Rich stayaway hammers Partridge

SPLASHING out on Chippendale antiques is the last thing the world's well-heeled are doing in these times of economic stress, according to auctioneer Partridge Fine Arts. Sales at the group nosedived in the year to 31 October as the London stayaway by high-rolling US buyers took hold.

John Partridge blamed 11 September, foot-and-mouth and the general global economic malaise for what he called 'the most difficult market conditions for this company I have experienced in my 43 years as chairman'.

Passing on the payment of a final dividend, he held out little hope for an improvement in the near future. 'The current year has started slowly. European buyers are also staying away from the auctions,' he said.

In the hope of an upturn, Partridge will take part in September's prestigious Biennale Antique Fair in Paris.

Pre-tax profits for the year were £306,000 compared with £3.2m a year earlier on sales of £10.3m against £23.9m before. The shares plummeted 11p to 54p.