Auction house Christie's staff cuts
 

Coming in the next three to four months at Christie's reorganization would lead to "substantial" reductions. The exact number of laid-off employees were not disclosed. To reduce costs, Christie's will not renew contracts with consultants. It is reported Bloomberg referring to the statement of the Directorate of the auction house. Schedule of tenders remains unchanged.
At the end of 2008, Christie's has held its first firing, and some departments have been restructured. Then the unit has been reduced in London, specializing in trade exclusive wine and books, but also closed sections of modern art and the hunting rifle, resulting in 5 people were dismissed. In addition, the administration announced a reduction of house peer lots. These measures auctioneers take because of the financial crisis, which clearly hit the art market in autumn 2008.
Chief rival Christie's - house Sotheby's - in December announced a budget reduction of $ 7 million. Bloomberg LP is not able to ascertain whether there had been a Sotheby's new plans for restructuring.
(lenta.ru)

now reduce ... then gain the back)