New year without weapon and wines

Christie’s headquarter at King Street. London

Christie’s published the details of the strategic program directed on a decrease of expenses and increase of efficiency of the company’s work. Taking into account a serious decrease in sales the management of the auction house plans to reduce some departments and to reform the general system of auctions. The optimization will begin in 2009 and first of all will involve the main department in London.

The wine department will stop its work in Southern Kensington and will move to the company’s headquarters at King Street. It will deal in a sale of the most expensive lots. It will invariably cause the reduction of a number of the sales and probably will deprive London of the status of the world “capital of wine”. Both London departments of manuscripts and books will be united in one department which also will be placed at King Street. In spite of the fact that the auctions in Southern Kensington will be held in a regular way the local staff will be dissolved. Crispin Jackson, the director of the department will leave the company.

There is also the information that in the first quarter of 2009 there will be a planned closing of department of modern and sports weapon that, according to Christie’s management became the requirement of the program of the strategic development. Once the auction house had already rejected the sales in such areas as toys, sea models and memorable items of the history of sports.

“We reconsider our policy according to new economic realities. We expect the reorganization, the information on which will be given in the beginning of the next year” − the press release of the auction house says. Today one can assume that the main changes will touch the issues of pricing and guarantees.

Probably in the nearest future similar statements will arrive also from the Christie’s competitors, Sotheby’s and Bonham’s auction houses which have also suffered from the crisis and for many times informed about the necessity of decrease in estimates.

Published in: on January 27, 2009 at 12:21 pm  Leave a Comment  

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