Word: righted
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Dates: during 1980-1989
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...been particularly widespread in the past few weeks, ever since it was disclosed that Sotheby's had lent Australian entrepreneur Alan Bond $27 million in 1987 to buy what became the most expensive painting of all time, Van Gogh's Irises. But Sotheby's defends its policy as right, proper and indeed inevitable. Guarantees are given "very sparingly," CEO Ainslie said last week. "It is unusual for more than one or two paintings in a sale to be guaranteed." Ainslie rejects any comparison to margin trading. "We do not make it a standard policy to loan 50% against anything...
...auction business, is not a profession. It is a trade, a worldwide industry whose gross turnover may be as high as $50 billion a year. Like other trades, it contains a large moral spectrum between dedicated, wholly honest people and flat-out crooks. It has never earned the right to be considered either self-policing or self-correcting. It needs regulation, but consumer affairs -- overburdened with the million complaints about small and large business violations that arise in New York, which it was created to deal with -- may not be equal to this task...
...past the $1 million mark, and at least 15 Eric Fischls, which are on or around it. Artists let him have the cream of their work because it was understood -- though never explicitly said -- that Saatchi would never sell; his collection would become a museum in its own right, supplementing the cash- strapped Tate Gallery...
...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 that cannot afford new tractors, not financiers who want to turn a Manet into a tax loss.) Bond had the Manet from Chemical on such an operating lease...
...brought him a comfortable life in an affluent suburb of Boston that enables him, as he says, "to buy raspberries instead of apples." He is currently compiling an anthology of American humor and mulling future celebrity subjects. He muses about Mikhail Gorbachev ("but somehow I think he's busy right now"), and, as a music lover who has recently resumed piano lessons, he thinks about Paul McCartney or Barbra Streisand. "Or Elvis, if he can find him," wisecracks Ben, 10, one of the Novaks' two sons. As for a return to the solo byline of William Novak, he says...