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Increased competition from Christie's, particularly in the fields of impressionist, modern and contemporary art, contributed to an $18.1m (or 12%) fall in turnover at Sotheby's for the first three months of 2008, compared with the same period last year. The firm also announced a $12.4m fall in income (profits) for this period; last year its profits rose by $24.3m for the same quarter.
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