As we close 2011 and prepare to usher in 2012, I would like to express my sincere gratitude to each and every member of the Sotheby’s International Realty® network for your support of our wonderful brand and hard work throughout this year.

Our 2011 successes can be attributed to your perseverance and outstanding commitment to quality. In this issue of Collections, you will read about the extraordinary successes ONE Sotheby’s International Realty, our firm in Miami, Florida, is enjoying and how they are accomplishing these results in innovative ways.

Also included is complete information on our newly

launched YouTube channel. Now more than ever, consumers are demanding video as a critical part of their real estate search. Our channel was designed to stand apart from the competition, redefining what this medium can be in our industry.

As we get ready to welcome the new year, I would ask that you continue to focus on growth and improvement, and you have my personal commitment that here at the corporate headquarters we are working hard towards the same goals.

To continuously improve we must always look at our processes, systems, service and marketing products with a critical eye for where improvements can be made.

As a network we must never become satisfied with where we are, but instead remain focused on how we can continuously improve. As we look to our 2012 goals, we will continue to focus on quality growth, unique marketing differentiation and delivering the highest level of service to our customers and clients. Thank you for never being satisfied with where we are and keeping your focus on the horizon. On behalf of our team, please accept our best wishes for a happy, healthy and prosperous 2012!

WORLDWIDEGROWTH

In the last month...

The brand welcomed the following companies to its network:

◼ United States Virgin Islands Sotheby’s International Realty (St. Thomas, U.S. Virgin Islands)

◼ HÔM Sotheby’s International Realty (Newport Beach, Calif.)

The following branch offices have opened:

Kuper Sotheby’s International Realty (San Antonio, Texas)

Vermont Country Properties Sotheby’s International Realty (Wilmington, Vt.)

Mallorca Sotheby’s International Realty in Spain opened their second office

London Sotheby’s International Realty opened offices in Chelsea and Stratford Upon Avon

For the Connoisseurs of Life. Volume VII/2012

The Sotheby’s International Realty® network currently boasts approximately 590 offices in 44 countries and territories worldwide.

Michael R. Good Chief Executive Officer

Focused on the horizonOUR 2011 SUCCESSES CAN BE ATTRIBUTED TO YOUR PERSEVERANCE

AND OUTSTANDING COMMITMENT TO QUALITY. –Michael Good

�Laguna Beach, Calif., $31,900,000: HÔM Sotheby’s International Realty, one of the brand’s newest affiliates, has listed this stunning home on one of California's most spectacular stretches of oceanfront

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If you ask Mayi de la Vega, owner, ONE Sotheby’s International Realty in Florida, the secret to success, she will tell you it is about claiming the business you want.

And in the Miami luxury real estate market there certainly is business to be had, with ONE Sotheby’s International Realty closing three of the four sales over $20 million in 2011 in Miami. The firm also closed $1 billion this year.

One of the ways the firm has grasped the opportunities in the market is by identifying where around the world their clients are coming from and going to direct to them. “The Miami luxury real estate market is definitely on an upswing,” said Mayi. “We rely on our research to tell us where our buyers are coming from and then we go direct to them.”

Sao Paulo, Brazil, is one such region that Miami is attracting. To capitalize on that interest, Mayi organized a “Miami Week” with Brasil São Paulo Sotheby's International Realty this past June. Her team traveled to the office to train the staff on how the Miami market and real estate process works, then held approximately 50 client meetings. The week was so successful she organized a subsequent visit and held similar events in Argentina and Lima, Peru.

“Business will not come to you, you have to go get it,” she says. “This was an innovative way for us to fully utilize our brand network to everyone’s mutual benefit. I realized that if it works for project developments, then it should work for us. The Peru event generated about four sales for us, and we have gotten countless leads. For 2012 we will be looking at other areas including Italy and France, as well as going back to Brazil and Peru.”

The firm also is tapping into the power of the local art market—and the brand’s heritage—by hosting booths at two premier international Miami art shows: Art Miami and Art Basel. As a result of its involvement, the firm is working on several leads and prospects. “Miami is an international hub, drawing sophisticated domestic and international clientele,” said Mayi. “These events have a very powerful cultural impact, and in turn economic impact.”

All of these successes led Mayi to this month open her sixth office, located in Miami Beach’s South of Fifth neighborhood. Concurrent with

the opening, the firm launched the ONE CIFO Project, a groundbreaking fundraising partnership with the Cisneros Fontanals Art Foundation (CIFO). Their combined efforts will raise funds for the foundation to further its mission to support Latin American artists.

