Earlier this month, Christie’s reported its sales last year had plummeted 27% to $5.4 billion, the latest sign that the once-skyrocketing art market has crashed back to earth. Sotheby’s is expected to report a similar decline when it releases results Monday. The art market isn’t collapsing; some of the decline can be blamed on a wave of auction-house poaching of top executives and specialists. Defections used to be rare among the big houses, in part because of noncompete agreements that can last as long as a year.

Source: Wall Street Journal February 26, 2017 18:59 UTC