Forbes: Will Sotheby’s $500 Million Art Market Bet Be A Bust? (11/5/15)
November 5, 2015
Last night, Sotheby’s sold the first part of the massive art collection of its former chairman, Alfred A. Taubman, for $377 million.
The 77 works offered, including some stand-out modern masterpieces by Rothko, Picasso, Modigliani and De Kooning, were estimated to fetch $375 million to $536 million, but bidding was slow, and apart from Amedeo Modigliani’s Portrait de Paulette Jourdain, which sold for $42.8 million, the hammer price for many top lots failed to meet their low estimates… continue reading