Lucy Tobin reports in the London Evening Standard that art and antiques dealer Mallett has gotten trapped by the collapse in the commercial real estate.
But although Mallett said sales were “improving”, it has one big asset on its hands that it can’t get rid of: its Bond Street premises. The dealer said the deterioration in the commercial property market made it difficult to obtain an “appropriate value” for the shop, so it is staying put for now. That could be a good thing because Mallett might need somewhere to store the stock it claims to be accumulating. Chief executive Giles Hutchinson Smith said the firm was “taking advantage of some excellent buying opportunities” for high-quality antiques and classic art.
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