FONT></P></TD>
    <TD VALIGN=TOP> <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
    <TD VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
    <TD VALIGN=TOP> <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
    <TD VALIGN=TOP> <P ALIGN=CENTER><FONT SIZE="1"><B>Date</B> </FONT></P></TD>
    <TD VALIGN=TOP> <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  </TR>
  <TR>
    <TD VALIGN=TOP> <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
    <TD VALIGN=TOP> <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
    </TD>
    <TD VALIGN=TOP> <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
    <TD VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
    <TD VALIGN=TOP> <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
    <TD VALIGN=TOP> <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
    </TD>
    <TD VALIGN=TOP> <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
    <TD VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
    <TD VALIGN=TOP> <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
    <TD VALIGN=TOP> <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
    </TD>
    <TD VALIGN=TOP> <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  </TR>
  <TR>
    <TD COLSPAN="3" VALIGN=TOP> <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
    <TD VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
    <TD COLSPAN="3" VALIGN=TOP> <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
    <TD VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
    <TD COLSPAN="3" VALIGN=TOP> <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  </TR>
  <TR>
    <TD COLSPAN="3" VALIGN=TOP> <P><FONT SIZE=2>/s/ Michael I. Sovern</FONT></P></TD>
    <TD VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
    <TD COLSPAN="3" VALIGN=TOP> <P ALIGN=CENTER><FONT SIZE=2>Chairman of the Board</FONT></P></TD>
    <TD VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
    <TD COLSPAN="3" VALIGN=TOP> <P ALIGN=CENTER><FONT SIZE=2>February 7, 2006</FONT></P></TD>
  </TR>
  <TR>
    <TD COLSPAN="3" VALIGN=TOP> <HR SIZE=1 WIDTH="100%" NOSHADE    ALIGN=CENTER>
    </TD>
    <TD VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
    <TD COLSPAN="3" VALIGN=TOP> <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
    <TD VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
    <TD COLSPAN="3" VALIGN=TOP> <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  </TR>
  <TR>
    <TD COLSPAN="3" VALIGN=TOP> <P><FONT SIZE=2>Michael I. Sovern</FONT></P></TD>
    <TD VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
    <TD COLSPAN="3" VALIGN=TOP> <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
    <TD VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
    <TD COLSPAN="3" VALIGN=TOP> <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  </TR>
  <TR>
    <TD COLSPAN="3" VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
    <TD VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
    <TD COLSPAN="3" VALIGN=TOP> <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
    <TD VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
    <TD COLSPAN="3" VALIGN=TOP> <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  </TR>
  <TR>
    <TD COLSPAN="3" VALIGN=TOP> <P><FONT SIZE=2>/s/ Devonshire</FONT></P></TD>
    <TD VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
    <TD COLSPAN="3" VALIGN=TOP> <P ALIGN=CENTER><FONT SIZE=2>Deputy Chairman of
        the Board</FONT></P></TD>
    <TD VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
    <TD COLSPAN="3" VALIGN=TOP> <P ALIGN=CENTER><FONT SIZE=2>February 7, 2006</FONT></P></TD>
  </TR>
  <TR>
    <TD COLSPAN="3" VALIGN=TOP> <HR SIZE=1 WIDTH="100%" NOSHADE    ALIGN=CENTER>
    </TD>
    <TD VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
    <TD COLSPAN="3" VALIGN=TOP> <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
    <TD VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
    <TD COLSPAN="3" VALIGN=TOP> <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  </TR>
  <TR>
    <TD COLSPAN="3" VALIGN=TOP> <P><FONT SIZE=2>The Duke of Devonshire</FONT></P></TD>
    <TD VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
    <TD COLSPAN="3" VALIGN=TOP> <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
    <TD VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
    <TD COLSPAN="3" VALIGN=TOP> <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  </TR>
  <TR>
    <TD COLSPAN="3" VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
    <TD VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
    <TD COLSPAN="3" VALIGN=TOP> <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
    <TD VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
    <TD COLSPAN="3" VALIGN=TOP> <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  </TR>
  <TR>
    <TD COLSPAN="3" VALIGN=TOP> <P><FONT SIZE=2>/s/ William F. Ruprecht</FONT></P></TD>
    <TD VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
    <TD COLSPAN="3" VALIGN=TOP> <P ALIGN=CENTER><FONT SIZE=2>President, Chief
        Executive</FONT></P></TD>
    <TD VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
    <TD COLSPAN="3" VALIGN=TOP> <P ALIGN=CENTER><FONT SIZE=2>February 7, 2006</FONT></P></TD>
  </TR>
  <TR>
    <TD COLSPAN="3" VALIGN=TOP> <HR SIZE=1 WIDTH="100%" NOSHADE    ALIGN=CENTER>
    </TD>
    <TD VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
    <TD COLSPAN="3" VALIGN=TOP> <P ALIGN=CENTER><FONT SIZE=2>Officer and Director</FONT></P></TD>
    <TD VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
