NEW YORK.- Sotheby's Holdings, Inc., the parent company of Sotheby's worldwide live and online auction businesses, art-related financial services and real estate brokerage activities, today announced results for the full year and fourth quarter ended December 31, 2001.  For the year ended December 31, 2001 the Company reported total revenues of $336.2 million, compared to $397.8 million for the previous year.  Net loss for full year 2001 was $41.7 million, or ($0.69) per diluted share, compared to a net loss of $189.7 million, or ($3.22) per diluted share for 2000.

During full year 2001, the Company recorded pre-tax employee retention costs of $19.8 million, or ($0.19) per share, pre-tax net restructuring charges of $16.5 million, or ($0.16) per share, and pre-tax special charges of $2.5 million, or ($0.02) per share, primarily for legal and other professional fees related to the resolution of antitrust matters.  Excluding these items, the Company would have recorded a loss of ($0.31) per share.  During full year 2000, the Company recorded pre-tax special charges of $203.1 million, or ($2.71) per share, primarily related to antitrust related maters, pre-tax restructuring charges of $12.6 million, or ($0.14) per share, and pre-tax employee retention costs of $3.4 million, or ($0.04) per share.

Turning to the fourth quarter of 2001, Bill Ruprecht, President and Chief Executive Officer of Sotheby's Holdings, Inc. said:  "What is particularly noteworthy about the fourth quarter of 2001 is that, in spite of a dramatic 22% decline in revenues of $32 million due to the effects of September 11th and irrational competition, we were able to reduce operating expenses by $38 million ($26 million excluding non-recurring bad debt costs in 2000), resulting in operating income of approximately $15 million, excluding restructuring charges, retention costs and special costs.