Word: auctioning
(lookup in dictionary)
(lookup stats)
Dates: during 1980-1989
Sort By: most recent first
(reverse)
...handed," Alan Gottesman, an advertising analyst at the Paine Webber brokerage firm, noted that Maurice "managed to depress morale and performance in the consulting arm at the same time that he was letting potential buyers know they could pick up the firms at a discount." Fearing a messy auction, clients began to switch to other consulting agencies. So far, only three of the smaller agencies have been sold, for a total of $38 million...
When Edelman has tried to operate companies rather than simply auction off their parts, the results have been just as dismal. Example: Datapoint, a San / Antonio-based minicomputer maker. Since Edelman took it over in 1985, the company has gone through three presidents and $135 million in losses. Yet he has reaped millions of dollars in personal fees by aggressively playing the stock market with Datapoint's cash. Another Edelman-controlled firm, Intelogic Trace, a computer-servicing business that was spun off from Datapoint in 1985, has seen its annual profits plummet from $20 million in that year...
Meanwhile, rumors about Bond's delay in paying up were spreading through financial circles. Last January an Australian finance company approached an auction house in London with the utterly novel idea of packaging an option on Irises, in the event that Dallhold Investments -- the holding company through which Bond owned the picture -- defaulted. The auction house rejected this proposal. In late 1988 Bond himself reportedly tried to pass off Irises to the New York megadeveloper Donald Trump as partial payment on a $180 million deal for the St. Moritz Hotel. Trump, no collector, said the painting was worth only...
...lease payments and the original $3.96 million and take ownership of the Manet. All seemed well until an American adviser in 1987 pointed out to Chemical that by law the Manet belonged to the bank and not to Bond. Its price had gone up. So why shouldn't Chemical auction the Manet on behalf of its shareholders? On learning of this suggestion, Bond reportedly flew into an epic rage. Chemical backed down and let Bond pay off the lease and keep the picture...
COVER: As the art market explodes, auction houses and dealers are the winners, museums and the public are the losers...