Unstructured Finance

Sotheby’s and a tale of two hedge fund managers

October 15, 2013

Hedge fund manager Steve Cohen’s reported plan to sell a number of valuable artworks may not only deliver a nice chunk of change for the Wall Street mogul, it may also provide gains for another rival manager.

Christie’s sets one wine record, blows another

May 17, 2011

Christie’s auction in Geneva on Tuesday claims to have set a world record price for a bottle of red Burgundy. A  U.S. buyer bought the 750 ml bottle of 1945 Romainee-Conti for $123,889.  But the house failed to sell its showcase lot of the auction — 315 bottles representing every vintage from ’45 to ’07 produced by each of the first five growths of Bordeaux.

Arbitrage in Bordeaux

May 13, 2011

New York’s branch of Christie’s is auctioning a collection of 64 bottles of Mouton-Rothschild on Saturday that spans the years 1945-2007.  It’s Geneva branch is auctioning a collection of 315 bottles spanning the same 62 vintages, but from all five first growths including Mouton-Rothschild on Tuesday.  (See story “Mystery collector to sell rare wines” [ID: nN10231397])

The legal way to buy stolen goods

July 24, 2009

GERMANY/Don’t let the headline fool you.  It is still illegal to buy stolen goods … unless you’re buying them from the police.

Another one bites the dust

June 3, 2009

The Essent electricity plant is seen in MoerdijkAnother auction — appropriately enough, this time of a waste management firm — is consigned to the dustbin of history. As Catherine Hornby and I wrote earlier:

Another deal in healthcare: what’s the magic pill?

April 13, 2009

pillsAs dealmakers everywhere struggle to get deals done, the healthcare industry seals yet another one.

Big car. Smaller and smaller offers.

April 9, 2009

HummerThe number of bidders for GM’s Hummer brand has narrowed down to three, with current offers ranging from $100 million to $200 million in cash, in addition to other commitments, sources told Reuters.

Chairgate: the Economist recants

March 10, 2009

The Economist has published a correction to its earlier report that Henry Kravis, KKR’s archetypal “Barbarian at the Gate”, may have stumped up 22 million euros for a chair once owned by Yves Saint Laurent:

UPDATED: KKR denies an auction victory

March 9, 2009

(This updates an earlier post with KKR’s denial).

Maybe the days of private equity paying eye-watering prices at auction really are over.