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Wednesday, November 19, 2003

Wynn Hits Big Auctioning off "Record Breaking" Modigliani

The New York Times reports that our Mr. Wynn continues to be an art buyer and now seller to contend with. The November 5th article states, "...Last night Mr. Wynn, the Las Vegas casino owner, seemed to hit the jackpot as the biggest seller at Christie's when his Modigliani nude brought $26.8 million, a record for the artist at auction. A passionate collector, Mr. Wynn wasn't the only seller whose offerings set an auction record at Christie's sale of Impressionist and modern art. The evening, the first in two weeks of back-to-back auctions, heralded a return to confidence among both buyers and sellers. It also set records for two other modern masters, L├ęger and Moore."

Strangely enough, the Times says that the $26.8 million makes this the most ever paid for a Modigliani, but artnews.com claims that Wynn paid $35 million for the work that he just sold at auction, making that a near $10 million loss on the art market.

Ouch.

posted by Mr. Kimberly at