The first section focuses on the international nature of the art world, discusses links through trade, politics, education and conservation needs, analyzes financial aspects of the art market and explores the growing prominence of new territories. This is complemented by a review of major works in the fine, decorative and applied arts, literary property and collector's fields to have been auctioned at Sotheby's within the last year. Directors of Sotheby's augment this summary with full commentaries, discussing some of the company's most surprising sales. A final section examines famous collections, discoveries and restorations.