Page 1 of 12 Pages
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 12)*
SOTHEBY'S HOLDINGS, INC.
-----------------------------------------------------
(Name of Issuer)
CLASS A LIMITED VOTING COMMON STOCK
-----------------------------------------------------
(Title of Class of Securities)
835898107
-----------------------------------------------------
(CUSIP Number)
Linda S. Martinson, Esq. (212) 583-2000
767 Fifth Avenue, 49th Floor, New York, NY 10153
-----------------------------------------------------
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
April 17, 2000
-----------------------------------------------------
(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition which is the subject of this Schedule 13D, and is filing this
schedule because of Rule 13d-1(b)(3) or (4), check the following box [ ].
Check the following box if a fee is being paid with this statement [ ].
(A fee is not required only if the filing person: (1) has a previous statement
on file reporting beneficial ownership of more than five percent of the class
of securities described in Item 1; and (2) has filed no amendment subsequent
thereto reporting beneficial ownership of five percent or less of such class.)
(See Rule 13d-7.)
*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities,
and for any subsequent amendment containing information which would alter
disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be
deemed to be "filed" for the purpose of Section 18 of the Securities Exchange
Act of 1934 ("Act") or otherwise subject to the liabilities of that section of
the Act but shall be subject to all other provisions of the Act (however, see
the Notes).
SEC 1746 (12-91)
<PAGE>
<PAGE>
Amendment Number 12 to Schedule 13D (continued)
CUSIP No. 835898107 Page 2 of 12 Pages
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Baron Capital Group, Inc.
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [X]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS
OO
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO ITEMS
2(C) OR 2(E) [ ]
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 842,500
BENEFICIALLY --------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 22,488,600
REPORTING --------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 842,500
--------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
22,488,600
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
23,331,100
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
55.2%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
HC, CO
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT
<PAGE>
Amendment Number 12 to Schedule 13D (continued)
CUSIP No. 835898107 Page 3 of 12 Pages
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
BAMCO, Inc.
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [X]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS
OO
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO ITEMS
2(C) OR 2(E) [ ]
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY --------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 20,655,000
REPORTING --------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH
--------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
20,655,000
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
20,655,000
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
48.9%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IA, CO
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT
<PAGE>
<PAGE>
Amendment Number 12 to Schedule 13D (continued)
CUSIP No. 835898107 Page 4 of 12 Pages
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Baron Capital Management, Inc.
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [X]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS
OO
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO ITEMS
2(C) OR 2(E) [ ]
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 842,500
BENEFICIALLY --------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 1,833,600
REPORTING --------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 842,500
--------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
1,833,600
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,676,100
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.3%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IA, CO
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT
<PAGE>
<PAGE>
Amendment Number 12 to Schedule 13D (continued)
CUSIP No. 835898107 Page 5 of 12 Pages
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Baron Asset Fund
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [X]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS
OO
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO ITEMS
2(C) OR 2(E) [ ]
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY --------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 20,100,000
REPORTING --------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH
--------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
20,100,000
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
20,100,000
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
47.6%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IV, OO
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT
<PAGE>
<PAGE>
Amendment Number 12 to Schedule 13D (continued)
CUSIP No. 835898107 Page 6 of 12 Pages
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Ronald Baron
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [X]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS
OO
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO ITEMS
2(C) OR 2(E) [ ]
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
USA
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 842,500
BENEFICIALLY --------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 22,488,600
REPORTING --------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 842,500
--------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
22,488,600
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
22,488,600
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
55.2%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT
<PAGE>
<PAGE>
Page 7 of 12 Pages
Item 1. Security and Issuer
(a) Name of Issuer:
SOTHEBY'S HOLDINGS, INC.
(b) Address of Issuer's Principal Executive Offices:
500 North Woodward Avenue, Suite 100
Bloomfield Hills, MI 48304
(c) Title and Class of Securities:
Class A Limited Voting Common Stock
Item 2. Identity and Background
(a) Name:
Baron Capital Group, Inc. ('BCG')
BAMCO, Inc. ('BAMCO')
Baron Capital Management, Inc. ('BCM')
Baron Asset Fund ('BAF')
Ronald Baron
(b) Business Address:
767 Fifth Avenue
New York, NY 10153
(c) Present Principal Employment:
BCG: Holding company
BAMCO: Investment adviser
BCM: Investment adviser
BAF: Registered investment company
Ronald Baron: Chairman and CEO: BCG, BAMCO, BCM, and BAF
767 Fifth Avenue
New York, NY 10153
(d) Record of Convictions:
No material change.
(e) Record of Civil Proceedings:
No material change.
(f) Citizenship:
No material change.
Item 3. Source and Amount of Funds or Other Consideration
Ronald Baron owns no shares of the Issuer directly. BAMCO
directed the purchase of 20,655,000 shares of the Issuer
for its investment advisory clients for an aggregate purchase
price of $438,385,849. Of those shares, 20,100,000 were purchased
for the account of BAF for a total purchase price of $425,661,471.
BCM directed the purchase of 1,833,600 shares of the Issuer for
its investment advisory clients for an aggregate purchase price
of $42,581,267 and 842,500 shares of the Issuer for two investment
partnerships for an aggregate purchase price of $23,004,667. All
of the shares were paid for by cash assets in the respective
clients' accounts and/or by margin borrowings pursuant to standard
margin agreements.
