The New Year may mean new beginnings for many of us but the iconic auction house, Christie's, could have a new owner! Francois Pinault is
rumored to be considering selling his auction house which he bought in May 1998 for $1.2 billion. While all auctions across Bonhams, Sotheby's and Christie's haven't experienced a great year, Christie's has already cut a couple of departments, shrunk others, let a few employees go and plan
more reorganization for the company in January. The worldwide financial crisis has certainly dampened the demand for art and certainly it is expected that many luxury-based companies will be experiencing unpleasant shifts in their businesses. Hopefully, the New Year will ring in a better economy and with that healthier auctions...at least for Christie's sake.
The New Year may mean new beginnings for many of us but the iconic auction house, Christie's, could have a new owner! Francois Pinault is rumored to be considering selling his auction house which he bought in May 1998 for $1.2 billion. While all auctions across Bonhams, Sotheby's and Christie's haven't experienced a great year, Christie's has already cut a couple of departments, shrunk others, let a few employees go and plan more reorganization for the company in January. The worldwide financial crisis has certainly dampened the demand for art and certainly it is expected that many luxury-based companies will be experiencing unpleasant shifts in their businesses. Hopefully, the New Year will ring in a better economy and with that healthier auctions...at least for Christie's sake.
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Reader Comments (Page 1 of 1)
bob Lewis Jan 18th 2009 9:51PM
This doesn't suprise me, everyone seems to be pulling back. Many wealthy clients don't want to be seen in public spending crazy amounts of money!
Which makes your great offerings that can be purchased online very convenient, and timely!