SOTHEBY’S NEVADA, INC.

Exhibit 10.1

SOTHEBY’S NEVADA, INC.

0000 Xxxxxx Xxxxxxxx Xxxx, Xxxxx 000

Xxx Xxxxx, Xxxxxx 00000

Xxxxx 00, 0000

Xxxxxxxxxx Contemporary Art, Inc.

c/o Xx. Xxxxxxx X. Xxxxxxxxxx

000 Xxxxxxxx Xxxxx

Xxxxxxxx, XX 00000

Dear Xxxx:

This letter agreement amends the Agreement of Partnership (the “Partnership Agreement”) of Acquavella Modern Art, a Nevada general partnership, dated May 29, 1990, between Sotheby’s Nevada, Inc., a Nevada Corporation (“Sotheby’s Partner”), and Xxxxxxxxxx Contemporary Art, Inc., a Nevada Corporation (“Acquavella Partner”).

By prior letters of amendment, we have agreed to extend the term of the Partnership Agreement through March 31, 2015.  By this letter of amendment, we are agreeing to extend the term of the Partnership Agreement for one additional year through March 31, 2016.  Accordingly, each of the Sotheby’s Partner and the Acquavella Partner hereby agree to amend Section 1.5 (iii) of the Partnership Agreement, as heretofore amended, to delete the reference to March 31, 2015 and substitute therefor the date of “March 31, 2016.”

Except as amended hereby, the Partnership Agreement shall remain in full force and effect and is hereby ratified and confirmed.

Please sign this letter agreement in the space provided below.  Upon execution on behalf of the Acquavella Partner, this letter agreement shall be effective as of the date of this letter.

SOTHEBY’S NEVADA, INC.

By: /S/ XXXXXXX X. XXXXXXXXX

Xxxxxxx X. XxXxxxxxx, Vice President  

AGREED AND ACCEPTED

XXXXXXXXXX CONTEMPORARY ART, INC.

By: /S/ XXXXXXX X. XXXXXXXXXX

Xxxxxxx X. Xxxxxxxxxx, President