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The Wall Street Journal fuelled speculation further last Wednesday with a front page report explaining that the auctioneers were expected to release a statement the following day announcing a radical restructuring “that will eliminate most regularly scheduled art sales in the US, sharply cut support and administrative staff and sever all ties to its most prominent investor, French luxury-goods billionaire Bernard Arnault”.

In the event, no such release was forthcoming, but as we went to press Phillips told us that they would be making an announcement over the weekend. Any update will be announced here on our website.