Christie's woes

“We have begun to implement a companywide reorganization, which includes significant staff reductions, not renewing many consultants’ contracts and the continuation of other cost-reduction initiatives, that will ensure we remain competitive and profitable in 2009,” Christie’s said in a statement on Monday, without saying how many positions might be cut or giving any further details.

In the last months, auction prices dropped together with financial markets, ending a decade-long boom in the art market that was buoyed by record bonuses paid to financial executives.

Read the NYT article here.