Drouot sets up a company to run itself after losing all offers

THE Hôtel Drouot, traditional home of Parisian auctions, will not now be sold, it has been announced. Following the withdrawal of all four bids after none could surmount difficulties in negotiating a sale, the auctioneers who own the Drouot have raised €71m (approx £45m) and set up a management company, Drouot Holding, to run it – although not its finances – with seven of their number on the board.