A total of 2,000 square feet of the 6,000-square-foot, state-of-the-art office is dedicated to a walk-in exhibition space displaying works by contemporary artists from Latin America that are available for purchase. All proceeds will benefit the artists contributing to this initiative as well as CIFO’s Endowment Fund.

A Recipe for Success

Mayi de la Vega, owner, ONE Sotheby’s International Realty, in the new Miami Beach office

The ONE Sotheby’s International Realty booth at Art Miami

“I’ve always had a passion for art,” said Mayi. “We also were looking for a reason for potential and existing clients and the media to visit our office. This served my own interests in art and provided us a marketing edge, differentiating us through an association with a very important organization recognized worldwide.”

��

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Introducing the Official Sotheby’s International Realty® YouTube Channel

The Sotheby’s International Realty You Tube channel houses the new standard in property video. Here you will find journeys into the exceptional...opening doors to the most magnificent homes available at any price.

The channel features three categories of video: the Spotlight section provides candid views into some of the Sotheby’s International Realty network’s most exceptional properties and their lifestyles; the Property section contains videos on the many homes represented by the network; and the Destination section spotlights the many luxury markets served by the network around the world.

The YouTube channel also showcases the latest news from the brand’s Facebook and Twitter pages, offers direct links to the Sotheby’s Auction House’s videos and sothebysrealty.com,

and provides a lifestyle and amenities video search. In addition, the channel was designed to provide as many exposure points as possible for network listings. From the wall paper to the banner ads, content is updated frequently, keeping the channel fresh and current.

“Video is not a unique medium in real estate marketing but we are leveraging it in an innovative way,” said Wendy Purvey, chief marketing officer, Sotheby’s International Realty Affiliates LLC.

“Our YouTube channel was designed to provide consumers with an inside view of some of the world’s most extraordinary properties by focusing on the distinctive lifestyle and amenities they offer at any price point. Consumers are looking to video now more than ever before as a research tool in the home-

buying process, and YouTube, the No. 1 online video website, is where they are searching for video, with 60 percent of video streams happening there. We also have leveraged a digital marketing platform offered by thismoment, a content management and distribution firm, to distribute all our social media content in a consistent, controlled and measurable manner.”

For More Information

Complete information on the YouTube Channel can be found on the Members’ website at: http://members.sothebysrealty.com/youtubechannel.aspx including an informational video hosted by Mark Thomas, the voice of the channel, that was showcased at the 2011 Global Network Event. Questions? Contact: marketing@sothebysrealty.com

Journey into the exceptionalYOUTUBE CHANNEL:

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A template press release announcing the YouTube Channel launch is available to customize and send out in your local market via the Members’ website at: http://members.sothebysrealty.com/youtubechannel.aspx

The brand has partnered with V & L Productions to create a turnkey suite of video production services including producing a custom video hosted by Mark Thomas. A brochure of video services packages can be found at: http://members.sothebysrealty.com/uploadedFiles/Corporate_Content/Video-Pricing.pdf

To submit an exceptional property video for consideration on the You Tube channel simply contact

listing.exposure@sothebysrealty.com with the subject line You Tube

Traffic

Visits - 16,402

Page Views - 18,593

Unique Visitors - 15,998

New Visits - 14,482

Average Time on Site - 8 Mins

By The Numbers

Clicks

10,921 total clicks

8,348 media clicks

2,163 module clicks (banners)

Top Click-Through-Rates

Brand header – 3.28%

“Explore properties” Promo – 3.04%

Sharing

178 Total Shares

59 Facebook Shares

29 Twitter Shares

89 eMail Shares

(Data: 10/2011 to 12/2011)

Tools You Can UseYOUTUBE CHANNEL:

YOUTUBE CHANNEL:

A TOP WORKPLACE

Statesman.com named Capital City Sotheby's

International Realty in Texas one of the top

workplaces in Austin! The firm also won in the

Best in Ethics category. For more information,

click here.

IN THE NEWS

Robbie Briggs of Briggs Freeman

Sotheby’s International Realty in

Dallas was featured on CNBC’s “Squawk on

the Street” on Nov. 23, where he discussed

the Dallas luxury real estate market. Click

here to view the interview. Longtime Dallas

luxury Realtor Ellen Terry also recently

joined the firm, click here to read more.

CONGRATULATIONS!

