auctions

NYC's Stuyvesant Town To Be Sold at Auction

Filed under: Auctions, Real Estate Developments

NYC's behemoth apartment complex Stuyvesant Town will be sold at auction on October 4. A state appeals court ruled against hedge fund manager William Ackman on September 28, paving the way for bondholders to sell the apartment complexes Stuyvesant Town and Peter Cooper Village in a foreclosure auction. About 25,000 people live in the 11,277 apartments, which are on the East Side near the FDR Drive between 14th and 23rd Streets.

The ruling denied a request by a joint venture between Ackman's Pershing Square Capital Management and Winthrop Realty Trust to reverse a lower court ruling that barred them from elbowing past holders of $3 billion in mortgage bonds to take control of the properties.

Tishman Speyer made news when it bought the 56-building complex for $5.4 billion in 2007 and again when it defaulted on its loans. Read about the complex's long history here and about its financial woes here.

Tags: auction, auctions, New York, New York City, NYC, real estate, Stuyvesant Town, Tishman Speyer, William Ackman

Historic Jaguar C-Type to Fetch $3.7 Million in London

by Jared Paul Stern (RSS feed) —

Filed under: Luxury Cars & Autos, Auctions

A rare 1950s Jaguar C-Type has been added to the lineup at RM Auctions' Automobiles of London event on October 27, where it joins the famed 1964 Aston Martin DB5 driven by Sean Connery as James Bond in Goldfinger and Thunderball as we reported in June. The 1952 C-Type (above), which was taken to victory at the Golden Gate Nationals, San Francisco, by well-known driver of the period, Masten Gregory, boasts successful racing history and an unbroken chain of ownership.

Eligible for the world's most prestigious events, it is expected to fetch up to $3.7 million. "Specifically designed to win the Le Mans 24 hour race, the legendary C-Type Jaguar is one of the most desirable sports racing cars ever built," notes Max Girardo, Managing Director of RM Europe. "Powered by a 210bhp, 3,442 cc six-cylinder engine, Jaguar C-Types have an enviable racing heritage from the glory days of 1950s motorsport. The example on offer, XKC-015 is a wonderful illustration and an exciting addition to our London sale."

Gallery: 1952 Jaguar C-Type

Tags: auctions, classic cars, Jaguar, Jaguar C-Type, Le Mans, London, race car, RM Auctions, UK

Cars Owned by Ian Fleming and Duchess of York on Offer at Bonhams

by Jared Paul Stern (RSS feed) —

Filed under: Luxury Cars & Autos, Auctions

A 1962 AC Aceca Coupe (above), once owned by James Bond's creator Ian Fleming, will be offered by Bonhams at its Goodwood Revival sale in Sussex, UK on Sept. 17. One of only six surviving Ford-powered Acecas in the world, the dashing sports car worthy of 007 has attracted a pre-sale estimate of $150,000 – $200,000. The two-seater, which is dark blue with a burgundy leather interior, was purchased by Fleming the year he wrote The Spy Who Loved Me. Also on offer at the auction is a 1988 Jaguar XJ-S V12 Convertible that belonged to Sarah, Duchess of York, estimated at $30,000 – $38,000, though the highlight is undoubtedly a 1953 Jaguar C-Type, the same make and model that won Le Mans 24-Hours race twice in 1951 and 1953, which could fetch up to $1.5 million. Extensively restored between 1985 and 1991 it's described as "outstandingly usable and potentially extremely competitive." See the gallery for pix.

Gallery: Bonhams Goodwood Revival 2010

Tags: AC, auctions, author, Bonhams, celebrity cars, classic cars, Duchess of York, Goodwood, Goodwood Revival, Ian Fleming, Jaguar, Jaguar C-Type, James Bond, Le Mans, royalty, UK

$12 Million Blue Diamond BVLGARI Ring to Be Auctioned by Christie's

by Jared Paul Stern (RSS feed) —

Filed under: Jewelry, Auctions

On October 20, as the lead highlight of its flagship Jewels: The New York Sale, Christie's will offer The BVLGARI Blue Diamond – a stunning two-stone diamond ring designed by Rome's legendary house of BVLGARI in the 1970s that's expected to fetch over $12 million. The ring features two extremely precious stones (above): a triangular-shaped, colorless diamond of 9.87 carats paired with a stunning triangular-shaped Fancy Vivid blue diamond of 10.95 carats – the largest Fancy Vivid blue diamond of this cut ever to be offered at auction. Fancy Vivid blue diamonds of this size are among the rarest of colored diamonds - only one in about 10 million will possess a color pure enough to qualify as "Fancy Vivid". The ring will be priced upon request for prospective bidders, but is expected to achieve in excess of $12 million and is positioned to become one of the top-selling diamonds at auction in 2010. The ring is being offered by a private European collector who has kept it in his family for almost 40 years.

