Here’s the story from Bloomberg News:

www.bloomberg.com/apps/news?pid=20601088&sid=agbKgEcKXHFM

Christie’s Begins Second Round of Job Cuts as Art Market Stalls

By Lindsay Pollock and Philip Boroff

June 18 (Bloomberg) — Christie’s International today began its second round of job cuts this year, a spokesman said, as the London-based auction house adjusts to a deflated art market.

“We are positioning the company for continued long-term profits across all categories and throughout the world,” said Toby Usnik, the spokesman. “Our efforts to reshape the business include potential staff reductions. Such actions will be implemented globally in accordance with local regulations.”

Usnik declined to provide details but said the proposed cuts are smaller than those made in January. He said the privately held auctioneer today has 1,900 employees. That’s down 10 percent from January, when the firm disclosed it had 2,100.

Rival Sotheby’s initiated job cuts last December, following disappointing auction results at its fall sales. Yesterday, Moody’s Investors Service, which rates Sotheby’s bonds below investment grade, or junk, said it placed its debt on review for a possible downgrade.

Today’s cuts come a month after the bellwether May New York sales confirmed that the auction market is contracting. Christie’s day and evening sales for premier Impressionist, modern and contemporary artworks tallied $248.8 million, compared with $739 million a year ago.

To contact the reporters on the story: Lindsay Pollock in New York at lindsaypollock@yahoo.com; Philip Boroff in New York at pboroff@bloomberg.net.