This improvement is principally due to higher auction and private sale commission revenues, partially offset by an increase in operating expenses that is due, in part, to higher incentive compensation costs, a higher level of direct costs consistent with the volume and composition of auction sales, and the cost of investments in strategic initiatives.

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In determining the size, pace, and composition of its asset purchases, the Committee will, as always, take appropriate account of the likely efficacy and costs of such purchases.

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