Oldest Swiss auction house closes down

Archive picture from an auction at Fischer's in Lucerne from 2011 Keystone

A prestigious Swiss auction house for fine arts and antiques is closing its doors to the public after 110 years.

Galerie Fischer in the city of Lucerne said developments on the international art market had led to the decision, notably a decline in demand for furniture, modern art, silverware and 19^th century paintings.

However, the company plans to focus on private sales of works of art at international auctions, according to statement published on Friday.

Last June it announced it would no longer stage auctions in Lucerne until further notice. An auction of vintage cars attracted little interest.

Galerie Fischer, allegedly the oldest Swiss auction house, specialised in old master paintings, modern and contemporary art, works on paper, furniture, and sculptures.

It has also been a leading European auctioneer in porcelain, silver, jewellery, watches and antique arms.

During the Nazi era in Germany, Galerie Fischer organised auctions with modern art works the Hitler regime had banned as un-German, Jewish or Communist, according to an official report by a commission of Swiss historians published in 2001.