AMENDED AGREEMENT OF PARTNERSHIP

EXHIBIT 10.11

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

March 1, 2006

Acquavella Contemporary Art, Inc.
c/o Mr. William R. Acquavella
300 Pleasure Drive
Flanders, NY 11901

Dear Bill:

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 Acquavella 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