<PAGE>
<PAGE>
Page 8 of 12 Pages
Item 4. Purpose of Transaction
Certain Reporting Persons and certain affiliates thereof have
hired Wasserstein Perella & Co. to advise them with respect to
their investments in the Issuer. The Reporting Persons would,
if their votes were aggregated, constitute the Issuer's largest
shareholder. Reporting Persons originally invested in the Issuer
for the long term as passive investors.
As a result of the ongoing Department of Justice investigation
into allegations of price fixing involving the Issuer, Ronald
Baron has recently had, and expects to continue to have,
conversations with directors, management, and others regarding
the Issuer, the composition and independence of the Issuer's
board, other governance matters and other issues that may affect
the future value of the Reporting Persons' investments in the
Issuer.
Mr. Baron strongly supports the Issuer's current executive
officers.
Item 5. Interest in Securities of the Issuer*
(a) Amount and percentage beneficially owned:
BCG: 23,331,100 55.2%
BAMCO: 20,655,000 48.9%
BCM: 2,676,100 6.3%
BAF: 20,100,000 47.6%
Ronald Baron: 23,331,100 55.2%
(b) Number of shares as to which such person has:
(i) sole power to vote or direct the vote:
BCG: 842,500
BAMCO: 0
BCM: 842,500
BAF: 0
Ronald Baron: 842,500
(ii) shared power to vote or direct the vote:
BCG: 22,488,600
BAMCO: 20,655,000
BCM: 1,833,600
BAF: 20,100,000
Ronald Baron: 22,488,600
<PAGE>
<PAGE>
Page 9 of 12 Pages
(iii) sole power to dispose or to direct the disposition:
BCG: 842,500
BAMCO: 0
BCM: 842,500
BAF: 0
Ronald Baron: 842,500
(iv) shared power to dispose or direct the disposition:
BCG: 22,488,600
BAMCO: 20,655,000
BCM: 1,833,600
BAF: 20,100,000
Ronald Baron: 22,488,600
* Reporting Persons may be deemed to share power to vote and
dispose of shares referred to herein as a result of control
relationships. Ronald Baron is the controlling person of BCG.
BCG controls BAMCO and BCM. BAMCO is the investment adviser for
BAF and other mutual funds owning shares of the Issuer. BCM is
the investment adviser for various managed accounts owning
shares of the Issuer. BCM has sole voting power for some of
those shares. Reporting Persons disclaim beneficial ownership
of the shares for which they share power.
(c) A schedule of transactions effected in the last sixty days is
attached hereto.
(d) Ownership of More than Five Percent on Behalf of Another Person:
The investment advisory clients have the right to receive the
dividends from, or the proceeds from the sale of the securities
in their respective accounts. To the best of Reporting Person's
knowledge, other than the shares reported herein, no person has
such interest relating to more than 5% of the outstanding class
of securities.
(e) Ownership of Less than Five Percent:
Not applicable.
Item 6. Contracts, Arrangements, Understandings or Relationships with
Respect to Securities of the Issuer
By virtue of their investment advisory agreements with their
clients, BCM and BAMCO have been given the discretion to dispose
or direct the disposition of the securities in the advisory
accounts. All such agreements are, however, revocable. The
advisory agreements for the Baron Funds have been approved by
their Board of Trustees. The agreements of the Baron Funds are
filed as exhibit 99 to Form N1-A for Baron Asset Fund and are
incorporated by reference herein. All the advisory agreements
are pursuant to a standard form.
Item 7. Material to be Filed as Exhibits
Exhibit 99 - 60 days of trading.
<PAGE>
Page 10 of 12 Pages
Signature
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete
and correct.
Date: April 17, 2000
Baron Capital Group, Inc., BAMCO, Inc.,
Baron Capital Management, Inc. and
Baron Assert Fund
By:
/s/ Ronald Baron
_______________________________________
Ronald Baron, Chairman and CEO
Ronald Baron, Individually
By:
/s/ Ronald Baron
_______________________________________
Ronald Baron
Page 12 of 12 Pages
Transaction Schedule*
From 02-18-00 To 04-17-00
Exec.
Date Acct ID Trans Qty Price
- -------- ------- ----- ------- -------
02-17-00 bamco buy 20,000 17.9375
02-25-00 bamco buy 20,000 19.5313
03-01-00 bamco buy 1,000 20.5625
03-01-00 bamco buy 14,000 20.9429
03-02-00 bamco buy 10,000 22.0000
03-02-00 bamco buy 10,000 23.0000
03-03-00 bamco buy 10,000 21.6875
03-06-00 bamco buy 20,000 21.9822
03-06-00 bamco buy 10,000 22.0000
03-07-00 bcm buy 13,500 20.2927
03-07-00 bamco buy 8,000 21.8047
03-07-00 bamco buy 7,000 20.2927
03-08-00 bamco buy 10,000 19.5531
03-09-00 bamco buy 10,000 21.3844
03-10-00 bamco buy 3,000 21.8125
03-13-00 bamco buy 12,000 20.5833
03-14-00 bamco buy 10,000 20.8594
04-06-00 bcm buy 35,000 16.9482
* All transactions were executed on the NYSE.
