Latest news with #Sotheby's
Yahoo
7 hours ago
- Business
- Yahoo
Failed Sotheby's auction of $70M bust leaves art insiders speechless — are collectibles no longer covetable?
What was meant to be a quick sale of a rare antique turned into a sobering reminder of the hidden risks of so-called alternative assets. Grande tête mince, a bronze sculpture by Alberto Giacometti, failed to meet expectations at a recent Sotheby's auction. Industry insiders and art experts estimated that the sculpture was worth $70 million, however the auction failed after the highest bid maxed out at $64.25 million, according to the New York Times. Thanks to Jeff Bezos, you can now become a landlord for as little as $100 — and no, you don't have to deal with tenants or fix freezers. Here's how I'm 49 years old and have nothing saved for retirement — what should I do? Don't panic. Here are 5 of the easiest ways you can catch up (and fast) Nervous about the stock market in 2025? Find out how you can access this $1B private real estate fund (with as little as $10) This high-profile flop highlights some of the risks of storing wealth in collectibles. On average, ultrawealthy families across the world have allocated roughly 13.4% of their assets to artwork and collectibles, according to Deloitte. However, the market is notoriously opaque and illiquid, which means many of these collectible items might not be worth as much as their owners believe. Investors looking for an asset that isn't exposed to the same market dynamics as stocks and bonds have better options than art. Here are three alternative assets that could be more attractive than ancient sculptures or oil on canvas. Gold has been around longer than any piece of ancient art and its collectors include central banks and sovereign nations. The market for this precious metal is also much more transparent and robust. Gold's reputation as an uncorrelated, safe haven has been cemented in recent months. As President Donald Trump's ongoing trade war whips up volatility in stocks, bonds and cryptocurrencies, the price of gold has surged roughly 25% over the past six months. Adding some exposure to this hard asset could be a good idea if you're worried about economic growth, inflation or interest rate volatility over the medium to long term. Read more: Want an extra $1,300,000 when you retire? Dave Ramsey says — and that 'anyone' can do it Tangible land and property has strikingly different dynamics than either stocks or bonds. According to an analysis by J.P. Morgan , direct real estate as an asset class tends to have low or even negative correlation with the S&P 500. To be clear, J.P. Morgan focused on direct real estate deals. An analysis by Guggenheim Investments found that real estate investment trusts (REITs) had higher correlation with the S&P 500. That means if you're a homeowner or landlord with direct ownership, you're less exposed to the stock market's volatility. You could also consider a crowdfunding platform to get access to niche real estate deals. Infrastructure assets such as toll roads, bridges, cell phone towers and airports have many of the same dynamics as real estate. However, these assets are more rare and could have great earnings potential. According to KKR, private infrastructure assets across the world performed better than stocks and bonds in 2022, when inflation and interest rates were rapidly rising. That makes these assets an ideal 'shock absorber' for a typical investor's portfolio. If you're looking to add some exposure to this niche asset class, consider the iShares U.S. Infrastructure ETF or the SPDR S&P Global Infrastructure ETF. You could also take a closer look at infrastructure stocks such as wireless infrastructure manager American Tower, pipeline owner Enbridge or electric vehicle charging operator ChargePoint Holdings. Pipelines and cell towers might not be as exciting as rare exotic artwork, but they're likely to be more lucrative and less volatile. Here are 5 'must have' items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you? Rich, young Americans are ditching the stormy stock market — here are the alternative assets they're banking on instead Robert Kiyosaki warns of a 'Greater Depression' coming to the US — with millions of Americans going poor. But he says these 2 'easy-money' assets will bring in 'great wealth'. How to get in now This is how American car dealers use the '4-square method' to make big profits off you — and how you can ensure you pay a fair price for all your vehicle costs Like what you read? Join 200,000+ readers and get the best of Moneywise straight to your inbox every week. This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
Asia Times
12 hours ago
- General
- Asia Times
Righteous revolt against auctioning the Buddha's looted gems
The slick online catalogue entry for 'Premium Lot 1, The Piprahwa Gems of the Historical Buddha' on the Sotheby's Hong Kong website was abruptly replaced on May 7 with a single line notification: 'The auction has been postponed.' Shortly afterwards, the associated webpages went blank. The only evidence remaining on Sotheby's Hong Kong website was an entry on the Piprahwa gems' history and a short YouTube promotional clip for the sale (below). Sotheby's had first announced its intention to auction the relics on February 6, 2025. Discovered in northern India in 1898 and thought to date to the third century BC, it was estimated they would fetch up to HK$100 million (US$12.8 million). The collection was consigned by Chris Peppé on behalf of his family, who had inherited the relics from his great grandfather, William Caxton Peppé – a 19th-century British colonial landowner who owned an estate in India. Reaction was muted at first, but