To George Damianos of Damianos Sotheby’s International

Realty in the Bahamas, Celia Dunn of Celia Dunn Sotheby’s

International Realty in Savannah, Ga., Patricia Petersen of

Daniel Gale Sotheby’s International Realty in New York,

and June Rosenthal of William Pitt Sotheby’s International

Realty in Connecticut for being recognized by Unique Homes for

their 40 years in luxury real estate! Click here to read the article.

Austin, Texas $3,495,000 USD

&Seen HeardKUDOS

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&Seen HeardKUDOS

Cayman Islands Sotheby’s International Realty also

has listed the Sailfish Quay estate for $2.15 million, which is

breaking new ground in the Caribbean region by undergoing both

Energystar Compliance and LEED Residential Certification, the

benchmark standards for environmental sustainability and energy

efficiency. It is the first residential home outside of the United

States seeking LEED accreditation. For more information, click here.

ECO-FRIENDLY HOMES

Paul Kyno of Sleeping Giant Sotheby’s

International Realty in Hawaii has listed the first

and only LEED Platinum environmental home on the

island of Kauai for $9.85 million. Located on Kauai's

famed North Shore, the three acre home site is situated

among forty coconut trees at the edge of the bluff

above Kalihiwai Bay. For more information, click here.

LISBON VOTED TOP PLACE TO VISITThe readers of Lonely Planet travel

guides voted Lisbon second out of the 10

best places to visit in 2012! Every year

Lonely Planet publishes the Best in Travel

Readers’ Choice Awards, highlighting the

top destinations for the upcoming year.

For more information, click here.

Villa Fortuna - Portugal; Price upon request Sotheby's Internation Realty Estoril

Sleeping Giant Sotheby’s International Realty has listed the first LEED Platinum environmental home on the island of Kauai for $9.85 million

Sailfish Estate - $2.15 million USD

EXTRAORDINARY MARKETINGJoyce Marsh of Stirling Sotheby’s International Realty in Florida

received this year's national "Best Marketing Campaign for a Luxury

Property" award from the Institute for Luxury Home Marketing. She

won for a campaign she designed for a property that sold in February

for $2.9 million where she represented both buyer and seller. Joyce,

who has been with the firm since 2006 in both luxury sales and

leadership positions, also spoke at the Institute’s national "Leaders in

Luxury" symposium, where she presented a case study on marketing a

luxury property. Joyce is one of the Institute’s founding members and

Million Dollar Guild recipient.

The New Decker Bullock Sotheby’s International Realty In Greenbrae, Calif.

Dorian Bennett was named one of the top 10 citizens of New Orleans

Joyce Marsh

DECKER BULLOCKHAPPY ANNIVERSARY

Decker Bullock Sotheby’s

International Realty, with offices in

Larkspur, Mill Valley, Sausalito and

Tiburon, Calif., recently celebrated their

25th anniversary as an organization and

opened a new office in Greenbrae, just

north of the main Mill Valley office.

TOP CITIZEN

Dorian Bennett, president, Dorian Bennett Sotheby’s International

Realty in New Orleans was named one of the top 10 citizens of New

Orleans thanks to his volunteer, charitable and civic service to the local

community! Dorian was honored for his achievements at the Family Service of

Greater New Orleans’ 38th annual Ten Outstanding Persons Gala on Oct.19.

“Reflecting on the past year and my many accomplishments in New Orleans,

I realize how thankful I am to live out my passion for history by assisting

others achieve their renovations and restorations that bring back the historic

splendor of our many grand homes and buildings,” said Dorian.

&Seen HeardKUDOS

7

Tatiana Nikichina, general manager,

Moscow Sotheby’s International

Realty, addresses attendees of a

private real estate event held jointly

by the two Moscow Sotheby’s

International Realty offices in Russia

TAIWAN

Mike Good, chief executive

officer for the brand

(front: fifth from left) joins

the Taiwan Sotheby’s

International Realty team

for their Sept. 25 soft-launch

reception. The firm officially

opens in early 2012.

US VIRGIN ISLANDS

In October the brand strengthened

its presence in the Caribbean with

the addition of United States

Virgin Islands Sotheby’s

International Realty on St.

Thomas, U.S. Virgin Islands. Lee

Steiner, who has more than six

years’ experience specializing in

residential sales and proper ty

management, serves as president.

MOSCOW

&Seen HeardAROUND THE WORLD

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Dawn Dresher Knief of Julia B.

Fee Sotheby's International

Realty in Scarsdale, N.Y.,

recently closed on the most

expensive property in Scarsdale

(MLS) history for $10.83 million.

She also recently closed on the

most expensive property in

Irvington, N.Y., at $4.45 million and

in Bronxville, N.Y., for $10.5 million!

