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Christie's overhauls management with new leadership

Christie's International Plc wasted no time restructuring the management of the world's largest auction house.

The company, under the leadership of Patricia Barbizet, the new chief executive officer and longtime adviser to Christie's owner, French billionaire Francois Pinault, yesterday announced two new global positions. Christie's also said in a statement that Douglas Woodham, president of its Americas business, is leaving.

The promotion of two Christie's insiders comes one week after the surprise exit of Steven Murphy as CEO. Christie's main rival, Sotheby's, also lost its leader last month when William Ruprecht stepped down following calls from activist investor Daniel Loeb to cut costs and increase shareholder value.

The two auction houses are under pressure to land the best works, as a record $2.3 billion of art was sold in just two weeks in New York last month.

“They're in intense competition with each other and every consignment is a gamble,” said Todd Levin, director of New York-based art advisory Levin Art Group.

Jussi Pylkkanen, who has presided over major auctions for Christie's, was named global president. He will be responsible for management of the company's art specialists and for attracting new clients and consignments. Plykkanen, who was president of Christie's Europe, has been with the company for 28 years.

Stephen Brooks, who joined Christie's in 2009 and became chief financial officer in 2012, was appointed global chief operating officer responsible for daily management of the business and the company's infrastructure.

Most Profitable

Woodham, president of Christie's Americas for the past two years, will leave the auction house at the end of the month, Christie's said.

Christie's Americas group is the company's most profitable, with sales comprising 38 percent of the auction house's $4.5 billion in revenue last year. Christie's sold a record $1.2 billion of art during November's New York sales.

The company said the new appointments “reflect a strategic organizational structure that positions Christie's for future strength and development.”

Both positions are effective immediately. Plykkanen and Brooks will report to Barbizet.

“Christie's has unparalleled assets that set us apart from all competitors,” Barbizet said in the statement, adding that Christie's also has “total support from our owner.”

Barbizet, 59, has been chairman of Christie's for more than 15 years. Pinault brought her in as CEO to evaluate the future strategy of the company he took private for $1.2 billion in 1998, people familiar with the company's plans said last week. Pinault doesn't plan to sell Christie's, a spokeswoman for his holding company said.

Murphy, 60, was informed of the management change at a meeting with Pinault in late November, said one of the people, who asked not to be named as the matter is private. Christie's and Murphy said Dec. 2 the decision was mutual.

“Barbizet has been the chairman of Christie's for some time,” said Michael Plummer, co-founder of Artvest Partners, a New York-based consultant. “She's not new to this role. She's very experienced in the management of Christie's. She's been by Pinault's side since he bought the company, and she knows it as well as anybody.”

Christie's said during his tenure, Woodham updated the company's headquarters at Rockefeller Center, a process that entailed expanding its ground floor exhibition space by 11,000 square feet (1,020 square meters).

“It has been a pleasure being part of Christie's,” Woodham said in the statement, citing record sales and profitability in the region.

Marc Porter, chairman of Christie's Americas, and Karen Gray, chief administrative officer of the group, will continue to oversee Christie's activities in the region.

“Christie's has an exceptionally strong team comprising leading art professionals and executives who have overseen and managed the innovative development and financial success of Christie's in recent years,” Barbizet said in the statement. “We look forward to leading the global team into a new chapter of innovation and excellence.” 

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