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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font face="Arial" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font face="Arial" size=2>As filed with the Securities and Exchange Commission on  May 11, 2007</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font face="Arial" size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>Registration No.</font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font face="Arial" size=2>   </font></b><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><b><font face="Arial" size=2>                     </font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font face="Arial" size=2>________________________________________________________________________</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font face="Arial" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font FACE="ARIAL" SIZE=3>SECURITIES AND EXCHANGE COMMISSION</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font FACE="ARIAL" SIZE=2>WASHINGTON, D. C.  20549</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font face="Arial" size=2>__________________________________________</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font face="Arial" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font FACE="ARIAL" SIZE=3>FORM S-8</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font FACE="ARIAL" SIZE=2>REGISTRATION STATEMENT</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font face="Arial" size=2>Under</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font FACE="ARIAL" SIZE=2>THE SECURITIES ACT OF 1933</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font face="Arial" size=2>__________________________________________</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font face="Arial" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font FACE="ARIAL" SIZE=4>SOTHEBY'S</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font face="Arial" size=2>(Exact name of registrant as specified in its charter)</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font face="Arial" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font face="Arial" size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="33%" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>Delaware</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>38-2478409</font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font face="Arial" size=2>(State or other jurisdiction of incorporation or organization)</font><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font face="Arial" size=2>(I.R.S. Employer Identification Number)</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font face="Arial" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font face="Arial" size=2>1334 York Avenue</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font face="Arial" size=2>New York, New York 10021</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font face="Arial" size=2>(Address of principal executive offices)</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font face="Arial" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font face="Arial" size=2>SOTHEBY&#146;S 1998 STOCK COMPENSATION PLAN FOR NON-EMPLOYEE DIRECTORS</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font face="Arial" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font face="Arial" size=2>(Full title of the plan)</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font face="Arial" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font face="Arial" size=2>__________________________________________</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font face="Arial" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font face="Arial" size=2>Donaldson C. Pillsbury</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font face="Arial" size=2>Executive Vice President, Worldwide General Counsel and Secretary</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font face="Arial" size=2>Sotheby's.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font face="Arial" size=2>1334 York Avenue</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font face="Arial" size=2>New York, New York  10021</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font face="Arial" size=2>(212)  606-7000</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font face="Arial" size=2>(Name and address of agent for service)</font></p>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font FACE="ARIAL" SIZE=2>CALCULATION OF REGISTRATION FEE</font></B></p>