Cherie Carr of Morrison House

Sotheby’s International Realty

in University Place, Wash., had

the 2011 record sale price for a

Gravelly Lake waterfront home in

Lakewood, Wash. She brought the

out-of-area buyer and closed an

intricate sale in a matter of weeks.

The estate sized property with gated

entry delivers more than 9,500

square feet of living space on about

85 feet of waterfront. The sale is

the highest for the year on that

particular lake at $1.35 million.

RECORD LAKE SALE IN

WASHINGTON

RECORD SALES IN

NEW YORK

&Seen HeardSIGNIFICANT SALES

Julia B. Fee Sotheby's International Realty recently closed on the most expensive property in Scarsdale history for $10.83 million

Morrison House Sotheby’s International Realty had the 2011 record sale price for a Gravelly Lake waterfront home in Lakewood, Wash.

Liza Kaufman of Sotheby's

International Realty Québec

recently sold one of the most

expensive properties in Québec’s

downtown core, a home that was

offered at $8.5 million. “This is yet

another transaction that proves

Sotheby's International Realty Québec

represents and sells some of the finest

homes in our great city,” said Liza.

“Furthermore, this sale only confirms

that Montreal continues to grow and

develop into one of Canada's most

sought after metropolises.”

Jocelyne Monello of Heritage

Sotheby's International Realty

in Napa, Calif., brought the buyer

to the November sale of the iconic,

11,800 square foot, knoll-top home

situated on 53.7 acres in the Napa

Valley of renowned winemaker and

philanthropist Robert Mondavi and his

wife Margrit. "I am so happy to have

been a part of this moment in history

and to know that the property will

continue to be appreciated for the

place that it has in Napa Valley's rich

heritage," said Jocelyne.

EXCEPTIONAL SALE IN

QUÉBEC

HERITAGE SOTHEBY'S INTERNATIONAL REALTY BRINGS BUYER TO SALE OF

ICONIC MONDAVI HOME

&Seen HeardSIGNIFICANT SALES

Sotheby's International Realty Québec recently sold one of the most expensive properties in Québec’s downtown core

Heritage Sotheby's International Realty brought the buyer to the sale of the iconic home of renowned winemaker and philanthropist Robert Mondavi and his wife Margrit

&Seen HeardPOWER OF THE BRAND

After enjoying a cover property placement on sothebysrealty.com for two weeks in August, Panagiotis Farmakis of Greece Sotheby’s International Realty noted that during the period it was posted views of the listing reached around 3,000 and every day there were at least three to five inquiries for more information! “Once again, a miracle of our wonderful brand,” said Panagiotis.

If you have a property you would like considered for a cover property placement, please email a link to the listing to listing.exposure@sothebysrealty.com.

Michelle and John Taylor of Pacific Sotheby’s International Realty in California received the latest issue of Significant Sales about two hours prior to a $20 million dollar listing appointment , ran off the copies and were able to use it to showcase the brand’s global presence and successes!

All issues of Significant Sales can be found on the Members’ website by clicking here.

After a chance meeting in a dog park, a potential client asked Jim Whittemore of Julia B. Fee Sotheby’s International Realty in Larchmont, N.Y., if he knew of available units in a local community. Jim took out his Iphone and pressed his SIR Mobile app and immediately a unit in the complex came up.

“We rummaged through all the pictures and descriptions and also looked at a few homes in the area as well,” said Jim. “He noticed my QR code app and I explained what that was and how it helps sell homes. All he could do was whistle, shake his head and tell me how high tech I was. He was astonished I was able to do that. I told him that it was just another reason why folks like to work with a Sotheby’s International Realty agent; that information has to be at your fingertips these days and our tools are quite remarkable. He agreed immediately and commented that from now on he would only use a Sotheby’s International Realty agency. He was hooked!”

Cover Property Generates Leads in Greece

Significant Sales Showcases Brand SuccessesSignificant Sales Showcases Brand Successes

SIRMobile Attracts Potential Client

Significant Sales

sothebysrealty.com

Represented by the Sotheby’s International Realty® network

SEPTEMBER 2011

11

For more information on hosting an auction event in your market, contact Beth Laffey at beth.laffey@sothebysrealty.com

L E V E R AG I N G T H EA U C T I O N H O U S EOne of the Sotheby’s International Realty® brand’s greatest assests is its relationship with the Sotheby’s Auction House. Here are some examples of how the brand’s professionals are capitalizing on it…

Daniel Gale Sotheby’s International Realty in New York hosted a catered reception at their $22.5 million Center Island listing,

“Twinight,” on Nov. 17 which featured Christina Prescott- Walker, Sotheby’s senior vice president, decorative ar ts and porcelains, who provided a highlighted talk on the homeowner’s extensive private China collection, considered one of the world’s finest.

