Wally’s plans auction house

The new investors of Los Angeles-based wine shop Wally’s have announced plans to open a new auction house.

The new owners, who bought the business in June, have brought in ex-Zachys auctioneer, Michael Jessen to act as president and CEO of the new venture.

Jassen said of his appointment: “I am thrilled to join Christian Navarro, the Marciano Family, and the Wally’s team in developing the Wally’s brand.

“I am especially excited for the opportunity to build a world-class wine auction company and could not imagine a better organization than Wally’s to work with towards achieving this goal.”

He will be supported in his new role by managing director, Julia Gilbert, also previously at Zachys were she was auction director.

The Wall Street Journal also added that the new owners are considering a New York branch in the near future.

Wally’s, named as LA’s “number one” wine store by the Zagat Survey and a destination for the Hollywood stars such as Jack Nicholson and Tom Cruise, was bought last month by Maurice and Paul Marciano and Wally’s co-owner Christian Navarro from founder Steve Wallace who is soon to retire.