<p style=' margin-bottom:4.5pt; margin-top:0pt;text-align:justify;'><font face="Arial" size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:4.5pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>&nbsp;</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:2.7pt'><font face="Arial" size=2>Title of each class of securities to be registered</font></p> </td>
        <td width="17%" valign=top style='border:solid black 1.0pt;border-color:gray; border-left:none;padding:0in 6.0pt 0in 6.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:4.5pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>&nbsp;</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:2.7pt'><font face="Arial" size=2>Amount to be registered</font></p> </td>
        <td width="18%" valign=top style='border:solid black 1.0pt;border-color:gray; border-left:none;padding:0in 6.0pt 0in 6.0pt'>
            <p style='margin-left:0in;text-indent:0pt;text-align:center;margin-top:4.5pt;margin-bottom:2.7pt'><font face="Arial" size=2>Proposed maximum offering price per share (1)</font></p> </td>
        <td width="18%" valign=top style='border:solid black 1.0pt;border-color:gray; border-left:none;padding:0in 6.0pt 0in 6.0pt'>
            <p style='margin-left:0in;text-indent:0pt;text-align:center;margin-top:4.5pt;margin-bottom:2.7pt'><font face="Arial" size=2>Proposed maximum aggregate offering price</font></p> </td>
        <td width="18%" valign=top style='border:solid black 1.0pt;border-color:gray; border-left:none;padding:0in 6.0pt 0in 6.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:4.5pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>&nbsp;</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:2.7pt'><font face="Arial" size=2>Amount of registration fee</font></p> </td> </tr>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>Common Stock</font></p> </td>
        <td width="17%" style='border-top:none;border-left:none; border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 6.0pt 0in 6.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>95,433(2)</font></p> </td>
        <td width="18%" style='border-top:none;border-left:none; border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 6.0pt 0in 6.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>$51.51</font></p> </td>
        <td width="18%" style='border-top:none;border-left:none; border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 6.0pt 0in 6.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:2.7pt'><font size=1>&nbsp;</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:2.7pt'><font face="Arial" size=2>$4,915,754</font></p> </td>
        <td width="18%" style='border-top:none;border-left:none; border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 6.0pt 0in 6.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:2.7pt'><font size=1>&nbsp;</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:2.7pt'><font face="Arial" size=2>$151.00</font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:3.57%;text-align:justify;'><font face="Arial" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:3.57%;text-align:justify;'><font face="Arial" size=2>(1) Computed, pursuant to Rule 457(c), solely for the purpose of calculating the registration fee based on the average of the high and low prices of the  Common Stock as reported on the New York Stock  Exchange on </font><b><font face="Arial" size=2> </font></b><font face="Arial" size=2>May 9, 2007. </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:3.57%;text-align:justify;'><font face="Arial" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:3.57%;text-align:justify;'><font face="Arial" size=2>(2)  The Sotheby&#146;s 1998 Stock Compensation Plan for Non-Employee Directors, as amended and restated, is the successor plan to the Sotheby&#146;s Holdings, Inc. Amended and Restated Director Stock Ownership Plan (&#147;Predecessor Plan&#148;). The shares of common stock being registered pursuant to this Form S-8 are in addition to the 200,000 shares of common stock previously registered under the Predecessor Plan pursuant to previously filed registration statements on Form S-8.</font></p>

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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font FACE="ARIAL" SIZE=2>PART II</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font FACE="ARIAL" SIZE=2>INFORMATION REQUIRED IN THE REGISTRATION STATEMENT </font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font face="Arial" size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><b><font face="Arial" size=2>Item 3.  </font></b></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><b><font face="Arial" size=2>Incorporation of Documents by Reference.</font></b></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Arial" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:7.43%;text-align:justify;'><font face="Arial" size=2>The Registrant incorporates by reference into this Registration Statement the following documents: </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Arial" size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>(a)</font></p> </td>
        <td width="3%" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>&nbsp; </font></p> </td>
        <td width="93%" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>the Registrant&#146;s Annual Report on Form 10-K (File No. 001-09750) for the fiscal year ended December 31, 2006, filed with the Securities and Exchange Commission (the &#147;Commission&#148;) on March 1, 2007 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></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" size=2>&nbsp;</font></p>


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            <p align="center" style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>(b)</font></p> </td>
        <td width="3%" valign=top >&nbsp;</td>
        <td width="94%"  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" 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, 2006;</font></p> </td> </tr></table>


<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:7.14%;text-align:left;'><font face="Arial" size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>(c)</font></p> </td>
        <td width="3%" valign=top >&nbsp;</td>
        <td width="94%"  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>The
                description of the Company&#146;s Common Stock contained in 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 as amended by Amendment
                No.1 to Form 8-A, dated November 21, 2006,(File No. 001-09750),
                and filed with the Commission on November 21, 2006; and</font></p> </td> </tr></table>


<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:7.14%;text-align:justify;'><font face="Arial" size=2>&nbsp;</font></p>




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            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>(d) </font></p> </td>
        <td width="3%" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>&nbsp; </font></p> </td>
        <td width="94%" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" 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 style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" size=2>&nbsp;</font></p>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" size=2>&nbsp;</font></p>

<p style=' margin-bottom:5pt; margin-top:5pt;text-align:justify;'><font face="Arial" 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 style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
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<PAGE>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" size=2>&nbsp;</font></p>



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    <td width="10%" nowrap valign=top ><p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><b><font face="Arial" size=2>Item
            4.</font></b></p></td>
    <td width="90%" nowrap valign=top ><p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><b><font face="Arial" size=2>Description
            of Securities.</font></b></p></td>
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<p style=' margin-bottom:5pt; margin-top:5pt;text-align:left;'><font face="Arial" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:7.14%;text-align:justify;'><font face="Arial" size=2>The Company's Common Stock is registered under Section 12 of the Exchange Act.</font></p><br>



