Sometimes changes in the law can provide opportunities for entrepreneurs. For nearly 200 years, French auctioneers enjoyed quasi-official status, resulting in a large number of independent operators. However, a series of reforms in 2000 deregulated the sector, introducing a large amount of competition.
Nicholas Orlowski (now 50), who had previously run trade fairs for luxury goods companies, realised that this created an opening for a firm that could consolidate the sector and introduce commercial discipline. He also believed that the super-rich had a growing appetite for "cultural goods".
His break came when he was commissioned by the beautygroup L'Oreal to write a report on Artcurial,a small art book publisher that also owned a gallery and bookshop. His conclusion was that adding an auction house would enable it to take advantage of its brand name.
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However, L'Orealwas eager to sell off the struggling firm, so it suggested that he buy Artcurial himself, even offering him a bargain price. Using his own savings and money from the well-known Dassault family (owners of the newspaper Le Figaro) to finance the deal, he took control of the firm in 2002.
Orlowski then quickly started buying up some of the newly available auction houses. He admits that managing this rapid growth wasn't easy, and there were many problems, including the challenge of changing the attitude of the new staff.
Because they had been independent operators for so long, many of the people who ran the auction houses had developed a very individualistic mindset.
Indeed, he jokes that it required so much organisation that at times it was a bit like "running a circus". However, with a bit of effort he managed to get people to work together and cooperate.
As a result of his efforts, turnover soared tenfold, from €20m to €200m in just over a decade. As well as becoming one of the major players in the French market, Artcurial has also held travelling exhibitionsaround the world, including Hong Kong, New York and Shanghai.
However, at the moment Orlowski's attention is firmly on mainland Europe. Indeed, his long-term goal is to have Artcurial eventually take over from Christie's and Sotheby's as the dominant force in this region. The latest part of this plan is an office that has recently been set up in Austria.
Artcurial has also developed niche markets that have traditionally either been neglected, or in some cases completely ignored, by the wider industry. These include comic books, vintage scarves and even street art. The company also hosts several special auction-related showcases and events.
Given his success with Artcurial and other firms that he has invested in, it's no surprise that Orlowski is enthusiastic about entrepreneurship. Indeed, he urges people who are considering setting up their own firm to go ahead and do it.
Founding a business is "the best adventure that you can have", he says, and "the equivalent of taking a trip to the jungle". However, he also suggests that start-ups need to bring together "a group of people who are willing to collaborate on the same project". Above all, he warns would-be founders that "you cannot succeed alone".
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