25% off*
May 12 2011
Picture: Sotheby's
*at least.
Jeff Koons' Pink Panther didn't live up to the hype at Sotheby's. The estimate was $20-30m, but it sold to one bidder for $16.8m with premium. This means the hammer went down at $15m. Sotheby's had an irrevocable bid going into the sale.
Still, that's a hefty price, and it was a clever move to lower the reserve by 25% - a failure to sell would have been disastrous.
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