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    <td width="10%" nowrap valign=top ><p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><b><font face="Arial" size=2>Item
            5.</font></b></p></td>
    <td width="90%" nowrap valign=top ><p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><b><font face="Arial" size=2>Interests
            of Named Experts and Counsel.</font></b></p></td>
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<p style=' margin-bottom:5pt; margin-top:5pt;text-align:left;'><font face="Arial" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:7.14%;text-align:justify;'><font face="Arial" size=2>Not Applicable.</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Arial" size=2>&nbsp;</font></p>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font face="Arial" size=2>Item 6.  </font></b></p> </td>
        <td width="93%" nowrap valign=top style='padding:5.0pt 0in 5.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font face="Arial" size=2>Indemnification of Directors and Officers.</font></b></p> </td> </tr></table>

<p style=' margin-bottom:5pt; margin-top:5pt;text-align:left;'><font face="Arial" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:7.14%;text-align:justify;'><font face="Arial" size=2>Pursuant to  the Delaware General Corporation Law, as amended (the &#147;DGCL&#148;), a corporation may indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending or completed  action, suit or proceedings, by reason of the fact that such person is or was a director, officer, employee or agent of the corporation, or is or was serving at the request of the corporation as a director, officer, employee or agent of another entity, against expenses (including attorneys' fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by such person in connection with such action, suit or proceedings if such person acted in good faith and in a manner such person reasonably believed to be in or not opposed to the best interests of the corporation, and with respect to any criminal action or proceedings, had no
reasonable cause to believe his conduct was unlawful.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:7.14%;text-align:justify;'><font face="Arial" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:7.14%;text-align:justify;'><font face="Arial" size=2>However, the DGCL does not permit  indemnification in any derivative action, which is an action by or in the right of the corporation,  if such person shall have been adjudged to be liable to the corporation unless and only to the extent that a court  determines upon application that, despite the adjudication of liability, such person is fairly and reasonably entitled to indemnity for such expenses that the  court deems proper. Any such person who successfully defends  any proceedings subject to the DGCL's indemnification provisions must be indemnified by the corporation for reasonable expenses incurred in connection therewith, including attorneys' fees.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:7.14%;text-align:justify;'><font face="Arial" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:7.14%;text-align:justify;'><font face="Arial" size=2>To the fullest extent permitted by the DGCL, the Registrant's Certificate of Incorporation and By-Laws  require the  Registrant to indemnify  its current and former directors and officers who, in such capacity, are a party or threatened to be made a party to any type of proceedings.  In addition, such indemnification is also required for current and former directors,  officers, employees and agents  of other entities who are serving or have served  in such capacities the request of the Registrant.  This indemnity is available to such persons against all liability and loss suffered and expenses reasonably incurred by such persons in connection with any proceedings.  In certain cases, the indemnified person will be entitled to the advancement of certain expenses.  To the extent authorized from time to time by its Board of Directors, the Registrant may provide indemnification
and expense advancement rights to any employee or agent of the Registrant.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:7.14%;text-align:justify;'><font face="Arial" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:7.14%;text-align:justify;'><font face="Arial" size=2>As permitted under the DGCL, the Registrant's Certificate of Incorporation eliminates the liability of  its directors to the Registrant or its stockholders for monetary damages for breach of the directors' fiduciary duties, except to the extent prohibited by the DGCL.  In addition, the Registrant maintains directors' and officers' liability insurance that, under certain circumstances, would cover alleged violations of the DGCL.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<br>
<HR noshade align="center" width="100%" size="2">
<p style='page-break-before:always'></p>
<PAGE>
<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:7.14%;text-align:justify;'><font face="Arial" size=2></p>
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        <td width="10%" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><b><font face="Arial" size=2>Item
            7.</font></b></p> </td>
        <td width="90%" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><b><font face="Arial" size=2>Exemption
                  From Registration Claimed.</font></b></p> </td> </tr></table>
				  <p style=' margin-bottom:5pt; margin-top:5pt;text-align:left;'><font face="Arial" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:7.14%;text-align:justify;'><font face="Arial" size=2>Not Applicable.</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:7.14%;text-align:justify;'>&nbsp;</p>
<table width="100%" border="0" cellpadding=0 cellspacing=0 style='border-collapse:collapse'>
  <tr >
    <td width="10%" nowrap valign=top ><p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><b><font face="Arial" size=2>Item
            8.</font></b></p></td>
    <td width="90%" nowrap valign=top ><p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><b><font face="Arial" size=2>Exhibits.</font></b></p></td>
  </tr>
</table>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Arial" size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><u><font face="Arial" size=2>Exhibit Number</font></u></p> </td>
        <td width="86%" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><u><font face="Arial" size=2>Description</font></u></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Arial" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Arial" size=2>&nbsp;</font></p>