    <TD COLSPAN="3" VALIGN=TOP> <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  </TR>
  <TR>
    <TD COLSPAN="3" VALIGN=TOP> <P><FONT SIZE=2>William F. Ruprecht</FONT></P></TD>
    <TD VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
    <TD COLSPAN="3" VALIGN=TOP> <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
    <TD VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
    <TD COLSPAN="3" VALIGN=TOP> <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  </TR>
  <TR>
    <TD COLSPAN="3" VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
    <TD VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
    <TD COLSPAN="3" VALIGN=TOP> <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
    <TD VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
    <TD COLSPAN="3" VALIGN=TOP> <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  </TR>
  <TR>
    <TD COLSPAN="3" VALIGN=TOP> <P><FONT SIZE=2>/s/ William S. Sheridan</FONT></P></TD>
    <TD VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
    <TD COLSPAN="3" VALIGN=TOP> <P ALIGN=CENTER><FONT SIZE=2>Executive Vice President
        and</FONT></P></TD>
    <TD VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
    <TD COLSPAN="3" VALIGN=TOP> <P ALIGN=CENTER><FONT SIZE=2>February 7, 2006</FONT></P></TD>
  </TR>
  <TR>
    <TD COLSPAN="3" VALIGN=TOP> <HR SIZE=1 WIDTH="100%" NOSHADE    ALIGN=CENTER>
    </TD>
    <TD VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
    <TD COLSPAN="3" VALIGN=TOP> <P ALIGN=CENTER><FONT SIZE=2>Chief Financial Officer</FONT></P></TD>
    <TD VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
    <TD COLSPAN="3" VALIGN=TOP> <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  </TR>
  <TR>
    <TD COLSPAN="3" VALIGN=TOP> <P><FONT SIZE=2>William S. Sheridan</FONT></P></TD>
    <TD VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
    <TD COLSPAN="3" VALIGN=TOP> <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
    <TD VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
    <TD COLSPAN="3" VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  </TR>
  <TR>
    <TD COLSPAN="3" VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
    <TD VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
    <TD COLSPAN="3" VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
    <TD VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
    <TD COLSPAN="3" VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  </TR>
  <TR>
    <TD COLSPAN="3" VALIGN=TOP> <P><font size="2">/s/ Michael Blakenham</FONT></font></P></TD>
    <TD VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
    <TD COLSPAN="3" VALIGN=TOP> <P ALIGN=CENTER><FONT SIZE=2>Director</FONT></P></TD>
    <TD VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
    <TD COLSPAN="3" VALIGN=TOP> <P ALIGN=CENTER><FONT SIZE=2>February 7, 2006</FONT></P></TD>
  </TR>
  <TR>
    <TD COLSPAN="3" VALIGN=TOP> <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
    </TD>
    <TD VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
    <TD COLSPAN="3" VALIGN=TOP> <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
    <TD VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
    <TD COLSPAN="3" VALIGN=TOP> <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
  </TR>
  <TR>
    <TD COLSPAN="3" VALIGN=TOP> <P><FONT SIZE=2>Michael Blakenham</FONT></P></TD>
    <TD VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
    <TD COLSPAN="3" VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
    <TD VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
    <TD COLSPAN="3" VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  </TR>
</TABLE>
<p align="center"><font size="2" face="Times New Roman, Times, serif">II-4</font></p>

<BR>
<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<BR>
<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="31%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="33%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="32%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2> /s/ Steven B. Dodge</FONT></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2>Director</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2>February  7, 2006</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE    ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2>Steven B. Dodge</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2>/s/ Jeffrey H. Miro</FONT></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2>Director</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2>February 7, 2006</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE    ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2>Jeffrey H. Miro</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2>/s/ Allen Questrom</FONT></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2>Director</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2>February  7, 2006</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE    ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2>Allen Questrom</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2>/s/ Donald M. Stewart</FONT></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2>Director</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2>February 7, 2006</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE    ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2>Donald M. Stewart</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2>/s/ Robert S. Taubman</FONT></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2>Director</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2>February 7, 2006</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE    ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2>Robert S. Taubman</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2>/s/ Robin G. Woodhead</FONT></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2>Director</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2>February 7, 2006</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE    ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2>Robin G. Woodhead</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2>/s/ Michael L. Gillis</FONT></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2>Senior Vice President,
