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

by
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.

Find this article useful?

Get more great articles like this in your inbox every lunchtime

I ran Iceland's central bank in 2009. Here's what I learned about crisis ...

And you thought your turnaround was tricky.

"It's easy to write a cheque you don't have to cash for 30 ...

But BP's new CEO has staked his legacy on going green.

AI opens up an ethical minefield for businesses

There will inevitably be unintended consequences from blindly adopting new technology.

The strange curse of No 11 Downing Street

As Sajid Javid has just discovered, “chancellors come and go… the Treasury endures forever”.

Men are better at self-promotion than women

Research shows women under-rate their performance even when they have an objective measure of how...

When doing the right thing gets you in trouble

Concern with appearances can distort behaviour, as this research shows.