The Kozlowski Discount Desk
Antiques purchasers might be interested in this story of massive devaluation. Page Six reports that a desk bought three years ago by former Tyco boss Dennis Kozlowski will be hitting the block on June 23. Kozlowski paid $142,000 for the desk three years ago but Sotheby's has it list with an estimated value of between $4,000—$6,000. So what gives? According to Page Six,antiques dealer Helen Fioratti says she bought the piece from Sotheby's London for $71,000 in 1999 when it was then listed as "a very fine and rare Italian gilt-bronze mounted and lacquer bureau" from the mid-18th century. The June 23 auction lot description lists it as "an Italian rococo style gilt-bronze-mounted leather-inset painted bureau plat, 19th Century." Other antiques that Fioratti used to decorate Kozlowski's lavish New York apartment have brought in horrible numbers at other recent Sotheby's sales selling for far less than she charged him for. Is it all a Sotheby's conspiracy or did Fioratti sell these items for far more than they were worth? Either way it's a good reminder to do your homework when buying antiques.