Word: beneficia
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...explains with a twinkle that he selects paintings not for investment but because "I have a feeling for them," bought the Monet from a Manhattan gallery for $11,000. Last week The Terrace was up for auction at Christie's in London on behalf of Pitcairn's Beneficia Foundation. The winning bid of $1,410,000 by London Art Dealer Geoffrey Agnew was nearly triple the record auction price for a Monet and almost double that for any impressionist painting. The new auction high also firmed up the floor under top impressionist paintings. The price was right...
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