Ritchies auction house forced into bankruptcy

The beleaguered Toronto-based auction house Ritchies Auctioneers has been forced into bankruptcy.

The troubled company, which routinely hosted multimillion-dollar art sales in conjunction with Sotheby's in recent years, made the announcement on its website with a terse message to consignors and secured and unsecured creditors.

The 42-year-old auction house says it was forced into the situation after Ritchies landlord, Hildegard Hammer, petitioned a court to order bankruptcy.

Ontario Superior Court granted that application Monday.

Ritchies has been beset by financial woes since at least the summer.

In late July, Sotheby's Canada severed ties with the auction house after it failed to meet a deadline to pay clients for a sale in the spring.