OTHER NEWS - Dec. 20, 1991

Christies Sales Fall 50%: Sales at art auction house Christies International have fallen almost in half this year to $1 billion as the global recession scared away art buyers. “Total sales this season were severely affected by adverse economic conditions, leading to a lower level of demand for Impressionist and Modern pictures,” said the company’s chairman, Lord Carrington. The slump has prompted London-based Christies to cut costs. Members of the board will defer up to 20% of their salaries, while a wage freeze will continue for senior managers.