France's Auction Monopoly Ends - becomes public - Brief Article

Art in America, Oct, 2001

For 450 years, only state-controlled art-auction houses could conduct business in France. In the past decade, however, certain laws were adjusted to allow foreign-owned auction companies to make limited transactions in the country. The situation changed dramatically this summer when justice minister Marylise Lebranchu signed legislation that will permit foreign companies to set up shop throughout France.

Just as they do in London and New York, Sotheby's, Christie's, Phillips and other companies are expected to initiate regular sales schedules in Paris in the very near future. Under pressure from European Union lawmakers who require the lifting of protectionist policies, the French government has established an 11-member Sales Council that will oversee these operations. Ironically, two of the biggest auction houses, Christie's and Phillips, are now owned by rival French entrepreneurs, Francois Pinault and Bernard Arnault respectively.