Wednesday, October 1, 2008
New Treasures Come to Market Following Bank Failures
I don't enjoy being right when people have to suffer, but the following article about a fallen mogul auctioning off much of his art collection is a sign of the times and a testament to the value of fine art work.
I’ve written before that I expected valuable items not seen in many years to hit the marketplace. If the economy continues to remain turbulent, this article may be one example of what we might be seeing more of within our own communities in the days ahead. I’ve always said many antiques and many works of art keep growing in value. It’s in times like our present time that these assets can come in handy for many families.
While I’m not straying from the stated purpose of the 31 Club -- buying and selling quickly -- I did state that it wasn’t a bad idea to set a few items back for your own collection. You, too, might need it on a rainy day.
Here's the article from the Wall Street Journal:
"Fallen Tycoon to Auction Prized Works Lehman's Fuld and Wife Consign Millions in Postwar Art to Christie's for November Sale
'Study for Agony I" is a jewel-toned drawing made by modern master Arshile Gorky in 1946.
It could also evoke the plight of its owners, Richard Fuld Jr. -- chairman and chief executive of Lehman Brothers Holdings Inc., the bankrupt holding company -- and his wife, Kathy, a well-known collector of modern art.
The Gorky drawing is part of a group of 16 postwar drawings owned by the Fulds that were quietly put up for sale by Christie's last month, according to people familiar with the situation. The sketches were consigned in early August following a competitive bidding process between Christie's and Sotheby's. Christie's wouldn't confirm the identity of the seller but says the total presale estimate of the works is between $15 million and $20 million."
continue article here....