The event attracted more than 120 attendees to the six waterfront acre mansion including the firm’s VIP clients, Sotheby’s employees and Sotheby’s International Realty® network members. The homeowner’s collections have been showcased in European museums and in The Metropolitan Museum of Art in New York.

For more information on Twinight, click here.

The firm also co-sponsored the Sotheby’s Contemporary Art Evening Sale at the Sotheby's Auction House in New York on Nov. 9. The Sotheby's Contemporary Art Evening Sale brought in a total of $315,837,000, the highest for a Contemporary Art Evening sale at Sotheby's since May 2008 and the company's third highest ever, virtually matching the $315,907,000 set at Sotheby's in November 2007. Key representatives from the firm attended the exclusive event.

A TWILIGHT RECEPTION AT TWINIGHT

Christina Prescott-Walker, Sotheby’s senior vice president, decorative arts and porcelains, speaks at Daniel Gale Sotheby’s International Realty’s reception at the Twinight estate, which they are offering $22.5 million

12

L E V E R AG I N G T H EA U C T I O N H O U S EOne of the Sotheby’s International Realty® brand’s greatest assests is its relationship with the Sotheby’s Auction House. Here are some examples of how the brand’s professionals are capitalizing on it…

Ward Wight Sotheby’s International Realty in New Jersey hosted a reception for approximately 60 invited guests at the Essex and Sussex condominiums in Spring Lake on Nov. 16 with Carolyn B. Nagy, senior manager, Sotheby's Auction House, who spoke about “Treasures vs. Trinkets” and the ar t of collecting.

Trinkets vs. Treasures in New Jersey

IMPORTANT CANADIAN ARTSotheby's International Realty Québec co-hosted a private preview of Important Canadian Art on Nov. 18 at the Arsenal Gallery on William Street with the Sotheby’s Auction House and 333 Sherbrooke E. project, which is exclusively offered by the firm.

The event was held for 200 clients and special guests and showcased artwork to be auctioned at the Sotheby's Fall Sale. This was one of many events coordinated by the firm that highlights and leverages the brand within Canada and around the world. For more information on the units available at the 333 Sherbrooke E., click here.

Keith Kernan, Ward Wight Sotheby’s International Realty (right), with Carolyn Nagy of the Sotheby’s Auction House (second from right), Richard Wight, Ward Wight Sotheby’s International Realty (second from left) and Catherine Farrell of Ward Wight Sotheby’s International Realty (left) at the firm’s “Treasures vs. Trinkets” event.

13

Sotheby’s Geneva set a world auction record for yellow diamond when it sold the Sun Drop Diamond for CHF 11,282,500 ($12,361,558). Weighing 110.03 carats, this stone ranks as the largest known pear shaped fancy vivid yellow diamond in the world. Read more at: http://www.artdaily.org/index.asp?int_sec=2&int_new=51802

A Sotheby's Canadian art auction of painters, including works by Jean Paul Lemieux, Alex Colville and Jack Bush, brought in more than $7.8 million, against pre-sale estimates as low as $4.7 million, at the Royal Ontario Museum in Toronto. Read more at: http://www.cbc.ca/news/arts/story/2011/11/29/art-auction-sothebys.html?cmp=rss

The week of Russian art sales in London saw Sotheby’s over the line as most profitable among Russian art dealer for the year. The auction house has fetched a total of $95.6 million out of four Russian art auctions held in NY and London in 2011. Read more at: http://rt.com/art-and-culture/news/sothebys-russian-art-sales-957/

Don’t forget news and information from the Sotheby’s Auction House is available in the Copy Reservoir, which can be found on the Member’s website by clicking here. You can use this information in your newsletters and communications vehicles!

Did You Know?The latest news from the Sotheby’s Auction House:?

As we previously announced, Home Transition Services has joined our Marquis Privileges program. Home Transition Services provides high-end moving services for clients through Young Moving & Storage, which is a United Van Lines carrier. They are found in more than 120 countries, offer a range of high-quality services including maid service and antiquity handling and have global, full-value protection and a zero deductible program. For more information including a Request for Transition Quote form and a brochure, go to the Members’ website at: http://members.sothebysrealty.com/

default.aspx?id=6242, or call Home Transition Services at (855) 448-6824 in the United States or (804) 379-1127 outside the United States.

