Since last year, Skate’s has argued that it would make considerable sense for Christie’s to go public in 2011 given the generous valuation multiples in the art industry. The momentum, at least for this year, has been lost for Christie’s, as recent global stock market turbulence coupled with a stream of IPO cancellations have made it clear that investors’ appetite for new deals has fallen significantly. Francois Pinault was apparently unable to jump on the IPO bandwagon last year given the previously planned departure of Edward Dolman, the CEO of Christie’s for over 10 years who announced his move to the Qatar Museums Authority earlier this summer. Christie’s is now unlikely to entertain any plans for an IPO in the immediate future as it digests the leadership change. The only art industry firm that benefited from the great window of opportunity was Poland’s Abbey House, which successfully listed in Warsaw in May, as well as Switzerland’s MCH Group, which completed a new issue this summer.
There is an interesting new story to tell, however, as Skate’s has learned that the next art industry IPO will take place in China and will be made by Poly International Auction. Should the IPO take place as we expect, it would create the world’s second largest publicly traded art industry company after Sotheby’s.
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