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He writes: “As the future owner, I have full confidence in Sotheby’s management, and hence do not anticipate any change to the company’s strategy.

“Management and their exceptional teams and talent around the world will continue to operate with my full support.”

Back in the 1960s, when I worked at Sotheby’s, it was the strength of the company’s specialist expertise in all areas that was the firm’s main asset, not the strength of management.

Daniel Fearon

New Malden, Surrey