While the rest of the world was falling apart, François Pinault caught a break. Last summer, a California appeals court struck down a jury’s $700 million damages award against Artemis, the holding company controlled by the billionaire Christie’s owner. News of the decision escaped the attention of all but those in the habit of following 18-year-old insurance trials. The suit, which alleged fraud and conspiracy in connection with an Artemis-related acquisition of a portfolio of junk bonds, had dragged on since 1991, costing Pinault’s firm millions in legal fees, and the punitive judgment had led some to speculate that he would have to unload his auction house. The breathing room afforded by the new decision is surely appreciated — not that his legal team cops to any earlier pressure. "The rumor is unsubstantiated," says Robert Weigel, of the international law firm Gibson Dunn & Crutcher, which represents Pinault and Artemis. "I can tell you they are not selling Christie’s."

"Pressure Valve" originally appeared in the March 2009 issue of Art+Auction. For a complete list of articles from this issue available on ARTINFO, see Art+Auction's March 2009 Table of Contents.