UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) - February 17, 2004
Sotheby's Holdings, Inc.
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(Exact name of registrant as specified in its charter)
Michigan 1-9750 38-2478409
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(State or other jurisdiction of (Commission File (IRS Employer
incorporation or organization) Number) Identification No.)
38500 Woodward Avenue, Suite 100
Bloomfield Hills, Michigan 48304
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (248) 646-2400
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ITEM 5. Other Events
On February 17, 2004, Sotheby's Holdings, Inc. (the "Company") announced that it
had sold its domestic luxury real estate brokerage business, Sotheby's
International Realty, Inc., to Cendant Corporation and entered into an agreement
with Cendant Corporation to license the Sotheby's International Realty brand for
a 100-year term, consisting of an initial 50-year term and a 50-year renewal
option. The total cash purchase price for the company-owned real estate
brokerage operations as well as the license agreement was approximately $100
million, plus an ongoing license fee based on future royalties from the
development of the Sotheby's International Realty franchise system and
company-owned operations. The press release discussing the sale and the
licensing agreement is included as Exhibit 99.1 to this Form 8-K.
ITEM 7. Financial Statements and Exhibits
(c) Exhibits
99.1 Press release, dated February 17, 2004
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Company
has duly caused this report to be signed on its behalf by the undersigned
hereunto duly authorized.
SOTHEBY'S HOLDINGS, INC.
By: /s/ Michael L. Gillis
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Michael L. Gillis
Senior Vice President,
Controller and Chief
Accounting Officer
Date: February 17, 2004
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