You have 2 more free articles remaining

Rising from just under £330,000 to over £1.6m – a tenth of the firm’s annual turnover – the figure represents just one of the areas which have helped the FAS to a record year.

Other highlights contributing to the £900,000 operating profit for the year ending July 31 include the landmark Andrew McIntosh Patrick sale, which saw dealers and collectors queueing on Bond Street for the chance to buy. The former managing director of the FAS chose to consign a major portion of his collection to the gallery for dispersal, rather than opting for the traditional route of the auction room sale.

Bourne Fine Art of Edinburgh played their part too, seeing turnover rise from £2.25m to £3.5m and profits from £180,000 to £240,000. And the contemporary art side of the business saw sales rise from £2.5m to £3.5m.

In 2008, the FAS will turn their attention to fairs, returning to TEFAF Maastricht and making their debut at the Salon Du Dessin in Paris and Grosvenor House in London.