Word: buyer
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Sotheby's, understandably terrified of the results if Irises had to be auctioned again, repossessed the painting and began seeking a private buyer for it at $65 million, saying that though Bond "owned" it, they "had control" of its whereabouts. (Some Australian museum officials now believe, though they have produced no evidence publicly, that the picture exhibited as Irises on a tour of Australian state galleries in 1989 was a new copy, protected from close inspection behind double glass.) Efforts to sell it at the high price failed. Since informed art-dealing sources concurred late last year that the right...
...roaring MGM lion, may be Hollywood's most enduring symbol, but lately he's been looking a bit shopworn. Last October financier Kirk Kerkorian agreed to sell MGM/UA to Australia's Qintex, but the deal collapsed when the buyer could not complete the financing. Talks with several other bidders have since fizzled. Last week Los Angeles-based Pathe Communications said it will pay $1.2 billion for the venerable studio, whose 1,000-film library includes James Bond, the Pink Panther and West Side Story. "A great day for Europe!" said Giancarlo Parretti, the Italian investor who controls Pathe...
...auction house will no longer offer loans using the work of art as collateral. Sotheby's will, however, continue to make other, secured loans. It will also continue "guaranteeing" minimum prices to sellers, a practice that many dealers and collectors charge makes the auction house in effect an interim buyer and compromises its standing as a disinterested agent...
Whatever the motive, Sotheby's decision brought cheer to the art community. "I welcome it," said Manhattan dealer Andre Emmerich, "because it will deflate the hyperinflationary atmosphere." Though the announcement may help restore buyer confidence that bids are not being manipulated, few dealers expect that prices will drop. "One way or another, the prices are going to go up," says Feigen. "But I'd rather it be natural than artificial...
...total debts. Meanwhile, efforts to sell Bloomingdale's have been disappointing. Campeau hoped to get about $1.5 billion for the 17-store subsidiary when it went on the block last September, but experts say it may fetch less than $1 billion. The most prominent would-be buyer is Bloomingdale's Chairman, Marvin Traub, who has been seeking Japanese support for a bid for the firm...