More on Christies Staff Reductions

Catherine Bolyes of The Times of London reports on the staff reductions going on at Christies London headquarters. She reports the perhaps 20-25% of the mid level staff may be let go. The London office of Christies employs around 800 people. The London operations are currently under review, with job losses expected to take place over the next four months. The New York office of Christies has already released around 80 employees from a variety of departments and positions.n Boyles reports the Chrisites employs 2,100 people in 85 worldwide offices.

Boyles states The main part of Christie's business is devoted to art, but it also auctions fine wine. The fine art market has altered hugely since Lucian Freud's Benefits Supervisor Sleeping was sold for a record $33 million at Christie's in New York last year. The Russian oligarchs and hedge fund billionaires who drove up the prices of contemporary and modern art have suffered from the credit crunch.

Christie's sale of 20th-century British art last month, seen by many as the mainstay of British private art collecting, ended with 57 per cent of the lots successful — down from 81 per cent at 2007's sale. The sales total of £4.1 million was less than half the £9.4 million achieved last year.

Christie's is not the only auction house under pressure. Sotheby's, its main rival, which is listed in New York, has said that it will save $7 million (£4.6 million) by reducing staff levels and other costs this year.

To read the full Times On Line article, click HERE.