To all Sotheby's & Christie's clients – 15 October 2003

As you are aware, in March this year, we were successful in helping achieve a settlement on behalf of clients who bought and sold items through Christie's and Sotheby's Auction Houses. Sotheby's and Christies agreed to set aside $30 million for sellers and $10 million for buyers as a result of the illegal arrangement which existed to fix commission rates during the years 1993 –2000* .

Since that time and as the settlement was being considered by the US Courts, we agreed to scale down our role, allowing lawyers in the US:

• to deal with the mechanics of the settlement,

• to address any queries arising, and

• to keep claimants advised of developments and outline how potential claims may be made via their dedicated website www.internationalauctionsettlement.com

We have however continued to receive many telephone calls and letters from individuals and must ask that clients refrain from doing so and use the contact details outlined on the dedicated website instead which was set up for this purpose www.internationalauctionsettlement.com

If individual's queries are not resolved through the website we would then ask them to contact the following US lawyers who are dealing with the settlement in the U.S.;

Ms Karen Morris
Morris and Morris
1105 North Market Street
Suite 803
Wilmington, DE 19801

Email - KMorris@morrisandmorrislaw.com

Tel: 001-302 426 0400

-----------------------------

Paul Gallagher

Cohen Milstein Hausfeld and Toll

1100 New York Avenue, NW

West Tower, Suite 500

Washington DC 20005-3964

Email – pgallagher@cmht.com

Tel: 001-202-408-4600

Yours faithfully

CLASS LAW

*The Kruman Litigation includes all buyers participating at auctions outside the US between January 1 1993 and February 7, 2000 and all sellers participating at auctions outside the US between September 1, 1995 and February 7, 200

Class Law wins historic settlement for auction house customers

The settlement which has to be approved by the New York Southern District Court was arrived at after a year long negotiation with American lawyers and London based class action law firm Class Law representing British claimants.

It comes on top of a $20.1m fine imposed on Sotheby's by the EC over the collusion. Christies escaped without a penalty because it provided investigators with evidence.

Sotheby's and Christies have agreed to set aside $30 million for sellers and $10 million for buyers during the years 1993 - 2000*. Those who used the auction houses during this period are now able to participate in the settlement.

Stephen Alexander, partner of Class Law, said: "This is a victory for our clients which has been reached after only one year. We are delighted that our strategy has had such a happy outcome for our clients."

He said advertisements would now be placed so that claimants will be made aware of the outcome of the case and go on to make their claims.

Anyone who bought or sold within the specified periods and wishes to make a claim is referred to the following website which gives details of how to claim www.internationalauctionsettlement.com

.Class Law, Solicitors

12 March 2003

*The Kruman Litigation includes all buyers participating at auctions outside the US between January 1 1993 and February 7, 2000 and all sellers participating at auctions outside the US between September 1, 1995 and February 7, 2000.