Christie's buys art gallery

While auction prices for contemporary art soar, Christie's recently made a dramatic foray into the contemporary art retail business. The auction house announced that it has purchased for an undisclosed sum Haunch of Venison, a trend-setting gallery based in London's Mayfair district with branches in Zurich and Berlin. Founded in 2002 by Harry Blain and Graham Sothern, the gallery, which represents Bill Viola, Diana Thater, Keith Tyson, Pedro Cabrita Reis, Simon Paterson and Anton Henning, among others, reported more than $80 million in sales last year.

The announcement caused considerable commentary in the press from dealers alarmed by the auction house's encroachment into the primary market. According to Haunch of Venison's spokespersons, the venue was seeking extra financing for its long-term programs and the arrangement allows it to operate autonomously as a Christie's subsidiary. With the auction house's backing, Haunch of Venison now plans to open a branch in New York. There is also talk of opening a branch of the gallery in Beijing.

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