Partridge Fine Art, one of the cornerstones of the English antiques trade, has moved into receivership this week, with the receivers actively looking for a buyer. Its tragic existence over the course of the last decade saw it nearly fail, then rescued in an LBO financed largely by Christie’s, with the result that a fair amount of the company’s inventory was auctioned off in May, 2006. It has been tough sledding all along, with marketing efforts including increased fairs participation and adding jewelry to its product mix apparently not sufficiently profitable to offset the high cost of operating on Bond Street.
Sadly, it would not surprise me to see the demise of Partridge all together, with its premises taken over by yet another fashion retailer. Asprey, a near neighbor to Partridge Fine Art, might have met the same fate had it not been acquired by the Sultan of Brunei. Perhaps Partridge’s might find someone else whose pockets, or oil wells, are as deep.