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Christie's Cuts Jobs as Art Sales Slump

250-year-old auction house downsizes to stay afloat

By Jason Farago, Newser Staff

Posted Jan 13, 2009 7:10 AM CST

(Newser) – Following months of bad results in America and Europe, Christie's is reorganizing to cut costs, including "significant staff reductions," the auction house said yesterday. While at the start of 2008 the art world seemed immune to the economic downturn, the decade-long boom in art prices busted this fall. At a recent sale in New York, nearly a third of the pieces on the block went unsold.

The art world has been hit hard by the turmoil in the markets and the end of mega-bonus culture, which led financiers to spend millions on works of art at auctions and fairs, the New York Times reports. While Christie's did not reveal the size of its planned cuts, its archrival Sotheby's said last month it would reduce costs by $7 million via downsizing and salary decreases. Christie's, founded in 1766, employs 2,100 people in 43 countries.

A Christie's employee looks at Claude Monet's "Dans la Prairie" in London, Monday, Jan. 12, 2009. The venerable auction house announced it would cut jobs as the art market struggles. (AP Photo/Kirsty Wigglesworth)

Two employee carry a rediscovered painting by Giambattista Tiepolo at Christie's auction house in London, Friday, Nov. 28, 2008. (AP Photo/Sang Tan)

A flag is seen outside offices of Christie's auction house in London, Monday Oct. 20, 2008. (AP Photo/Matt Dunham)

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Christie's Cuts Jobs as Art Sales Slump

250-year-old auction house downsizes to stay afloat

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Lichtenstein Painting Fetches $43M

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A dozen works are priced near $20 million each at auctions

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Christie's Cuts Jobs as Art Sales Slump

250-year-old auction house downsizes to stay afloat

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OTHER STORIES ON OUR RADAR

art market • art • Sotheby's • Christie's • art auction • downsizing • recession depression

MOST POPULAR STORIES

[ By Views ]

[ By Comments ]

More Newser Stories

Lichtenstein Painting Fetches $43M

It's a record for the late pop artist

Painting Looted by Nazis Sells for $40.4M

Gustav Klimt landscape goes way above expectations at Sotheby's

Warhol Self-Portrait Fetches Record $38.4M

Private bidder prevails after 'longest lot in history'

Rebounding Art World Expects Huge Spring Prices

A dozen works are priced near $20 million each at auctions

Andy Warhol Self-Portrait Fetches $17M

It goes for twice as much as expected

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Newser By Users

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