Cerutti, who is currently CEO, will remain chairman of the Christie's board, and take on a wider role overseeing the artistic and cultural activities of the Pinault family's holding company, Artémis.

After eight years in the role, Guillaume Cerutti is stepping down as the chief executive of Christie's to take on a new position within the wider business of the Pinault family, who own the auction house.

Christie’s named a new chief executive officer as part of a wider shakeup in the management of the billionaire Pinault family’s art-related investments.

The leadership shift follows a period of growth and strategic expansion under Cerutti and an unwieldy art market. During his tenure, Christie's achieved record-breaking sales, suc