Word: laws
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Dates: during 1980-1989
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Sotheby's has never said anything specific about its loans in its catalogs, or given any information on its guarantees except that they exist. To Sotheby's, a mere announcement in the catalog that it offers such financial services is enough to comply with the law. But its use to the buyer is nil -- and is meant to be. Disclosure might be chilling to other bidders. Or at least vulgarly explicit. Which auctioneers would rather die than be. One is not, after all, selling rusty tin Mickey Mice and kitchen chairs in a rented hall in Vermont...
...Klerk also called for chucking the Separate Amenities Act, a pillar of apartheid since 1953 that has given local authorities the power to keep blacks out of selected parks, libraries, swimming pools and other public facilities. He is given a strong chance of winning repeal of the law when Parliament reconvenes next Feb. 2. De Klerk's moves were in keeping with his gradualist approach to reducing racial discrimination. He made no mention of changing laws that maintain segregation in most schools and housing...
...Christie's in 1983 for $3.96 million and transferred ownership to the Sydney branch of Chemical Bank. Chemical then leased it back to Bond. Why this maneuver? Because, says a bank source who analyzed the lease after it was issued, Bond had found a tax loophole. Under Australian tax law, you could lease any asset -- say, a tractor -- from its owner and get a tax deduction for all payments of principal and interest, as long as you had no right to the asset at the end of the term. (The law, needless to say, was framed to help undercapitalized businesses...
...Bond asked Chemical if he could pay up the lease early, settle the difference between the lease payments and the original $3.96 million and take ownership of the Manet. All seemed well until an American adviser in 1987 pointed out to Chemical that by law the Manet belonged to the bank and not to Bond. Its price had gone up. So why shouldn't Chemical auction the Manet on behalf of its shareholders? On learning of this suggestion, Bond reportedly flew into an epic rage. Chemical backed down and let Bond pay off the lease and keep the picture...
...which he feels is the father of complacency. "When it's over, maybe I'll sit - down and say, 'Gee, we did something pretty terrific,' " he says. "But it's just not my nature." "He doesn't really accept compliments," says his son Kevin, a student at Notre Dame law school. When Notre Dame beat Pittsburgh 45-7 in October, Kevin called to congratulate him. What did Dad say in reply? "Kevin, did you see that S.M.U...