Last week, in what may be a harbinger of further consolidation in the industry, Brown Harris Stevens signed a letter of intent to take over the venerable Upper East Side boutique brokerage Edward Lee Cave Inc., which has specialized in trophy properties for 28 years. Mr. Cave helped found Sotheby’s International Realty in 1976, with the notion that an auction company that sells art that hangs on walls, could also sell the walls on which the art hangs. He left Sotheby’s in 1981 to form his own brokerage, taking advantage of his wide-ranging personal contacts in the art world.
By Josh Barbanel, Feb 20, 2009, NYT

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