Chrisite's to Reorganize and Reduce Staff

Scott Reyburn of Bloomberg is reporting the Christie's has released an internal email to employees stating the significant job cuts will take place over the next few weeks. Some form of job loss has been expected from Chrisite's since late last quarter due to lower than expected sales results. Sothebys has already announced they planned to cut jobs, and Reyburn is reporting that Bonham;s might be cutting staff as well. The Christie's reorganization was also covered in the Wall Street Journal an ArtInfo.

Reyburn states The London-based auction house plans “a companywide reorganization which includes significant staff reductions,” Christie’s said in an e-mailed statement today.

“There’s a consultation process going on at the moment, so we’re not in a position to comment on numbers,” Alexandra Buxton, Christie’s European head of public relations, said in a telephone interview. She said that Christie’s employs about 2,100 people worldwide.

Reyburn continues Christie’s won’t be renewing many consultants’ contracts and will make other cost cuts to “ensure we remain competitive and profitable in 2009,” the company said in the email. The staff reductions will be global.

Christie’s had said in December it was reviewing its strategic plans because of economic weakness and the results at its autumn auctions. It has already shrunk its London-based wine and book departments, and closed its modern and sporting-gun section, resulting in five employees leaving the company.

To read the Bloomberg article click HERE, for the WSJ article click HERE, for the ArtInfo article click HERE.