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Christie's abandons plans for financial services division and art fund

August 2009 - It has emerged that plans to establish an art financial services division together with an art investment fund were scrapped earlier this year by Christie's due to market conditions according to a report by Lindsay Pollock at Bloomberg. It is widely believed that Christie's wanted to compete with the success of Sotheby's Financial Services, a subsidiary of their main auction house rival based in New York which generated $6million in revenue during the first half of 2009. Read more