Word: would
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Dates: during 1980-1989
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Bond arranged with the financial services division of Sotheby's for an open- ended bridging loan of half the hammer price, whatever that would be. The other half he borrowed from an Australian bank...
...auction house had no choice. It had punctually paid John Payson the full sale amount, $49 million, and now the exposure of the buyer's inability to pay for the painting would 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...
Soon after the paintings went on display in Perth, curious anomalies arose. Sotheby's suggested to the Art Gallery that Irises might remain on view there for some weeks after the exhibition ended. The trustees of the museum wanted to be sure they would not be held liable for possible damage to Irises; there had already been demonstrations outside, protesting Bond's investments in Chile. The trustees called in government lawyers to check on the insurance of the Van Gogh...
...disclosed by Bond's own company. How much has 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...
...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 range...