Auction ThisAuction This
Recently, a wealthy art collector died, leaving a $20 million estate of paintings, drawings, sculptures and other pieces. The works belonged to a foundation established by the collector; the proceeds would go to the foundation. Other than that, there were no stipulations for how to sell the collection. So how should it be done? To answer that question, the executor, who was not an art cognoscenti,
Anne Field, journalist, Pelham, N.Y.
Recently, a wealthy art collector died, leaving a $20 million estate of paintings, drawings, sculptures and other pieces. The works belonged to a foundation established by the collector; the proceeds would go to the foundation. Other than that, there were no stipulations for how to sell the collection. So how should it be done? To answer that question, the executor, who was not an art cognoscenti, called an art advisory service that had worked with the collector when she was alive. The family decided that the best strategy was to go the estate auction route, because it offered considerably more public accountability than selling the works privately. And, because the art market for all the areas in ques...
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