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Following a two-year restoration, the 14-16 Collins Street building will become the firm’s flagship office in the city, with dedicated gallery spaces for auction viewings, private sales and exhibitions.

Geoffrey Smith, chairman of Sotheby’s Australia (a privately owned company that uses the Sotheby’s name under a licence agreement), said: “In 2016, we had the opportunity to acquire and refurbish one of the few remaining grand old buildings on Collins Street, which was in desperate need of love and attention.

“We have meticulously maintained the integrity of the building while developing luxurious spaces to showcase works of art, design and jewels.”

The firm, previously based at Exhibition Street, Melbourne, retains premises on Queen Street in the Woollahra suburb of Sydney.