Will Qatar, the Gulf state near Saudi Arabia, become one of the art capitals of the world? The oil-and gas-rich country has been buying pieces for its Museum of Islamic Art. There's even talk the country is thinking of buying Christie's auction house as part of its plans to become a cultural destination.
Christie's, founded in London in 1766, is one of the premier auction houses of the world. However, sales are down and hundreds of staff jobs have been cut. As noted in its Wikipedia entry, "Although the economic downturn has encouraged some collectors to sell art,others are unwilling to sell in a market which may yield only bargain prices."
Previously a public company listed on the London Stock Exchange, since 1999 Christie's has been privately owned by Francois Pinault. According to Wikipedia,
On 28 December 2008, the Sunday Times reported that Pinault's debts left him "considering" the sale of Christie's and that a number of "private equity groups" were thought to be interested in its acquisition.
I don't know what this means in strictly business and financial terms. But the very thought of an Islamic state acquiring ownership of Christie's leaves me with a sick feeling in the pit of my stomach. Am I over-reacting here?
