Christie's International plc said yesterday it had received a modified version of a preliminary approach that could lead to a possible recommended offer for the renowned auction house.

This follows Christie's announcement on Monday that it had ended talks with the unnamed suitor after it found the original offer did not provide additional value to shareholders.

A Christie's spokesman said the company was yet to decide on how to react to the modified approach.

The auction house said it was still consulting its financial advisers Hambros and Merrill Lynch.

Along with Sotheby's Holdings Inc of the US, the 230-year old Christie's is one of the leading art auctioneers in the world.

Bahamas-based British billionaire Mr Joe Lewis who owns 29.6 per cent of the company has been focus of speculation since talks of a possible takeover emerged.