Tags: auctions, Bulgari, BVLGARI, Christies, diamond, diamonds, jewelry, Rome

Rare Custom Ferrari 550 GTZ by Zagato at Auction

by Jared Paul Stern (RSS feed) —

Filed under: Luxury Cars & Autos, Auctions

Last year we reported on the ultra-exclusive Ferrari 550 GTZ, a custom coachbuilt convertible by famed Italian design house Zagato. Only five examples were built for wealthy collectors worldwide, all of them spoken for long before the general public even knew the damn thing existed. Using the limited edition Ferrari 550 Barchetta Pininfarina as a platform, the 550 GTZ is based on the one-off Ferrari 575 GTZ built by Zagato for Yoshiyuki Hayashi, an avid Ferrari collector in Japan. Now one of the ultra-rare autos, the only right hand drive example of the 550 GTZ (above), is being put up for auction at Bonhams' Important Motor Cars and Fine Automobilia sale at Mercedes-Benz World in Surrey, UK on December 6 (where Elvis Presley's Mercedes limo is also crossing the block). The fabulous Ferrari is expected to fetch over $1 million and bidding is likely to be fierce.

Tags: auctions, Bonhams, convertible, custom cars, Ferrari, Ferrari 575 GTZ, UK, Zagato

Own a Piece of the Statue of Liberty

by Lisa Palladino (RSS feed) —

Filed under: Auctions

You can buy anything these days, especially in New York City. To wit, Guernsey's auction house said a copper chunk of nose crafted to fit the Statue of Liberty's face during her 1980s restoration will be auctioned on September 24 at the Park Avenue Armory. The two-foot-long section was one of four created to replace the Statue of Liberty's nose, and it's the only one that likely ever will be sold. Of the other three, one currently adorns the statue, one was destroyed, and another is in a private collection.

Other iconic items up for auction that day include a motorcycle from President John F. Kennedy's Dallas motorcade, James Dean's sunglasses, the last home run ball from the original Yankee Stadium, Barbra Streisand's first test record and a photo negative from Marilyn Monroe's nude calendar shoot.

Tags: auction, auctions, guernseys, guernseys auction house, icon, icons, New York, New York City, NYC, Statue of Liberty

1959 Ferrari Sells for Record $7.26 Million at Pebble Beach

by Jared Paul Stern (RSS feed) —

Filed under: Luxury Cars & Autos, Auctions

A rare 1959 Ferrari 250 GT LWB California Spider Competizione (above) with coachwork by Scaglietti fetched a whopping $7.26 million at Gooding & Company's Pebble Beach sale in California over the weekend, setting a new world record for the model and capping a round of stunning auction results. The stunning roadster, which took 5th place overall at the 1960 12 Hours of Sebring race, was just one of several multimillion-dollar Ferraris to cross the block over the weekend. Gooding & Co. also hammered down a rare 1961 Ferrari 250 GT SWB SEFAC Hot Rod for $6.1 million, and a 1933 Alfa Romeo 8C 2300 Monza for $6.7 million. As we reported previously, Bonhams set another world record over the weekend with the $4 million sale of a 1970 Porsche Gulf-JWA Le Mans 917K coupe, while RM Auctions netted $4.6 million for a 1954 Ferrari 375 MM Berlinetta, among others. Gooding achieved a new record in sales, realizing $64.5 million for 106 cars during the landmark event.

Tags: Alfa Romeo, auctions, Bonhams, California, classic cars, Ferrari, Gooding Company, Monterey, Porsche, race car, RM Auctions, world record

Art Auctions Bet on Russian Billionaires

by Tom Johansmeyer (RSS feed) —

Filed under: Auctions, Art

Four auction houses are betting that the Russians will keep the art market recovery alive. Sotheby's, Christie's, MacDougall's, and Bonhams all have sales lined up this week, and the objective is clear: bring in Russian billionaires, and get them to spend. With a reclining nude portrait, Orthodox icons and Faberge jewelry all going under the gavel, sales could reach as high as $86 million.

Historically, Russians have been reliable buyers of their own culture's works, with William MacDougall noting to Bloomberg that classical nineteenth century paintings leading the charge and early twentieth century pieces showing promise.

