Art Market Hit by Economic Crisis

Christie’s Plans Cuts as Art Auctions Slow

NYTimes.com
By JULIA WERDIGIER
Published: January 12, 2009

“LONDON – When works by the British artist Damien Hirst sold for a record $127 million on the same day in September that Lehman Brothers filed for bankruptcy protection, it seemed the art market might escape the economic crisis.

But a string of disappointing auctions over the last four months showed that the art market had no such immunity, prompting Christie’s International, the large auction house, to start a cost-reduction effort on Monday that will include job cuts.”

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