Charles Saatchi Unloads His Stake in M&C Agency

06 October 2006

LONDON: Adman-turned-art-guru Charles Saatchi has sold his seven per cent stake in the agency he founded along with brother (Lord) Maurice in 1995. His holding is thought to be worth around £4 million ($7.51m; €5.92m).

Charles, who resigned his directorship of the agency in 2004, has since played little or no part in its day-to-day affairs. Although the reasons for the disposal are unknown, word is that the cash will be channelled into his recently acquired interest in US art.

Saatchi's enthusiasm for eccentric artworks have led to some dubbing him the Candide of the modern art world. His USA Today exhibition (no connection with the Maclean, Virginia media giant) opens today at The Saatchi Gallery in London.

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