After four years as Christie’s Chief Executive Officer (CEO), Steven Murphy announced that he will leave his post at the auction house. The surprise announcement, which was issued on Tuesday, December 2, came just twelve days after William Ruprecht, the CEO of Sotheby’s for fourteen years, announced his resignation. The two auction houses have long battled for primacy in the art market, though Christie’s has been considered the leader in recent years thanks to a growing online presence, expanded markets in China and Mumbai, and astronomical contemporary art sales.

Murphy will be succeeded by Patricia Barbizet, the Executive Director of Artémis Group, the investment company founded by French billionaire François Pinault, who also owns Christie’s. Barbizet will retain her position at Artémis as well as her role as the Chairwoman of the Supervisory Board of Christie’s.