Christie’s CEO to step down

The CEO of auction house Christie’s, Steven Murphy, is stepping down at the end of 2014 after four years in the post.

He will be replaced by current chairman Patricia Barbizet, who will retain her present role as well. Murphy’s time at the company coincided with a period of expansion into markets such as China and the introduction of online sales – moves which have benefitted its fine wine division immensely.

Murphy said: “When Mr. Pinault and Madame Barbizet brought me into Christie’s, I was tasked with helping to modernise the company and enable it to grow in the new world in which we operate, while maintaining its extraordinary spirit and culture, and consistently focusing on the art itself.  We have now successfully concluded an ambitious three year plan and the company is in the strongest leadership position in its history.

“I have loved everything about working with the team here at Christie’s and am extremely proud of what we have collectively achieved.”

Barbizet added: “We are extremely grateful to Steven for his vision, leadership and commitment to Christie’s since he joined in 2010. During his tenure Christie’s has assumed a truly leading position, with sales and profits at their highest ever levels. Over this period the company ventured into new markets in India and China, launched successful online auction sales and positioned itself at the forefront of the digital transformation in the art market.”

“Having completed this core work, the company is positioned for its next phase of development and I look forward to leading the global team into a new chapter of innovation and excellence as we take Christie’s to the next level.”

The house’s most recent fine wine sale achieved over HK$36 million and was one of seven sales over one long weekend that realised over HK$2bn, the top lot being a Thangka tapestry from Tibet which made HK$348m (US$45m/£21m).