Closure of Savile Row Auctions Holdings

Johannesburg - Lew Geffen, chairman of Sotheby’s International Realty in SA, said today the closure of Savile Row Auctions Holdings would have no effect at all on his 30-year-old estate agency business Lew Geffen Sotheby’s International Realty.

On the contrary, he said, Lew Geffen Sotheby’s International Realty was enjoying great success, with sales volumes in the year to date up 30% on the same period of 2009, and turnover showing a healthy 9% increase. The company had also enjoyed a record sales month in September.

Geffen said he had resigned as chairman and director of Savile Row some months ago after a difference of opinion with the other directors. He had also directed that the company be reported for reckless trading to the Independent Regulatory Board for Auditors (IRBA), the statutory body controlling public accountancy.

Following that, he had ceased to have anything to do with the running of Savile Row, and there had been no further communication between himself and the remaining directors of Savile Row.

Geffen also said there had never been any formal business link between Savile Row and Sotheby’s International Realty, and the initial co-operation between the two businesses after Savile Row was launched last year had long since ceased.

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