Word: ceos
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There are, according to Sotheby's CEO Michael Ainslie, about 500 people alive today who might fork out more than $25 million for a work of art. Au Lapin Agile could go, said rumor, to $60 million. But in the end, publishing magnate Walter Annenberg bought it for $40.7 million, and two or three people clapped. It was the third most expensive work of art ever sold at auction...
...since it was disclosed that Sotheby's had lent Australian entrepreneur Alan Bond $27 million in 1987 to buy what became the most expensive painting of all time, Van Gogh's Irises. But Sotheby's defends its policy as right, proper and indeed inevitable. Guarantees are given "very sparingly," CEO Ainslie said last week. "It is unusual for more than one or two paintings in a sale to be guaranteed." Ainslie rejects any comparison to margin trading. "We do not make it a standard policy to loan 50% against anything. We are not just lending against the object...
...through a major changing of the guard: all three companies are expected to get new chief executives in the space of two years. Late last week Ford Chairman Donald Petersen, 63, who helped engineer that company's heroic comeback, said he will turn over the posts of chairman and CEO on March 1 to Harold Poling, 64, a vice chairman...
...voracious men who work 16-hour days, earn outrageous salaries that never keep pace with their desires, and consider themselves "Masters of the Universe." But Wolfe was a tourist; Lewis issues his catcalls from deep inside the jungle. At the top of the food chain is Salomon's CEO, who presides with a smooth amalgam of drive and hypocrisy, speaking loftily of social issues and encouraging his staff to bilk the clients. Below him are ranks of predators, among them a man so dedicated to consumption that he is labeled "the Human Piranha"; a Briton so chilly to his colleagues...
...this strategy will pay off, he adds,explaining, "in 10 to 20 years, the sameindividual is now a CEO of a corporation...