  Controller, and</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2>February 7, 2006</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE    ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2>Chief Accounting Officer</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2>Michael L. Gillis</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
</TABLE>
<p align="center"><font size="2" face="Times New Roman, Times, serif">II-5</font></p>

<BR>
<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P ALIGN=CENTER><FONT SIZE=2><B>Exhibit Index</B></FONT></P>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="11%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="4%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="9%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="74%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1><B>Exhibit
  Number</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1><B>Description</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2>5</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=TOP>
<P><FONT SIZE=2>Opinion of Dickinson Wright PLLC, special counsel to the Registrant,
        as to the legality of the shares. </FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2>10.1*</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=TOP>
<P><FONT SIZE=2>Second Amendment to Sotheby&#146;s Holdings, Inc. 2003
  Restricted Stock Plan, dated November 7, 2005.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2>23(a)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=TOP>
<P><FONT SIZE=2>Consent of Deloitte &amp; Touche LLP. </FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2>23(b)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=TOP>
<P><FONT SIZE=2>Consent of Dickinson Wright PLLC (included in
  Exhibit 5). </FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2>24</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=TOP>
<P><FONT SIZE=2>Powers of Attorney (included on signature page).</FONT></P>
</TD>
</TR>
</TABLE>

<P><FONT SIZE=2>*Management contract or compensatory plan.</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4>

</BODY>

</HTML>
[{"type": "S-8", "sequence": "1", "filename": "a41294.htm", "description": "SOTHEBY'S HOLDINGS, INC.", "secsgml_size_bytes": 48550}]
{"company-data": {"conformed-name": "SOTHEBYS HOLDINGS INC", "cik": "0000823094", "assigned-sic": "7389", "irs-number": "382478409", "state-of-incorporation": "MI", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-131638", "film-number": "06585626"}, "business-address": {"street1": "500 NORTH WOODWARD AVENUE", "street2": "SUITE 100", "city": "BLOOMFIELD HILLS", "state": "MI", "zip": "48304", "phone": "2486462400"}, "mail-address": {"street1": "500 NORTH WOODWARD AVENUE", "street2": "SUITE 100", "city": "BLOOMFIELD HILLS", "state": "MI", "zip": "48304"}}
As filed with the Securities and Exchange Commission on  February
7, 2006
Registration No. 333-_____
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C.  20549
FORM S-8
REGISTRATION STATEMENT
Under
THE SECURITIES ACT OF 1933
SOTHEBY'S HOLDINGS, INC.
(Exact name of registrant as specified in its charter)
Michigan
38-2478409
(State or other jurisdiction of incorporation or organization)
(I.R.S. Employer Identification Number)
38500 Woodward Avenue, Suite 100
Bloomfield Hills, Michigan  48304
(Address of principal executive offices)
SOTHEBY'S
HOLDINGS, INC. 2003 RESTRICTED STOCK
PLAN
(Full title of the
plan)
Donaldson C. Pillsbury
Executive Vice President, Worldwide General Counsel and Secretary
Sotheby's, Inc.
1334 York Avenue
New York, New York  10021
(212)  606-7000
(Name and address of agent for service)
CALCULATION
OF REGISTRATION FEE
Title of each class of
securities to be
registered
Amount to be
registered
Proposed
maximum
offering price per
share (1)
Proposed
maximum
aggregate
offering price
Amount of
registration fee
Class A Limited Voting
  Common Stock
149,359
$20.465
$3,056,631.90
$327.06
(1) Computed, pursuant to Rule 457(h), solely for the purpose
  of calculating the registration fee based on the average of the high and low
  prices of the Class A Limited Voting Common Stock as reported on the New York
  Stock Exchange on February 3
,
2006.
EXPLANATORY NOTE
Sotheby's
Holdings, Inc., a Michigan corporation (the "Registrant") is filing this  Registration Statement on Form S-8 with
respect to the Sotheby's Holdings, Inc. 2003 Restricted Stock Plan (as amended,
the "Plan") in order to register 149,359 shares of the Registrant's Class A
Common Stock, par value $0.10 per share (the "Class A Common Stock"),
that  the Registrant has  withheld from time to time  for tax purposes upon the vesting of
restricted stock grants under the Plan.   In accordance with the terms of the Plan, these withheld shares
are considered to be surrendered before the restriction period for the shares
has been satisfied and are again available for awards subsequently granted
under the Plan.
