Word: dallhold
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Dates: during 1989-1989
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Meanwhile, rumors about Bond's delay in paying up were spreading through financial circles. Last January an Australian finance company approached an auction house in London with the utterly novel idea of packaging an option on Irises, in the event that Dallhold Investments -- the holding company through which Bond owned the picture -- defaulted. The auction house rejected this proposal. In late 1988 Bond himself reportedly tried to pass off Irises to the New York megadeveloper Donald Trump as partial payment on a $180 million deal for the St. Moritz Hotel. Trump, no collector, said the painting was worth only...
Last week at Sotheby's, Manet's La Promenade was sold for $14.9 million to an unidentified Japanese buyer. If one accepts Dallhold's figures, Bond has thus cleared his debt to Sotheby...
...lawyers reported that they could not be sure, based on the papers shown them, who owned it. It seemed to be owned jointly owned by Dallhold, Sotheby's and two Hong Kong corporations. (This conflicts with Sotheby's insistence that it had, and has, no ownership of any kind in Irises, only a lien on the painting.) And on checking the insurance, the lawyers found that no premium had been paid and that the English insurers considered themselves not liable for Irises. Asked about this, Sotheby's CEO Michael Ainslie says, "That is news to me. It was certainly...
Last month Sotheby's $27 million loan to Bond, which up to then had been a closely guarded secret, was disclosed by Bond's own company. How much has been repaid? Sotheby's won't say; a spokesman for Dallhold soothingly announced that "all is in order" and only "10% to 25% of the picture price" (between $5.4 million and $13 million) remained to be paid. The balance would be satisfied by the sale of Bond's Manet, La Promenade, at Sotheby's last week...
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