Leadership Loss at Christie's

The NY Times is reporting that three high level executives including a Senior VP and Director of Trusts, Estates and Appraisals, the international head of old master paintings and the head of 20 and 21st century design.  The article notes it is not know if they left on their own accord or if they were dismissed. As we know, we have seen a large number of executives leave Sotheby's, looks like some changes in store at Christie's as well.

The NY Times reports

Three top executives have left Christie’s: Paul R. Provost, the senior vice president and director of trusts, estates & appraisals; Nicholas Hall, international head of old master paintings and 19th Century Art; and Cathy Elkies, head of Christie’s 20th and 21st Century design.

It was unclear whether they were dismissed or left of their own accord; the three did not respond to emails seeking comment.

When asked to comment on the departures, Christie’s issued a statement: “As a private company, we don’t comment on speculation around our employees. However, like any business, we continue to review the deployment of resources and focus investment on areas of growth so as to best to serve our clients.”

Last week, Christie’s announced that sales for the first half of 2016 had dropped to $3 billion from $4.5 billion for the same period the year before. Sales volumes were down 29 percent, due largely to a drop in consignments above about $26 million at auction.

Christie’s is a privately owned company belonging to the French businessman and collector François Pinault. Unlike the publicly listed Sotheby’s, it does not divulge its profits or losses, but does reveal its sales.

Source: The NY Times