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Managing director Robert Ketterer said he was “more than satisfied that our streamlining concept, coupled with special auctions, is paying dividends, even in such economically difficult times.” The year’s top individal price was €640,000 (£441,000) for Egon Schiele’s Frau mit rotem Muff (Woman with Red Muff). Books, prints and manuscripts yielded €1.8m (£1.24m), with keen prices for atlases and travel books. The firm’s Hamburg saleroom, which specialises in Old Masters and marine art, generated €2.5m (1.72m), the same as in 2003 but from one less sale.