Christie’s named a new chief executive officer as part of a wider shake-up in the management of the billionaire Pinault family’s art-related investments.

Christie's has named a new CEO, Bonnie Brennan, who has risen steadily through its ranks and served in various leadership roles.

Cerutti, who is currently CEO, will remain chairman of the Christie's board, and take on a wider role overseeing the artistic and cultural activities of the Pinault family's holding company, Artémis.

The leadership shift follows a period of growth and strategic expansion under Cerutti and an unwieldy art market. During his tenure, Christie's achieved record-breaking sales, suc