Bernard Arnault is trying to challenge Sotheby’s and Christie’s by pumping life (and a lot of money) into No. 3 auctioneer Philips. The company debuted this week’s auction with an ambitious lineup with about $81 million in art. Less than two thirds sold, however – bringing in just $40.1 million – so Arnault will have to make up the difference himself because of the minimum prices he guaranteed to his sellers. – New York Post
CHARITY AUCTION OR SERIOUS ART SALE? “The auction began nearly an hour late, and then it started with an announcement that 3 percent of the hammer prices would go to the American Foundation for AIDS Research. Dressed in a bright orange dress with matching lipstick, the movie star Sharon Stone, campaign chairwoman for the charity, made a speech about AIDS. Throughout the evening, she wandered up and down the aisles trying to drum up excitement in the otherwise dead room.” – New York Times