NEW YORK—Sotheby's laid off employees this week in an effort to reduce costs for 2009, Bloomberg reports. Spokeswoman Diana Phillips did not comment on how many jobs were eliminated, but the company said in a filing that the board's executive committee approved cuts reducing salaries and other related costs by $7 million for next year. The house will also take a fourth-quarter "restructuring" charge, for severance, of $5 million.

Christie's, meanwhile, released a statement saying that the house is "reviewing our strategic plans in light of the current global economic environment and our sale results for this autumn." It has consolidated the London wine sales group into its King Street salesroom and reduced the department's payroll by three. Christie's has also eliminated its modern and sporting gun department, and the department head has left the company.