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        <td width="14%" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>5</font></p> </td>
        <td width="86%"  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>Opinion of Matthew A. Cole, Esq., special counsel to the Company, as to the legality of the shares. </font></p> </td> </tr></table>


<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:21.43%; text-indent:-21.43%;text-align:justify;'><font face="Arial" size=2>&nbsp;</font></p>


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        <td width="14%" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>10.1</font></p> </td>
        <td width="86%"  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>Sotheby&#146;s
                1998 Stock Compensation Plan for Non-Employee Directors (as amended
                and restated effective as of May 7, 2007) incorporated by reference
                to Exhibit 10.2 to the Company&#146;s Current Report on Form
                8-K filed with the Securities and Exchange Commission on May
                11, 2007.</font></p> </td> </tr></table>


<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:21.43%; text-indent:-21.43%;text-align:justify;'><font face="Arial" size=2>&nbsp;</font></p>


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    <tr >
        <td width="14%" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>23(a)</font></p> </td>
        <td width="86%" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>Consent of Deloitte &amp; Touche LLP.</font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Arial" size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="14%" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>23(b)</font></p> </td>
        <td width="86%" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>Consent of Matthew A. Cole, Esq. (included in Exhibit 5).</font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Arial" size=2>&nbsp;</font></p>


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    <tr >
        <td width="14%" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>24</font></p> </td>
        <td width="86%" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>Powers of Attorney (included on signature page).</font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:14.29%;text-align:justify;'><font face="Arial" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:14.29%;text-align:justify;'><font face="Arial" size=2>&nbsp;</font></p>


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    <tr >
        <td width="8%" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font face="Arial" size=2>Item 9.  </font></b></p> </td>
        <td width="92%" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font face="Arial" size=2>Undertakings.</font></b></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:7.14%;text-align:justify;'><font face="Arial" size=2>The Registrant hereby undertakes:</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Arial" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:7.86%;text-align:justify;'><font face="Arial" size=2> (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 style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Arial" size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="12%" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="88%" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>(i) to include any prospectus required by Section 10(a)(3) of the Securities Act of 1933, as amended (the "Act");</font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Arial" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:11.57%;text-align:justify;'><font face="Arial" size=2> (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) under the Act 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</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Arial" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:11.57%;text-align:justify;'><font face="Arial" size=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;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Arial" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Arial" size=2>provided,
    however, that the undertakings set forth in paragraphs (a)(i), (a)(ii), and
    (a)(iii) 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 reports filed with
    or furnished to the Commission by the Registrant pursuant to Section 13 or
    Section 15(d) of the Exchange Act that are incorporated by reference in this
    Registration Statement.</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Arial" size=2>&nbsp;</font></p>
<br>
<HR noshade align="center" width="100%" size="2">
<p style='page-break-before:always'></p>
<PAGE>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Arial" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:7.86%;text-align:justify;'><font face="Arial" size=2> (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 style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Arial" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:7.86%;text-align:justify;'><font face="Arial" size=2> (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 style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Arial" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:7.86%;text-align:justify;'><font face="Arial" size=2> (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.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Arial" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:7.86%;text-align:justify;'><font face="Arial" size=2> (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 style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<br>
<HR noshade align="center" width="100%" size="2">
<p style='page-break-before:always'></p>
<PAGE>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'>
<B><font FACE="ARIAL" SIZE=2>SIGNATURES</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Arial" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:8%;text-align:justify;'><font face="Arial" size=2>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</font><b><font face="Arial" size=2> </font></b><font face="Arial" size=2>11th day  of May,  2007.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Arial" size=2>&nbsp;</font></p>


