EXHIBIT 99.1

Press Release New York

SOTHEBY’S ANNOUNCES EARLY RESULTS OF DEBT TENDER OFFER

December 7, 2010, New York – Sotheby’s (NYSE: BID) today announced the early tender results for its previously announced modified “Dutch auction” tender offer (the “Tender Offer”) for up to $50,000,000 of its outstanding 7.75% Senior Notes due 2015 (the “Notes”). The terms and conditions of the Tender Offer are set forth in Sotheby’s Offer to Purchase for Cash, dated November 22, 2010, and the accompanying Letter of Transmittal (together, the “Offer Documents”). All terms and conditions of the Tender Offer remain unchanged.

According to information provided by Global Bondholder Service Corporation, the despositary and information agent for the Tender Offer, $47,744,000 aggregate principal amount of Notes were validly tendered (and not validly withdrawn) on or before 5:00 p.m., New York City time, on December 6, 2010 (the “Early Tender Date”). A summary of the Tender Offer is outlined below.

Holders of Notes that validly tendered and did not validly withdraw their Notes on or before the Early Tender Date will be eligible to receive the Total Consideration for their Notes. The “Total Consideration” for each $1,000 principal amount of Notes validly tendered (and not validly withdrawn) pursuant to the Tender Offer at or prior to the Early Tender Date and which are accepted for purchase by Sotheby’s pursuant to the Tender Offer will be equal to the Clearing Price (as defined in the Offer Documents). The Total Consideration includes an amount (the “Early Tender Payment”) equal to $30 for each $1,000 principal amount of Notes accepted for purchase. Holders who have not already tendered their Notes may continue to do so at any time prior to 11:59 P.M., New York City Time, on December 20, 2010, unless extended or earlier terminated by Sotheby’s (the “Expiration Date”). The Withdrawal Date has passed and has not been extended. Sotheby’s reserves the right to amend, extend or terminate the Tender Offer at any time.

Holders whose Notes are accepted by Sotheby’s for purchase pursuant to the Tender Offer will also be eligible to receive accrued and unpaid interest on the Notes accepted for purchase, up to, but excluding, the date of payment of the applicable consideration (the “Settlement Date”). The Settlement Date for the Offer will occur promptly following the Expiration Date.

Goldman, Sachs & Co. is serving as Dealer Manager in connection with the Tender Offer. Global Bondholder Services Corporation is serving as Depositary and Information Agent in connection with the Tender Offer. Persons with questions regarding the Tender Offer should contact Goldman, Sachs & Co. at 800-828-3182 (toll free) or 212-357-4692 (collect). Requests for copies of the Offer to Purchase or related Letter of Transmittal may be directed to Global Bondholder Services Corporation at 866-937-2200 (toll free) or 212-430-3774 (collect).