Beer in Israel among world's most expensive
A public auction in New York by Sotheby's of impressionist and modern paintings netted almost $200 million. The highest price was $40.4 million for a Gustav Klimt landscape painted in 1915. It came from the collection of a Jewish industrialist that was looted during World War II and returned to his heirs after a long search. A Swiss buyer bought the painting for an anonymous client.
The day before, rival Christie's held an auction, which netted $140.7 million. The most expensive painting was an impressionist work by Max Ernst, which was sold for $16.2 million.
The works sold included six paintings from the collection of the Israel Museum. They were the first of 38 paintings that museum is offering for sale through Sotheby's, which estimates their total value at $17 million.
The sale of the works is intended to raise money for a foundation to buy works to upgrade the museum's collection. Yesterday's sale included "Le droit chemin" painted in 1966 by surrealist Rene Magritte, estimated at $2.5-3.5 million, which was sold for $3.1 million ($3.5 million including Sotheby's fee).
A work by Chaïm Soutine was sold for $1.7 million, at the upper end of the estimated price range. A cubist work by Georges Braque fetched $1.4 million, and another work of his was sold for $600,000. Two works by Marc Chagall and Camille Pissarro were each sold for $1.3 million.
Altogether, the Israel Museum made $8.8 million.
More works from the collection will be sold later this month in London and New York, and in December, Sotheby's will hold its annual auction of works by past and contemporary Israeli artists.
Published by Globes [online], Israel business news - www.globes-online.com - on November 3, 2011
© Copyright of Globes Publisher Itonut (1983) Ltd. 2011
You comment was recieved and soon will be published.
Thank you for posting your comment, which will be reviewed for publication.
Load more comments
Only Scandinavia, Iceland, and Monaco are more expensive, according to "Thrillist."
C'tee proposes spending up to $70m on PM's plane
The Goldberg Committee also proposes a new prime minister's residence and office.
Average Israeli income tax rate among lowest in OECD
Average Israel tax rate has dropped in past 3 years, while rising in most OECD countries.
Gov't opens meat and dairy markets to imports
The government focused on products worth 17% of average Israeli family expenditure.
Israel-Lebanon deadlocked over offshore border
The dispute is delaying publication of an exploration tender for Lebanon's Block 9.
Barclays backs Yair Lapid's policies
"Under Lapid, the government has limited expenditure and increased revenues."
"You can't teach entrepreneurship"
Angel investor Zohar Gilon relies on his own judgement rather than due diligence when selecting investments.
If Rose Fostanes played basketball
Reforms in regulations for foreign caregivers are welcome, but don't go far enough.
Antitrust Authority disappoints on gas competition
The only new company that will compete against Tamar and Leviathan will own less than 8% of Israel's proven gas reserves.
When innovation means a refrigerator
Jamshyd Godrej believes economic development in India must go hand in hand with environmental and social awareness.
Prof. Zvi Eckstein supports NIS 3.30-3.40/$ floor rate
The former deputy Bank of Israel Governor is the first senior figure from the financial system to advocate a floor rate.
2013 boom year for Israeli high-tech
In the first half of the year, there was a 52% rise in demand for mobile and web developers, and salaries are up as well.
Strong shekel forces Israeli manufacturers abroad
Israeli manufacturers tell "Globes" they are losing money due to the current strength of the shekel.
"Ending QE3 will harm the economy"
Prof. Richard Clarida will tell "Globes" Israel Business Conference that the main risk to the US economy is its political system.
Israel offers favorable tax regime for companies
"Globes" and Baker Tilly Israel accountants found Israel's tax benefits are among the most attractive in the West.
Slowdown will worsen
The vested interests that continue to claim that the economy is improving are deceiving the public, says Eyal Horowitz.
Can the US maintain growth after QE3?
Leading economists will discuss "The US: catch 22 the zero interest rate" at the "Globes" 2013 Israel Business Conference.
"The worst could still be ahead in Europe"
Prof. Charles Wyplosz will discuss Eurozone recovery at the Globes Israel Business Conference on December 8-9.
"Let capital pipelines function to full potential"
Amir Bramly argues that limited investment supply is stifling small and medium Israeli companies.
Budget cuts threaten 10,000 defense industry jobs
Senior executives warn many factories are in danger of closing due to the drying up of defense ministry's orders.
Israel faces water surplus
The Water Authority is considering scaling back production at desalination plants.
Global economic trends are disturbing
World trade is not picking up, and only a handful of countries are recovering strongly - but Israel is among them.
Is recovery around the corner?
At the conference on December 8-9, leading experts will examine the prospects for global recovery in 2014.