Christie's, the international auction house, is to have a new chief executive.

The chief executive of Christie’s, the global auction house, Steven Murphy, is stepping down after a four-year stint and a replacement has been announced.

Murphy is leaving the CEO role at the end of 2014 and the firm’s chairman Patricia Barbizet, will take on the CEO position, the company said in a statement today. She will continue to hold the chairmanship slot.

 “When Mr Pinault and Madame Barbizet brought me into Christie’s, I was tasked with helping to modernise the company and enable it to grow in the new world in which we operate, while maintaining its extraordinary spirit and culture, and consistently focusing on the art itself.  We have now successfully concluded an ambitious three year plan and the company is in the strongest leadership position in its history,” commented Murphy.

Barbizet said that Murphy’s tenure as CEO has seen Christie’s enjoy record sales and profits, and move into the India and Chinese markets – key emerging markets with growing affluent middle classes – while also launching online sales and embracing digital channels.

Christie’s had global auction and private sales in the first half of 2014 that totalled $4.47 billion.