Auction house departures seem to be the story of February. Just in under the wire comes the news that Bonhams has cut back its operations in Hong Kong where Magnus Renfrew had been in charge:

“I was surprised and disappointed at the news,” said Renfrew in a phone interview in Hong Kong. “But there are already other opportunities emerging that are very exciting.” He was told Feb. 25 about his dismissal by Chief Executive Officer Matthew Girling who had flown to Hong Kong to announce the departures. Renfrew, 40, joined Bonhams in September 2014 to help spearhead the auction house’s expansion in Asia, leveraging his expertise in fine art and excellent network in the region. Renfrew was the founding fair director of ART HK in 2008 which is now known as Art Basel Hong Kong.

Bonhams Fires Asian Deputy Chairman Renfrew Amid Art Slowdown  (Bloomberg Business)