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        <td width="50%" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="50%" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font FACE="ARIAL" SIZE=2>SOTHEBY'S</font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Arial" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Arial" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Arial" size=2>&nbsp;</font></p>


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    <tr >
        <td width="50%" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="6%" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>By:</font></p> </td>
        <td width="22%" nowrap valign=top style="border-bottom:1px solid #000000;">
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>/s/ William F.  Ruprecht </font></p> </td>
        <td width="22%" nowrap valign=top >&nbsp;</td>
    </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:57.14%;text-align:justify;'><font face="Arial" size=2>William F.  Ruprecht</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:57.14%;text-align:justify;'><font face="Arial" size=2>President and Chief Executive Officer</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Arial" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font FACE="ARIAL" SIZE=2>POWER OF ATTORNEY</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Arial" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:7.14%;text-align:justify;'><font face="Arial" size=2>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 style=' margin-bottom:0pt; margin-top:0pt; text-indent:7.14%;text-align:justify;'><font face="Arial" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:8%;text-align:justify;'><font face="Arial" size=2>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>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Arial" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Arial" size=2>&nbsp;</font></p>


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        <td width="247" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.7in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><u><font face="Arial" size=2>Signature</font></u><u></u></p> </td>
        <td width="219" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.7in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><u><font face="Arial" size=2>Title</font></u><u></u></p> </td>
        <td width="221" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.7in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><u><font face="Arial" size=2>Date</font></u><u></u></p> </td> </tr>
    <tr style='height:.7in'>
        <td width="247" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.7in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>/s/
                Michael I. Sovern ________________________</font></p>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>Michael I. Sovern</font></p> </td>
        <td width="219" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.7in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>Chairman of the Board</font></p> </td>
        <td width="221" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.7in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>May 11, 2007</font></p> </td> </tr>
    <tr style='height:.7in'>
        <td width="247" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.7in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>/s/
                Devonshire ________________________</font></p>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>The Duke of Devonshire</font></p> </td>
        <td width="219" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.7in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>Deputy Chairman of the Board</font></p> </td>
        <td width="221" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.7in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>May 11, 2007</font></p> </td> </tr>
    <tr style='height:.7in'>
        <td width="247" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.7in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>/s/
                William F. Ruprecht ________________________</font></p>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>William F. Ruprecht</font></p> </td>
        <td width="219" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.7in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>President, Chief Executive Officer and Director</font></p> </td>
        <td width="221" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.7in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>May 11, 2007</font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<br>
<HR noshade align="center" width="100%" size="2">
<p style='page-break-before:always'></p>
<PAGE>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" size=2>&nbsp;</font></p>


