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Christie's Auction House Getting Out of Car Biz

World-famous auction house founded in 1766, announced last week that it is getting out of the used car business
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Christie's, the world-famous auction house founded in 1766, announced last week that it is getting out of the used car business.

In a brief statement, the company stated that "As the world's leading art business, Christie's periodically carries out strategic reviews of its various operations. Most recently, we have undertaken a review of our global strategy for Christie's International Motor Cars. As a result, Christie's will close this department this month and will redirect departmental resources to other parts of our business."

A company spokesperson declined to expand on the decision.

After 25 years in the car business, the auction house had established a reputation for selling some of the world's rarest, most expensive and coveted vehicles in the business. Most recently, the auction house sold Steve McQueen's 1963 Ferrari 250 GT Lusso at Pebble Beach. McQueen's car sold for $2.31 million, nearly doubling pre-sale estimates.

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