Wednesday - 22 October 2014

Dotcom investment proves unenlightened

09 April 2001Written by ATG Reporter

US: THIS Khmer bronze group of the Mahayana trinity, depicting Muchalinda Buddha, Prajnaparamita and Avalokitesvara, c.13th century, 12in (30cm) high, was one of several entries purchased from Nagel in May 2000 by an American collector.

It was consigned to Doyle (15/10 per cent buyer’s premium), New York, Asian Works of Art sale, March 19, by a dotcom businessman who had fallen on hard times, said the expert.

Purchased a year ago at DM28,000 (then £8615), the vendor recouped his costs although made no profit in such a quick re-sale. It sold second time round at $12,000 (£8570) when the group was taken up by a buyer on behalf of a European collector.

Overall, bidding was selective in a sale that saw 18th century porcelain, good hardstones and Japanese ivories find buyers while the lesser quality lots were “dead on arrival”, according to Doyle consultant Martin Lorber.

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ATG Reporter

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