Russian Billionaire Takes a 74% Loss on $85 Million Painting
Russian billionaire Dmitry Rybolovlev paid 54 million euros (then $85 million) for a landscape painting by Paul Gauguin on June 2008. On Tuesday, he took a 74% loss on the painting. Gauguin’s 1892 landscape “Te Fare (La Maison)” was worth 20.3 million pounds ($25 million), including commission, at Tuesday evening’s sale of Impressionist and modern art at Christie’s in London.
“Rybolovlev has already invested about $2 billion in 38 works, from Leonardo da Vinci to Pablo Picasso.”
Rybolovlev has already invested about $2 billion in 38 works, from Leonardo da Vinci to Pablo Picasso. They were bought privately by Swiss art dealer Yves Bouvier, known for creating a network of tax-free art storage warehouses in Singapore and Luxembourg.
Related Report: Bloomberg
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