And, there's hope from an economic perspective:

"Russia's economy is clearly in recovery and oil prices are up," William MacDougall, co-director of MacDougall's, said in an interview. "The main dark cloud is the Greek debt crisis. While it raises problems for euro-denominated assets, it should be good for fine art, which is a safe haven."

Last year, the four auctions were good for only 29.1 million pounds, down 50 percent from the same week in 2008. Prospects look far better for 2010. Sotheby's has 615 lots, one of which may go for 1.5 million pounds, and Christie's has more than 550 lots with a total top-end estimate of more than 11 million pounds.

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Tags: art, auction, auction-house, auctions, billionaire, billionaires, bonhams, BonhamsAuction, christies, ChristiesAuction, faberge, jewelry, russia, Russian, russian art, RussianBillionaires, sothebys

Unsmoked Churchill Cigar Fetches Thousands

by Tom Johansmeyer (RSS feed) —

Filed under: Cigars, Auctions

Sir Winston Churchill memorabilia was good for more than half a million pounds. A collection belonging to Malcolm S. Forbes Jr. went under the gavel at Christie's, with 84 lots finding new homes. One of them was an unsmoked Havana cigar, which sold for £2,125. It soundly beat the auction's presale estimate of £1,500.

Included with the cigar was a note from the prime minister to Christopher Dunn, with whom he was dining: "Sir Winston Churchill... gave me this cigar at Luncheon – Hotel de Paris [Monte Carlo]" 12 April '63."

Forbes developed this collection over 30 years, and it sold for a total of £577,063 ... and it's only the first of three auctions from this private collection. The ultimate total is expected to exceed £1 million.

Source

Tags: auction, auction houses, auction-house, auctions, Christies, ChristiesAuction, ChristiesAuctionHouse, churchill, cigar, cigars, forbes, havana, Winston Churchill

Vinfolio Gets Big Bucks for Wine Collecting Play

by Tom Johansmeyer (RSS feed) —

Filed under: Spirits

It's a tough market for wine collectors. Disposable income is still at a premium, and there is already plenty of competition. There are plenty of brick-and-mortar and online stores catering to wine maniacs ... not to mention the likes of auction houses such as Sotheby's, which dominate the auction scene for liquid bliss. Nonetheless, Vinfolio, which has been around since 2003, found a way to reach into the pocket of former AOL top dog Steve Case (btw: Luxist is owned by AOL).

The amount Case plunked down for a piece of Vinfolio hasn't been disclosed, but it is known that he put $10 million into another luxury business, Exclusive Resorts. Whatever he's put into the business comes on top of $10 million already raised.

Does this mean the upscale wine market is coming back? The economic recovery may still be delicate, but this seems like a smart move for down the road. After all, money in a wine collector's pocket is always looking for a home.

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Tags: AOL, auction, auction-house, AuctionHouse, auctions, sotheby, sothebys, Steve Case, steve case revolution money, wine, wine auction, wine collection, wines

Wall Street Icon at Christie's Sale

by Bobbie Leigh (RSS feed) —

Filed under: Auctions

Wall Street is still the center of wealth and ambition in this country although its reputation has dimmed somewhat recently. If you are an antiques collector or American history buff, you have a chance to own an iconic piece of Wall Street at a Christie's sale. On June 22, Christie's will auction off a cobalt-blue porcelain street sign, framed in wrought iron. It stood on the corner of Wall and Broad Streets and dates somewhere between the 1890s and the 1920s. Christie's estimates that the sign could sell between $60,000 and $80,000 but some serious antique collector could easily win this prize with a much higher bid.

Before being consigned to the Christie's sale, the antique sign was on loan to the Museum of American Finance where its temporary home (appropriately) was next to a market fluctuations exhibition. Leena Akhtar, Exhibits and Archives Director, would love to have it back and both she and the consignor hope some generous new owner will agree to loan it once again to the museum.

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Tags: americana, auctions, christies, finance, Wall Street, wall street sign

Continue reading “Wall Street Icon at Christie's Sale”

Severin Wunderman's Belongings Up For Sale

by Jonathon Ramsey (RSS feed) —

Filed under: Decor, Timepieces / Watches, Auctions, Charity

The possessions of Severin Wunderman, the late owner of Corum watches who died in 2008, will be auctioned by Bonhams on June 23. The horologer's 12-bedroom, 16,000-square-foot chateau in the South of France was stocked with a wild array of goods from various centuries and continents, almost all of which will be going on the block.

The only things held in reserve will be the Jean Cocteau art collection, which won't be auctioned until September. The contents of Wunderman's other estates in California and England were sold last year, with all of the proceeds from those sales and this one going to his eponymous charity.