as a scholar who researches the early history and archaeology of Buddhism and issues surrounding loot and restitution, I was gravely concerned by this proposed sale. Fortunately, I was not alone, and thanks to detailed research of SOAS colleagues such as Conan Cheong, Ashley Thompson and Thai academic Pipad Krajaejun, as well as protests from Buddhist devotees worldwide, a groundswell of disapproval began to grow. A letter sent to Sotheby's by the British Maha Bodhi Society, and shared with me, states: Millions around the world, whether Buddhist or not, have religious and ethical concerns and believe that the sale of sacred items is morally wrong and offensive … Members of the Buddhist sangha [monkhood], as well as lay followers from all traditions, are appalled that the gems offered in devotional acts by the Buddha's own clan, have been separated from his corporeal remains and are now being sold to the highest bidder. This disapproval turned into a tidal wave on May 5, two days before the planned auction, with the intervention of the Indian government – which is now threatening legal action against both Sotheby's and the Peppé family, demanding that the relics be repatriated to India. In terms of his rights and those of his relatives to sell the relics, Chris Peppé previously had told the Guardian newspaper: 'Legally, the ownership is unchallenged.' Sotheby's confirmed to me that it and the Indian government are 'currently in discussions regarding the Piprahwa Gems of the Historical Buddha, and are pleased to be working together to find the best possible outcome for all parties.' To understand how we reached this impasse, we must cast our eyes back to 19th-century British colonial India, then forward again to 2018-2023 and a number of high-profile exhibitions at some of the world's most prestigious museums. In 1898, the family's great-grandfather, William Caxton Peppé, excavated a Buddhist reliquary monument (known as a stupa) on his estate in Piprahwa, northern India. He uncovered what is now considered by scholars to be the most significant cache of Buddhist relics found in India. The discovery included five reliquary urns containing gems, ash and bone fragments. An inscription on one suggested the remains could be those of the historical Buddha, who is thought to have been cremated around 200 years prior to their burial. The Indian Treasure Trove Act of 1878 allowed Peppé to keep a portion referred to as 'duplicates' (an art-history term used to justify the dividing up of similar material from a hoard or archaeological site that is very much frowned upon today). The British authorities gifted the bones and ash to King Chulalongkorn of Siam, who enshrined them in Bangkok and distributed portions to other Buddhist nations. The majority of the 1,800 gems, meanwhile, had been deposited in the Indian Museum in Kolkata. It is a longstanding issue, however, that the bulk of this collection remains locked away in the museum safe, off-limits to Buddhists, the wider public, and scholars alike. Perhaps the publicity surrounding the Peppé portion of the reliquary contents might prompt that museum to review this policy after 120 years. About ten years ago, armed with his inherited share of the relics, Chris Peppé began reaching out to museums worldwide, proposing to loan them. This, he recently stated, was to make them accessible to Buddhist devotees and the general public alike. Five museums took him up on the offer and, starting in 2018, duly curated high-profile exhibitions around them or incorporated them into larger shows. Chief among these was the 2023 blockbuster Tree And Serpent: Early Buddhist Art of India at the Metropolitan Museum of Art New York, where Peppé took part in the exhibition symposium, delivering a lecture on the relics. Objects with a history of celebrated exhibitions tend to reach higher prices at auction. Whether the Peppé family intentionally built up the Piprahwa exhibition history with the aim of eventually auctioning the relics is unclear. I contacted Chris Peppé directly and posed this question to him, but he declined to comment. Tellingly, the Sotheby's website included a scholarly article from 2023 in Orientations Magazine by John Guy, curator of the Tree and Serpent exhibition. But it was dated to February 2025, which perhaps inadvertently made it appear to have been written as an endorsement of the sale. In fact, the paper had been published to coincide with the exhibition. I contacted Guy about this, and he responded by saying: I regard the linking of my publication to the Sotheby's sale as highly inappropriate and this was done without my knowledge or consent. The Met's lawyers demanded that it be removed immediately, which was done, along with a written apology from Sotheby's. When I spoke to Nancy Wong at Sotheby's, she confirmed this, saying: 'We apologized and immediately removed the relevant reference from our website.' Given the events of the past few weeks, the Peppé family now finds themselves in a bind. With the Indian government engaged, it may not be long before Sotheby's drops them and the relics altogether. Despite their cultured facades and high-society veneers, auction houses are businesses, designed to make a profit, and any potential buyers may have been thoroughly scared off by recent events. It is hard, however, for me to have much sympathy for the family who could have prevented this whole affair by donating the relics to a Buddhist community or museum in the first place. Stephen A Murphy is Pratapaditya Pal Senior Lecturer in Curating and Museology of Asian Art, SOAS, University of London This article is republished from The Conversation under a Creative Commons license. Read the original article.