<table width="100%" border="0" cellspacing=0 cellpadding=0 style='border-collapse:collapse'>
    <tr style='height:.7in'>
        <td width="247" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.7in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>/s/
                William S. Sheridan ________________________</font></p>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>William S. Sheridan</font></p> </td>
        <td width="219" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.7in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>Executive Vice President and Chief Financial Officer</font></p> </td>
        <td width="221" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.7in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>May 11, 2007</font></p> </td> </tr>
    <tr style='height:.7in'>
        <td width="247" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.7in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>/s/
                John M. Angelo ________________________</font></p>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>John M. Angelo</font></p> </td>
        <td width="219" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.7in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>Director</font></p> </td>
        <td width="221" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.7in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>May 11, 2007</font></p> </td> </tr>
    <tr style='height:.7in'>
        <td width="247" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.7in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>/s/
                Michael Blakenham ________________________</font></p>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>Michael Blakenham</font></p> </td>
        <td width="219" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.7in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>Director</font></p> </td>
        <td width="221" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.7in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>May 11, 2007</font></p> </td> </tr>
    <tr style='height:.7in'>
        <td width="247" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.7in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>/s/
                Allen Questrom ________________________</font></p>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>Allen Questrom </font></p> </td>
        <td width="219" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.7in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>Director</font></p> </td>
        <td width="221" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.7in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>May 11, 2007</font></p> </td> </tr>
    <tr style='height:.7in'>
        <td width="247" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.7in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>/s/
                Donald M. Stewart ________________________</font></p>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>Donald M. Stewart</font></p> </td>
        <td width="219" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.7in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>Director</font></p> </td>
        <td width="221" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.7in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>May 11, 2007</font></p> </td> </tr>
    <tr style='height:.7in'>
        <td width="247" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.7in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>/s/
                Robert S. Taubman ________________________</font></p>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>Robert S. Taubman</font></p> </td>
        <td width="219" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.7in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>Director</font></p> </td>
        <td width="221" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.7in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>May 11, 2007</font></p> </td> </tr>
    <tr style='height:.7in'>
        <td width="247" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.7in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>/s/
                Diana L. Taylor ________________________</font></p>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>Diana L. Taylor</font></p> </td>
        <td width="219" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.7in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>Director</font></p> </td>
        <td width="221" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.7in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>May 11, 2007</font></p> </td> </tr>
    <tr style='height:.7in'>
        <td width="247" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.7in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>/s/
                Dennis M. Weibling ________________________</font></p>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>Dennis M. Weibling</font></p> </td>
        <td width="219" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.7in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>Director</font></p> </td>
        <td width="221" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.7in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>May 11, 2007</font></p> </td> </tr>
    <tr style='height:.7in'>
        <td width="247" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.7in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>/s/
                Robin G. Woodhead ________________________</font></p>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>Robin G. Woodhead</font></p> </td>
        <td width="219" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.7in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>Executive Vice President and Director</font></p> </td>
        <td width="221" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.7in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>May 11, 2007</font></p> </td> </tr>
    <tr style='height:.7in'>
        <td width="247" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.7in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>/s/
                Kevin M. Delaney ________________________</font></p>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>Kevin M. Delaney</font></p> </td>
        <td width="219" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.7in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>Vice President, Controller and Chief Accounting Officer</font></p> </td>
        <td width="221" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.7in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>May 11, 2007</font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Arial" size=2>&nbsp;</font></p>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<br>
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<PAGE>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Arial" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font face="Arial" size=2>Exhibit Index</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Arial" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Arial" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Arial" size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><u><font face="Arial" size=2>Exhibit Number</font></u></p> </td>
        <td width="84%" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><u><font face="Arial" size=2>Description</font></u></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Arial" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Arial" size=2>&nbsp;</font></p>


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    <tr >
        <td width="2%" valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font><font face="Arial" size=2>5</font></p> </td>
        <td width="14%" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'>&nbsp;</p> </td>
        <td width="84%"  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>Opinion of Matthew A. Cole, Esq., special counsel to the Company, as to the legality of the shares. </font></p> </td> </tr></table>


<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:21.43%; text-indent:-21.43%;text-align:justify;'><font face="Arial" size=2>&nbsp;</font></p>


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        <td width="16%" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>10.1</font></p> </td>
        <td width="84%"  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>Sotheby&#146;s
                1998 Stock Compensation Plan for Non-Employee Directors (as amended
                and restated effective as of May 7, 2007) incorporated by reference
                to Exhibit 10.2 to the Company&#146;s Current Report on Form
                8-K filed with the Securities and Exchange Commission on May
                11, 2007.</font></p> </td> </tr></table>


<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:21.43%; text-indent:-21.43%;text-align:justify;'><font face="Arial" size=2>&nbsp;</font></p>


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        <td width="16%" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>23(a)</font></p> </td>
        <td width="84%" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>Consent of Deloitte &amp; Touche LLP.</font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Arial" size=2>&nbsp;</font></p>


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    <tr >
        <td width="16%" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>23(b)</font></p> </td>
        <td width="84%" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>Consent of Matthew A. Cole, Esq. (included in Exhibit 5).</font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Arial" size=2>&nbsp;</font></p>


