The art world is suffering from diminished expectations for the obvious reasons. At last night's Christie's auction, their much-vaunted Francis Bacon work "Study for Self-Portrait"—estimated to go for $40 mil—didn't sell. In fact, nobody even bid, the NYT reported. It was like an Ebay auction from hell! (Last May, a Bacon sold for a $86 mil.) Thank goodness for Metallica drummer Lars Ulrich and his precious Basquiat. His painting, Untitled (Boxer) sold for $13.5 million to a mysterious phone bidder. The [I]New York Observer[/I] pointed out last week that Ulrich wanted to sell it for between $12 and $16 mil and didn't even ask for a guarantee; the painting was "bought in 1999 for just a couple million dollars." Oh, and Lehman CEO Dick Fuld didn't get as much as he wanted for the sale of his drawings collection. Tough luck—try Ebay.
http://www.abcnews.go.com/Business/Economy/story?id=6242240&page=1
