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Sotheby's Sells Off Its S. Africa Auction Unit

July 08, 1987|From Reuters

JOHANNESBURG, South Africa — Sotheby Parke Bernet, the international auction house, has sold its small South African operation to local management in what an official termed a "preempt disinvestment."

Sotheby's South Africa Managing Director Stephan Welz said the deal was arranged after the firm's American owners became uncomfortable about the political situation. Terms were not disclosed.

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