These
shares are additional securities being registered under the Plan.  Consequently, in accordance with General
Instruction (E) to Form S-8, the Registrant hereby incorporates by reference in
this Registration Statement the contents of its Registration Statement on Form
S-8 with respect to securities issuable under the Plan, filed on March 16, 2004
(the "2004 Form S-8") with the Securities and Exchange Commission (the "Commission"),
Commission File Number 001-09750, except (i) that Item 5, titled "Interests of
Experts and Counsel," of Part II of the 2004 Form S-8 is not incorporated by
reference to this Registration Statement as the disclosure under such item is
not applicable to this Registration Statement, and (ii) as otherwise amended by
this Registration Statement.
In
addition, all references to the issuance under the Plan of the Registrant's
Class B Common Stock, par value $0.10 per share are hereby deemed to refer
instead to the issuance of Class A Common Stock under the Plan in accordance
with the Second Amendment to the Plan, a copy of which is filed as an exhibit
to this Registration Statement.
PART II
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
Item 3.
Incorporation of
Documents by Reference
.
The
Registrant incorporates by reference into this Registration Statement the following
documents:
(a)
the
  Registrant's Annual Report on Form 10-K (File No. 001-09750) for the fiscal
  year ended December 31, 2004, filed with the Commission on March 16, 2005
  pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as
  amended (the "Exchange Act");
(b)
all
  other reports filed by the Registrant with the Commission pursuant to Section
  13(a) or 15(d) of the Exchange Act since December 31, 2004;
(c)
Item 1 of the Registrant's
  Registration Statement on Form 8-A, dated March 7, 1990 (File No. 001-09750)
  and filed with the Commission
  on March 8, 1990 pursuant to Section 12 of the Exchange Act; and
II-1
(d)
all
  documents filed by the Registrant with the Commission pursuant to Sections
  13(a), 13(c), 14 and 15(d) of the Exchange Act after the date of this
  Registration Statement and prior to the filing of a post-effective amendment
  that indicates that all securities offered have been sold or that deregisters
  all such securities then remaining to be sold.
Any
statement contained in any document incorporated or deemed to be incorporated
by reference herein shall be deemed to be modified or superseded for the
purposes of this Registration Statement to the extent that a statement
contained herein or in any subsequently filed document which also is or is
deemed to be incorporated by reference herein modifies or supersedes such
statement. Any statement so modified or superseded shall not be deemed, except
as so modified or superseded, to constitute a part of this Registration
Statement.
Item 8.
Exhibits
.
Exhibit Number
Description
5
Opinion of Dickinson Wright PLLC, special counsel
        to the Registrant, as to the legality of the shares.
10.1*
Second Amendment to
  Sotheby's Holdings, Inc. 2003 Restricted Stock Plan, dated November 7, 2005.
23(a)
Consent of Deloitte &
  Touche LLP.
23(b)
Consent of Dickinson
  Wright PLLC (included in Exhibit 5).
24
Powers of Attorney
  (included on signature page).
*Management contract or
compensatory plan.
Item 9.
Undertakings
.
The
Registrant hereby undertakes:
(a)
To file, during any period in which offers or sales are being made, a
post-effective amendment to this Registration Statement:
(i)
to include any prospectus required by Section 10(a)(3) of the  Securities Act of 1933, as amended (the "Act");
(ii)
to reflect in the prospectus any facts or events arising after the effective
date of this Registration Statement (or the most recent post-effective
amendment thereto) which, individually or in
the aggregate, represent a fundamental change in the information
set  forth in this Registration
Statement. Notwithstanding the foregoing,
any increase or decrease in the volume of securities offered (if
the  total dollar value of securities
offered would not exceed that which was registered) and any deviation from the
low or high end of the estimated maximum offering range may be reflected in the
form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the
aggregate, the changes in volume and price represent no more than a   20 percent change in the maximum aggregate
offering price set forth   in the "Calculation
of Registration Fee" table in the effective Registration Statement; and
II-2
(iii)
to include any material information with respect to the plan of distribution
not previously disclosed in this Registration Statement or any material change
to such information in this Registration Statement;
provided,
however, that the undertakings set forth in paragraphs (a)(i) and (a)(ii) do
not apply if the registration statement is on Form S-3, Form S-8 or Form F-3
and the  information required to be
included in a post-effective amendment by those paragraphs is contained in
periodic reports filed with or furnished to the Commission by the Registrant
pursuant to Section 13 or Section 15(d) of the Securities Exchange Act of 1933,
as amended (the "Exchange Act") that are incorporated by reference in this
Registration Statement.
(b)
That, for the purpose of determining any liability under the Act, each such
post-effective amendment will be deemed to be a new registration statement
relating to the securities offered therein, and the offering of such securities
at that time will be deemed to be the initial bona fide offering thereof.
