Word: five
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Dates: during 1980-1989
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...People in Washington should realize that the world is changing. Five years ago, who would have hoped for the extraordinary opening in East-West relations? I know that the Non-Aligned Movement, which represents some 120 nations, is often criticized, especially by industrialized countries, for its radical positions and for the way it acts in concert. But the fact remains that the Non-Aligned Movement has led to a new awareness among developing countries. The purpose is not conflict and confrontation, but dialogue...
...president Wendell Cherry, who bought it in 1981 for $5.83 million and sold it in 1989 for $47.85 million, got a "real net rate of return" (after commissions, insurance costs, inflation and so forth) of 19.6% a year. Handsome, but what about the new owner? If he sells it five years from now, the price must be $81 million before deductions for him merely to break even. And five years from then? Who gets left standing in this game of musical chairs...
Aska International, the Tokyo art gallery that spent $25 million at the Dorrance sale, is controlled by Aichi Corp., a Tokyo firm that last September became one of the five largest shareholders of Christie's stock, with 6.4%. Aichi, in turn, is controlled by Yasumichi Morishita, a secretive businessman who got a one-year suspended sentence in Tokyo in 1986 for securities fraud. Morishita is reputedly worth a trillion yen ($7 billion), and may be planning a takeover of Christie's -- although it is unlikely that the Monopolies and Mergers Commission would approve...
...market still has a weakness for yucky little Renoirs and third-string Ecole de Paris painters like Moise Kisling, whom nobody wanted a few years ago; one Japanese collector is the proud owner of a thousand paintings by Bernard Buffet. But the Japanese started going after bigger game about five years ago, and already the outflow is immense. Contemporary art has become, quite simply, currency. The market burns off all nuances of meaning, and has begun to function like computer-driven investment on Wall Street. Sotheby's and Christie's between them sold $204 million worth of contemporary...
Early in 1989 Bond arranged to send the Van Gogh and five minor impressionist paintings he owned, packaged as "Irises and Five Masterpieces," on a tour of Australian museums, finishing at the Art Gallery of Western Australia in Perth. Irises was set in a double-glazed frame that ensured no one could touch or even closely inspect its surface -- which made some skeptical Aussies suspect it was an exact copy commissioned, for security reasons, by Sotheby...