Sotheby's International Realty - East Side Manhattan Brokerage recently referred a seller with a flat on Grosvenor Square in London to London Sotheby’s International Realty, who found the buyer. The deal closed in two months from the first referral date for £7 million (roughly $12.5 million USD). Questions? Contact Jay at Jay.Lanigan@sothebysreatly.com

Referral notes from Jay Lanigan, director of referrals, Sotheby’s International Realty Affiliates LLC:

This New York to London referral closed for £7 million

Making Connections

� �

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Your Thoughts…“The marketing portion was so full of information and very useful as we prepare to open our office. Now I know what we need

to do, from photos and video standards to international opportunities. It is so important to be part of this either just before or

just after joining the brand.”

-Laura Benaglia, Milan Sotheby’s International Realty, Italy

OrientationWelcome to The

SOTHEBY'S INTERNATIONAL REALTY NETWORK

Mike McMahon of Briggs Freeman Sotheby’s International Realty in Texas (left)

networks with Markus Thoene of Costa Brava Sotheby’s International Realty in

Spain (right) at the 17th Sotheby’s International Realty Orientation in New Jersey

Chanelle Kunde of Kamali Sotheby’s International Realty in Oregon (right)

meets with Mike Good, the brand’s chief executive officer (left)

Joe Harris of Premier Sotheby’s International Realty in Florida (right) talks

with Bob Jenkins, the brand’s senior manager, interactive marketing and

technology servicing (left), during a break at Orientation

Jill Rose Franklund and Daniel Pfeffer of the soon-to-be-opened First Regents

Sotheby’s International Realty in Saudi Arabia enjoy the brand’s 17th Orientation.

“The most valuable portion has been learning about the tools designed to make marketing easier. Being a small company,

that really helps us as we have less time to devote to marketing because we have to sell too. Also, meeting the corporate team has

been most helpful- and it is great to see how sharp and accessible everyone is!”

-Emily Flax, Atlantic Bay Sotheby’s International Realty, Massachusetts

15

© 2011 Sotheby’s International Realty Affiliates LLC. All Rights Reserved. Sotheby’s International Realty Affiliates LLC fully supports the principles of the Fair Housing Act and the Equal Opportunity Act. Each Office is Independently Owned and Operated. Sotheby’s International Realty and the Sotheby’s International Realty logo are registered (or unregistered) service marks licensed to Sotheby’s International Realty Affiliates LLC.

Editor: Jennifer Zimmerman Designer: Steven JordaoJennifer.Zimmerman@sothebysrealty.com

"Pending home sales rose strongly in October and

remain above year-ago levels, according to the

National Association of Realtors®. The Pending

Home Sales Index, a forward-looking indicator

based on contract signings, surged 10.4 percent to

93.3 in October from 84.5 in September and is 9.2

percent above October 2010 when it stood at 85.5.

The data reflects contracts but not closings." --The

National Association of Realtors, "Pending Home

Sales Jump in October," Nov. 30

“The London real estate market offers good

investment prospects for property investors despite

the eurozone crisis, it is claimed. According to IP

Global, a property investment company specializing

in securing prime investment opportunities in 20

emerging and developed markets around the world,

all its property investments in London are offering

positive uplift. It says they are outstripping the

property yield benchmarks set by the UK’s Land

Registry and that with the correct advice, London

represents a strong investment option for investors.”

– “London Offers Safe Haven Property Investment Despite Eurozone Woes,” PropertyWire, Dec. 5

News & ViewsFROM THE GLOBAL REAL ESTATE INDUSTRY

Auction Calendar HighlightsJANUARY - FEBRUARY 2012

Important Americana: Furniture, Folk Art, Silver, Porcelain, Prints and Carpets

Jan. 20-21 (New York)

Important American Schoolgirl Embroideries: The Landmark Collection of Betty Ring

Jan. 22 (New York)

Old Master Drawings

Jan. 25 (New York)

Important Old Master Paintings and Sculpture

Jan. 26 (New York)

Old Master & 19th Century European Art, Including Property from the Forbes Collection: The Panorama of the Battle of Champigny

Jan. 27 (New York)

Contemporary Art Evening Auction

Feb. 15 (London)

Ammi Phillips (1788 - 1865)Portrait of a Winsome Young Girl in Red with Green Slippers, Dog and Bird, oil on canvas, 36 in. by 30 1/2 in., Painted circa 1840. Estimate: 300,000 - 500,000 USD