We had been looking forward to the first art auction of the year with great excitement, partly because of the unusual timing, as well as the unpredictable consequences of the economic crisis. The interest, the number of bidders as well as bidding orders and phone bids have gone happily beyond our expectations.

At points, bidding was especially lively and competitive, and overall sales exceeded 40%. At the same time, it is a good lesson of the auction that contemporary art has to be sold separately, and at least 120 lots need to be offered in order to raise contemporary art collectors' attention.

Therefore, we have decided to auction contemporary art only at our May and Christmas multi-day sales and then devote a full day to a rich range of modern paintings and sculpture.

Another change is going to be that the House shall have to return to the 20% buyer's premium due to the costs and market conditions. Nevertheless, we are making all effort to remain competitive and keep our items outstanding value for money.

According to the working practice, the lots remaining unsold are open for purchase at starting price + 40% in the Gallery for 10 days after each auction.

Our next auction will take place on 3 March (deadline for entries: 12 February). The material of the auction is expected to be published online and in the Gallery from 18 February.