Word: marketting
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Dates: during 1980-1989
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...have been horrendous. Although the firm could have repossessed Irises and put it on the block again, such a move would almost certainly have been a disaster. It might have brought $30 million, maybe $35 million, according to informed sources -- a fire sale. And the results for the art market if the World's Most Expensive Picture lost a third of its value in a year did not bear thinking about. "The last thing in the world we want," a senior Sotheby's executive remarked to Edmund Capon, director of the Art Gallery of New South Wales, "is for that...
Bond's Bond Corporation Holdings Ltd. is on the verge of bankruptcy; in the measured language of its auditors, Arthur Andersen & Co., there is "some doubt that ((it)) will be able to continue as a going concern." The painting is reportedly back on the market at $65 million, but there have been no takers so far -- though Bond's spokesmen imply that they have almost had to beat would-be buyers off with a stick. Leading dealers, asked this month what a feasible price for Irises might be, concurred that it might lie in the $35 million to $40 million...
Will the blue flowers find their white knight? Big money loves a fresh picture, but Irises at this point in its market career is looking a trifle wilted...
COVER: As the art market explodes, auction houses and dealers are the winners, museums and the public are the losers...
Bids spiral to new records, and foreign investors scramble to buy, shifting old power bases. In a market it no longer controls, America sells more than it buys, the art world turns into the Art Industry, and liquidity is all. The result is that people are being deprived of access to their cultural heritage, and the richness of visual experience is collapsing under the brute weight of price...