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Art world abuzz over leadership shake-ups at Christie's, Sotheby's
Art world abuzz over leadership shake-ups at Christie's, Sotheby's

Multimillion-dollar bidding wars are suspenseful, sure, but the real drama at Christie's and Sotheby's lately has been behind the scenes: The top executive at each of the fierce rivals — the biggest auction houses in the world — is stepping down. The separate announcements have sent the art world into a frenzy of speculation as to whether the resignations are related. Perhaps more important, experts say, the leadership shake-ups coincide with changes in the contemporary art auction world, where record sales do not necessarily translate into big profits, and where new markets — primarily China and the Web — are proving vital for growth. The impending...

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