Food sales down 4.5% in February
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.
Load more comments
FMCG sales fell 4.5% in February, after falling 1.8% in January.
Michael Bloomberg to visit Israel in May
The former New York mayor will be the first recipient of the Genesis Prize.
Knesset passes Governance Law
The Knesset seat electoral threshold will rise to 3.25%.
Israel's purchasing power eroding
Prices in Israel were 13% above the OECD average in 2013.
Record tourism in February
There were 244,000 visitor entries in February 2014, 5% more than in February 2013.
BoI: Home price rise risk has moderated
The interest rate cut for March was a 4-1 majority decision.
Gov't set to approve Israel-US tax pact
The economic social cabinet will soon approve the information sharing agreement with the US IRS.
Netanyahu: We won't abandon housing front
The prime minister promises to be as active on economic as on diplomatic problems.
Budget deficit lowest since August 2011
Tax collection rose 15% in February as the deficit fell to 2.7% of GDP.
2013 Knesset record for 'communications': NIS 71,908
Shas MK Avraham Michaeli was top; prime minister and finance minister spent low.
Average salary up slightly in 2013
The average monthly salary rose by only 1.1% after adjustments for purchasing power.
"Home prices driving tech workers overseas"
Leumi deputy CEO Daniel Tsiddon: The rise in home prices in high-tech areas in Israel is costing human capital.
IEC reform talks break down
The stumbling block was the workers' demand for an amnesty on salary excesses.
Flug reopens tussle over financial regulator
The Finance Ministry opposes Flug heading the new committee to supervise the financial system.
Charity begins at home in Israel
Individuals provide 71% of total charitable donations, companies 27%, and estates 2%.
Azrieli to fund Technion Tel Aviv campus
The campus will be called "Technion Campus in Sarona named for Azrieli."
18 Israelis make "Forbes" 2014 Billionaires List
Eyal Ofer is the richest Israeli followed by Idan Ofer and Stef Wertheimer.
BoI: Regional inequality up 84%
The Bank of Israel found the income gap between the center and the periphery is rising sharply.
US removes Israel from IP blacklist
Israel passed new legislation strengthening intellectual property rights on brand drugs.
Stanley Fischer slammed by BoI Governor predecessor
David Klein attributes most of Fischer's mistakes to "the American reality from which he drew much inspiration."
Bank of Israel releases samples of new NIS 50 note
The new NIS 50 banknote is green, bears a picture of the author Shaul Tchernichovsky.
"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.