Word: auction
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...team of whiz kids is struggling to keep up with the biggest financial crisis the U.S. has faced in more than 75 years. Kashkari must quickly figure out how to spend the first chunk of the $700 billion to maximum effect. He's looking at devices like a reverse auction, where holders of bad loans will compete to sell them to Treasury at the lowest cost to taxpayers. And he has to figure out how to extract from sellers not just complex debt vehicles like mortgage-backed securities but also plain old faltering home loans with local banks, without vacuuming...
...make payroll and keep the lights on. And even those municipalities that do use short-term notes may succeed in selling them in the end. On Oct. 8, Massachusetts finally sold its $750 million worth after hiring Goldman Sachs and Citigroup to find buyers, instead of running a normal auction. California is going to try to sell $4 billion worth of securities next week...
...That's not good news for Sotheby's. Following the poor sales, the auction house's shares fell 14% on Oct. 6, hitting a three-year low. (Sotheby's was not available for comment.) Nor does it bode well for the regional art market: the Hong Kong auction was its first gauge after the worldwide financial crisis hit last month. "Due to uncertainty in the markets, investors are making selective choices as to where to spend their money," says Shirley Ben Bashat, director of the Opera Gallery Hong Kong...
...Those choices do not seem to include any slowdown in snapping up the work of rising Southeast Asian artists, however. The Sotheby's auction for modern and contemporary Southeast Asian paintings on Oct. 6 had better sales, with I Nyoman Masriadi's "The Man from Bantul (The Final Round)" selling for $1,006,356 - a record price for both Southeast Asian contemporary art and the Indonesian artist. While Chinese contemporary art is looking like it may be heading for a slowdown, Bashat says, "Southeast Asian art still has appeal in this sense: good value art at reasonable prices, and artists...
...year the price was pushed way too high, and it's got to come down." In 2006, a collection of dreamlike portraits and landscapes by Zhang brought in just over $24 million - more than British art phenom Damien Hirst made in all of 2006. At Sotheby's Oct. 4 auction, the highest selling painting was Zhang Xiaogang's "Bloodline: Big Family No. 1," which sold for just under $3 million. In May, at rival auction house Christie's, a diptych of eight masked youths by Zeng Fanzhi fetched $9.7 million, a record for Asian contemporary artwork...