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Aug

06

Sotheby’s Missed Out on Billionaire’s $157 Million Windfall from Modigliani Sale

By Tony Seruga

Second-quarter commission margin at auction house declines
Shares sink 5.6 percent as Sotheby’s misses estimate

Billionaire John Magnier got a windfall from the sale of an Amedeo Modigliani nude at Sotheby’s in May. The auction house was not as fortunate.

The 1917 “Nu couche (sur le cote gauche)” fetched $157.2 million, an almost sixfold increase in value since 2003 when the Irish bloodstock tycoon bought it. Although Sotheby’s heralded the price as the highest auction result in its 274-year history, the painting was sold on a sole, prearranged bid. In the end, Sotheby’s didn’t keep much of its $18 million commission…

Sotheby’s Missed Out on Billionaire’s $157 Million Windfall from Modigliani Sale

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