(c)
To remove from registration by means of a post-effective amendment any of the
securities being registered which remain unsold at the termination of the
offering.
(d)
That, for purposes of determining any liability under the Act, each filing of
the Registrant's annual report pursuant to Section 13(a) or 15(d) of the
Exchange Act that is incorporated by reference in this Registration Statement
shall be deemed to be a new registration statement relating to the securities
offered therein and the offering of such securities at that time shall be
deemed to be the initial  bona fide
offering thereof.
(e)
Insofar as indemnification for liabilities arising under the Act may be
permitted to directors, officers and controlling persons of the Registrant, the
Registrant has been advised that, in the opinion of the Commission, such
indemnification is against public policy as expressed in the Act and is,
therefore, unenforceable. In the event that a claim for indemnification against
such  liabilities (other than the
payment by the Registrant of expenses incurred
or paid by a director, officer or controlling person of the Registrant
in the successful defense of any action, suit or proceeding) is asserted by
such director, officer or controlling person in connection with the securities
being registered, the Registrant will, unless in the opinion of  its counsel the matter has been settled by
controlling precedent, submit  to a
court of appropriate jurisdiction the question whether such indemnification by
it is against public policy as expressed in the Act and will be governed by the
final adjudication of such issue.
II-3
SIGNATURES
Pursuant
to the requirements of the Securities Act of 1933, the Registrant certifies
that it has reasonable grounds to believe that it meets all of the requirements
for filing on Form S-8 and has duly caused this Registration Statement on Form
S-8 to be signed on its behalf by the undersigned, thereunto duly authorized,
in the City of New York, State of New York, on the 7th day  of  February,
2006.
SOTHEBY'S HOLDINGS, INC.
By:
/s/ William F. Ruprecht
William F. Ruprecht
President and Chief Executive Officer
POWER OF ATTORNEY
KNOW
ALL PERSONS BY THESE PRESENTS that each person whose signature appears below
hereby constitutes and appoints William F. Ruprecht and William S.
Sheridan, and each of them, as his true and lawful attorney-in-fact and
agent, with full power of substitution, for him  and in his name, place and stead, in any and all capacities, to
sign any and all amendments (including post-effective amendments), supplements
and other documents related  to this registration statement, and to file
the same, with all exhibits thereto, and other documents in connection
therewith, with the Securities and Exchange Commission, granting unto said
attorney-in-fact and agent full power and authority to do and perform each and
every act and thing requisite and necessary to be done in connection therewith,
as fully to all intents and purposes as he
might or could do in person, hereby ratifying and confirming all that
said attorney-in-fact and agent or any of them, or their substitute or substitutes,
shall do or cause to be done by virtue hereof.
Pursuant
to the requirements of the Securities Act of 1933, this Registration Statement
on  Form S-8  has been signed below by the following persons in the capacities
and on the date indicated.
Signature
Title
Date
/s/ Michael I. Sovern
Chairman of the Board
February 7, 2006
Michael I. Sovern
/s/ Devonshire
Deputy Chairman of
        the Board
February 7, 2006
The Duke of Devonshire
/s/ William F. Ruprecht
President, Chief
        Executive
February 7, 2006
Officer and Director
William F. Ruprecht
/s/ William S. Sheridan
Executive Vice President
        and
February 7, 2006
Chief Financial Officer
William S. Sheridan
/s/ Michael Blakenham
Director
February 7, 2006
Michael Blakenham
II-4
/s/ Steven B. Dodge
Director
February  7, 2006
Steven B. Dodge
/s/ Jeffrey H. Miro
Director
February 7, 2006
Jeffrey H. Miro
/s/ Allen Questrom
Director
February  7, 2006
Allen Questrom
/s/ Donald M. Stewart
Director
February 7, 2006
Donald M. Stewart
/s/ Robert S. Taubman
Director
February 7, 2006
Robert S. Taubman
/s/ Robin G. Woodhead
Director
February 7, 2006
Robin G. Woodhead
/s/ Michael L. Gillis
Senior Vice President,
  Controller, and
February 7, 2006
Chief Accounting Officer
Michael L. Gillis
II-5
Exhibit Index
Exhibit
  Number
Description
5
Opinion of Dickinson Wright PLLC, special counsel to the Registrant,
        as to the legality of the shares.
10.1*
Second Amendment to Sotheby's Holdings, Inc. 2003
  Restricted Stock Plan, dated November 7, 2005.
23(a)
Consent of Deloitte & Touche LLP.
23(b)
Consent of Dickinson Wright PLLC (included in
  Exhibit 5).
24
Powers of Attorney (included on signature page).
*Management contract or compensatory plan.