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    <tr >
        <td width="16%" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>24</font></p> </td>
        <td width="84%" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>Powers of Attorney (included on signature page).</font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Arial" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>



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{"company-data": {"conformed-name": "SOTHEBYS", "cik": "0000823094", "assigned-sic": "7389", "irs-number": "382478409", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-142853", "film-number": "07841456"}, "business-address": {"street1": "1334 YORK AVENUE", "city": "NEW YORK", "state": "NY", "zip": "10021", "phone": "212-606-7000"}, "mail-address": {"street1": "1334 YORK AVENUE", "city": "NEW YORK", "state": "NY", "zip": "10021"}, "former-company": {"former-conformed-name": "SOTHEBYS HOLDINGS INC", "date-changed": "19920703"}}
As filed with the Securities and Exchange Commission on  May 11, 2007
Registration No.
________________________________________________________________________
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C.  20549
__________________________________________
FORM S-8
REGISTRATION STATEMENT
Under
THE SECURITIES ACT OF 1933
__________________________________________
SOTHEBY'S
(Exact name of registrant as specified in its charter)
Delaware
38-2478409
(State or other jurisdiction of incorporation or organization)
(I.R.S. Employer Identification Number)
1334 York Avenue
New York, New York 10021
(Address of principal executive offices)
SOTHEBY'S 1998 STOCK COMPENSATION PLAN FOR NON-EMPLOYEE DIRECTORS
(Full title of the plan)
__________________________________________
Donaldson C. Pillsbury
Executive Vice President, Worldwide General Counsel and Secretary
Sotheby's.
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
Common Stock
95,433(2)
$51.51
$4,915,754
$151.00
(1) Computed, pursuant to Rule 457(c), solely for the purpose of calculating the registration fee based on the average of the high and low prices of the  Common Stock as reported on the New York Stock  Exchange on
May 9, 2007.
(2)  The Sotheby's 1998 Stock Compensation Plan for Non-Employee Directors, as amended and restated, is the successor plan to the Sotheby's Holdings, Inc. Amended and Restated Director Stock Ownership Plan ("Predecessor Plan"). The shares of common stock being registered pursuant to this Form S-8 are in addition to the 200,000 shares of common stock previously registered under the Predecessor Plan pursuant to previously filed registration statements on Form S-8.
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, 2006, filed with the Securities and Exchange Commission (the "Commission") on March 1, 2007 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, 2006;
(c)
The
                description of the Company's Common Stock contained in 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 as amended by Amendment
                No.1 to Form 8-A, dated November 21, 2006,(File No. 001-09750),
                and filed with the Commission on November 21, 2006; and
(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
            4.
Description
            of Securities.
The Company's Common Stock is registered under Section 12 of the Exchange Act.
Item
            5.
Interests
            of Named Experts and Counsel.
Not Applicable.
Item 6.
Indemnification of Directors and Officers.
Pursuant to  the Delaware General Corporation Law, as amended (the "DGCL"), a corporation may indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending or completed  action, suit or proceedings, by reason of the fact that such person is or was a director, officer, employee or agent of the corporation, or is or was serving at the request of the corporation as a director, officer, employee or agent of another entity, against expenses (including attorneys' fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by such person in connection with such action, suit or proceedings if such person acted in good faith and in a manner such person reasonably believed to be in or not opposed to the best interests of the corporation, and with respect to any criminal action or proceedings, had no
reasonable cause to believe his conduct was unlawful.
However, the DGCL does not permit  indemnification in any derivative action, which is an action by or in the right of the corporation,  if such person shall have been adjudged to be liable to the corporation unless and only to the extent that a court  determines upon application that, despite the adjudication of liability, such person is fairly and reasonably entitled to indemnity for such expenses that the  court deems proper. Any such person who successfully defends  any proceedings subject to the DGCL's indemnification provisions must be indemnified by the corporation for reasonable expenses incurred in connection therewith, including attorneys' fees.