[via Art Daily]

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Tags: auctions, bonhams, corum, estate auction, severin wunderman

May Art Sales to Bring Records and Liquidity

by Tom Johansmeyer (RSS feed) —

Filed under: Auctions, Art

The Impressionist and Modern Art sales on May 4 and 5, 2010 are likely to confirm a continued climb in art auction pricing. We're now six months or so into the badly needed upswing, and there's plenty of room for optimism. Not only are the presale estimates and sales on the way up, but the number of pieces being resold quickly is on the rise, as well. This means that there's a high degree of liquidity in the art market: collectors can sell easily and without worry (as long as the inventory doesn't suck, in which case there's no hope, of course).

The increase in art market liquidity is due in part to the return of guaranteed minimum pricing, in which the auction houses assume some sales risk for attractive or desirable pieces that they feel can beat the numbers and attract buyers and sellers of other strong works. According to ArtPrice, there are "tens of millions of dollars for major works" committed via guaranteed minimum pricing, indicating that confidence is up.

It's the price guarantees that have led to the arrival of some strong pieces at the early may auctions this year, including pieces from the collections of Mrs Sidney Francis Brody, Raymond and Miriam Klein, Bernard Goldberg and Michael Crichton. Brody's works alone could fetch up to $150 million. The high estimate for Christie's is $300 million, a target that doesn't include the top lot, "Nude, Green Leaves" by Pablo Picasso, which as Jared Paul Stern revealed in a recent column is expected to bring in as much as $90 million. Other artists with eight-figure estimates include Henri Matisse, and Alberto Giacometti.

Don't just look for good news – also a expect a few records to b set. Sotheby's has high hopes for pieces by Salvador Dali and Auguste Rodin.

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Tags: alberto giacometti, art auction, art auctions, art market, artist, Artists, auction, auction houses, auction-house, auctions, Christie, Christies, ChristiesAuction, ChristiesAuctionHouse, contemporary, contemporary art, giacometti, Henri Matisse, impressionist, impressionists, michael crichton, modern art, Pablo Picasso, picasso, rodin, Salvador Dali, Sotheby, sothebys

Hidden Art Collection Will Finally Reach Auction

by Tom Johansmeyer (RSS feed) —

Filed under: Auctions, Art

A collector's hidden art stash could be good for as much as $26 million. The collection, which had been owned by Ambroise Vollard, will be sold at Sotheby's sales in May and June. It's been hidden in a bank vault for four decades, and now people have shot at buying works by Pablo Picasso, Paul Cezanne and Andre Derain.

Derain's piece, shown above, is the top lot in the collection, a landscape that is estimated with a low end of $13.9 million and the potential to go over $20 million. It heads under the gavel on June 22, 2010 at Sotheby's in London. The following week, in Paris, 140 paintings, drawings, prints and books once belonging to Vollard will be sold, with a presale estimate staring at $3.4 million.

The 141 pieces in the collection were tossed in a Societe Generale vault in Paris by Vollard's associate, Eich Slomovic, in 1939. That's the year Vollard died car crash). Slomovich, who was given the collection to sell on consignment, died in 1942 (cause of death: NAZIs). The vault was opened in 1979 and was scheduled that year for auction. Legal challenges, however, kept the collection in limbo until 2006.

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Tags: art auction, art auctions, art market, auction, auction-house, AuctionHouses, auctions, cezanne, london, Pablo Picasso, paris, picasso, sothebys

Billionaire Patricia Kluge Sells Jewels at Sotheby's

by Carrie Coolidge (RSS feed) —

Filed under: Jewelry, Timepieces / Watches, Auctions

Patricia Kluge's Diamond and Sapphire Watch by Cartier that was sold by Sotheby's
When a woman who was once married to a billionaire decides it is time to part with the jewels he gave her over the course of their marriage, you can rest assured that you are going to be dazzled by the magnificence of a collection comparable to one that might belong to royalty.

The collection that belonged to philanthropist and vintner Patricia Kluge certainly lives up to that image. This week, her jewelry was sold by Sotheby's during its Magnificent Jewels sale, with many pieces selling for above pre-sale estimates. The collection well-represented Kluge's sophisticated appreciation of workmanship and her refined taste.

Ms. Kluge is the former wife of mogul John Kluge, who's Metromedia Inc. pioneered independent TV stations operations through the 1960's and 1970's. Kluge became one of the richest Americans after he sold his company to Rupert Murdoch during the mid-1980's for nearly $2 billion. Kluge made a second fortune in telecommunications and he was also a major owner of Orion Pictures. The Kluge's divorced nearly 20 years ago.