Art Market Monitor

Global Coverage ~ Unique Analysis

  • AMMpro
  • AMM Fantasy Collecting Game
  • Podcast
  • Contact Us

Christie's Exits Financial Services

August 20, 2009 by Marion Maneker

Lindsay Pollock reports on Bloomberg that Christie’s has quietly exited dismantled its financial services department, despite the fact that Sotheby’s made $6m in the first half of this year on financial services. Financial services at an auction house covers a broad range of activities. Sotheby’s offers consignors loans against future sales. Christie’s was exploring creating a relationship with a major financial institution to provide similar services. But  Christie’s had also been gearing up to launch an art investment fund. No longer:

Christie’s interviewed investment managers and bankers to gauge interest in an art-investment fund and took steps to establish a separate asset-management company aimed at raising $250 million to $350 million.

As the world economy continued to falter, Christie’s scrapped its plan and fired several executives in New York and London who were going to run the operation, according to the two employees involved in the project. Among those dismissed were Chief Operating Officer Michael Plummer, Senior Vice President Ed McGorry and Vice President Jeff Rabin, the employees said.

Christie’s Scraps Plans for Art-Investment Fund, Loan Division (Bloomberg)

More from Art Market Monitor

  • Are Chinese Buyers Anticipating a $50m Zhang or Zeng Someday?Are Chinese Buyers Anticipating a $50m Zhang or Zeng Someday?
  • Art & Cruise Ships Still Don’t MixArt & Cruise Ships Still Don’t Mix
  • Vernissage TV: Jonathan MeeseVernissage TV: Jonathan Meese
  • Real Estate Obsessed Art WorldReal Estate Obsessed Art World
  • Fair Thee WellFair Thee Well
  • More Consignor SpottingMore Consignor Spotting

Filed Under: Art Funds

About Marion Maneker

LiveArt

Want to get Art Market Monitor‘s posts sent to you in our email? Sign up below by clicking on the Subscribe button.

  • About Us/ Contact
  • Podcast
  • AMMpro
  • Newsletter
  • FAQ

twitterfacebooksoundcloud
Privacy Policy
Terms & Conditions
California Privacy Rights
Do Not Sell My Personal Information
Advertise on Art Market Monitor