To the fullest extent permitted by the DGCL, the Registrant's Certificate of Incorporation and By-Laws  require the  Registrant to indemnify  its current and former directors and officers who, in such capacity, are a party or threatened to be made a party to any type of proceedings.  In addition, such indemnification is also required for current and former directors,  officers, employees and agents  of other entities who are serving or have served  in such capacities the request of the Registrant.  This indemnity is available to such persons against all liability and loss suffered and expenses reasonably incurred by such persons in connection with any proceedings.  In certain cases, the indemnified person will be entitled to the advancement of certain expenses.  To the extent authorized from time to time by its Board of Directors, the Registrant may provide indemnification
and expense advancement rights to any employee or agent of the Registrant.
As permitted under the DGCL, the Registrant's Certificate of Incorporation eliminates the liability of  its directors to the Registrant or its stockholders for monetary damages for breach of the directors' fiduciary duties, except to the extent prohibited by the DGCL.  In addition, the Registrant maintains directors' and officers' liability insurance that, under certain circumstances, would cover alleged violations of the DGCL.
Item
            7.
Exemption
                  From Registration Claimed.
Not Applicable.
Item
            8.
Exhibits.
Exhibit Number
Description
5
Opinion of Matthew A. Cole, Esq., special counsel to the Company, as to the legality of the shares.
10.1
Sotheby's
                1998 Stock Compensation Plan for Non-Employee Directors (as amended
                and restated effective as of May 7, 2007) incorporated by reference
                to Exhibit 10.2 to the Company's Current Report on Form
                8-K filed with the Securities and Exchange Commission on May
                11, 2007.
23(a)
Consent of Deloitte & Touche LLP.
23(b)
Consent of Matthew A. Cole, Esq. (included in Exhibit 5).
24
Powers of Attorney (included on signature page).
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) under the Act 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
(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), (a)(ii), and
    (a)(iii) 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 reports filed with
    or furnished to the Commission by the Registrant pursuant to Section 13 or
    Section 15(d) of 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.
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
11th day  of May,  2007.
SOTHEBY'S
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 ________________________
Michael I. Sovern
Chairman of the Board
May 11, 2007
/s/
                Devonshire ________________________
The Duke of Devonshire
Deputy Chairman of the Board
May 11, 2007
/s/
                William F. Ruprecht ________________________
William F. Ruprecht
President, Chief Executive Officer and Director
May 11, 2007
/s/
                William S. Sheridan ________________________
William S. Sheridan
Executive Vice President and Chief Financial Officer
May 11, 2007
/s/
                John M. Angelo ________________________
John M. Angelo
Director
May 11, 2007
/s/
                Michael Blakenham ________________________
Michael Blakenham
Director
May 11, 2007
/s/
                Allen Questrom ________________________
Allen Questrom
Director
May 11, 2007
/s/
                Donald M. Stewart ________________________
Donald M. Stewart
Director
May 11, 2007
/s/
                Robert S. Taubman ________________________
Robert S. Taubman
Director
May 11, 2007
/s/
                Diana L. Taylor ________________________
Diana L. Taylor
Director
May 11, 2007
/s/
                Dennis M. Weibling ________________________
Dennis M. Weibling
Director
May 11, 2007
/s/
                Robin G. Woodhead ________________________
Robin G. Woodhead
Executive Vice President and Director
May 11, 2007
/s/
                Kevin M. Delaney ________________________
Kevin M. Delaney
Vice President, Controller and Chief Accounting Officer
May 11, 2007
Exhibit Index
Exhibit Number
Description
5
Opinion of Matthew A. Cole, Esq., special counsel to the Company, as to the legality of the shares.
10.1
Sotheby's
                1998 Stock Compensation Plan for Non-Employee Directors (as amended
                and restated effective as of May 7, 2007) incorporated by reference
                to Exhibit 10.2 to the Company's Current Report on Form
                8-K filed with the Securities and Exchange Commission on May
                11, 2007.
23(a)
Consent of Deloitte & Touche LLP.
23(b)
Consent of Matthew A. Cole, Esq. (included in Exhibit 5).
24
Powers of Attorney (included on signature page).