Avon Products Inc. has received bids for its Tiffany & Company subsidiary from three investor groups, financial sources in New York and London said yesterday. But the offers, ranging from $100 million to $140 million, fall far short of Avon's $160 million price, these sources said. The sources, who asked not to be named, said a leveraged buyout offer had been made by a group headed by William R. Chaney, tiffanys president. They also said a group represented by Dr. Anton Rupert, of Rothman's International Ltd., had made a bid. Rothman's is a British tobacco maker that also controls the Dunhill tobacco store chain. The third bidder was reported to be Sears Holdings Ltd., a British con-glomerate. Asprey & Company, the English jewelry chain, also is a possible bidder. According to Naim Attallah, the company's financial director, Asprey has been ''looking at Tiffany and we feel it is a great opportunity.'' But, reflecting the sentiments of some American retailers who are intrigued by Tiffanys potential, Mr. Attallah said he found the asking price ''outrageous.'' Avon declined to comment on the bids or bidders. John Cox, a spokesman, said: ''We aren't holding a public auction. We asked for bids in June and indicated that we expected the buyer to be selected in 60 days. No announcement is imminent.'' Other sources said that Avon will make an announcement by Sept. 15. Mr. Chaney could not be reached for comment at Tiffanys. Avon Paid $104 Million Avon put Tiffany up for sale only five years after it bought the famous jewelry and silversmithing retail chain for $104 million. Avon said on June 19, when it announced the divestiture plan, that it expected to make ''a substantial profit on the sale.'' Avon has invested about $53 million in Tiffany. But last year, Tiffany contributed only 4 percent of Avon's $3 billion sales and 1 percent of its $164 million in earnings, earning $2.1 million on $125 million in sales. Avon has said it had reassessed tiffanys long- term potential and decided that the jewelry chain could not produce enough to justify Avon keeping it. In Newport, R.I., where he was vacationing, Walter Hoving, the former chairman and a large investor in Tiffany before it was sold to Avon, said that he had not kept in touch with matters since he had left. But, he added, ''If Avon can get $150 million for it, they ought to grab it.'' Tiffany Credit Cards Avon attempted to expand and capitalize on Tiffany after the purchase by issuing new catalogues containing jewelry with a wide price range, by starting to offer Tiffany credit cards and developing a direct- mail operation. Tiffanys eight stores will be increased to nine next month with a new store in Boston. Some critics of Tiffany have stated that the jewelry chain had introduced too many lower-priced items as a result of the Avon ownership. Mr. Attallah said, ''We would like to bring Tiffany back to its former glory. Asprey is a quality, retail jeweler and very forward-looking but we wouldn't be interested in Tiffany if it continues as a market to the mass.'' Asked if Asprey, which had sales last year of $36.5 million and gross profit of $8 million, had the financial capability to buy Tiffany, he replied, ''We do not have that capability, but there are enough companies available for us to form a consortium.'' He denied that such a group might include investors from the Middle East.