One of Hollywood's largest prop houses has fallen victim to the global economic downturn - the company is set to close and sell off its vast collection of celebrity memorabilia.Bosses at 20th Century Props have announced the Los Angeles-based firm is to shut down at the end of July (09) after a slump in work. The company boasts a massive collection of 93,000 items from films including Titanic and Cleopatra, classic TV shows, and even the music videos of Michael Jackson, Britney Spears and Madonna. Owner Harvey Schwartz admits he is devastated to lose his company - and blames the closure on a string of tax incentives which have lured moviemakers away from California. He says, "I ran out of money about three months ago. The Hollywood business is leaving town and going to various other states. They are also offering really low prices on filming on the streets and filming permits, where California raised the prices last year. "Then last November the economy took a nosedive and everybody cancelled their parties and events for the holidays. "Hollywood is Hollywood and we'll never lose that cachet, but Hollywood represents the past." The auction will run from 28 July (09) until 1 August (09) and will be followed by an online sale.
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