Word: berge
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...Laurent's art collection got off to a flying start on Day One's sale of Impressionist and modern art. The $266 million tallied on Monday - a record auction for a private collection - is good news for the AIDS researchers who will get part of the proceeds; for Pierre Bergé, the designer's former companion and lifelong business partner who put their joint collection on the block; and for Christie's and the entire art market, which hopes the stunning performance will be the shot in the arm needed to give the depressed market a boost in the wake...
...calculation, driven as it's said by the incalculable "price of two people's desires." Surprisingly, the only disappointment on Monday was that a late Cubist work by Picasso - Musical Instruments on a Table, which had the highest presale estimate, of some $30 million - went unsold. The Saint Laurent-Bergé auction continues on Tuesday and Wednesday with the sale of rare furniture and antiquities, including two Chinese animal heads that Beijing says were pilfered and must be returned to China. Earlier on Monday, a Paris court rejected China's bid to stop the sale...
...January, nearly 40% of all subprime loans were either behind on payments or in foreclosure. Now, though, with companies cutting back work hours and unemployment hitting 7.6%, borrowers of all stripes are running into trouble. "Originally, the loan product was driving a lot of the delinquencies," says Steve Berg, managing director of loan-tracker LPS Applied Analytics. "Now you have widespread house-price deterioration and people losing their jobs. If you lose your job, it doesn't matter if you have a good loan product, you still might not be able to make your payment...
...Still, he remembers when, where and why they bought the wooden Brancusi and the Matisse still life and the antique Roman bust. "The goal was to buy the best painting, the best sculpture," Bergé explains. "If you are a collector, it's not a question of taste. You have to love the work of art, yes, but first is to understand what you are looking at, to know what the painting means in the life of the painter...
...Even when elements of the work on his walls found their way into his sketchbook, Saint Laurent drew a distinction between the two. "Yves and I were convinced that fashion is not an art, but fashion needs art to exist," Bergé says. And so, to keep Saint Laurent inspired, their collection grew into a mixture of styles and epochs. "Works that are on speaking terms with each other," is how Bergé explains it. "A blend. It is the quality of the blend that is important in a collection." And, as Yves Saint Laurent proved time and time again...