“When the French Parliament threw open the auction business to competition in 2001, ending a 500-year government monopoly, it seemed certain that the big winners would be Sotheby’s and Christie’s. The two giants dominate the global market, with more than $2 billion in annual sales each, and have been eager to establish a firm foothold in France. Yet to everyone’s surprise, it’s private local dealers such as CalmelsCohen, which was founded only last year, that are grabbing the lion’s share of the spoils. And investors betting on the liberalization of the $600 million French market for fine arts are lining up to back these upstarts.”