The Fine Art Auction Group, parent company of Dreweatts & Bloomsbury and Mallett, will open their London hub in St James’s later this year blending auction and retail in one building.
“It will have The Fine Art Auction Group above the door with Mallett to the right and Dreweatts & Bloomsbury to the left,” George Bailey, chairman of The Fine Art Auction Group, told ATG.
Under one roof, Bloomsbury will hold specialist auctions while Mallett will operate as a retailer. Country house saleroom Donnington Priory remains Dreweatts’ home.
The casualty will be Maddox Street where Bloomsbury have been based for 12 years. The lease on the building officially ends in December 2017 although the firm is hoping to leave earlier after negotiating with its landlord.
In the past year the group have been hit by staff exits, including the loss of ex-Bloomsbury staff to new firm Forum Auctions, and the need to cut costs at loss-making Mallett.
It closed the dealer’s Mayfair shop during the summer and earlier in the year assigned the lease of its Madison Avenue outlet to fashion designer Stella McCartney.
Return to Buying
Mallett will retain an office on an upper floor of that building operated by director Andrew Ogletree with stock available to view by appointment.
Bailey said Mallett hope to begin acquiring inventory after another auction clearance. “We intend to further reduce stock levels so we are in a position to start buying again.”
“The experience has been bruising,” he added. “But we have structure and a much improved cost base.”
