Auction house Christie`s is closing down its Australian operations to focus on better opportunities in Asia, International Managing Director Lisa King announced Wednesday.

A fine art auction on April 10 in Melbourne will be its last scheduled sale.

Christie`s Australian art turnover was A$17.3 million (US$12.7 million) in 2005, but the company, which established an Australian office in 1969, has faced competition from locally-owned Deutscher-Menzies and Sotheby`s auction houses.

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Posted: 03|27|06 at 10:09 am. Filed under: Auction News.