Associated Press
a day ago
- Business
- Associated Press
Concierge Auctions Announces Success of its Global Sale at Sotheby's London
A magnificent villa, built by footballer Per Mertesacker, headlined the evening sale of marquee real estate offerings, achieving a record sale price in Germany 'The success of our live sales is a powerful indicator of the continued strength in the global luxury real estate market.'— Krystal Aeby NEW YORK, NY, UNITED STATES, May 30, 2025 / / -- Concierge Auctions, the largest luxury real estate auction house in the world, is pleased to announce the success of its Global Sale in London, which showcased a curated selection of premier luxury properties from across the globe. Culminating live 29 May at Sotheby's New Bond Street galleries in London, the sale achieved nearly $115 million in aggregate bids, including a record-breaking sale in Germany. From the esteemed Sotheby's London saleroom, the auction streamed live to the world on Select offerings will continue to close online throughout June. Properties were on public view at Sotheby's London, displayed alongside fine art, jewelry, watches, designer handbags, and more. An audience was in attendance as property connoisseurs competed on the telephone via a team of specialists and online. The event was conducted by Sotheby's auctioneer and Global Head of Whisky, Jonny Fowle. 'The success of our live sales is a powerful indicator of the continued strength in the global luxury real estate market,' said Krystal Aeby, President of Concierge Auctions. 'The results reflect not only the quality of the estates we represented, but also reaffirm what we're seeing across our platform: sophisticated buyers remain highly engaged, discerning, and ready to act when presented with rare opportunities. As we look ahead, we're more confident than ever in the appetite for curated, competitive sales—and excited to bring even more exceptional properties to market in the months to come.' The auction saw impressive competition, with property connoisseurs competing across North America and Europe, including 10 U.S. states: Texas, Georgia, Colorado, Illinois, Nevada, Ohio, New York, Michigan, Florida, and California. Headlining the evening sale was Wiehegrund 13, a magnificent split-level villa in Hannover, Germany, originally built by footballer Per Mertesacker and featuring three residences with premium amenities and panoramic terraces, achieved a sale price of €4.875 million in cooperation with Magda Provenzano of Sotheby's Hanover Germany. This marks the highest ever residential sale in Hannover. Facts and Figures from the Auction: - Nearly $115 million in aggregate online bids placed - 25% increase above average Starting Bid prices achieved - Record-breaking sale in Germany Further Auction Highlights: 3390 Mount Veeder Road, Segassia Vineyard®, a 15-acre Napa, California Green-certified estate known for its acclaimed Cabernet Sauvignon and a seismic-resilient guest house, resulted in a sale price of $1.96 million in cooperation with Kate Spadarotto of Sotheby's International Realty. PineHaven Sporting Ranch, located at 3160 Northeast 233Rd Trail, an Adirondack-inspired estate on 40 pristine Florida uplands near Palm Beach blending rustic warmth with luxury, generous entertaining spaces, and exclusive access to Pine Creek Sporting Club amenities achieved a sale price of $8.288 million in cooperation with Blaine 'Doc' Ellingson, Madison Collum, and James Sweat of Sotheby's International Realty. 55 Wind Dancer Lane, a Nick Fullerton-designed alpine home on 21 wooded acres in Big Sky, Montana, boasting floor-to-ceiling windows with stunning mountain views, Swarovski chandeliers, and an indoor pool, saw 7 bidders competing, achieving a sale price of $5.6 million in cooperation with Laura Sacchi of Big Sky Sotheby's International Realty. Concierge Auctions is accepting consignments for upcoming sales in its 2025 Sale 25 September, its 'Hong Kong Global Sale' will be held at The Upper House, a highly anticipated event featuring a selection of luxury properties showcased alongside similar marquee offerings. On 18 December, its 'New York Global Sale' will occur at the Pendry Manhattan West, offering a swarth of top-tier properties to high-net-worth buyers from across the globe. As part of Concierge Auctions' Key for Key® giving program in partnership with Giveback Homes, each closing will result in the funding towards new homes built for families in need. Agents will be compensated according to the terms and conditions of the Listing Agreements. See Auction Terms and Conditions for full details. For more information, including property details, diligence documents, and more, visit or call +1.212.202.2940. About Concierge Auctions Concierge Auctions is the world's best luxury real estate auction marketplace, with state-of-the-art digital marketing, property preview, and bidding platform. The firm matches sellers of one-of-a-kind homes with some of the most capable property connoisseurs on the planet. Sellers gain unmatched reach, speed, and certainty. Buyers receive curated opportunities. Agents earn their commission in 30 days. Acquired by Sotheby's, the world's premier destination for fine art and luxury goods, and Anywhere Real Estate, Inc (NYSE: HOUS), the largest full-service residential real estate services company in the United States, Concierge Auctions continues to operate independently, partnering with real estate agents affiliated with many of the industry's leading brokerages to host luxury auctions for clients. For Sotheby's International Realty listings and companies, Concierge Auctions provides Sotheby's brand exclusivity as Sotheby's Concierge Auctions. Since inception in 2008, the firm has generated billions of dollars in sales, broken world records for the highest-priced homes ever sold at auction and sold properties in 46 U.S. states and 35 countries. The firm owns one of the most comprehensive and intelligent databases of high-net-worth real estate buyers and sellers in the industry, and it has committed to build more than 300 homes through its Key For Key® giving program in partnership with Giveback Homes™, which funds new homes for families in need from every property the company sells. For more information, visit Kari Hegarty BerlinRosen +1 845-548-9216 email us here Legal Disclaimer: EIN Presswire provides this news content 'as is' without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.
