Word: manet
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Dates: during 1980-1989
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...Collection). At least one museum, the Getty in Malibu, Calif., with its $3.5 billion endowment and almost limitless spending power, seems unaffected by the rise in price. In May it was able to buy Pontormo's Portrait of a Halberdier at Christie's for $35 million and last week Manet's acridly ironic view of a flag-bedecked Paris street with a war cripple hobbling along it for $26.4 million...
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...
...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...
Banking sources in Australia say Bond only regained title to this Manet in the nick of time. He had bought it at 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...
...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...