American and European Paintings Surpass Estimates As Heritage Auction Galleries Enters High End Art Market

Published Reserves and Strong Results in Landmark Auction

Dallas, TX: November 17, 2006 - In a break-out sale, Heritage Auction Galleries saw paintings sell for double and triple their estimates as the company launched its expanded Fine Art Department.

A dramatic seascape of icebergs under stormy skies by 19th century American painter Thomas Moran fetched $567,625 (estimate $200,000 - $300,000) and jewel-like works by Maxfield Parrish and other European and American artists soared to prices well beyond their pre-sale estimates. Over 1,300 collectors and dealers participated in the bidding in the salesroom, on the phone and over the internet.

The three-session auction was held on November 9th and 10th, 2006 in Heritage's Dallas headquarters and included European and American Fine Art from the 16th through 20th centuries and Illustration Art. Overall, the auction realized $9.3 million against pre-sale low estimates of $5.5 million for the paintings and sculptures sold, and 72% of the lots offered found buyers.

"Until recently, Heritage was known primarily as the world's leading collectible auctioneer," said Dr. Edmund P. Pillsbury, former director of the Kimbell Art Museum and, since January 2006, chairman and managing director of the auction house's Department of Fine Art. "In the inaugural auction of our reconfigured department, collectors and dealers witnessed the emergence of a new player in the fields of American and European paintings and sculpture."

Heritage's Fine Art sales have increased dramatically over the past three years. Sales in the department totaled $3.4 million in 2004 and $6.5 million in 2005. The year to date total for 2006 is $20.0 million.

The sale saw strong prices for paintings from different centuries and continents. French artist Elisabeth Louise Vigée-LeBrun's 18th century of Madame de Moreton, La Comtesse Moreton de Chabrillan, which captured the countess's radiance and the rippling, delicate lace of her décolletage, inspired bids from several people. Widely considered the greatest female artist who lived before the 20th century, Vige-LeBrun's alluring portrait sold for $239,000, well above it pre-sale estimate of $150,000 to $200,000.

American artist Maxfield Parrish was represented by several paintings. In two small works, each approximately 16 by 9 inches, Parrish captured the lyricism of John Milton's idyllic poem, "L'Allegro," which celebrated the pastoral life of the countryside. Estimated at $150,000 - $250,000 each, both paintings surpassed their high estimates. Milkmaid brought $274,500 and Poet's Dream sold for $346,550.

In addition to the Moran seascape, the artist's Splendor of Venice and Devil's Tower, Green River, Wyoming fared exceptionally well. Moran came to America from England in 1844 and became part of the Hudson River school. Once established, Moran made repeated trips to Italy and the American West. Moran captured the breathtaking beauty of America's first national monument in Devil's Tower, Green River, Wyoming, which sold for $382,400 (estimate $250,000 to $350,000). His Splendor of Venice, which depicted the Grand Canal, brought $292,775 (estimate $100,000 - $150,000).

The Moran paintings were part of a consignment from the Walsh Family Art Trust and had been collected by Mr. and Mrs. F. Howard Walsh, of Fort Worth, during the 1950s and 1960s.

"We are pleased with the success of our first fine art auction under the leadership of Dr. Pillsbury," said Steve Ivy, CEO and Chairman of the Board. "Since our founding in 1976, Heritage has developed unsurpassed operations that have led to our dominance in the field of numismatic auctions and our position as the third largest auction house in the world, with projected 2006 sales of over $550 million. It is extremely rewarding to move strongly into the field of Fine Art so smoothly. We look forward to continued successes in the field."

Heritage Auction Galleries was founded in 1976 and by the 1990s had become one of the one of the world's largest sources for coins and currency collectors. In 2001, Heritage expanded its offerings to include collectibles and pop culture memorabilia and, in 2004, held its first fine art auction. For more information, visit www.HA.com.