Nikkei Asia
2 days ago
- Business
- Nikkei Asia
Old ink, new tricks: Hong Kong reboots a classical medium
NICHOLAS STEPHENS HONG KONG -- In this fast-paced international city, cosmopolitan urbanites might be expected to focus on the latest artists from London or New York, leaving classical paintings to gather dust. The city is Asia's contemporary art hub, home to the regional headquarters of the international auction houses Sotheby's, Phillips and Christie's, the major contemporary art museum M+ and more than 60 commercial galleries. Asia's largest art fair, Art Basel Hong Kong, took place in March.
Yahoo
3 days ago
- General
- Yahoo
14th century Shem Tov Bible comes home to Jerusalem
The Shem Tov Bible, a stunning 14th-century manuscript created by the renowned kabbalist Rabbi Shem Tov ben Abraham Ibn Gaon, will be displayed in the National Library of Israel. The National Library of Israel proudly announced this month the arrival and public display ofthe Shem Tov Bible, a stunning 14th-century manuscript created by the renowned kabbalist Rabbi Shem Tov ben Abraham Ibn Gaon. This extraordinary codex—both a work of biblical scholarship and an artistic masterpiece—is now exhibited as part of the Library's permanent collection. Created in 1312 in Spain, the Shem Tov Bible reflects the rich spiritual and intellectual life of Sephardic Jewry during the medieval period. Combining deep kabbalistic insight, meticulous Masoretic tradition, and exquisite illumination, the manuscript offers a unique window into Jewish mysticism and textual transmission. Rabbi Shem Tov himself embarked on a journey to the Land of Israel shortly after completing the manuscript, settling there by 1315 and continuing his scholarly work until his death around 1330. Over the centuries, the Bible traveled throughout the Middle East and North Africa, where it gained a reputation for mystical powers, especially among women seeking a safe childbirth. In the modern era, the manuscript passed through notable private collections, including that of David Solomon Sassoon in the early 20th century, and later European collectors. In 2024, the Bible was auctioned at Sotheby's and purchased by Terri and Andrew Herenstein, who generously loaned it to the National Library for long-term public display. Sallai Meridor, Chairman of the National Library of Israel, emphasized the profound symbolism of the Bible's return to Jerusalem, especially coinciding with Shavuot, the festival commemorating the giving of the Torah. 'Having journeyed from Spain to Jerusalem, Baghdad, Tripoli, London, and Geneva, the Shem Tov Bible has come full circle and is now back home in the land where Rabbi Shem Tov lived and intended for it to be,' Meridor said. He also expressed deep gratitude to the Herenstein family for making this historic loan possible. Dr. Chaim Neria, curator of the Haim and Hanna Solomon Judaica Collection at the Library, highlighted the Bible's scholarly importance. 'This manuscript represents the pinnacle of biblical and kabbalistic scholarship from the medieval period,' he said. He noted its detailed adherence to the Sefer Tagei, a traditional guide for sacred scribal practices, and its unique references to now-lost earlier texts such as the Hilleli Codex from 600 CE. Beyond its textual significance, the Shem Tov Bible is celebrated for its artistic beauty. Its richly decorated pages feature gothic arches, arcades, birds, beasts, and gilded frames surrounding the biblical verses, inspired by the artistic languages of both Islamic and Christian traditions of the time, yet adapted to Jewish ritual aesthetics. The Shem Tov Bible was unveiled to the public on May 8, 2025, as part of the National Library's 'A Treasury of Words' exhibition in the William Davidson Permanent Exhibition Gallery. The Herenstein family also announced plans to digitize the manuscript to enable worldwide access for scholars and enthusiasts alike. 'The Shem Tov Bible stands as a unique cultural artifact,' the family said. 'We are delighted that it will be preserved, studied, and admired by future generations.' For more information about the manuscript and to view images, visit theNational Library of Israel's website.
