UK: Saatchis under the hammer.

UK: Saatchis under the hammer. - Fame has its price, as no one knows better than Charles and Maurice Saatchi. After the adulation of the 1980s came the whisperings, then the poor results, and finally the rumours of imminent bankruptcy. Chairman Robert Lo

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Last Updated: 31 Aug 2010

Fame has its price, as no one knows better than Charles and Maurice Saatchi. After the adulation of the 1980s came the whisperings, then the poor results, and finally the rumours of imminent bankruptcy. Chairman Robert Louis-Dreyfus may hope that he has staved off disaster, but the brothers' pride has taken a hammering. Not only has their status as business demi-gods been shattered but also the two were forced to take a 50% pay cut at the beginning of this year - now they make do with a paltry £312,500 each.

Still worse was to follow. Louis-Dreyfus has ordained that the last vestiges of conspicuous corporate consumption must go. The brothers have been told to sell off the company's 6% stake in their private art collection and - horror of horrors - to leave their Berkeley Square headquarters. Apparently photographers are already staking their claims in Berkeley Square to snap the removal of the name and the symbolic death of an era.

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