SOTHEBY’S NEVADA, INC. 5600 Spring Mountain Road, Suite 104 Las Vegas, Nevada 89102

EXHIBIT 10.11

SOTHEBY’S NEVADA, INC.
0000 Xxxxxx Xxxxxxxx Xxxx, Xxxxx 000
Xxx Xxxxx, Xxxxxx 00000

Xxxxx 0, 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 letters of amendment on December 1, 2000, December 15, 2001, February 10, 2003, January 13, 2004 and December 8, 2004 we agreed to extend the term of the Partnership Agreement through March 31, 2002, March 31, 2003, March 31, 2004, March 31, 2005, and March 31, 2006, respectively. By this letter of amendment, we are agreeing to extend the term of the Partnership Agreement for one additional year through March 31, 2007. Accordingly, each of the Sotheby’s Partner and the Acquavella Partner hereby agree to amend Section 1.5 (iii) of the Partnership Agreement to delete the reference to December 31, 2000 (subsequently amended to March 31, 2002, March 31, 2003, March 31, 2004, March 31, 2005 and March 31, 2006), and substitute therefore the date of “March 31, 2007.”

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. Xxxxxxxx
	Xxxxxxx X. Xxxxxxxx, President

AGREED AND ACCEPTED
XXXXXXXXXX CONTEMPORARY ART, INC.

By:	/s/ Xxxxxxx X. Xxxxxxxxxx
	Xxxxxxx X. Xxxxxxxxxx, President