Word: reals
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Dates: during 1980-1989
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...cost of their materials. Thus, in a historic fit of legislative folly, the Government began to starve its museums just at the moment when the art market began to paralyze them. It bales out incompetent savings-and-loan businesses but leaves in the lurch one of the real successes of American public life, its public art collections...
Auction has transformed the very nature of the art sale. In 1983 the old English firm of Sotheby's was taken over by A. Alfred Taubman, American conglomerator, real estate giant and collector. The deal had to be approved by Britain's Monopolies and Mergers Commission. At the commission hearings, Taubman declared that he would be "very concerned" if the public ever got the idea that Sotheby's was centered anywhere but Britain, and that the "traditional nature of the business and of the services offered would be changed as little as possible." Request approved...
...limit to demand? Economists Bruno Frey and Angel , Serna, in an excellent inquiry in the October issue of Art & Antiques, examine the case of Yo Picasso. Humana Inc. 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...
...That's my children's education for three generations, a villa in Monte Carlo, a duplex on Fifth Avenue and a fleet of Rolls-Royces -- all sitting over my fireplace.' Then the temptation to respond to a dealer who offers $50 million for it is insurmountable. That's the real danger: the pressure on our trustees and close friends. We will get squeezed out of the package...
...contemporary Jewish studies at Brandeis, he spent ten years editing scholarly magazines and writing a string of financially unsuccessful books (among them: High Culture, about marijuana use, The Great American Man Shortage and a compendium of Jewish humor). Just as he resigned himself to "finding a real job," an editor friend at Bantam suggested Lee Iacocca. "Great! My kind of guy," said Novak, who had never heard of Iacocca...