Word: unsold
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...conservative estimate on it: $350,000 to ; $450,000. But now, not a paddle moved. After some moments of embarrassment, John Marion, chairman of Sotheby's North America, who had been working the room all evening like a paramedic trying to revive an Egyptian mummy, hammered the work down, unsold, at $210,000. At which point a couple of ironists in the room had the indelicacy to clap...
Discount stores like Syms and Daffy's still draw customers by offering sharp suits (including some unsold European-designer merchandise) at sharply cut prices. Designers and retailers who work the high end with a continental flair are also flourishing. GFT USA, the American branch of the large Italian textile company that manufactures and distributes such lines as Armani and Joseph Abboud throughout the U.S., estimates that it has cornered 20% of the higher-priced men's market (anywhere from $800 up), about double its share of only five years ago. Says Alan Bilzerian, who sells his own line of stylishly...
...form a new management % company, complete with a nonacademic CEO, to handle its finances and investments. Harvard, Duke and Princeton already have similar organizations. Last spring Franklin & Marshall College sold its bookstore to a private company, netting the school $900,000 and saving it the burden of carrying unsold inventory. "This is not a onetime adjustment," says Lehigh President Peter Likins. "It's going to be a way of life...
...tsubame (swallow) did not make this spring. Twelve of the 70 works in the Sotheby's sale failed to reach their reserves and went unsold. On the night of the Van Gogh sale at Christie's, a Manet, The Bench, made only $16.5 million -- not chickenfeed, but still a disappointment considering Christie's presale estimate of $20 million to $25 million. In addition, an exceptional 1925 Mondrian made $8.8 million; Christie's estimate had been $12 million to $16 million...
...markets slumping, prices for paintings are starting to stumble too. In auctions last week at Sotheby's and Christie's in New York City, artworks on the block sold for a total just under $100 million, or about 40% below expectations. An estimated one-third of the pieces went unsold. Among the jilted paintings: Willem de Kooning's Woman as Landscape, which was expected to fetch as much as $12 million...