A month after New York sales confirmed that the auction market is still contracting, Christie’s International yesterday started its second round of job cuts this year. The auction house wouldn’t provide details, but a spokesman said the proposed cuts are smaller than those made in January. There are now 1,900 employees, he said, which is down 10 percent from January, when Christie’s said it had 2,100.

Rival Sotheby’s started slashing jobs last December following disappointing auction results at its fall sales. On Wednesday, Moody’s Investors Service, which rates Sotheby’s bonds below investment grade, or junk, said it placed its debt on review for possible downgrade. Meanwhile, Christie’s day and evening sales for premier Impressionist, modern, and contemporary artworks totaled $248.8 million in May, significantly down from $739 million a year ago.  

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