Princess Michael facing job loss as employer hit by crunch

Whether you're in finance, property or even the British royal family, it seems the current economic downturn is having an effect on everybody.

Partridge Fine Art, the art dealership which employs Princess Michael of Kent as its president, has been put into administration and cannot guarantee that she will remain on the payroll.

It is believed the 64-year-old earns a six-figure salary from the company, plus a ten per cent commission on any art she sells.

"We don't know at this stage what the effect will be on Princess Michael's role," says a spokesman.

"It will depend on whether the company is sold whole or broken up. It would be up to whoever takes it on whether she would keep her position," he adds.

The Princess, who married Prince Michael in 1978, is said to have taken up her former career as an interior decorator in 2007 after looming financial pressures.

Photo: © Alpha